8.3

Business Plan: Explain the purpose of a business plan and list the four major parts typically included (business description, management plan, marketing plan, and financial plan). Describe the importance of developing a business plan when seeking out potential investors or lenders. In preparation for a future career as a salon owner, develop an original business philosophy detailing one’s beliefs for how a business should be run including a baseline budget and financial goals, money management concepts, procedures and strategies, and necessary personal characteristics of a successful entrepreneur.