Start up Costs? Personal Salary? - Page 2

gottaknow · 03-16-2005, 05:08 PM

I would have at least 6 months of salary and expenses in the bank before starting any adventure. You need to have a good business plan. I would then figure out what you can live on for the following 6 months. Pay yourself always maybe not alot at first but figure it in to the fixed costs of running the business.
Good luck in your ventures.
GK

engfant · 03-16-2005, 06:35 PM

If you don't know what a SWAT ANALISYS is then you shouldn't be getting into business. It's the MOST IMPORTANT THING to do when starting ANY business.

Now, let me explain EXACTLY what's about to happen. You are about to go through the MOST FRUSTRATING time of your life. You are gunna feel that you are SEVERELY UNDERPAID and demand satisfaction and your silent partner brother is gunna tell you to STICK THE SALON IN YOUR *** when his investment that's relying on YOU isn't paying off.

Think 5 years from now. If you are planning on making money ANYTIME NOW you are in for a real surprise.

SwedaGuy · 03-16-2005, 06:42 PM

Engfant, I'm familiar with the swat test in writing, but I doubt that's what you are referring too...enlighten us?

engfant · 03-16-2005, 07:00 PM

Not SPECIAL WEAPONS AND TACTICS (although sometimes I wish that's what I sold). STRENGTHS WEAKNESSES OPERTUNITIES THREATS

Figure those 4 out before doing anything.

clubtan1 · 03-16-2005, 07:04 PM

For me, it took 18 months before I could stop putting money into the business every week. Your brother is going to still work his job and, for awhile, will be supporting you. How long can that last? How many months of reserve do you have yourself to keep paying your mortgage? How long would your wife put up with not being able to buy stuff, like food or cloths? What would you do if she got pregnant or sick? Sounds like you're depending on your brother to carry you if things don't work out but, for how long. When money is involved, you can quickly loose your brother, wife and house. My advise is to spend at least the next 30 to 60 days reading the posts here from others who are actually living out some of the problems. It might cause you to re-think your position. Absolutley get a business plan done. If you did it correctly, it will oen your eyes to the potential down side and risk. Whatever you do, don't quit your day job just yet.

engfant · 03-16-2005, 07:11 PM

Like what happens when 3 months in a row you don't break $2K in sales?

clubtan1 · 03-16-2005, 07:21 PM

You consider becoming a giggalo

SwedaGuy · 03-17-2005, 11:17 AM

Swat, Engfant? Shouldn't that be SWOT?

engfant · 03-17-2005, 11:49 AM

Hey, there are actually people in here looking to buy BOTTLES OF LOTION. I'm a little confused and excitied so these things happen.

Foxy · 03-18-2005, 09:11 PM

I read more negative stuff than positive about buying salons. Been doing this since last June and have not payed any family member for helping out. Had to take money out of my account to pay rent a few times. So far 9 months bad one month ok. My salon has been opened for 10 years now. 4 previous owners. I have 5 salons within 5 miles from me. Mine being the nicest looking I think. What I don't understand is how I see 3 or 4 employees running these other shops. I'm in a great location. I'm price competative. With just 6 beds I wonder if I'll ever be able to quit my full time job. I noticed over the years business at my salon has dropped. This business is so seasonal. I don't think I can bare going through another 9 months of struggling.

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03-16-2005, 05:08 PM	#11 (permalink)
gottaknow Join Date: Mar 7 2003 Location: florida Posts: 337 Rep Power: 6	I would have at least 6 months of salary and expenses in the bank before starting any adventure. You need to have a good business plan. I would then figure out what you can live on for the following 6 months. Pay yourself always maybe not alot at first but figure it in to the fixed costs of running the business. Good luck in your ventures. GK

03-16-2005, 06:35 PM	#12 (permalink)
engfant FREE ENGFANTUCATION Join Date: May 20 2003 Posts: 9,436 Rep Power: 13	If you don't know what a SWAT ANALISYS is then you shouldn't be getting into business. It's the MOST IMPORTANT THING to do when starting ANY business. Now, let me explain EXACTLY what's about to happen. You are about to go through the MOST FRUSTRATING time of your life. You are gunna feel that you are SEVERELY UNDERPAID and demand satisfaction and your silent partner brother is gunna tell you to STICK THE SALON IN YOUR *** when his investment that's relying on YOU isn't paying off. Think 5 years from now. If you are planning on making money ANYTIME NOW you are in for a real surprise.

03-16-2005, 06:42 PM	#13 (permalink)
SwedaGuy Waiting Confirmation Join Date: Sep 3 2004 Posts: 777 Rep Power: 0	Engfant, I'm familiar with the swat test in writing, but I doubt that's what you are referring too...enlighten us?

03-16-2005, 07:00 PM	#14 (permalink)
engfant FREE ENGFANTUCATION Join Date: May 20 2003 Posts: 9,436 Rep Power: 13	Not SPECIAL WEAPONS AND TACTICS (although sometimes I wish that's what I sold). STRENGTHS WEAKNESSES OPERTUNITIES THREATS Figure those 4 out before doing anything.

03-16-2005, 07:04 PM	#15 (permalink)
clubtan1 Join Date: Jan 31 2005 Posts: 3,317 Rep Power: 42	For me, it took 18 months before I could stop putting money into the business every week. Your brother is going to still work his job and, for awhile, will be supporting you. How long can that last? How many months of reserve do you have yourself to keep paying your mortgage? How long would your wife put up with not being able to buy stuff, like food or cloths? What would you do if she got pregnant or sick? Sounds like you're depending on your brother to carry you if things don't work out but, for how long. When money is involved, you can quickly loose your brother, wife and house. My advise is to spend at least the next 30 to 60 days reading the posts here from others who are actually living out some of the problems. It might cause you to re-think your position. Absolutley get a business plan done. If you did it correctly, it will oen your eyes to the potential down side and risk. Whatever you do, don't quit your day job just yet.

03-16-2005, 07:11 PM	#16 (permalink)
engfant FREE ENGFANTUCATION Join Date: May 20 2003 Posts: 9,436 Rep Power: 13	Like what happens when 3 months in a row you don't break $2K in sales?

03-16-2005, 07:21 PM	#17 (permalink)
clubtan1 Join Date: Jan 31 2005 Posts: 3,317 Rep Power: 42	You consider becoming a giggalo

03-17-2005, 11:17 AM	#18 (permalink)
SwedaGuy Waiting Confirmation Join Date: Sep 3 2004 Posts: 777 Rep Power: 0	Swat, Engfant? Shouldn't that be SWOT?

03-17-2005, 11:49 AM	#19 (permalink)
engfant FREE ENGFANTUCATION Join Date: May 20 2003 Posts: 9,436 Rep Power: 13	Hey, there are actually people in here looking to buy BOTTLES OF LOTION. I'm a little confused and excitied so these things happen.

03-18-2005, 09:11 PM	#20 (permalink)
Foxy Join Date: Jun 1 2004 Posts: 245 Rep Power: 5	I read more negative stuff than positive about buying salons. Been doing this since last June and have not payed any family member for helping out. Had to take money out of my account to pay rent a few times. So far 9 months bad one month ok. My salon has been opened for 10 years now. 4 previous owners. I have 5 salons within 5 miles from me. Mine being the nicest looking I think. What I don't understand is how I see 3 or 4 employees running these other shops. I'm in a great location. I'm price competative. With just 6 beds I wonder if I'll ever be able to quit my full time job. I noticed over the years business at my salon has dropped. This business is so seasonal. I don't think I can bare going through another 9 months of struggling.

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