Business 103 Pivot Point

56 flashcards

What is the one thing we can control?: Reaction
What is S.M.A.R.T goals?: Specific Measurable Achievable Realistic Timely
What are the easy to follow guidelines that will help determine your goals: 1. Establish a long-term goals 2. Determine your short- range goals 3. Create a plan to achieve your goals 4. Review your goals periodically
What is a cover letter?: Is a letter of application and is a necessary companion piece to the resume
What 3 things should you include in a cover letter?: Introduce you to the salon Offers a brief summary of why you would like to be employed at the salon Provides a brief description of the qualities you feel you could brig to the salon
What are the 3 types of interview questions?: 1. Standard 2. Behavioural 3. Situational
The salon might evaluate you on such qualities as?: Sincerity and honesty Motivation and enthusiasm Obvious desire to work Integrity Compatibility and cooperative nature
What are some things to consider when finding a salon?: Owner/management Services Staff and clientele Policies and procedures Pay and benefits
What is a key factor that you will determine whether you accept a job offer?: Job benefits
Is initiative considered worth ethic?: Yes
What are the key aspects of work ethic?: Dependability Efficiency Initiative Teamwork Positive attitude Passion
Professional relationships are based on blank, blank, well-developed communication betweeen people: Open, honest
What is networking?: The process that gives you access to people and resources within the industry that can provide you with opportunities for career advancement and continuing education
Education & skills & confidence = ?: Success
How would you show a desire to learn?: By going above and beyond your daily job responsibilities and expressing to them that you want to learn more about the business
What are the 2 phases of building clientele?: Client development Client retenion
How should you take criticism?: Shake it off
What is the most effective way of building your clientele?: Word of mouth
Clientele who are pleased with your services will recommend your service to their friends. What is this known as?: Referral
What is it called with a client reserves an appointment for a later date?: Pre-booking
When you add a service or sell them something extra, what is it called?: Up selling
Pre booking is effective way to do what?: Achieve a full book Covert first-time clients into lifelong clients Ensure clients are able to have an appointment time that best meets their needs
When talking on the phone what are some things to consider? (5): 1. Don't yell 2. Good vocabulary 3. Polite 4. Speak clearly 5. Use tact
A personal financial statement contains 3 basic elements. What are they: 1. A list of assists 2. A list of liabilities 3. Net worth
What is assets?: All the property you own
What is liabilities?: what you owe
What is a sole proprietorship?: A business owned by one person
What is a partnership?: a business owned by two or more people
What is a corporation?: business that is owned by investors
What is a franchise?: Is an operating agreement in which a fee is paid to a parent corporation In exchange for fixtures, promotion, advertising, education ad management techniques.
What is the most important factor in opening a salon or business is location?: location
Who can tell you what a bank will likely lend you based on you net worth?: An accountant
Some regulating agencies have specific minimum blank requirements for each salon.: Space
Befor you can enter a rental agreement called a lease what do you need first?: A loan
Income tax is paid on what of a business?: Profits
What is income referred to as?: All payments receive from clients for services and home care product purchased
If the operating expense is greater than the income, the salon is operating at ?: A loss
How long should you keep all records of your daily sales and services for?: 5-7 years
What is the biggest expense of operating costs and how much does it account for?: Compensation (salaries, commissions, payroll taxes) 50%
Advertising makes up how much % of the operating costs?: 3%
Income - expenses =?: profit
What are they 3 ways an employee can be paid?: Commission Salary Salary plus commission
Who is the first person to greet clients as they arrives?: Receptionist
What could be best defined as the art of professional recommendation: Successful selling
What is malpractice insurance?: A policy that protects the salon owner from financial loss that can result from employee negligence while performing hair, nail, skincare services on salon clients
What is property or premise insurance?: A policy that covers that actual salon equipment and physical location in case of natural disasters, fire, theft or burglary, or accidents or curing at the business.
What is unemployment insurance?: Required by federal law for all qualified employers. Employers pay tint a central fund that offers compensation to laid off, displaced or otherwise eligible employee until suitable employment can be found and/ or an amount of time has passed.
What is product liability insurance?: Protects against financial loss arising because of injury or damage resulting from the use of a product
What is workers comp?: Is a state- controlled insurance required by law. This insurance is paid directly to the estate on a quarterly basis to cover any expense salon, all dial expenses are paid y the state, and the provides the employe with guaranteed income until that employee can return to work
What is another important factor managing a salon or spa is ?: To keep a close watch on overhead costs
What are the salon requirements of a salon ownership? (4): 1. Location 2. Market need 3. Cost of necessary improvements 4. Compliance
What type of buyer is open minded and will take a chance on new products without hesitation?: Ready buyer
what type of buyer wants to know all th facts about a product and thinks carefully about buying without much regard for who else lies or uses the product?: Logical buyer
What type of buyer purchases more on personal reason than facts, maybe their friend has a similar product. Often impulsive and spontaneous, they may react to the color of the packaging or the aroma of the product.: Emotional buyer
What type of buys wants to save money at all costs and is not interested in the quality of the product as price?: Bargain buyer
what type of buyer puts up a struggle and has a strong desire to debate?: Stubborn buyer