tantootx

SBA Loans are possible. We just completed the process and it wasn't all that painful. We also worked with a group that packaged our deal after we completed our business plan and worked it with banks that do SBA loans. Their fee was $1500.00 but seemed worth it. We were lucky and hit on the first one. SBA and those banks that do business with them will require a 25 -30% injection of your total needs. So on 150K total needs, your part would be 35-45k. Good Luck!

TropicalTan

Call your local SBA office about developing your salon business plan and getting a loan. They have some great resources there, it's free, and they aren't trying to sell you anything.

wickedtan

wow all this info is "tantastic" ha ha. every question here are the same questions I have and the feedback is wonderful. What a supportive group of business people! Bravo! I am at this very point. The "Loan application" I have impecable credit, some cash but the whole business plan thing....! Thank you tan owners!

soapking

Aprox $150k..BUT can be done for half if done right:if you want to really knock the competition, get 6beds...3 SunMagna @ 35/100w lampers, 2 SunStorms,1SunGate.lease the beds..75k should be good for build-out and opening .ALL you will need..stay away from Ergoline beds..they are underpowered eye-candy beds..

TikiTan

Quote:
On 2003-04-15 22:58, wickedtan wrote:
but the whole business plan thing....!

Your business plan is the most important part.. Without a good one you will not retain that cash.. Put a lot of thought into this and really research to figure out operating expenses, etc...

Terri

soapking when you are talking about start up costs at half of 150K what does that all include? Have you done it? Where do you lease your beds ? I have read other forums where leasing really isn't a option.

coldgyn

Most Banks will not loan to a "tan salon" if it is your firtst business. You will have to go SBA. They will normally ask for around 30-40% of the total loan and a lein on colateral such as your home. Many banks have a very quick turn around, like two weeks, if they are prefered banks.

pam

There are banks out there that will work with you. If you have a long standing personal relationship with your bank they are more likely to help you. I have been able to get money from day 1 of my business. It wasn't much at first but as I have grown they do not question when I need something. I did do some work with the SCORE people in my area when I first started.

I have always borrowed to buy my beds. It seemed to make more sense to me. The interest rate is lower and I can pay it off early if I want. After all the lease horror stories I have read here I would be leary of a lease.

Pam

ElectraGirl

I really appreciate everyone's knowledge. I am at the same spot............where to get the financing and what will I need down? A few comments came up that I have questions on? First being the leasing on beds? Are most of you buying the beds? I was thinking that leasing was a good option/write off, but after hearing some of you talking, I am re-thinking this. Also, what does everyone else think of SunDash/Ergoline beds? I was seriously considering these beds. What do any of you suggest to compare with these beds?

JULIO

You don't want something to compare - you want something that is much better! Soap King is right on the money.
Don't forget to add a/c onto the tab. You'll need to be computerized. You'll need a wood or tile floor. You'll need a washer and dryer. Have you found a location? If so what's the sq footage? You tell me how much sq ft you got and I'll tell you about how many rooms you can comfortably accomodate and give you a more narrowed general startup figure. It costs alot more to buildout a 3000 sq ft salon than a 1500 sq ft salon but it's well worth it.