Week of Dec. 21: Hair Salon Storefront Project

Right now for our hair salon project we are finishing up our Pro Forma. I think this was the most difficult part thus far in our journey through this project. It was incredibly difficult and frustrating at times to constantly reach out to people, asking for hypothetical costs and various things. I found myself constantly having to rework our profit-loss statement with my group because we would get new numbers or have to plug in a different federal income tax because of our fluctuating gross profit. I thought that because it was the biggest struggle we’ve had, it gave us a little sneak preview of what running a business might actually entail. I realize a lot of the time that most of what we do in this class is grueling because it is what is to be expected of the real world. Once we came to terms with this idea, it was easier for us to work through some of the less exciting parts of the project. At this point we are waiting to hear back from a hair salon that we reached out to so we can get some numbers on legal fees. We also have to finish our write-up for part six which we are trying to make as detailed as possible. I found that my biggest struggle going through parts 4-6 was that I didn’t quite fully understand what fell under which categories in the profit-loss statement. I was frustrating filling the entire thing out and then realizing that you forgot to put in the price of computer or the payroll. Reworking the profit-loss, while incredibly repetitive also helped me to become more familiar with it. Overall, this part of the project is very work heavy but I do feel like I’m taking a lot away from it.