To sell or not to sell

[caz1805]

Hi all,
just needed some advice really. I just don't know what to do and crying isn't helping.
A year ago I took redundancy as fate that I should re train as a beauty therapist and set up my own shop. This I did and a year on I am so fed up. I don't mean to sound negative but I'm not a natural at nails and have had to work really really hard to match up to so many other salons that have been going for years in this area. Plus I have other factors:

: I'm not making enough money to pay personal allowances, just what the salon owes
: The shop is just sucking up money left, right and centre
: My husband runs his company within the same building so we see each other EVERY HOUR EVERY DAY
: He is my accountant
: We argue all the time about the money
: We planned to buy a house and have a baby this year but have had to put it on hold till the finances are better!! When will that be, I'm 30 next year.
: I can't afford to take anyone on right now to train and trust should I need time off to have a baby so is next year going to turn into the year after???

I just don't see a way forward right now and really feel like selling it and going back to a desk job just so that I have a regular income. Have any other geeks been in this situation and what did you decide.
Will clients go elsewhere when I am off so is it best to cut my losses now.
I'd feel like abit of a failure if I sold up but I'm just not happy at the moment and not enjoying something I wanted to do for so long. xxx

 

[nicky's nails]

awwww hun, sorry i dont really have any advice, as im lucky that i am mobiel and only work as and when i can, we dont rely on my wages/income so makes it a damn site easier, if i make money i do if i dont dosent matter. so cant imgaine how hard it is for you

but just wanted to say :hug::hug::hug: hope you get something sorted hun and feel better soon, im not far down the road from you, if you ever wanna coffee and chat babes xxxxx

 

[caz1805]

Thanks hun, thats really kind of you. Just don't want to end up divorced after only 18 months. Would rather give up the shop. xx

 

[Bagpuss]

If its not making you happy then i would sell up. You can still do nails in the evenings or weekends if you want to.

I don't think changing things in your life to make you happier is being a quitter...sometimes things just don't work out , but at least you had a go.

If i ate something and it made me sick...i wouldn't eat it again !....so if something is making you unhappy...get rid of it.

:hug:

 

[*Garfield*]

I agree, if thos is making you really unhappy whats the point?? As Angie says you can easily set up at home doing a few clients a week, or even mobile...and work when it suits you. I started off renting a salon and i hated it, I stayed 6 months then set up from home and have never looked back, there is alot less hassle for me now, and I have still managed to earn decent money AND bring up a family. Hope you get sorted hun..:hug::hug::hug:

 

[EMMA AT ELITE]

Wow this is a tricky one!

I think if I was you I would give myself a time ie 6 months, and in this 6 months keep working really hard and if things havent improved I would sell.

You can always work from home, do mobile, get a part time job and with the rest of the time do your treatments.

I dont know what you are like for space in your salon, but instead of employing staff, have you thought about renting your rooms out?
Maybe one to a beauty therapist,
one to a holistic healer/ therapist
Maybe a table or two outside in reception area for a nail tech to rent out!

This is what I would do if I was you, That way you can concentrate on running the salon from day to day, taking the bookings for the people you are renting the room to.
And hopefully just enjoy being a salon owner!

Good luck with whatever you do and please keep me posted!

Emma xx:hug:

 

[EMMA AT ELITE]

DONT GIVE UP THOUGH THE PACE SEEMS SLOW, YOU MAY SUCCEED WITH ANOTHER BLOW!

I just want to add this, this is your quote on your thread, and think you have answered your own question, hun!:hug:

I think give it one last go, give yourself say 6 months and if there is no improvement you know you have done your best.

All the best, good luck!
Emma xx:hug:

 

[wendyrose]

Hey hun,

Just want to say so sorry your feeling down and your dream seems a little like a nightmare at the moment. However most businesses dont make any money for the first few years, your lucky to break even. If you think you can go on and work really hard and build a good client base then I think you should keep ploughing on, maybe you and your partner can set a realistic target of two or three years to buy a house and have a baby. That said though, if it's driving you nuts and you really dont think you can do it, then sell, dont make yourself miserable, theres plenty of other people to do that for you! :lol:

Whatever you decide, good luck, and like others have said, you can always go back to work perhaps part time and do beauty mobile part time too xx

 

[sj1973]

Why not sell your business and set yourself up from home ?????...............that way,your still doing nails and still getting paid for it......

