im starting a salon and finding out alot more about the industry i am embarking into!! so far my financial planning is saying i will be about $1000 up each month. Is this good/average for a new hair salon? im terrified! hehe

is that after you have paid your self a wage?

Unfortunetly there isnt a golden rule. Some places may be up £100 a month and others a few thousand.

I believe overall you should look to achieve a profit annually of 40% i.e if you turnover £100,000 and after you have paid rent/stock/bills/staff/yourself etc would give you a £40,000 profit before tax.

Like I said it isnt a golden rule. As long as you are in profit every month then its a bonus.

I dont know what its like in America, but when I open a salon I find all the names of the salons in my area then find out if they are registered (limited) companies. I then pay a company to download their accounts which only costs £30 per salon. This then gives me an idea of how well each salon is doing and the sort of profits I can expect myself.

Its perfectly legal and its info that can be life or death of your new business. You certainly dont open in areas where all the salons show negative balances and trust me theres loads near me on the brink of bankruptcy!

Kate

Its great to have a feeling that you will be making loads of lolly but please remember with any new Business comes an avalanche of hard work from Day one. Never, ever expect because it doesn't work like that in Business unfortunately. You seldom become a success without experiencing a problem tomorrow, a problem the next day and with it loads of stress.

And if my Aunt had balls, she'd be my uncle

Woe, be it, the end is nigh ! They are both right unfortunately, but can I just say on the upside and on the positive vibe guys, give the girl a break ! Having numerous businesses both successful and unsuccessful, you have to give it your all, especially to start it can be your life, your everything, you cant possibly predict your success unfortunately. But give it your all, your best and more and you will do it. You're not going to make your fortune straight away (unless you're blinking lucky) and it maybe a while til you can draw anything at all and am sure hundreds of geeks on here will agree - put the work in, make sure you're the best around and you will get your rewards eventually, come on guys if it was that bad, you wouldnt be in it !? Especially Fitz with his half million portfolio (its a joke, chill out !) xxxx