Do I stay or do I move my business home?!!

[haydenamzy]

Hey guys, this is going to be a long post, but I need some advise..and quick!!

Ok, here's the story. I currently run my own small nail salon in my local area, (I also live 1 street away) But I currently rent these premises. A corner shop with a 2 bedroom flat above came up for sale a month ago, so as we were selling a flat, my partner said lets have a go and buying this shop so we could live above and move my nails below, and pay a mortgage instead of rent on my current salon.

Problem is getting a commerical mortgage very expensive, and because we dont want to put the full 40% deposit down only 1 local bank would have a look at our plans.....so had a meeting and should hear next week if we have it.

Anyway....in the meantime we also have been looking at houses because we have almost completed on our flat and thought have a plan if this shop falls through. So today I found a house I love!! Typical, now because its going to cost so much to set this business up, and business is not great at the moment....do I cut my losses and close the salon I have at the moment, buy this nice house and turn one of the large bedrooms into a mini salon and bring my clientelle home? This way no overheads..which means I will earn some money for a change! And no hassle!

I must point out that I am in my final year at university, and next year I am applying to do my teacher training so I will not be here for 10 months anyway!!! Can someone give me advise what 2 do!!!

Thanks!

 

[nailfairy]

Hey guys, this is going to be a long post, but I need some advise..and quick!!

Ok, here's the story. I currently run my own small nail salon in my local area, (I also live 1 street away) But I currently rent these premises. A corner shop with a 2 bedroom flat above came up for sale a month ago, so as we were selling a flat, my partner said lets have a go and buying this shop so we could live above and move my nails below, and pay a mortgage instead of rent on my current salon.

Problem is getting a commerical mortgage very expensive, and because we dont want to put the full 40% deposit down only 1 local bank would have a look at our plans.....so had a meeting and should hear next week if we have it.

Anyway....in the meantime we also have been looking at houses because we have almost completed on our flat and thought have a plan if this shop falls through. So today I found a house I love!! Typical, now because its going to cost so much to set this business up, and business is not great at the moment....do I cut my losses and close the salon I have at the moment, buy this nice house and turn one of the large bedrooms into a mini salon and bring my clientelle home? This way no overheads..which means I will earn some money for a change! And no hassle!

I must point out that I am in my final year at university, and next year I am applying to do my teacher training so I will not be here for 10 months anyway!!! Can someone give me advise what 2 do!!!

Thanks!

If you have a good sized garden in the house you have fallen inlove with why not think about getting a log cabin and using that as a nail room.
That is what i am currently in the process of doing.
apparently providing the room is used as a "garden room" as well,,, i.e so its used for domestic. You dont need planning.
Just a thought but ive bought a really nice one for £1500.

 

[cuticles]

It looks to me as if you have made a decision, ie go to teacher training.

Cathy

 

[The Beauty Zoo]

I agree with Cathy....looks like you have made your decision. I would go with the house then, once you have finished your training, you can work from home. It doesn't sound viable to buy a business premesis then have no income from it while you are away for 10 months. HTH.

Wishing you loads of luck whatever you decide :hug: