Big decision!

[emz765]

Hi guys,

So I own a salon in a city centre, i have been open 2 years now! I'm still finding it extremely difficult to make ends meet :sad: I'm nearly due to sign my next lease at the end of the month, I'm wondering should I just pack it in, cut my losses and move on? I've made a list of pros and cons, but still undecided! I'm not coming out with any wage at all & by now I think I should be! Any advice guys? I'm at my wits end!!! XXX

 

[hazeleyes]

Hi guys,

So I own a salon in a city centre, i have been open 2 years now! I'm still finding it extremely difficult to make ends meet :sad: I'm nearly due to sign my next lease at the end of the month, I'm wondering should I just pack it in, cut my losses and move on? I've made a list of pros and cons, but still undecided! I'm not coming out with any wage at all & by now I think I should be! Any advice guys? I'm at my wits end!!! XXX

What would you move on to? Do you have a back up plan or an idea of what you will do next? And is it definitely better/more lucrative/ less stressful!
I would weigh that up and make sure whatever plan I had for afterwards was better as the grass isn't always greener and maybe there are ways to address your issues around revenue? Things you could tweak? Advice you could get to improve the situation m?

 

[virtues2011]

Hi Hazeleyes... and of course the OP. I've left a few tips on a thread called" train your brain" ... it may help.

Sent from my GT-N7100 using SalonGeek mobile app

 

[hazeleyes]

Hi Hazeleyes... and of course the OP. I've left a few tips on a thread called" train your brain" ... it may help.

Sent from my GT-N7100 using SalonGeek mobile app

Can you stick a link to the thread- can't find it on my humble iPhone?!

 

[virtues2011]

• Copied and pasted from the other thread.
• There must be no emotion in business as there are no friends.
• Read up on the legalities and procedures that are required of you by law - this is one place where you may fail easily and ignorance is not bliss anymore.
• Learn to take calculated risk.
• learn to read balance sheets/P&L/cash flow forecasts for your business you can then make informed decisions on what parts of the company you need to work on.
• Start with slightly higher prices - it is easier to reduce than to increase.
• Too much stock is dead money - try and buy on sale or return where you can, speak to suppliers, get the best deals. If you don't ask you don't get.
• Without sales you have no business - never believe that because you are busy this year next year will be the same...continually push your name out to the market.
• Don't rely on facebook likes - you can pay to have these. It doesn't mean "likes" are customers.
• Keep an informative and professional website.
• Training will always put you ahead of your game.
• Look after your staff, be firm but fair.
• Make sure all staff have comprehensive contracts.
• The day the passion goes - give it up.
• Be prepared to lose what you have put into it. If you can't afford it - don't do it.

Enough said from me! .....HTH...I could list a hundred more!

 

[hazeleyes]

• Copied and pasted from the other thread.
• There must be no emotion in business as there are no friends.
• Read up on the legalities and procedures that are required of you by law - this is one place where you may fail easily and ignorance is not bliss anymore.
• Learn to take calculated risk.
• learn to read balance sheets/P&L/cash flow forecasts for your business you can then make informed decisions on what parts of the company you need to work on.
• Start with slightly higher prices - it is easier to reduce than to increase.
• Too much stock is dead money - try and buy on sale or return where you can, speak to suppliers, get the best deals. If you don't ask you don't get.
• Without sales you have no business - never believe that because you are busy this year next year will be the same...continually push your name out to the market.
• Don't rely on facebook likes - you can pay to have these. It doesn't mean "likes" are customers.
• Keep an informative and professional website.
• Training will always put you ahead of your game.
• Look after your staff, be firm but fair.
• Make sure all staff have comprehensive contracts.
• The day the passion goes - give it up.
• Be prepared to lose what you have put into it. If you can't afford it - don't do it.

Enough said from me! .....HTH...I could list a hundred more!

Ha ha! Virtues thought we would clash a lot after our first banter on here but I'm liking you more and more! I love the "there are no friends in business one" have you ever thought of a career in business advisory or mentoring! You could be the Gordon Ramsey of beauty!

 

[virtues2011]

Ha ha! Virtues thought we would clash a lot after our first banter on here but I'm liking you more and more! I love the "there are no friends in business one" have you ever thought of a career in business advisory or mentoring! You could be the Gordon Ramsey of beauty!

Ha ha ...Why thank you for your kind words ..I'm not all that bad you know! ...and occasionally I can be quite funny...(I'll stop here!)..
The principles in business are exactly the same whether you have one employee, one hundred employees or one thousand..it makes no difference.....If you ever need any advice just let me know and I will help you the best I can. For me personally I learn very little from this site but I love reading the posts and throwing myself in there...(as you may have gathered - I clearly have too much free time). I can't say I'd rely on this site if I wished to be successful although the odd words of wisdom come through occasionally, it just takes a while to find them.....Ok I'm going to be in trouble for slating the site, going off track, offending everyone that reads this.....so on and so forth....(notice you will very rarely if at all see me on the hair or nails threads, as there, I am out of my depth - I will leave that part to the professionals in their trade).

 

[hazeleyes]

Ha ha ...Why thank you for your kind words ..I'm not all that bad you know! ...and occasionally I can be quite funny...(I'll stop here!)..
The principles in business are exactly the same whether you have one employee, one hundred employees or one thousand..it makes no difference.....If you ever need any advice just let me know and I will help you the best I can. For me personally I learn very little from this site but I love reading the posts and throwing myself in there...(as you may have gathered - I clearly have too much free time). I can't say I'd rely on this site if I wished to be successful although the odd words of wisdom come through occasionally, it just takes a while to find them.....Ok I'm going to be in trouble for slating the site, going off track, offending everyone that reads this.....so on and so forth....(notice you will very rarely if at all see me on the hair or nails threads, as there, I am out of my depth - I will leave that part to the professionals in their trade).

Lol how do you have the time with 5 businesses. I do actually really like this site only because it's good to hear others views and success stories! I've learnt a lot in my short time here- that said I would still go do my own thorough research on everything!

I guess it's because I know where I want to be but not sure how to get there yet and that is super frustrating!!!!!

 

[virtues2011]

Lol how do you have the time with 5 businesses. I do actually really like this site only because it's good to hear others views and success stories! I've learnt a lot in my short time here- that said I would still go do my own thorough research on everything!

I guess it's because I know where I want to be but not sure how to get there yet and that is super frustrating!!!!!

That's where you want to be in the end ....have businesses but only direct them...don't work in them. I have done this now for over 20 years, but I learn quickly - work with your mind the best way you can (You'll be fine providing it doesn't fail...lol). My Partner is more successful than I....that's what I find frustrating....he is my idol I would love to be where he is! I think from my point of view I just read threads of "I've started my business - but I have no customers what do I do"? I mean REALLY! ha ha ...You've failed before you've even started. I know people have to start somewhere.. but not there!...this is where I still maintain this site should be called for "Professionals and opportunists"...but that is for a different thread.

 

[hazeleyes]

That's where you want to be in the end ....have businesses but only direct them...don't work in them. I have done this now for over 20 years, but I learn quickly - work with your mind the best way you can (You'll be fine providing it doesn't fail...lol). My Partner is more successful than I....that's what I find frustrating....he is my idol I would love to be where he is! I think from my point of view I just read threads of "I've started my business - but I have no customers what do I do"? I mean REALLY! ha ha ...You've failed before you've even started. I know people have to start somewhere.. but not there!...this is where I still maintain this site should be called for "Professionals and opportunists"...but that is for a different thread.

If I was going to start my own business it would not fail! I would ensure that much at least! I'm almost too risk adverse but then perhaps that's for another thread too!