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25 Cards in this Set
- Front
- Back
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What is a business plan?
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specific plan that outlines the goals, mission, and purpose of a particular business venture.
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What is the "history" of the business plan?
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brief chronicleof how u got started in the grooming industry w personal and anecdotal - to be passed on to clients.GETS YOUR NAME OUT THERE.
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What is the 'purpose' of the business plan?
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outlines the reason or purpose of your specific business. what do u stand for? why do u want to do this? who r u serving? what is unique about your business? KEEPS PPL ON TARGET
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What is included in the 'goals' of the business plan?
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-should be updated from time to time (at least once a year)
- list of things you would like to do to have your business grow and better serve the purpose -make them realistic |
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What are the three ingredients in the recipe for success?
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creating a mythology, establishing a purpose and setting attainable goals
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Why is it advisable to incorporate your grooming business?
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The cost is realitivly low and the protection it creates is priceless.
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What are the 4 biggest differences between non-corporation (Sole propietorship or partnership) and a legal corporation?
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limited liability, indefinete lifetime, centralized management, and free transferability.
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What is limited liabilty?
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the owners' assests cannot be attacked to satisfy the debts of the business.
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What is Indefinite Lifetime?
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without regard to the status of any owner of the ownership interests the business would continue to exist.
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What is Centralized Management?
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a few ppl, not the entirety of the ownership would control and manage the business.
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What is Free Tansferability?
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one owner can sell his ownership interests to an outsider without a change in the nature of the business.
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What are the 6 types of corporation you can choose from?
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S CORP
C CORP Limited Liabilty Corp General partnership Limited Liabilty Partnership Limited Partnership |
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What do you need after u become incorporated?
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FIN ( federal id number)
for process of corp for IRS required to file quarterly unemployment taxes, year ed returns |
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If u elect to sell retail products what must u do??
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obtain a retail sales license, and file periodic returns of collected sales tax as well as check w your state if tax filing are required.
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How do u start setting your prices?
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Call around to local competitors and find out the 'norm'.
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What is the second thing to do in determining pricing?
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The skills, titles, and experience of the competition - if it's equal then should be the same.
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How much of you annual income should u spend on advertising?
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10%
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Based on feedback from other groomers what form of advertising is most effective?
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An ad in the telephone listings
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What is another way to increase your daily income?
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Add on services such as deshed, degrease, nail caps ect.
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How do u determine what retail items to sell?
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Ask clients wjhat they would like to see in the shop.
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What are the typical fees and cost structures for accepting credit cards?
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Annual fee:
Monthly statement fees: Month tech support fee: Transaction authorizaion fee: Dscount Fee Rate: Batch Fee: |
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What is the best way to be able to afford offering credit cards?
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Build it into your fees so that you are offering your clients they love as well as they are paying for it!
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What is the best time to increase prices?
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Beginning of the year - inflation is constant in the world - ppl expect it but give notice
(3-4 weeks in advance posted ) |
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What is a great way to continue to collect data for your business?
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Ask customers to fill out client info w a spot for refferal.
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Why are release of liabilty so important?
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o must understnad the risks of grooming and who's responsibilty for expense it will be should problems arise.
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