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Hi Ladies,

Hope everyone is doing wonderfully today.

I need advise, I'm a new nail tech finished sch6 months ago and have not worked in the field. I have an opportunity to buy a salon that has been opened for 6months. Its a 2 tech salon it is struggling right now due to previous employees. I think the price is right and the rent is low. Do you guys think that I should jump in and work my behind up to build? Any advice and your stories would be appreciated.

Thanks Isabel
It truely depends on your financial and business experience, and how damaged the shop rep is at this point. You will need a significant loan or financial backing to keep you afloat until you gain enough clientele to be independent. Until then you will be feast or famine to pay the bills. plus without Exp you will have problems trouble shooting client mishaps until you get enough exp under your belt. If you choose to purchase the salon, know that its a rough stressful road for at least a few years, until you turn a profit. Good luck!

sobeit

Quote:CloudNineNails :
plus without Exp you will have problems trouble shooting client mishaps until you get enough exp under your belt.
Great reminder. This is so true.
AmazingNails, it's a tough world out there right now, and only you can know whats right for you. Make a list of pro and cons for yourself and using the feedback you get from here, from others who have salon ownership experience. I would love to own my own place, and when the price and location are right, I would jump on it. But there are always things to consider and getting a business plan together will also help you know if this is right for you or not. I hope you are very successful not matter which way you go.

If I were looking at a place that already existed, and it was struggling, I would really investigate why, and how that can be reversed.
Then without ownership experience of my own I would be looking at cost of maintaining or changing the atmosphere inside, if I want employees and the cost behind that, retail cost and what to carry, insurance, business license, taxes, fine print in the rent, supply cost, any upgrades and I am sure the list would grow significantly. Phew it's a lot to go over.

Guest

As stated earlier it really depends on whether you are financially able to withstand not getting any income for maybe years, not receive rent when you have turnover, have to pay for repairs or buy new equipment, have to pay to market the business, pay for utilities that could be very expensive during extreme weather conditions, and the list goes on.

With being new to the industry, having no clients, and the fact the shop is struggling, I would think long and hard before jumping into buying a salon. The other thing to consider is how is the economy in the area you are looking at. Will the business be there and women wanting to spend hard earned money to get their nails done.
Hi Ladies,

Happy Saturday!

I want to thank you for your advice. I have only had a few days to make this decision. I am going to buy the salon, I am excited but oh so scarred. I don't have much biz experience and I'm a new tech but i will throw myself into this market the hell out of the place work on my skills everyday and work really hard. I also make jewelry that I will be retailing. My husband is an accountant so I will not have to pay for that service and he will be able to support the family. I will have a cushion for rent for a while but my goal is to make the $300 rent.

I would really appreciate any tips or business advice on what to do or not to do when first starting out.

Thank you so much ladies
Isabel
I give you kudos for your guts but do not forget you goal is not a 300 rent. Remember the big picture, 300rent 200electric 500supplies every month. Not to mention repairs and up keep. Best of luck to you!

Guest

With a positive attitude, hard work and common sense you will succeed. Wishing you the best!
Hi,

I'm sorry I should have mentioned that the $300 rent includes utilities and the salon is fully equiped with everything. I won't have to buy much supplies for a little while other than new polish colors and I want to use another gel line.

Thanks for your relpy. I'm sure there will be somethings that I will have to purchase right now but I am getting a lot of supplies with the place at least to give me a cushion for a couple of months.