Chapter 14 Business management

When starting a new electrology buisness what should you look for in a location?

ample parking, high foot traffic, good neighborhood

As an electrolysis, what is your primary concern?

Patient s best interest

What is going to be you largest single monthly expense?

salaries

All contracts must be:

in writing

What type of buissnes entity has the greatest overall liability?

parternship

How long should you retain petty cash receipts?

3 years

What type of buissnes enity has the lowest overall liability?

corporation

What type of liabilty insurance covers you against malpractice and/pr negligence lawsuits?

professional liability

What type liability insurance covers you against slip and fall lawsuits?

general liability

What type of liability insurance covers you against theft of your laser or epilator?

business property

True or false: if you use your car for business purposes you need additional insurance:

true

What is going to be your second largest single monthly expense?

rent

What is the easiest type of business to open?

sole proprietorship

Your facility license must be:

displayed in a conspicuous place

If your business performs laser hair removal, should you work on a pregnant patient:

never

When purchasing an existing buisness, what is the best course of action?

have your lawyer review all contracts

As part of your purchase agreement, the seller agrees to not open a hair removal buisssnes,nor work for one, for 5 years and within 20 miles of the locationbeing sold. What is the agreement called?

non competition agreement

How long should you retain maintenance records for all machinery?

at least 5 years

When scheduling patients you should always:

schedule no more time than necessary to treat the patient and prepare the room for the next patient.

If you are building, prior to opening your business’ doors you will most likely be required to obtain a document from the local government certifying your building or office’s compliance with applicable building codes and laws. What is this document called?

certificate of occupancy