11-18-2010, 09:48 PM | #1 (permalink) |
Join Date: Nov 18 2010 Location: Roscoe, IL
Posts: 24
Rep Power: 0 | Another New Salon Owner post... Hello everyone! I have just purchased the assets of a local tanning salon that closed in July. The assets were property of the bank that made her loan. I am made to understand the primary fault to cause the business to close was that the salon owner had no experience in the business (she was an accountant), and was trying to absentee manage the salon. The banker told me that she thought her employees were stealing too. All are possible. I am very familiar with this salon, and it is located within minutes of where I live. The shopping center it is located in is newer and of very good quality. The tanning salon had been there since the center opened in approx 2003. The center also has a bank, hair salon, lawyer, gift /decor shop, laundromat, butcher shop, and more. It is also located across the street from the local 4-6 grade elementary school. ( Potential clients! ) Many years ago, I worked for a real estate office two store fronts down from this salon. It always seemed to be doing pretty well. I have yet to negotiate lease terms, but am not too worried about that. Here is some of my inventory: 1 Miami Sun Turbo (40 lamps/ 4 face) 1 Sunal (30 lamps / 0 face) 1 Sonnebraune (32 lamps/ 3 face) 1 Solaris Speed 175 System 3F (42 lamps/ 3 face) 1 Ultrabronz 818 - High Pressure? 1 Sunvision 28LX (28 lamps) 1 Suncapsule VHR Sixty/Nine (60 lamps) 1 Suncapsule VHR Euro Series (48 lamps) 1 Island Spray Tan ( UV Free ) Plus other goods, supplies, etc. I am making an effort to learn a lot quickly as now is the best time to be open, and a fast start would be great. There are of course lots of questions, but here's what I want to ask for now. I'm not looking to get rich quick, but based on averages, and me working the salon, is a 35k-40k income realistic? I am a very recently single father of a 5 year old, and I dislike my current job. Yes, I have some cushion in savings, but I only have 5K invested in this inventory total. I'm 38, and have many years of sales/management experience, and I am not afraid of doing hard work ( aka..get rich slow! ). I have a good local network and resources. I like to work with people and I am very friendly. I find it easy to build rapport with regular customers, and to make new customers feel welcome and appreciated for coming in. How many customers per day is realistic for an existing salon? I would like to 'shadow' a salon manager or owner that is not in my competitive area, is that a good idea, and do you think anyone would do it? Thanks Everyone! |
11-19-2010, 02:09 AM | #2 (permalink) |
Join Date: Aug 22 2005
Posts: 770
Rep Power: 19 | Re: Another New Salon Owner post... We would have to see a demographic report as well as have full info on all competition within 3, 5 and 7 miles from the salon. That is the very least we would need to know to begin to be able to help you. |
11-19-2010, 07:47 AM | #3 (permalink) |
Join Date: Nov 18 2010 Location: Roscoe, IL
Posts: 24
Rep Power: 0 | Re: Another New Salon Owner post... OK. I'll have to work on that. Regardless of that data, I'm sure there are salon owners here who are making money from their business. With that in mind, would a $35-$40K income be realistic? Some of the crude number crunching I have tried to do with the data I have shows me about $36K as a minimum, with up to $50k or more possible. |
11-19-2010, 08:03 AM | #4 (permalink) |
Team TanTalk Join Date: Aug 12 2004 Location: ITA 2004-2013 / ASA 2013
Posts: 3,444
Rep Power: 30 | Re: Another New Salon Owner post... Some make that or more but the vast majority of salon owners don't and never have. Your equipment list tells me you probably won't either. |
11-19-2010, 09:15 AM | #5 (permalink) |
Join Date: Aug 17 2004
Posts: 2,901
Rep Power: 21 | Re: Another New Salon Owner post... I have to agree. Your equipment line up is luke warm at best. And as kookypuffs said, without knowing what your comp is like, it's hard to tell. You could have the nicest equipment in the area, or the worst. |
11-19-2010, 10:20 AM | #6 (permalink) |
Team TanTalk Join Date: Jul 13 2004 Location: Menomonie, Wi. Age: 82
Posts: 3,145
Rep Power: 22 | Re: Another New Salon Owner post... Now, if you had Nav's equipment in your salon, you'd stand a much better chance of makin your numbers. Throw most of yours in the dumpster and buy Nav's for under $25,000. Great line-up at a great price. |
11-19-2010, 01:43 PM | #8 (permalink) |
Join Date: Nov 19 2010 Location: GA
Posts: 933
Rep Power: 14 | Re: Another New Salon Owner post... Most of the equipment is no longer made...Miami Sun (Sonnebraune), Sunal, Sonnenbraune, ETS is questionable. The only bed of value is the UltraBronz..and that depends on some factors... Also, what does being located across from an elementary school have to do with any success that may come your way. Are you expecting 12yo's to come to tan? Teachers??? Believe me, the last thing any teacher wants to do @ 3pm is go tan...been there. I don't see what 'assets' the bank is selling. Tell the bank no, work out a deal with landlord, take over the place and start out new..with better pre-used equipment |
11-19-2010, 02:34 PM | #9 (permalink) |
Join Date: Mar 6 2010 Location: Mississippi
Posts: 92
Rep Power: 0 | Re: Another New Salon Owner post... another thing is that it might be hard to make that much money your fist year! You have to take into account that the salon has been closed since july and has lost its customer base. Some may come back but you are going to have an uphill battle regaining the reputation, IF it was a good one to begin with. |
Bookmarks |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
Thread Tools | |
| |
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
New Salon Owner | DallasTanMan | General Tanning Industry Discussions | 0 | 08-26-2004 08:02 PM |
New salon owner needs help? | caribbean dreams | General Tanning Industry Discussions | 2 | 12-30-2003 06:57 AM |
Heartland Owner No Longer a Salon Owner | rufusjack | General Tanning Industry Discussions | 5 | 11-17-2003 08:53 PM |
Need I say...New Salon Owner | moto-x-girly | New To The Tanning Business | 4 | 12-04-2002 09:57 PM |