Should I expand?

[Beachy Waves]

Ive been running my own massage/beauty business for around 4 years but have been offered the opportunity of expanding into the next door room and am unsure whether to take the leap or not.

My current rent is £50pw which will go up to £110pw if I take it but I’m now only working 3 days a week as am at college training for hairdressing two days.

I’m worried about having no experience in running a hairdressing salon and potentially having another person working with me, as I’m used to having everything my way, but the landlord has said there’s another lady interested in the room who wants a sink in it, so I’m feeling a bit pressured in case she is in the same line of work as me and I lose out [emoji53]

My gut is saying it’s not the right time financially, because if the initial outlay and the fact that I’m not a fully qualified hairdresser yet but I’m also conscious that if I don’t block this other lady’s move, then I could lose out more, and this could be the only opportunity I have to do this as if she takes it she could be in for years...

What would you’re advice be?

 

[BannerPenguin]

Listen to your gut. Financially running and marketing a business is hard, let alone stretching yourself further outside what you realistically can afford. If she decided to set up as a beauty therapist next door to you that's not a wise move on her part but also you shouldn't let it bother to you. Focus on just doing you

 

[rubywoo]

Always trust your gut, never make a decision born of panic and always, always run a cash flow analysis on the situation, numbers do not lie.