Setting up own business

[kellyuk]

Hello all,

Just wanted to ask without sounding too nosy, how much realisticly does it cost to set up your own business ?

Im wanting to set up a nail shop and eventually turn it into an Hair/Nail salon, but have not got any finance behind me, if I was to do this I would need to apply for funding.

Anyway if anyone can give me a rough idea of how much.
From renting to stock to decor and furnishings :green:

 

[Martin Duffy]

It really is impossible to say - it depends on how many rooms, the kind of finish you want, what quality of stationary & signage you want, the quality of products you will be using etc etc etc. It also differs so much from one area to another - rent in a small town is of course a lot less than a city. Your best bet is to work out everything you need and then add a bit, and then add in some money to see you through the first year.

 

[skymark]

Like Martin has said, there really isn't a figure at all.

It's a painful process of sitting down with quotes / catalogues / prices for everything from building costs to fitting out and products and disposable items.

It starts to become much clearer at that point how much it will cost.

Some budget categories to start with can be, not taking into consideration rent and utilities:

(This is quick and off the top of my head so there will be tonnes missing but it gives you a glimpse of the random stuff you need to think about. It all costs!)

Cost per nail station (inc station, chairs, tools)
Product
Towels
Washer / dryer
Disposable products (ie cotton pads, masks and other little bits that all add up)
Signage for the store
Stationery (price lists, bus cards, pens, appt book, account book etc)
Marketing for launching business
Marketing for first few months of business
Insurance
Waiting area furniture if you are to have one
Salon equipment (ie footspa for pedis, maybe paraffin heater etc)
Fitting out costs (paint, any shelving)
Cleaning and sanitation products
Uniforms
Website if you wish to set one up


Lots of other stuff but it's a while since I was sat doing the same painful task lol.

It may be well worth considering working from home or mobile if funding is going to be a problem. Some grant money can be available to set up a business but it is usually only enough to get you set up on your own, not to fit out and start a whole salon. Other funding would have to come from financing sources.

Hope that helps some
x