DWhite6872

Timing would be critical...but it worries me starting off hanging by a thread...when you play this game ...you need to have a lot of cash, assets and experience to not get in over you head.

LeaseHere

DWhite,

I know having a second income (spouse or other job) has also helped a lot of new salons get through the first years too!

DWhite6872

Rob,

I agree, it is a bonus when you do not need the income of your salon...and you have money in savings...
I think if you start playing with a couple of loans and you start to leverage your "dollars" you better know what you are doing...you can get money....even "hard money" when you have great credit scores, but it is not always right,
(Rob) I am sure you would agree...I am not talking just new "investors" ..but in this case, brand new spakin..right out of school new...



_________________
Any Advice given please consider the size of your market![ This Message was edited by: DWhite6872 on 2005-07-01 20:54 ]

gizz99

I have a full-time job as a computer programmer and make ove $80,000.00 so I will not need income from the salon but would like to retire early once the salon is doing well.

LeaseHere

Dwhite,

You’re correct! – any additional knowledge will benefit the new salon owner. There’s so much great info on these boards, as well as knowledge shared by reputable equipment/lotion/retail suppliers. All of this will help new salon owners get up and running easier and smoother!

Rob Wade
Capital Resource Management

tropicgirl

I dont know who started all this about women and minorities being able to get a loan easier, But I just want everyone to know it is not true. 4 years ago I applied for a SBA loan for about 20,000 dollars. I have great credit, and I am a woman. I had to write a business plan, fill out the probably 50 plus pages of paperwork they give you, not to mention do alot of research, only to get denied. They will not loan you money for inventory because it is too "liquid" of an asset and its orginal value can be difficult to recover. I wanted to open a retail store at the time. When I decided to go into the tanning business, I had to go to a bank and get a personal loan for my equipment. Back to the SBA, if you will make an appointment and go and speak with them, they will explain to you there are no special circumstances for woman. I just dont want you to be disappointed like I was after hearing people grandious stories of special loans and special help for woman.

Sinergygrl

Maybe not in Kentucky, but in Illinois we do. They have specific programs as well as grant programs for minorities and women. Sorry you had such a difficult time and it did not work out for you finding a program, but we already have a lender who offers these programs and has also been trained on them, so they do exist. Filling out paperwork and making a business plan is part of how it goes for everyone that needs a loan, that should not have been a surprise to you. Not to mention programs change yearly and new ones are made, you tried to get one four years ago. Maybe before you start discouraging people you should do a little more research on things in other states.

tropicgirl

This is not a State office. Its a federal office. The SBA is not state-to-state. You may have some state programs, but the Small Business Administration is Federal, and there are no "specials" for minorities. I didnt do "research", I played the game. I'm not being discouraging, I'm being realistic. Thats life. I encourage them to stick with it, and why would I do research in other states?! Sorry, but I didnt have to do a business plan for my equipment loan. That's my point. Depends on the route you choose to take.

DWhite6872

They have women set asides...and larger lenders have a certain amount of money they would like to see go to women and minoritites.