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¶ … Hair/Nail Salon
Nail/Hair Salon Business:
Nail / Hair Salon business is a venture that can be a booming business because people always seek beauty as they look to improve their physical appearance or provide themselves with a complete new look. Therefore, these individuals pass by the nearest beauty salon to receive services like coloring their nails, shaping their eyebrows, and styling their hair. Due to the demands for new and improved appearance, nail and hair salon business continues to be one of the rapidly growing industries in the modern society. My Nail/Hair Salon will seek to provide services towards styling hair and nails in order to capitalize on this rapidly growing industry.
As part of developing an effective business, one of the most fundamental questions is the form of business ownership. In order to start a business, an individual must careful consider the available forms of ownership such as partnership and choose the most appropriate one. For My Nail/Hair Salon, partnership can be a suitable form of business ownership because it has several advantages since it's easy to establish and maintain the business. This form of business ownership has several advantages including flexibility it provides as the partners have the liberty to determine their responsibilities and benefits based on the effectiveness of the business. Secondly, filing income...
Third, through partnership, business owners don't have to register with the state and pay fees like a corporation. On the contrary, there are several disadvantages of partnership including the ability of one partner to legally bind other partners, partners are individually liable for all business debts and lawsuits, and limited ability to raise funds for the business.
The other notable consideration for My Nail/Hair Salon is funding since there are various funding options for small businesses. The funding options for this business incorporate the maintenance of a positive cash flow against inconsistent income and high overhead costs. The three most common funding options for small businesses are debt financing, equity, and venture capital. Debt financing basically entails starting the business with loans whereas equity is attracting investors and selling a share of the business. Venture capital helps in expanding on a larger scale as it involves selling interest in the company with a financing group or firm that promotes the growth of small businesses to larger operations (Feigenbaum, n.d.).
Similar to other businesses, managerial accounting is an important aspect of My Nail/Hair Salon because it helps managers…
References:
"Chapter 2 -- Management Accounting and Decision-Making." (n.d.). Micro Business
Publications. Retrieved June 3, 2012, from http://www.microbuspub.com/pdfs/chapter2.pdf
Feigenbaum, E. (n.d.). Funding Options for a Small Business. Retrieved June 3, 2012, from http://smallbusiness.chron.com/funding-options-small-business-3174.html
"Social Responsibility in Marketing." (n.d.). Know This.com -- Knowledge Source for Marketing
Since 1998. Retrieved June 3, 2012, from http://www.knowthis.com/principles-of-marketing-tutorials/what-is-marketing/social-responsibility-in-marketing/
Retrieved June 3, 2012, from http://www.allbusiness.com/business-planning-structures/business/372-1.html#axzz1wdMBHpLR
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