You have to weigh up the pros and cons of each and then see what the financial difference will be.
Look into what kind of businesses are for sale, and what you are getting for what price. Remember that a lot of businesses will quote a price and then expect SAV (stock as valued) to be added on, which means that if they are carrying say £1000 worth of stock and product, they expect you to buy it at the time of sale. This might be a sticking point, especially if you want to use completely different brands of product.
Remember that even if you buy a business that is up and running there will be things you will want to change in the interior, maybe the product lines and possibly some furnishing etc so make sure you budget for those things. If you plan to change the name you will also need new signage and printing doing.
Then do a seperate plan for if you were to do it yourself. The more exact you can be there better but for now it can be a rough estimate...you will definitely need to include
- Research into what size of shop you can get for what price in your area, so figuring out your approximate rent per month.
- Make estimates for fittings, contractor work ie electrical, furniture, salon equipment, all your product, furnishings like curtains and carpets, disposables, kitchen things etc if you plan to have staff and for making tea etc, signage and all the other things that make an initial set up from a building perspective.
Don't miss things out when doing an estimate and I can't stress that enough, as it's easy to ''forget'' certain things to make it look affordable but you have to be honest with yourself about what you think the actual cost will be, and then what the potential cost could be, given that things always cost more than expected.
Hope any of that helps
