(August 30, 2017 at 11:32 am)Khemikal Wrote: Zero customers, ergo zero existing revenue. What's wrong with your house, or their house?
What's the worst thing that could happen to you if you defaulted on a 2-300k loan?
Is two years a realistic expectation for roi?
How long would you keep at it beyond that point?
Have you looked into franchise salons?
(it's easier to get financing)
Okay...I can't continue to work out of my house for a few reasons:
1. My house isn't licensed. Technically, it's not legal to do this from my house, as per the State of PA and their beautiful regulations, but as long as the neighbors don't care... I'm not too particularly worried.
2. There isn't enough business coming or going from my house for any suspicions to be raised. And I don't want there to be any. I have friends over on the rare occasion of about one every other month or two.
3. I could lose my license because I am not carrying malpractice or liability insurance. The few friends I do hair for don't make it worth my while to carry insurance like that. All someone has to do is call the state board and file a complaint because something happened and I could be investigated. I don't need that in my life.
I don't know what the worst thing that could happen if I defaulted on a business loan. I'm not really thinking of failing. I'm thinking of succeeding.
Five years is a realistic expectation for any retail business for ROI, but I am in the service industry. Not only will I have new clientelle, but I will have repeat clientelle as well. There's residual income from that. Plus I will have a nice selection of product line to purchase as well.
I don't want to do the franchise thing. There are too many cookie-cutter type salons out there to begin with and they don't offer a full line of services that I intend to offer.
Disclaimer: I am only responsible for what I say, not what you choose to understand.
