Business planning and finance within hair and beauty sector
Unit summary
This unit has been designed to encourage learners to use and question whatever knowledge they have previously gained through exposure to business planning and finance. They will develop an understanding of business planning and finance in the context of the hair and beauty sector and build upon existing knowledge through a series of visits and research into the subject.
Unit details
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07 Retail and Commercial Enterprise
| Learning Outcome |
Assessment Criteria |
| 1. Understand the business planning process. |
a Explain the basic principles and critical components of a business plan.
b Describe the methods used when preparing a business plan.
c Explain the external factors
influencing a business plan. |
| 2. Understand factors impacting on the running of a business. |
a Explain the risks and opportunities of self employment.
b Describe how the legal status of a business affects financial accounting responsibilities.
c Desribe the key sources of finance and financial assistance for setting up or expanding a business.
d Explain the relationship between financial management and accounting and the success of the business.
e Outline how costing procedures and pricing strategies relate to profit.
f Outline a range of corporate and personal taxes.
g Describe the key nationally recognised business quality assurance systems and quality standards. |
| 3. Be able to produce and use business documents in the context of the hair and beauty sector. |
a Operate a day to day bookkeeping and budgeting process.
b Compile a business plan suitable for different purposes.
c Interpret financial information. |