I am sure its not the job (nails) doing your head in....its the money........if you set up from home you can tell your clients your moving your business to your house....you wont have so much overheads.....hth xx

 

[Rosey]

If you are breaking even at the salon then you are doing well - it can take a while to build up enough to pay yourself a wage. I remember feeling constantly shattered and working crazy hours with no wage. Now things have developed enough for me to employ staff and take over a year out to have a baby. I now work part time and earn an ok wage (although not a lot in quieter winter months) and if things keep developing then the future for my family is good. Still feel shattered though - thats running a business and having young kids!!

It may be worth hanging in there and waiting a couple of years for a family with the view that you will have a decent income without having to be physically in the salon full time giving you lots of time with your children.

It's a tricky one, I wish you all the best xx :hug:

 

[1999judy]

I'd sell up and move in if you feel this bad mate.
Hope you get sorted with something you enjoy x

 

[chantell simone]

Hey your signature is great advice!

All businesses take time to build up, there is loads of advice on here about how to better your skills and ways to promote your business and get more clients

 

[2littletoys]

oh sweetie :hug: sometimes everythings happens at once right? Im afraid i ve no pearls of wisdom re the salon but i will say i ve 2 boys and regardless of how little money you think you have believe me, when you have kids and they need something- you find it!!!! as the other geeks said though if its not making you happy (and clearly it isn t ) then whats the point?

Would it be worth going mobile so you could have the baby? or even a home salon?

 

[tor]

Hey Pet,
I set up my own salon just under 2 years ago and every single penny i get is going straight back into the salon getting new products, training etc etc i think every1 who opens a business is under a serious amount of pressure as there is always bills. My advice to you would be do it from home, tell all ur clients your moving and hopefully they will follow, then you wont be fighting with your husband and you can pick and chose any hours you would like to work yourself, you are NO failure dont ever believe that. I think when we all go in2 business we have great ideas about having alot of money etc etc it takes approx 5 years on average to build a good business, Best of Luck Sweetheart start thinking about your own happiness for once xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

[therapies]

When a business becomes a noose around a persons neck due to financial circumstances sometimes it is best to cut losses. If you have tried everything and are still feeling this way then for a huge peace of mind i would consider letting it go.
Money is a major issue, when it starts to reach home, like you are doing now, there is a time to really sit down and think how the future looks.

Its hard to keep a business going on the pretense of hope it will pick up, no matter which way you look at it, money goes out and out and out all the time, sometimes not even breaking even to keep it going. I just wish the government would help smaller businesses better in their first 12months!

Everything is geared at trying to make new businesses fail by the sheer price of all the things thrown at you i.e. rates, advertising companies, energy suppliers, insurance,marketing,telephone, water it all mounts up but you dont get any help in your first year. What i found terrible were the prices to new businesses for advertising! No point setting it up unless you have a big advertising budget which you dont generally consider in the first year with all the other set up costs.

I sincerely feel for you as this would have been a brilliant goal and dream to be proud of yourself when you first opened up.It has finally come to the crunch which is the bane of everyones nightmare, FINANCE!

*If you wish to keep in the industry maybe you could reverse the role and rent the whole shop out and you have a little spot in it?

The councils' wonder why there are so many shops boarded up on the highstreet.

Please please dont feel too disheartened. If you close, you will feel such a weight has been lifted from you. You were a brave one to open up and trade, especially in how the economic world is in turmoil. You can look back and say you have done it, you couldnt have done anything better. Sadly at the end of the day, finance can bring us all down, its not worth your health and taking away your happiness.

Have a sit down with the hubby.
Good luck with your decision and future xx:hug:

 

[sj1973]

When a business becomes a noose around a persons neck due to financial circumstances sometimes it is best to cut losses. If you have tried everything and are still feeling this way then for a huge peace of mind i would consider letting it go.
Money is a major issue, when it starts to reach home, like you are doing now, there is a time to really sit down and think how the future looks.

Its hard to keep a business going on the pretense of hope it will pick up, no matter which way you look at it, money goes out and out and out all the time, sometimes not even breaking even to keep it going. I just wish the government would help smaller businesses better in their first 12months!

