09-21-2004, 02:40 AM | #41 (permalink) |
Join Date: Sep 14 2004
Posts: 16
Rep Power: 0 | PipelineTanningCo, while it does sound like you are a very enthusiastic youngn', I do think you are bragging just a WEEEEE bit. I, like you, am opening my salon on or around the first week of November, but we differ greatly. See I have a passion for this industry. And although I could sit here and talk about where all my financing has come from I refuse to do so. The only thing I've ever said on this board is I'm using a home equity line of credit for build out and leasing through evans for the machines. You just come across as rather rude and defensive when someone gives you a honest opinion. These people have been in the business for years and I can only hope in due time that I will be as knowledgeable as they are. although your father is a contractor and he does business with the bank and yadda yadda yadda, we have been there and done that with our bank (bank of america) one of the top banks in the country. And with my husband and I's assets, excellent credit scores, as well as IRA's we weren't even able to obtain a business loan for this. All we could get was the home equity line of credit. I'm sure your father may be able to obtain loans, but if he goes to his bank and tells them he wants 200,000 for a new start up business, they will more then likely laugh in both of your faces. Have you even made a business plan to try presenting to them before they kick you out *** first out the door? Don't count your chickens before they hatch, your very young so it seems and although your hopes are set high you shouldn't be running your mouth until you actually have opened your salon, gone through a few seasons and been able to pay your rent and bills. Thats just my .02!!! |
09-21-2004, 05:27 AM | #42 (permalink) |
Waiting Confirmation Join Date: Apr 1 2004
Posts: 413
Rep Power: 0 | Lets end this thread. He begged for his chops to be busted. Then when the feelings get hurt, he whines (brags) about how young he is, the success that awaits and his "daddys" money.. Let daddy get the loan, use his building homes skill to do the build-out, and his age get him the salon...why continue busting his chops when he obviously can't handle it.. Go, my young man. Open your salon. The best of luck..when you begin to do good, the franchises will look at your success and move into the neighborhood. |
09-21-2004, 10:34 PM | #50 (permalink) |
I love Derf!! Join Date: Aug 10 2004 Location: Puget Sound
Posts: 2,870
Rep Power: 24 | As a 25yr-old new salon owner, I often felt that way (Pipe's way) when I was in the start-up process (Hopeful and Very Researched). As for my projected financials - even after mulitplying it by 25%, we are still nowhere close to the original projections that my bank approved. Plus, my bank was using HAIR salon projections, and had a heck of a time finding any kind of valid Tanning Salon figures. I thought I knew what the day would be like after opening, but no way do I have the time to do inventory everyday! I am still busy trouble shooting software, learning about the industry, Plus, there is no way I could have afforded an employee in the beginning. You are doing great in making your presentation to the bank kick-***, because it really speaks about your business sense! We are an LLC and both my mother and I had to personally guarantee the loan with our residences, etc. I could not find a bank that would lend the money to a start up salon. You have to be successful in your business for awhile before they will consider lending to the Salon. We started our salon using all brand new sonnenbraune beds, 4 35 standard, 2 MP - 1 46/4 laydown and a 9min standup, plus 1 HP bed. Our big money competition regularly fills his stores with old, used beds. I personally believe that one, quality salon will do better than 4 skanky ones. |
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