hotbodz

Hello, i need advise about opening up a tanning salon. Im currently in the military and will be getting out in May. I have the option to stay in or get out and start a dream. The only problem is that im not sure if i will be able to qualify for it. i have a little more then $12,000 saved up and im 100% debt free with good credit. im thinking i probably need around $95,000 to start it up. Im an expert when it comes to home mortgage loans but know nothing at all for small business loans. i have been trying to do alot of research on the net, but the only thing i can find are SBA loans, I read somewhere on the forums that it is almost impossible to get for a start up for a tanning salon? or an unsecure loan, but that looks alittle scary, just the "unsecure" word kinda gives me the chills. But the main question is.. is there a loan out there that i can "prequalify" for? because i really need to know if i can even have a chance before i end up quitting the military. any advise would be greatly appreciated. thankyou

DWhite6872

It seems like the leasing industry has yet to catch up with the new salon owners....so it depends on your loan....but I would break it up in small parts 50k here 0k there...all at the same time.....they seem to freak out if you are a start up asking for over 100k.....no matter what your networth.....

hockey92

I agree... I did it in a few different loans.... also family or close friends is a good way to go too.....Home equity also helps a lot being that it is tax deductible.

DWhite6872

I have really been frustrated with leasing companies....the new salon equipment can cost anywhere from 200k-300k.....but you have to submit a little at a time or they freak.....they are behind the times.....

BenThereDT2

Hello, i need advise about opening up a tanning salon. *** DON'T ***

ramcat

If I were you, and I was at one time, I would stay in the military until I could retire. Then start a salon.

hotbodz

thankyou everyone for the advise. i have a new plan but dont know if it would work. please tell me what you think. alright.. i have $12,000 cash on me now but i can borrow $65,000 from family which give me a grand total of $77,000. whould i then be able to borrow $80,000 from the bank? since my assets would be around 50%. and then when i receive my loan from the bank i could just give bank the money to family. do you think that would work? or there might be some kind of catch?

tanu01

It is illeagal to borrow on borrowed money

sunkissedtan

Personally, I don't do any borrowing from family, that just doesn't mix in my book. If family members are going to be partners that's another story. In some cases borrowing from family works out OK, but I haven't ever done it and for anything except emergency I don't think I ever will. I started out small and hopefully I can grow, but I didn't borrow any more than I could from the bank on my own. This way if something ever happens, it will be me only that goes down!!

tanMBA

Generally, the bank will want several months’ statements to show that you didn't do what you plan to do (borrow money from your family but in a hidden sort of way). I am sure that there are ways around that, but I wouldn't recommend it.