Calling all owners - I need your advice!! HELP!

[amilya213]

Ok so here are all the facts:
-I am 21 years old (no children...live at home with my parents) and a college student studying to become a teacher.
-I just quit my job of 3 years because I cannot stand working for someone else. I think happiness for me will be found if I were to be my own boss.
-I'm not looking to get rich but I'm not looking to be in debt either. I have a few bills of my own to pay but no mortgage/rent or car insurance as many of you do.
-A girl I know is selling her tanning salon for $40,000 - 5 beds/1 face-tanner/1 spray machine, GREAT location, pretty nicely decorated, -includes everything.
-The reason she is selling it is because she has no help and is a college student as well... Can't handle it and bought it at the beginning a JASON.
-The town has 20,000 people and only one other salon.
-I will have the help of all my family members/friends and my dad is contimplating co-signing a loan for me and my sister & mom will work for free until it gets going.
-I would work at the salon during the day and go to school part-time at night.
-I have TONS of idea's to make this salon really work and be very successful.
-I have to know by the end of this week (I've had 2 weeks to decide) if I want to buy it before she puts it up with a Real Estate Agent. I have been doing all the research that I can right now (ETS booklet, reading all your forums etc) but I don't have the opportunity to research for years like many of you have. I think I pretty much know what I'm doing and the seller said that for the first couple of months if I need her for anything she will be more then willing to help.
-Rent: $1200, Elect: $400, Insur: $180
-I know A LOT of people and I feel like I have the connections to build a LARGE clientel.
(Of the 5 beds I mentioned there are 2 base beds, 2 high power lay-downs and 1 high power stand-up.)
What do you guys think!??! Please help meeeee!

	First Merchant Funding

	Insurtec

[COCONUT]

I say GO FOR IT!!!

[movieking]

Is there room to add more equipment?
Is there adequate electrical to upgrade or add equipment?
Are the existing rooms large enough to add bigger beds if you choose to?
Is the a/c adequate now as well as if you add more equipment?
Is the lease assignable? How much time is left on the lease?

	Superior UV

[amilya213]

-Yes. The one facial tanner I could put in the storage room and in its place fit a stand up with dressing room. Also the room where the spray-tan is is quite large and I could move that to another area and put a bed in there. All the rooms are big enough to upgrade to bigger beds if I wanted to. It is a small place but still room for a little extra.
-Yes. -Def adequate electical. The owner of the building is a contractor and he told me anything I need just let him know- VERY nice and is putting in a new heater for me this weekend, If I buy.
-A/C is good - With ceiling fans in each room.
-The lease just comes straight to me. The owner would just collect the $1200 from me. I think it is more a month to month lease and I could cancle at any time (because thats what the pervious salon owner did...she only rented it for 4 months J.A.S.O.)

[Tanzenite]

What about all the other supplies you need to run the salon? Do you have the funds available to buy them?

[COCONUT]

If this is what you REALLY want you can make it work PERIOD!!!

[clubtan1]

My advice would be to develope a Business Plan first. By doing a business plan, it causes you to answer questions and gather FACTS that you would otherwise not consider but are extremely important to your success. Write a business plan as if you would have to submit it to a bank to get a loan. Actually, write a plan AND give it to a bank and see what they tell you. Listen carefully to what they say. Good Luck!

	First Merchant Funding

[SUNNYDAYS1]

What brand beds, standup and sunless does the salon have?

Please tell us how many amps the electrical service is (200,400,600) and if it is single phase or three phase. The landlord may say don't worry aboput it but just so you know a 400 amp three phase service will run about $10,000 installed and you may also have to pay the utility company to change the transformers.

Also tell us how many tons of AC you have. You would be surprised how hot it gets in season.

[amilya213]

All the suppies are included. Everything I need to run the salon is there and stays there for the $40,000. If I happen to need anything else then I do have some money to get what I need.

What would I include in a business plan? I'm thinking I would include: Sales Goals, Operations, Payroll/Staffing... What am I missing? And How do I write it up? Just in paragraphs? (What would the bank like to see?)

[BP]

Man, I'd go for the teacher position!

Teachers make a ton of money and the compensation package is unbelievable! They get bucho sick days and personal days and only work part of the year.

Forget tanning biz!