Funding

[Hannahsmith88]

Anyone no of anywhere to get funding to set up a salon?
I'm in full time work and only places I can find that will help you, is only if your unemployed :s

 

[Mrs RSM]

Don't mean to sound harsh but why would you get help to set up a salon? Save up or get a loan?

 

[Hannahsmith88]

Because lending criteria is much harder for us younger ones as the country is in debt for all the people who stupidly got out big mortgages and loans and couldnt afford it, and I'm paying off their debt instead! Want just the funding I wanted it was the support they can offer to! You don't under stand how hard it Is being working class and turning into an adult in a recession, there are also other reasons I cannot care to answer, I was asking a question not asking for a dig!

 

[Kirstie-b]

I don't think there is such thing as funding for that sort of thing (well I've never come across it) have you spoke with your bank about their business loans etc? if it's advice you need theres lots of helpful previous posts on here to help you find out how to get it all going. To be honest prob be better getting advice from people in the same industry as opposed to people from the gov/ council etc as it's more tailored to what your looking for. x

 

[Mrs RSM]

It genuinely was not a dig but your answer astonishes me.

 

[gemmah9]

It's a harsh world setting up by yourself I also work so I've had to dig deep and save save save for my equipment and that really is the only option if you are dedicated and want to do it , perhaps you could try offering a mobile service if you can't afford to open a salon ? I font think mrs rsm was having a dig hun just being honest as we are all in the same boat xxx

 

[murraylog1971]

Hannah , where do you live ? Instead of people having a go , if you can't say something constructive , say nothing !! This place never ceases to amaze me. People are only asking for sone help and guidance. Many of us who have been in the industry for many years forget how hard it is now for youngsters to make their way in life. For heavens sake show some support for these people holding up their hand !!!

Hannah , we have a local office here called business gateway who give free advice for people considering starting up alone. Most local council offices will put you in touch with something similar in your area. Even the local banks will give you a starter pack for starting up a business.

Never be afraid to ask questions , there's no such thing as a stupid question , only a stupid answer x

Arlene

 

[persianista]

Most banks have ALWAYS been tricky about business loans for salons. It's nothing new. They insist on you putting in half the money that you need yourself at least.
Business gateway or business link can help you do a business plan to work out exactly how much you will need, and how you will be able to repay it.

Is there anyone who would be willing to back you? Lots of hairdressers use backers who are clients or friends who have some capital to invest in return for a share in the business. It's not ideal as it is still not "your" salon, but better than no salon at all.

 

[footwoman]

Hannahsmith88,
This might be useful,

Grants for starting a business | Startups

HTH

 

[melly07]

I was going to suggest Princes Trust and other local funding, as they invest in young peoples business ideas. I'm not sure whether you pay them back or not though and I think there is limited availbility and you have to have a unique business idea so I'm doubtful another salon would fall into that catogory. Best best is a quick google and the business link site. It's brilliant for bits of information on starting up a business.

 

[tenorcutie]

Business gateway are excellent and they will be able to tell you everything you qualify for. They used to be good for grants etc for new start business but now most grants ect are for businesses that have been running for about a year and need funding to grow.
As far as i am aware all the government schemes require you to put up half the money before you qualify for any funding, otherwise everyone would be setting up businesses all over the place. I guess its their way of making sure you are serious about running a successful business.
The first thing you need is a comprehensive business plan, you can then take it to banks, grant providers or potential investors. You will need some of your own money though.

 

[dee]

if you are employed and want to make more money .. why not rent a chair ? that way you have a chance at earning better money that you can put towards your dream, also if you are on a tight budgets theres lots of auctions about for salons equipemnt and lots of places closing down, i have had to get my stuff second hand as i cannot afford brand new but hey it does the job xx

 

[Sarah-Jean]

Your chances of getting any help are low, I suggest you do what the majority of us did and either ask family for a bit of financial assistance, find a loan or save up. Alternatively you could try finding yourself a business partner or an investor but personally I wouldn't recommend either of those options.

 

[Blue Rose]

Because lending criteria is much harder for us younger ones as the country is in debt for all the people who stupidly got out big mortgages and loans and couldnt afford it, and I'm paying off their debt instead! Want just the funding I wanted it was the support they can offer to! You don't under stand how hard it Is being working class and turning into an adult in a recession, there are also other reasons I cannot care to answer, I was asking a question not asking for a dig!

Err, I think that is a very sweeping statement & quite disrespectful actually.

I think the majority of us salon/business owners have worked damned hard for what we have achieved & managed to get the money together somehow without bleating on how it was not fair they couldn't get free money!

If only life was that easy...

 

[brambleway]

Depending on your age
The prince's trust

 

[William1]

Hi,

I suppose it all depends on quite a bit really. Do you have an existing client base? Where would you like to be based. What about staff? What we have found is that although we are in recession people still get their hair done, product sales are down but our turnover is still increasing slightly year on year. Advice would be starting from scratch is very expensive, so think seriously and list down all of your expected outlay. Have you considered renting space within a exisiting Salon this could be a cheaper option?

 

[angelina221]

If it was so easy to borrow money to start a business then everyone would be doing it. Fortunately it is not easy otherwise businesses would be opening up all the time and would be going bust left, right and centre.
I was made redundant from my old job and found it incredibly hard to start up. No-one would help as I was unemployed and I couldn't get loans either.
I managed in the end by taking huge risks because I believed my business would work. I worked incredibly hard and fortunately it was worth all the blood, sweat and tears.
Too many people nowadays think they can just open up a business. They think they can get some money, open up and everything will be hunky dory.
Unfortunately they don't take into consideration the ongoing costs. Cashflow is a major reason why businesses go bust.
You need enough money behind you to see you through the first 18-24 months and a lot of people do not do this and that is why 1 in 3 salons go bust in the first year.
You need a good business plan, a good amount of money, a good network of family and friends around you, determination, being prepared to work 24/7 and balls of steel and even this does not guarantee that your business will be a success.
How much of your own money have you got to invest?

 

[Matthew Taylor]

Err, I think that is a very sweeping statement & quite disrespectful actually.

I think the majority of us salon/business owners have worked damned hard for what we have achieved & managed to get the money together somehow without bleating on how it was not fair they couldn't get free money!

If only life was that easy...

I completely agree!!!

Why should you get money handed to you on a plate when the rest of us have had to scrimp and scrape to get where we've got, and to be honest, alot of us still aren't where we want to be!

You're using being young as an excuse.... Doesn't really wash, I know young people that have focused and had so much determination that they have managed to achieve great things and I hold my hat off to them for it!

I'm assuming that seeing as you know exactly what you want and the money needed for it that you have a full and in-depth business an together then??

 

[hippy-chick]

[rubs eyes] haven't I seen this question in another thread by you?

 

[Hannahsmith88]

Thanks for some of the helpful responses, any one else using this thread to moan or have a go- get a life you don't no what your on about!