|
New To The Tanning Business Interested or Future Salon Business Owners discuss Topics Here and Ask Questions To The Pros. |
| LinkBack | Thread Tools |
03-10-2009, 12:38 PM | #1 (permalink) |
Join Date: Mar 10 2009
Posts: 7
Rep Power: 0 | Want to purchase an existing salon....need feedback I am wanting to purchase an existing salon here in my city. Great area. It has been in business for 8 years. Even though there is a salon close, she has kept her business going well by not constantly raising her monthly pricing. Has over 4000 customer base. Has about 100 people a day tanning. I am in the very beginning stages. I have yet to go by and look at the salon itself but I know the area and know its a great one. The purchase price of 75k includes everything. Thoughts? |
03-10-2009, 04:35 PM | #8 (permalink) |
Join Date: May 20 2003
Posts: 9,301
Rep Power: 29 | Re: Want to purchase an existing salon....need feedback That and how many beds there are and what brand they are. I honestly would rather have beds that can last forever and make good money than expensive beds that make the same money. |
03-11-2009, 12:02 PM | #9 (permalink) | |
Join Date: Apr 21 2004 Location: Frisco, TX
Posts: 1,502
Rep Power: 20 | Re: Want to purchase an existing salon....need feedback Quote:
A quicker less expensive way of getting into the indoor tanning industry is to purchase an existing salon. However you must be cautious because there are many potential pit falls. 90% of all tanning salons are struggling or failing, typically if a salon is for sale it falls into this category. This alarming statistic is not due to a week industry, instead it is a result of new salon owners not being properly educated and prepared for success. When evaluating the purchase of an existing salon you must approach it as though you are opening a new salon from the ground up. You must first determine the potential of the salon by evaluating the demographics. If the demographics are good you can now evaluate the salon further. Always look at the parking situation and how easy it is to access the location. You should determine all of the changes that must be made to create a successful salon. To do this you must again have the information and knowledge required to be successful. You must determine the cost associated with making these changes. You must determine the value of the salon by asking a number of very important questions. Net profit of the salon, equipment value or a combination of both will determine the value. Very old salons can be a problem because the rooms are typically too small. With proper evaluation, a proven plan for success that the previous owner did not have and the proper funding to make the appropriate changes will allow you to own and operate a successful salon saving a great deal of money over opening a new salon from the ground up. Major mistakes made by people that purchase failing salons: Paying more than the salon is worth, not being any more qualified to operate a successful salon than the previous owner, not identifying or making the changes necessary to create a successful salon, not being properly funded. It is just as easy to succeed as it is to fail, knowledge is power. | |
03-11-2009, 12:05 PM | #10 (permalink) |
Mr. b Join Date: May 10 2005 Age: 54
Posts: 7,247
Rep Power: 68 | Re: Want to purchase an existing salon....need feedback Sound advice, and solid posting ... as always. Thank you, Steve. Thanks for stopping by again. I hope business is good for you, and all of your satisfied customers. Don't be such a stranger - we value your input. ~Or I do at least!~ hehe -Belvy
__________________ "A dusty bible leads to a dirty life ..." -Synonymous |
Bookmarks |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
Thread Tools | |
| |
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
How to Purchase an Existing Salon | Steve Underhill | New To The Tanning Business | 86 | 11-30-2010 01:42 PM |
Purchase of existing salon HELP!! | kctan | New To The Tanning Business | 1 | 08-23-2008 12:53 AM |
Purchase An Existing Salon | jeniferii_98 | New To The Tanning Business | 86 | 07-23-2007 02:10 PM |
Feedback on offer to purchase a salon? | Definitions | New To The Tanning Business | 14 | 09-13-2005 12:24 PM |
Purchase an existing salon | susanlatte | New To The Tanning Business | 3 | 09-15-2003 10:07 PM |