RE: Considering my options
August 30, 2017 at 12:03 pm
(This post was last modified: August 30, 2017 at 12:04 pm by The Grand Nudger.)
(August 30, 2017 at 11:52 am)Nymphadora Wrote: Okay...I can't continue to work out of my house for a few reasons:So, you're at the point where you have to either rent a station in someone else's salon, or own a salon. Gotcha. Just trying to wrap my head around what options you're considering, lol.
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.
Quote: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.You have expectations that your volume of business will increase, then? Even though the market is saturated? Do you think that a loan officer would share your confidence? How many customers would you need to serve to cover your costs?
Quote: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.Understandable.
Quote: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.I'd strongly caution against that, and suggest that you spend time coming up witha worst case scenario. It's useful to have these even if you aren't seeking financing...as it can give you an idea as to where you're heading for month by month. We all have hopes and dreams, but most small businesses fail within the first few years (and by most, I mean a soul crushing majority).
Quote: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.How much of your revenue do you expect (or would you need to expect) to secure in product sales?
Quote: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.Gotcha.
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