How did you all finance your business?

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sarahhh123

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Sep 7, 2009
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Was just wondering how everyone went about getting finance to open their salon. Was it a bank loan? Did you save up? Am doiing some research any input greatly appreciated xx
 
My parents loaned me the money so I wasn't charged interest by the bank. I am very lucky :)
 
I used my divorce settlement then topped it up with a loan from my parents too xx
 
I have this dream of someday opening my own salon, but raising finance is going to be a problem! Maybe I'm just not meant to do it 😔
 
I saved half and getting bank loan for other half
 
Hey
I am just doing my nvq training. I plan to spend about 5-6 years after working within a salon/spa.... in this time I will save up some money, gain vital experience, meet potential clients ect. I will also try and train in as many different treatments as possible.
Then after this time I will take the money, experience and skills and hopefully open my own salon.

:p
 
I loaned the money from my Dad. I am lucky he is very supportive. I just hope things start to pick up so I don't have to shut up shop, theres only so much he'll lend me. I am selling my car and putting the money into my bussiness that will see me through til may.

x
 
Personal bank loan xx
 
Sold my house and kept a portion back to fund my business.

Tried everywhere to get assistance; Funding, Grants etc as I keep reading about all these people who get it but, I didn't fit anyone's profile.
There is a lot out there for young people but not for old f4rts like me!
I asked the question at a Business event; Why is there nothing available for middle aged people?
The reply I got gobsmacked me - By the time you are that age you should have some money behind you!
 
My parents gave me the money as a gift so I don't have to pay them back. I have the best parents!! :)
 
I was helped through the princes trust and my parents :)
Princes trust we amazing I obvs have to pay the money back but ya get a lot of support not just money and because my business is going so well I was picked to meet the prince himself so I am a lucky lady and so far so good business is going well. X
 
I was extremely lucky and my nan gave me the money to get my self going :) x
 
worked worked worked and saved really hard.
 
Parents and business loan x
 
Accumulated stuff over the years! Bought my first couch and wax kit like every student, at the first show I went to!

Started small and part-time with waxing/man/ped/eyes/facials. Always had a steamer, always did electrolysis - but a friend gave me her little old machine.

Gradually built up equipment but have 'acquired' stuff too. A hotel treatment room was closing down and I got the heated cadi...

Bank loan for semi-permanent make up training. My own savings and capital for newer, more advanced equipment. It's taken a long time, but I have a great treatment room and I don't owe a penny!

It's sometimes better when it doesn't all come at once...
 
Business loan & credit card :/
 
I,m still very new to it all, but when i moved to scotland and no job i used part of my benefits each fourtnight to pay for my training , then i got ila and did a class at NSI in Glasgow, i bought stuff as i went along.

Still lots more i want to do, but just gets harder to save for it too now:sad:
 
There is a lot out there for young people but not for old f4rts like me!
I asked the question at a Business event; Why is there nothing available for middle aged people?
The reply I got gobsmacked me - By the time you are that age you should have some money behind you!

I know the feeling! Everytime I think I qualify for some help with training or something to help my business, the goal posts have moved!

I have bought bits as I've gone along. I've saved the money earned from doing treatments to buy more products and equipment. I'm a long way off from where I want to be, but I'll keep on plodding towards my goal.
 
I have this dream of someday opening my own salon, but raising finance is going to be a problem! Maybe I'm just not meant to do it 😔

Don't say that!!!! You can do ANYTHING you put your mind to.

When things get hard, my boyfriend always reminds me "nothing that comes easy in life is worth having" and "the best things in life come with a fight". :hug:
 
I saved every penny and worked all the hours God sent.

I would be in a salon working until 6pm and then did mobile too until 10pm including my day off and Sundays. That brought money in.

I cut out all unnecessary expenditure. To this day I still haven't bothered getting another mobile phone as I learned during that stage to live without one. I didn't have Sky. My car was falling apart. 'Dinner with friends' meant me going to Asda's reduced aisle and cooking whatever they had for "10p" and advising friends to bring a bottle when they came to my house. I had to read my food labels on my cans to discover what was in them as there were no fancy graphics or logos...it was 'supermarket basics'. I learned how to bake my own bread as it saved 40p per loaf. I didn't take any holidays. I didn't take any taxis. I wore the same 'clothes fashions' for about 2 years. I also skipped a few things that most people pay such as TV license and simply switched the TV off unless I was watching videos/DVDs. Even now I can cook a mean pasta with nothing except supermarket basics pasta, supermarket basics tomato soup and the reduced veg that nobody wants - enough for 4 days!

My mum was a single mum on benefits all my life and so we had no money. She was always in debt when we grew up and I was determined not to follow that route.

I opened my first 7 seater salon with nail desk and beauty room when I was 23 without any loans from the bank, grants from the government or credit card debts either. From day one it was all mine and funded from my savings.

I'm in my 30's now with a while to go before I'm 35 and I now have 2 salons, a city center building that I rent out, a hair academy, a nice house in a desirable postcode, 2 cars on the drive. Everything is paid for. I have no mortgages or debts outstanding. I also have enough cash savings to keep me comfortable for the next 10 years should everything go tits up tomorrow.

I'm sharing this because I'm hoping there might be someone like a "younger me" reading this thread at some point who is wondering if yet another night in is ever going to be worth it in the long run, or if it's worth just taking some of the money out of the bank that they have worked so hard to save and getting a little something to treat themselves for working flat out yet again for another week.

The answer is 'keep going the way you are going'. Opportunities come to those who seek them. They are not delivered by a government or a grants program ... go do a paying client instead of sitting through one of their talks - it all adds to the pot - a bird in the hand is worth 2 in the bush. Keep your eye on the ball and listen to people when they talk to you - you just never know who is going to give you a golden nugget of information about an empty premises or other opportunities. Hard work and savings pay off - nobody ever gets rich by spending their money on whatever everyone else is spending their money on just to 'keep up with your mates'. Keep thinking about where you want to be in 5 years time and ask yourself if the takeaway/sky movies/newer car/mobile phone is a price worth paying to sacrifice that dream?

Hope this helps somebody.

:)
 

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