Dee

Embaressing thing I have to admit here. I took out a home equity loan to fund our salon, hoping that the timing would be just right to reach the busy season. The salon is great and yet the clientele is building sooooo slow that I am a wreck. The loan got us a nice salon with excellent equipment but now I need more cash flow to make ends meet. Anyone have experience in getting a business loan AFTER start-up?

Jamacia Jim

Dee try SBA or other programs, I have recently purchased my 1st salon as well and the SBA loan while a pain in the butt to get is a great program, also you can use your credit cards this is expensive but can get you through. Just keep plugging away and posting to this site i have found it very helpful, especially all those Sanddollar people out there so smile and trust in yourself. Good luck.

Dee

Thanks Jim. Actually I was looking at the SBA but thought WHAT A PAIN there's got to be an easier way!

BOBER96

Dee,I am assuming that this is your first season, correct?In our first year we almost went under a couple times. I made the mistake of under-estimating many expenses, over-estimating client flow, etc, etc. I made enough mistakes for 10 salons! LOL! We did end up using some credit cards to get us through. I seriously thought my husband was going to leave me if I lost everything, I was depressed and working my butt off (12 hour days, 7 days, by myself!). Needless to say, I learned alot of lessons that first season and also learned that when I do my 2nd salon I will not make the mistake of under estimating things again! LOL! I am not telling you this to depress you further, but to let you know that you are not alone. The first year is tough in any business. It really does get better! Re-evaluate your prices, perhaps they are too low. Get more people in there...what kind of advertising are you doing?Consider running ads in high school or college newspapers. It is really cheap and usually generates some decent revenue. [This message has been edited by BOBER96 (edited 04-02-2001).]

Dee

Yes this is my first season. (Can you tell? LOL) I have been open about 4 months. I have a competitor very close that has old equipment (well you know the rest) and has low, low prices. Also, another close-by competitor who is keeping their prices at off-season lows AND a fitness center who has 9 beds and is offering low prices since I opened. Whew. I have radio spots and a billboard going up. I'm hearing alot of "I'm glad you opened" - just need more of it! Alot of trial and error! Yikes I see my house, car and personal possesions passing before me! OK thanks for listening to me unload!