Gracemae23
Well-Known Member
You need to do a good business plan get all your figures together include your own bills and utilities etc and take it from there
Do you think I'm crazy, new salon
- Thread starter Tjo
- Start date
Help Support SalonGeek:
Gracemae23
Well-Known Member
Well done I'm just finishing mine hopefully this week it's already about 25 pages long. Are you going for finance at the banks? I'm so worried Bout being turned down I think my dad will give me some deposit but still have to ask him 😳
BannerPenguin
Well-Known Member
I don't want to be Mr. Negative but banks don't really give out finance any more unless your a home owner and will put it on the line. If your already with the bank and have a decent 1/2 year trading history that's the only time we could get any money out of them. When we first started it was falling on deaf ears at the bank.
The only reprieve we got with any bank was with Barclays. They would help start up's if you put down 50% of what you was asking for in your business plan. You had to deposit it in the account and discuss it with your bank manager and if they felt the business was strong enough they would recommend the bank to loan you the other 50%.
Good luck everyone though! Hope you have more luck than me.
The only reprieve we got with any bank was with Barclays. They would help start up's if you put down 50% of what you was asking for in your business plan. You had to deposit it in the account and discuss it with your bank manager and if they felt the business was strong enough they would recommend the bank to loan you the other 50%.
Good luck everyone though! Hope you have more luck than me.
bloomingnails
Well-Known Member
This is spot on, I was told I had a really good business plan and had already put in a load of money but couldn't get any help from anyone.
I have had to just just trade through it!
BannerPenguin
Well-Known Member
It is terrible but what can you do? Just seems like banging your head against a wall. Like you, we traded through it. Personal credit cards and what not. Regardless of what the government say the banks are scared to give anyone any money but even if there is slight chance they won't get it back they won't do it.
They used to, which led to where we are now. Anyone could walk in with a business plan or a .com business and get any money they want, lose it all, pack up. Job done. There view now is unless you willing to bet your house and all your money on yourself then the bank won't bet on you either. From a business point of view it makes sense. If someone come and said believe in me, can I have £20k? What would you say?... Exactly.
Rant over! lol Sorry ladies.
They used to, which led to where we are now. Anyone could walk in with a business plan or a .com business and get any money they want, lose it all, pack up. Job done. There view now is unless you willing to bet your house and all your money on yourself then the bank won't bet on you either. From a business point of view it makes sense. If someone come and said believe in me, can I have £20k? What would you say?... Exactly.
Rant over! lol Sorry ladies.
natbritton
Well-Known Member
I think its great you should go for it! am i giving up my well paid job to start my own salon, i have no idea how i am going to pay my bills, my fiance can only pay so much as he too is self employed but i just have to trust everything will work out.
I have a few questions, does the shop your looking at require a deposit? we are paying 3 months deposit with 3 months rent free.
How long is the lease? have you set up a limited company? can you sign the lease through the company so if all goes down hill the company is liable and not you?
I have a few questions, does the shop your looking at require a deposit? we are paying 3 months deposit with 3 months rent free.
How long is the lease? have you set up a limited company? can you sign the lease through the company so if all goes down hill the company is liable and not you?
iv been talking to my account about being ltd and we decided to do a year first.
lease is just about to begin negotiations so will see, i have a maxim im willing to spend and will walk if it's too much.
Sent from my GT-I8160 using SalonGeek
lease is just about to begin negotiations so will see, i have a maxim im willing to spend and will walk if it's too much.
Sent from my GT-I8160 using SalonGeek
natbritton
Well-Known Member
why did your account recommend you wait a year?
where is the shop, is it on a high street? how long has it been empty?
where is the shop, is it on a high street? how long has it been empty?
i was advised that landlords often won't let to new Ltd companies as there is no financial evidence to show the rent can be paid and like you said if it went wrong the company is liable so then the landlord would be at a lose.
the shop has been empty only a month and is not on the high street but is a busy location with good foot fall. x
Sent from my GT-I8160 using SalonGeek
the shop has been empty only a month and is not on the high street but is a busy location with good foot fall. x
Sent from my GT-I8160 using SalonGeek
BannerPenguin
Well-Known Member
I know im not an accounts expert but from someone who has been there and done it I had no problems having pick of shops being a new ltd company. I don't think I would do it otherwise. Too much personal risk. Like you say you could be chased for the lease and held personally liable.
If going through an estate agents 1. they want your money 2. they want your money! lol. They normally have a contract with the actual landlord to guarantor the rent if you don't pay so check if you are personally liable in the contract when you sign with the estate agents.
If going through an estate agents 1. they want your money 2. they want your money! lol. They normally have a contract with the actual landlord to guarantor the rent if you don't pay so check if you are personally liable in the contract when you sign with the estate agents.
natbritton
Well-Known Member
yes i understand what he is saying, but its not impossible as we are a new business and are signing under our limited company and we are dealing with a huge shopping centre! rent is £30k plus vat a year
you can always try it and the worse they can say is no then you sign under your name.
When negotiating try and push for everything you can, low rent, rent free period, if any work needs to be carried out ask them to do it. try and keep the lease under 3 years perhaps a break clause at 1 year.
you can always try it and the worse they can say is no then you sign under your name.
When negotiating try and push for everything you can, low rent, rent free period, if any work needs to be carried out ask them to do it. try and keep the lease under 3 years perhaps a break clause at 1 year.
natbritton
Well-Known Member
plus your account should be looking out for your best interests and not the landlord! first thing my account said to me is i hope this lease is signed under the company and i said yes! he said, wow well done!
Zooks
Well-Known Member
Can one of you lovely geeks explain to me the benefit of ' signing under the company name rather than your own?
Sent from my GT-I9300 using SalonGeek
Sent from my GT-I9300 using SalonGeek
Zooks
Well-Known Member
Eviestyle
Well-Known Member
iv decided to open my own brow and nail bar.
After a lot of research, i feel pretty clued up on what im doing.
I have no savings and am just going to scrape together solicitor fees by selling things at a car boot.
I have all the products I need and will keepy eye on ebay and freecycle for furnishing.
There's a lot to be said for, when you have nothing, you have nothing to lose.
If this all goes wrong, I don't have anything to lose, I rent and have no assets, worse case I could end up bankrupt.
If this is successful, i will have something to leave my daughter
Am i a total loon
Sent from my GT-I8160 using SalonGeek
I pray it works out for you AND you live ti be 100!
