firsttimeowner

both of my parents have been clean for over 12 years. they are perfectally healthy. the plan is for me and my two brothers and a sister to take over the family company but who knows if that will ever happen.

asleektan

DO NOT DO IT……….especially at age 19……..everything you typed stated either “I’m guessing,” I would say,” “hopefully,” “cheap,” or “booming.” You have no idea what you are getting yourself into. If you want to put your “name on the map” owning a tanning salon isn’t the way to go. And if you think it is, then you might as well file for bankruptcy. You say you don’t want to be average your whole life working 40 hrs a week…LMAO but you will be doing more then that owning a tanning salon. I purchased an already established salon that already had clientele and some advertising already in the public eye and I still worked 77 hrs a week on my own…NO help from anyone. Did that for a year on my own. And you will be working more then that with a business that isn’t established yet. The number one mistake that people do is see a tanning salon busy and think I need to open one up because people are waiting 20 minutes or more for a bed to tan in. A customer of mine did that. She tanned at my salon and thought every time she came in to tan (which was only during the busy season) she always had to wait. So guess what she did. Opened a tanning salon (just like mine…beds and all) just 5 miles down the road from me. She is struggling as we speak. I saw her in a bar about 2 weeks ago…drunk off her a$$ and she told me she was struggling and didn’t know what to do. If you don’t want to believe any of us on here then talk to the local tanning salons and ask them what really happens throughout the year for them. Then make your decision. But if you ask me DO NOT DO IT. Open a pet grooming store.

Marca

All the advice you've been given here is very true. Take the time to save more money, do more research and look for something that's less seasonal.

Als do not only look at how much money you are going to make, but look for something you would gladly spend 70+ hours in each week. Whatever kind of entrepreneur you are going to be: it will cost you TIME. Of course it's awesome to be your own boss, but please do it at something you like and love to do. Each day should be a ball :-)

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parrot head

Enjoy your young life as much as you possibly can. Don't open a Tanning salon. If you have $10,000 readily available, invest it something you can make money with. A/C and electric upgrades alone will cost you more then $20,000. like everyone is saying, you can't rent tanning beds. You can lease them, but need extremely good credit and collateral. If all you have is $10,000, forget that. Don't knock yourself out, with thoughts of laughing all the way to the bank with your receipts from the tanning salon. It just isn't going to happen.

MATT A

What is a bed grooming store? You mean dog grooming?

CAYENNE2005

If I had $10,000, I would get a wide body kit, but that's just me.

billable

Why? You don't have a wide body...

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as of July 8 2007 at 4:23pm

glotan

If your rent would be $1400 a month, you will be paying almost all of your $10,000 to your landlord... you will have nothing for insurance, utilitiy deposits, decorating, electrical work, building rooms, educating yourself and your assistant... o, look, we didn't even get into buying beds & lotion yet...

You may be able to buy a biz for that amount, a turn key type thing, but you will still need at least 3x that amount for all the other things that come up.

But it can be done... if you can save the $10k, save some more. Then spend all your free time looking for SBA programs etc that will lend you the rest. Take a class in business planning, take another in accounting. You're only 19, if you spend the next 10 years working towards acheiving this goal, and manage to own your own biz by age 29, you'll have done more than most in their entire lives.

Good wishes to you!

billable

If you want to put your name on the map, invest wisely. Buy mutual funds to start. Keep liquid. After you get some cash, look at commercial property. Look for undervalued properties in your area. The secret to making money is (lean in a little closer so no one else can hear) buy for less than what it is worth. (Don't tell anyone else.) Work, invest, work, invest, work, invest.

Everyone would love to be able to make more money than they can spend. Doesn't usually happen that way. You have to settle for spending less than you make. That is the secret to getting rich--that and investing wisely.

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as of July 8 2007 at 4:23pm

firsttimeowner

thanks everyone for the advice. i think i ll save for a couple more years and hopefully start something in the real estate world.