HELP! is renting a shop a good idea?

[eliza-bean]

Hello,
well this is it, im fed up with minimum wage everywhere i go when i work my butt off,iv been working in this shop for 6 years and never once got a pay rise even though i work a full column no breaks day in day out....

so

shall i rent a shop or not

im a risk taker and know its a gigantic risk to take in this current climate but i think if you can make it when the chips are down its a pretty good start!

but am i just dreaming?
i found a place for 7,000 a year in a really nice area and the shops pretty good too

i wanted to know how much on average will my outgoings be? and how much will i need to make to break even? how do i find out about business rates?water? electric? insurance? its a small shop could fit 2 hair dressers and two nail beauticians any rough ideas?

im also hugely massively passionate about my job so prepared to work all hours of the day and night to get a business off the ground!

 

[persianista]

Work on 2000 a month break even before wages as a rough back of an envelope costing. If you have a good client base, it is the next logical step.

Business link should be your first port of call, then your bank. You need plenty of money behind you as start up costs can be quite high.

 

[eliza-bean]

oh wow i wasnt expecting a reply so quick, thank you! now at least i have something to work with i will go onto that site right now lol brilliant

xx

 

[Urban Beauty]

Pop into other shop's along by the one that you have in mind...ask them questions, rates, quiet times etc. You can also go on your local authority website to find out about rateable value and special treatment costs etc...
HTH's Hayley x

 

[Just Hair Ins]

Hi, with regard to insurance, salon policies are insured via a shop package policy.

The product will automatically cover: -

Employers Liability (legal liability to employees for death/ bodily injury)

Public Liability (legal liability to visitors for death/ bodily injury or damage to third party property)

Hairdressers Treatment Risk

Business Interruption (loss of gross profit following physical loss or damage to premises - eg 'fire' payable for up to 2 years following loss

Money (up to specified limits)

Contents

Tenants Improvements (alterations to the fabric of the building - new floor/ ceiling/ electrics/ partitioning and so on)

Glass (shop front/ fixed glass/ sanitary ware)

The premium is calculated using a number of factors, namely: -

Location (post code)
Construction of shop (including flat roof)
Security (alarm/ grills/ locks)
Insurance values (contents/ stock/ tenants improvements etc)
Claims experience
Number of qualified Hairdressers/ Nail technicians you employ (freelancers should have their own insurance; check before starting them)

Premiums start from £200

I hope this helps and should you have a shop location in mind/ values let me know and we can provide a free quotation for your budget.

Good luck