do we go for it......?!

[lou4tt]

i am a fully qualified beauty therapist who owns a beauty salon with my friend who is also a beauty therapist. an opportunity has come about and i need help in whether people think its a good idea!! the hairdressers next door has come up for rent.....do we take it on?! i know a couple of hairdressers who would like to work there.....how much could we charge them each for renting a chair etc. there is enough room for a nail desk so how much is it for renting out nail desk? we are in leicestershire and the rent for the salon would be approx £500 a month then on top of that we obviously would have to pay business rates, electricity, water etc. would it actually be worth it do you think?
we are a very busy small salon where there is only the 2 of us but we dont do hair or nail extentions we dont know what to do!! please help!

 

[Halls of Ivy]

Sounds possibly a great business opportunity to expand, the rent sounds reasonable too. Im not sure about area prices obviously but sounds great.

Make a list of your pros and cons and start building a business plan with operational targets of what you want to achieve step by step by which dates.

You should research chair rentals of other salons in your locality and table rentals for nail tech.

x

 

[persianista]

There is def opportunity there. I wouldn't base a salon round renters as you would have no control and would be giving away the clientele that you are buying.

If your current salon can support the extra costs then it sounds like an ideal expansion.

 

[single sparkle]

sounds like a great opportunity - go for it . . . .!

 

[wendy malley]

The rate for renting a chair + table for nails is between £50 and £90 depending on location. That would be all you would make if you did it this way so there would be no chance of increasing your profits no matter how busy the nail tech became. It would be more of a gamble to do a % split so make sure they have an existing client base to get money in and as things improve you will both more hth and i wish you the best of luck x

 

[Velveteen]

I'm facing a similar dilemma and can appreciate such a decision is not easy.

I'm not aware of how well your business does, the area in which you work or anything like that so would not be able to give you any advice on whether to go for it or not.

What I will say is that in this situation, it's always a good idea to run through your business plan and work out whether you could afford the expansion. I'd also be obtaining some advice on this matter - be it from your accountant or small business adviser.

Bigger is not always better but you are right to examine the opportunity. Good luck to you both.

 

[lou4tt]

thanks everyone!!