Everything is geared at trying to make new businesses fail by the sheer price of all the things thrown at you i.e. rates, advertising companies, energy suppliers, insurance,marketing,telephone, water it all mounts up but you dont get any help in your first year. What i found terrible were the prices to new businesses for advertising! No point setting it up unless you have a big advertising budget which you dont generally consider in the first year with all the other set up costs.

I sincerely feel for you as this would have been a brilliant goal and dream to be proud of yourself when you first opened up.It has finally come to the crunch which is the bane of everyones nightmare, FINANCE!

*If you wish to keep in the industry maybe you could reverse the role and rent the whole shop out and you have a little spot in it?

The councils' wonder why there are so many shops boarded up on the highstreet.

Please please dont feel too disheartened. If you close, you will feel such a weight has been lifted from you. You were a brave one to open up and trade, especially in how the economic world is in turmoil. You can look back and say you have done it, you couldnt have done anything better. Sadly at the end of the day, finance can bring us all down, its not worth your health and taking away your happiness.

Have a sit down with the hubby.
Good luck with your decision and future xx:hug:

Gotta say..all that you said is spot on.....well done....great advice given aswell xx

 

[Kim Lawless]

My friend was in the same position as you..............She put so much time and money into her new salon and despite 'special offers', it never took off. I think that this was down to location more than anything. Although it was in a very affluent area, it was off the high street.

The trouble with selling a salon when it's sinking is that the vultures will come out of the woodwork and offer you silly money, which you'll end up taking because you're desperate. She was so desperate that in the end, she accepted £5,000 for the lease, goodwill and the most beautiful fittings.......some were geniune antiques. The people that bought it were multi millionaires and wouldn't even let her take a mirror that was of sentimental value. Still, Karma and all that.

So, if you own the lease, you could either sell it as a going concern, but they'll want proof of what it's taking. Or, you could sell it on and let them change the use. Or you could just rent it out. My advice is that if they want it bad enough, then let them pay for it the way that you did.

Good luck sweetheart and I really hope that things work out for you. xxx:hug:

 

[Beautyandme]

Hi, I havent read any of the other posts, so may be repeating whats already been said.

To establish a successfull business you need to give yourself a couple of years, you will learn in that time what works and doesnt.

I think you should do whatever makes you happy, you are your own boss and you will succeed. Ask your hubby to spend a bit more time out of your work space, and explain that this will benefit your relationship.

This is just my opinion, but I would put off having babies, until you know what you want to do whether its working for yourself or someone else.

At the moment you have the luxury of not having to worry about children and so can concentrate on your work. It will be alot harder once you have children. (speaking from experience, and I am older than you, with young ones, and its hard working, whatever job you do)

It may sound silly, but visit your salon when it is closed, take a good look around at all you have achieved so far, and if you believe in what you see, stick with it. If not, then you have to look elsewhere.

goodluck

 

[Tanqueen]

Hi Caz
a couple of points which no one else seems to have replied to;
You said you are in the same building as your husband and he is your accountant. If he is an accountant then where is your business, in a room above his, below his etc; in the same building as any other business may not give you enough precedence - does anyone know you are there?? Dont bother paying big rates for advertising, print off a load of stuff on your home computer and walk the streets leaflet dropping and put through every door within a 1 mile radius with a special offer. Hit your target clients; get down the local school at end of day and chat with all the mums asking where they have their nails done and undercut them!!
You do not say if you are tied into a lease or any HP for equipment etc so you ought to stick at it till the bills are paid at least? I run a salon, tanning and beauty (not nails I admit) but I am only making a small profit after year 4. It is hard work and sometimes i think about going back into an office etc but being self employed does have some perks and sure your accountant husband can find lots of those....wink wink!!:lol:
You could try renting a desk to someone else but ideally they will have to be a good nail tech with existing clients or she will get fed up v easily and move on.
Dont give up, you have lots of years to make babies and if your business is established you can go on mat leave and find cover without losing clients. You say you want to sell your business, but if it is not making a profit, who will want to buy it. Investigate what you would get back before you give up.
Finally, chat things through with your husband. If you are unhappy then see if you can decide how to go forward....together. That should help strengthen your marriage when you know he is behind you.
Good luck

 

[caz1805]

Just a big thank you to everyone who has replied. Your comments have given me a lot to think about. And in a postive way too.
Thanks again girls
Carrie xxxx