But keep in mind - for ANYONE looking to get into ANY business -- they should be looking at it as an INVESTMENT OPPORTUNITY -- not if you will be able to eat or not!
Just because you don't have to depend on a job's
income to pay for mortgage, cars, etc does NOT mean that you should invest in a business that won't pay you! Your TIME has GOT to be worth something! Even for those that plan to work the salons everyday, all the hours to "save" money -- you have to look at the COST of YOU giving that time to THIS business -- rather than to something else! You don't "save" on payroll by doing that -- you just have made yourself an indentured servant, and given up the opportunity for someone ELSE to PAY YOU for giving that same time and effort to THEIR business!
For many - you would be better off finding a larger, nice salon and applying to be their salon manager! Many pay much more than what "owners" are paying themselves, and without the financial risk.
If you just want to "buy yourself a job", then at least make sure that the salon will "profit" at LEAST as much as you would make in a job! That means including the taxes, benefits, vacations, etc that an employer might offer you, as well as similar working conditions (e.g. hours, weekends and evenings off, paid holidays, etc).
It is ok to "grow" a business, and "do with less" during that time. But eventually it has to MAKE UP what you "lost", or it was a BAD DECISION. That means if you "could" be making $30K/year even - INCLUDING taxes, benefits, paid days off, etc (so this is the equivalent of about $10/hr, 40 hrs/week), and if you pay yourself NOTHING the first year and ALMOST nothing the 2nd year, then by the THIRD YEAR -- you should be taking home close to $100K (assuming cost of living increases, raises, etc) - MORE if you are making yourself work more than 40 hrs/week.
If not - you have made a bad decision, and should consider selling and getting a job.
That's the bottom line ECONOMIC way to look at owning a business -- above and beyond the emotional attachment.