View Single Post
Old 07-18-2011, 11:08 AM   #9 (permalink)
sunsally
Team TanTalk
 
Join Date: Nov 23 2004
Location: ITA Member & Berman Supporter!
Posts: 3,136
Rep Power: 19 sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute sunsally has a reputation beyond repute
Re: Tips to know BEFORE you buy a salon!!

4. DO "Have a Plan" --- even though that may not seem "fun"!


Even if you aren't going to a bank for money, you need to sit down and have a plan - for yourself!

Get the numbers from the seller --- put together a spreadsheet of what they say the expenses have been and the revenues. See if they add up and make sense. Then project out what yours will be.

See what is missing -- payroll, advertising, the cost you are paying to buy it, relamping, computer software, more inventory, higher electric bills when it is busier, etc etc etc. Figure this in.

Be specific!!! Don't just put in a generic number for Advertising that you pull out of the air! WHERE would you want to advertise? What kind of advertising would you want to do and how often? Get prices on this - realistic ones! Call the local newspaper, call someone about doing a 5000 postcard mailout, etc. Don't just put in "$500" every month and think you have a "budget".


If this is hard. Boring. Not what you are good at. Not as "fun" as picking out a new shade of paint for the walls or a new bed. Then do NOT go forward on being an entrepreneur and buying this business. Period.
sunsally is offline   Reply With Quote