Industry Structures

 Market Set ups Essay

Industry Structure of a Cosmetologist

Nedra Dennis

ECO/365

Feb. 10, 2013

Matthew J. Angner

Market Structure of a Cosmetologist

We will identify the market structure of any Cosmetologist also called a hairdresser. Also what sort of Cosmetologist differentiates from other alternatives and the competitive strategies that could be used by the business to maximize earnings over the long term. As a Cosmetologist which I are in, the marketplace structure might be a sole proprietorship. As a single proprietor you determine policies and also the decision making, assume expenses, receive earnings, and carry all deficits. You make my own rules and responsible to satisfy all tasks and requirements of operating the business. Single proprietorship is a oldest and most common type of business company in the United States. Nearly all are small and account for only 7% of all organization receipts. More widespread and referred to as sole owners are car repair outlets, small food markets, barber retailers and also a lot of small farms. Also insurance is needed such as liability, malpractice, and theft, do not let the policies lapse while you stay in the business. Get the hang of the requirements of your city and state regarding the business that you are in. There are pros and cons of being a sole operator. An advantage can be that it is painless to have start up when you have the right funds and enough to keep you in the red intended for the first few years due to not really making a huge enough profit for those years. Typically it will take almost five years to build up a good consumers to see that profit. Likewise another features of a sole proprietor can be that you are the own employer a you will get to keep the profit if your business is profitable which is rare of turning a small business into a successful business. You have the chance into hiring people who would come as individual builder by booth renting, a salaried staff, or do a 50/50 split if they are looking to build up their particular clientele. The sole operator...

References: Demystifying Economics by Allen T. Smith, Ph. D.

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