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Old 09-07-2004, 06:52 PM   #1 (permalink)
 
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Which is better leasing OR buying tanning beds? In the world of indoor tanning which is a better idea?? And...if leasing is better who are the good leasing companies?
Thanks
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Old 09-07-2004, 07:04 PM   #2 (permalink)
 
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Advantage in leasing is it can be a tax right off and you dont have to come out of pocket and spend all your working capital(cash)in other words for equipment.A few company's you can look into are **** kath for new start up freedom finacial,or evans.I would stay away from Tommel make sure you read the fine print if you sign up with them.
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Old 09-07-2004, 07:07 PM   #3 (permalink)
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Leasing is good if your in dire need of a right off,But if your just getting started you dont need another write off.
I just spent an hour with a salon who after 4 years is still not making it.
This business is not unlike any other except with luck you can get your investment back faster. When I started I had 10k and spent it all on equipment,everything else I was able to do myself. And I already was my own landlord.
Todays market is much different than 10 years ago or 14.
Today your looking 100k at least for a ten bed store,plus your build out. Dont bury yourself with lease payments.
Have enough to do on your own and enough to survive the first year or so. In the long run you'll have a real chance of making it.
Flick
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Old 09-07-2004, 07:14 PM   #4 (permalink)
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I would have to agree with Tanu, what I did with my Two Salons (which both opened within the last 5 months) is, I financed the larger beds so I didnt have to finance the build out (the build out for each alone was in the $100k range), but the smaller beds I paid in cash and just got done with it, that also helped me with where I am in FL, there is only 1 Company that offers Tanning Salons Insurance out here, and to drop my insurance price I decided not to insure those smaller beds, I figure they are cheap enough to just buy a replacment or eat the loss where as a $20 or $30k bed is much more to swallow, the payments by financing arent bad at all, but the less I can finance means the more cash in my pocket now, and later if I decide to sell.

Ofcourse each individual is different.
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Old 09-07-2004, 10:10 PM   #5 (permalink)
 
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Thanks for the info...another question...how long should I lease? 26, 48, 60 months???
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Old 09-08-2004, 12:45 AM   #6 (permalink)
 
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OK..here's my two cents!! Leasing in the long run will benefit you. It helps save your working capital as
well as give you tax write offs in the future. I also agree that Tommel is a BIG no no, I've worked with Debbie @ Amerifund. She's not a pushy sales person and will listen to your needs. She's helped me over the past 4 years, opening two salons, re-financing them as well as insurance (GLS is a great one that insures nationwide for all salons, great rates, great customer service. Hope this helps some...good luck !!
P.S. Debbie's # is 1-800-211-3071 X110, I don't have GLS's handy but can get it for you if you'd like !!
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Old 09-08-2004, 12:46 AM   #7 (permalink)
 
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OK..here's my two cents!! Leasing in the long run will benefit you. It helps save your working capital as
well as give you tax write offs in the future. I also agree that Tommel is a BIG no no, I've worked with Debbie @ Amerifund. She's not a pushy sales person and will listen to your needs. She's helped me over the past 4 years, opening two salons, re-financing them as well as insurance (GLS is a great one that insures nationwide for all salons, great rates, great customer service. Hope this helps some...good luck !!
P.S. Debbie's # is 1-800-211-3071 X110, I don't have GLS's handy but can get it for you if you'd like !!
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Old 09-08-2004, 01:16 AM   #8 (permalink)
 
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Thanks for the reply tangrl0605...great info. I'm going to check out Amerifund. If you get a chance I would like the info on GLS. Thanks again!
-Kim
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Old 09-13-2004, 07:29 PM   #9 (permalink)
 
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I found it. GLS's # is 800-653-1450
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