Creative Keren
Creative Nail Studio
Hi Geeks,
Okay so I've been working within the industry for a few years and started out mobile..about 18 months ago I started renting space within a newly established salon in the area. Over that time me and the current salon owner have become very good friends and I've come to know the place inside out along with all the clients. My dilemma is that she has now decided to shut up shop and go for a home based salon. I've always dreamed of opening my own salon and now she's said that she would be happy for me to take it on when she leaves. I'm really at a loss as to what to do.
It's worth noting that;
she is leaving as she has two small children and would rather invest her time caring for them and is financially able to convert her garage to a home salon and just retain her regulars (if they choose to go with her)
The salon in recent months has reduced considerably for varying reasons one of which I think (from what clients have told me) is that due to the fact that her heart is no longer in it she has become unenthusiastic in her work e.g closing the salon if she has no clients booked in, giving off a 'I don't really care' attitude which clients have mentioned to me has put them and their friends off. I have noticed this also but I understand that it's not where her heart is and not what she wishes to do, I can't hold that against her as I have a child of my own so I understand. I feel awful that they have told me this but what can I do?! Many of these clients have said that she has damaged the reputation beyond repair and that she has "held me back" and suggested that I opened my own salon elsewhere.
I felt as though I was stabbing her in the back but spoke to her about it and she said "go for it!"
The thing is that 1) I do not have the financial backing to be able to afford to do this so would need a loan...I have a solid business plan and think it goes in my favour that I already know the business inside out. I have made it clear however that I would want to completely start over as a brand new salon with no affiliation to the current one. I know that business loans are usually subject to a personal credit check and to be honest I'm quite sure I'd fail it (nasty break up with sons dad etc) so I'm concerned that I wouldn't even get a loan. I have spoken to the current owner and gone through all figures from rent/rates/ telephone even down to the cost of toilet paper! I estimate for the first year (including a refurb and marketing/grand opening) I will need £20-25,000.
The yearly cost thereafter totalling under £14,000. Any suggestions for the finance part? I've looked at grants but none of them would be to that amount. I've already invested £6,000 into my own business over the past few years which I assume will also go in my favour?!
2) the salon is rather big and would easily accommodate 5/6 nail stations and has 3 rooms. I was planning on scrapping the toning tables and replacing them with new nail stations and renting out that space?
I know it is too big for what I really need but I see the potential in renting out those spaces. Also the nearest competition is a ten minute drive into town and the salon can attract clients from the surround (and very wealthy) villages as this is their nearest salon and is on a row of shops with post office/dry cleaning etc on.
I saw a small salon for rent for £350 PCM including rates but it is in an area that I'm no too familiar with and see that as more of a risk than taking on the one where I am currently based as I said, I know the competition and clients in my current area and have been within that community for 18 months now.
I REALLY don't know what to do?!?! Can someone please help me see some clarity as my mind is in such a pickle!
Okay so I've been working within the industry for a few years and started out mobile..about 18 months ago I started renting space within a newly established salon in the area. Over that time me and the current salon owner have become very good friends and I've come to know the place inside out along with all the clients. My dilemma is that she has now decided to shut up shop and go for a home based salon. I've always dreamed of opening my own salon and now she's said that she would be happy for me to take it on when she leaves. I'm really at a loss as to what to do.
It's worth noting that;
she is leaving as she has two small children and would rather invest her time caring for them and is financially able to convert her garage to a home salon and just retain her regulars (if they choose to go with her)
The salon in recent months has reduced considerably for varying reasons one of which I think (from what clients have told me) is that due to the fact that her heart is no longer in it she has become unenthusiastic in her work e.g closing the salon if she has no clients booked in, giving off a 'I don't really care' attitude which clients have mentioned to me has put them and their friends off. I have noticed this also but I understand that it's not where her heart is and not what she wishes to do, I can't hold that against her as I have a child of my own so I understand. I feel awful that they have told me this but what can I do?! Many of these clients have said that she has damaged the reputation beyond repair and that she has "held me back" and suggested that I opened my own salon elsewhere.
I felt as though I was stabbing her in the back but spoke to her about it and she said "go for it!"
The thing is that 1) I do not have the financial backing to be able to afford to do this so would need a loan...I have a solid business plan and think it goes in my favour that I already know the business inside out. I have made it clear however that I would want to completely start over as a brand new salon with no affiliation to the current one. I know that business loans are usually subject to a personal credit check and to be honest I'm quite sure I'd fail it (nasty break up with sons dad etc) so I'm concerned that I wouldn't even get a loan. I have spoken to the current owner and gone through all figures from rent/rates/ telephone even down to the cost of toilet paper! I estimate for the first year (including a refurb and marketing/grand opening) I will need £20-25,000.
The yearly cost thereafter totalling under £14,000. Any suggestions for the finance part? I've looked at grants but none of them would be to that amount. I've already invested £6,000 into my own business over the past few years which I assume will also go in my favour?!
2) the salon is rather big and would easily accommodate 5/6 nail stations and has 3 rooms. I was planning on scrapping the toning tables and replacing them with new nail stations and renting out that space?
I know it is too big for what I really need but I see the potential in renting out those spaces. Also the nearest competition is a ten minute drive into town and the salon can attract clients from the surround (and very wealthy) villages as this is their nearest salon and is on a row of shops with post office/dry cleaning etc on.
I saw a small salon for rent for £350 PCM including rates but it is in an area that I'm no too familiar with and see that as more of a risk than taking on the one where I am currently based as I said, I know the competition and clients in my current area and have been within that community for 18 months now.
I REALLY don't know what to do?!?! Can someone please help me see some clarity as my mind is in such a pickle!
if you think you can afford it. Put your mark on it. Re Brand it and go for it.
