Nail tech buying out salon

[RubyNails]

Hi everyone, need to know your thoughts/advice. I'm a self employed nail tech and I'm currently doing an itec in make up artistry. I rent a space above the only hairsalon in my area. We open 3 days a week, Thurs Fri and Sat as that seems to suit demand. However, the hairdresser is emigrating and selling her business. Am I crazy to think I could buy it and employ an experienced hair stylist to work part time. The purchase of her business isn't a huge factor in this scenario, just the running of it. My rent will double, yes, but there is already a client base there that will go elsewhere if its not kept open, and if some one else bought it I'd wonder why I'd let some one else take this opportunity. What is the going rate per day for an experienced hair stylist with barber experience? The cons of it are I feel like maybe it won't work out, is it too much for me? But at the end of the day, I have to do this for life, I have a house to run and a child to feed, clothe and educate. Is this a chance in life that i'll look back on and think damn I missed out. I just don't know if Im wearing rose tinted glasses or if this is realistic.
Any advice would be greatly appreciated X

 

[KHS]

Firstly, I assume the salon is leasehold? So you buy her business as a going concern?

Not only will your rent treble, you will also have...
Electric, water, telephone, PDQ, business rates, bigger insurance, stock, ppl and prs music licences, waste disposal, and wages! You will also need a good few grand to cover all bills for the first few months until you get on your feet.

How long has the salon already been running for?
Why is it only open 3 days? Is it due to no demand the other days or just her choice?

I always say...if you think you can do it, or if you think you can't, either way you're right!

I would personally look at her books and figures and if it'd viable go for it, bur I'd push and plug to get that salon open full time.



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[squidgernetball]

Great advice. Ask to see all outgoings and incomings. What about having a stylist rent a chair then you are guaranteed of money coming in. You could also promote the fact that there may be an existing client base. This way you're not responsible for wages from the word go.
I find that often salons will open when it suits them, not their clientele. Many are shut on a Monday. It is one of our busiest days. We are also open later than anyone else near us. Look at the changes you could make, look at the potential and look at whether you can make the changes and reach the potential on the money you have. Finally, check the lease and make sure you will be able to stay in the property for the foreseeable future and that there are no outstanding debts.

Good luck.

Vicki x

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[Bettierae]

Is there not somewhere nearby you can set up on your own? Then you don't need to employ hair etc...


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[surf girl]

If your going to let the hairdresser manage the salon they'd need to be paid above average I'd think, read through all the points in the other posts here it all needs to be taken into account before you make a desicion, it's a big risk taking on a business you don't understand (just guessing as your beauty) so ull probably rely a lot on the stylist to run it for you, the outgoings of running the salon & the stylists wages need to be covered completely by ur stylist otherwise you'll be putting your hand in your own pocket to pay the bills, and unfortunately the ones who will be going without will be your family, I had to make a descion like this recently too, an offer I thought I couldn't refuse came up but when I looked really closely at the figures it was too close break even and I know I couldn't afford to support another business, give it a really good look over tho and go through everything mentioned above, only that will tell u if u should go for it or not xxx