Considering my options

[Joods]

This morning I spent about half an hour looking at a commercial property with a real estate agent. 

There is one parking space for handicapped parking and about 15 more regular spaces. 
There is an ADA approved public bathroom. 
Plumbing would have to be roughed in for 5-6 shampoo basins, a washer, a double sink for the color bar, a double sink for the supply room and 5 pedicure chairs. 
Electric would have to be updated to accommodate more outlets (six per salon station). 
I plan on having at least six salon chairs (stations), a separate, ventilated area for manicures and pedicures, three facial/waxing rooms, and a color bar where all hair color consultations and work would be done. 
I will need appliances for the supply room: Washer, dryer, double sink, cabinets, counter space and shelving to hold all our inventory.
I will need office furniture, computers and supplies for the reception area. I will need display cases for the retail merchandise. 
Ventilation will have to be added to the nail area, as is required by law here.

There is also access to a downstairs area which is approx. 2200 more sq. ft. I don't need it now, but as my business grows, it would be great to have as an addition. I could literally turn my dream of owning just a salon into owning an entire day spa operation because I could put steam rooms and massage rooms down there. 

Rent would be $8.00 per square foot, plus another $1.20 for CAM (Community Area Maintenance) - The owner takes care of the outside: landscaping, snow removal etc. 

I have to start working on a business plan and proposal to submit to the SBA in order to get a loan. I'd like to reasonably pay two years worth of rent up front. Better if there is a discount for doing that. I will need a loan for the following:
first two years rent, plumbing and electrical updates, remodeling, contractors, supplies and equipment, retail supplies, appliances, fixtures, employee salaries, my own salary, liability and malpractice insurance and enough left over for miscellaneous expenses. 

Given what I learned in school - I'm looking roughly at between $200,000 to 300,000 for start up costs. Obviously less would be better. I'm hoping to hire at least four employees to start ( an Esthetician, a nail tech and two stylists)

I have been given paperwork on the layout of the building. If this place doesn't work out, there are other locations that the real estate agent has for me to look at, but I was primarily interested in this for its location and proximity to my house (my house literally sits behind this building. I can see it from my front porch) and it's in my school district. You all have actually seen video of the back of this property before. When I posted my thunderstorm vids, it showed part of Benfield Electric, which operates out of a larger part of the basement part of this building. 

I really want to do this. I'm terrified and excited at the same time. I don't have a name picked out for my salon yet. I'm serious about this so I'm open to name suggestions, but keep in mind, the name needs to be professional and it has to be catchy at the same time. Someone already owns Curl Up and Dye in my county (Yes I checked. It was a really excellent play on words).

Pics to get an idea:
Obviously, that signage will have to change. And there is another set of double doors that you can't see to the right.


Part of the basement/warehouse area:


More of the upper level where the salon would be: 


Layout - upper level:


Layout Lower level: 



There is a huge section that wasn't even photographed here. 


I like it. I want it. There's loans to apply for and proposal packages to develop. There's probably six months to a year's worth of things I would have to do before I could even apply for this building. But this one seems to fit my needs and is within walking distance. I could literally walk to work. That garage can also house a mobile unit. So in the future, I could have a mobile salon and offer services for those who are housebound. If this doesn't work out - there is another place a mile up the road on the same street. Looks promising as well, but that's for sale, not for lease and slightly less square footage than this one. Both sites see about 20,000 cars a day on the road. 

Okay... opinions/name suggestions/critiques/happy thoughts and opposition to my idea are all welcome.

[GUBU]

I have two questions, how big is the market and how saturated is it?

In terms of possible profitability those are the two questions I'd be most looking at.

[The Industrial Atheist]

This morning I spent about half an hour looking at a commercial property with a real estate agent. 

There is one parking space for handicapped parking and about 15 more regular spaces. 
There is an ADA approved public bathroom. 
Plumbing would have to be roughed in for 5-6 shampoo basins, a washer, a double sink for the color bar, a double sink for the supply room and 5 pedicure chairs. 
Electric would have to be updated to accommodate more outlets (six per salon station). 
I plan on having at least six salon chairs (stations), a separate, ventilated area for manicures and pedicures, three facial/waxing rooms, and a color bar where all hair color consultations and work would be done. 
I will need appliances for the supply room: Washer, dryer, double sink, cabinets, counter space and shelving to hold all our inventory.
I will need office furniture, computers and supplies for the reception area. I will need display cases for the retail merchandise. 
Ventilation will have to be added to the nail area, as is required by law here.

There is also access to a downstairs area which is approx. 2200 more sq. ft. I don't need it now, but as my business grows, it would be great to have as an addition. I could literally turn my dream of owning just a salon into owning an entire day spa operation because I could put steam rooms and massage rooms down there. 

Rent would be $8.00 per square foot, plus another $1.20 for CAM (Community Area Maintenance) - The owner takes care of the outside: landscaping, snow removal etc. 

I have to start working on a business plan and proposal to submit to the SBA in order to get a loan. I'd like to reasonably pay two years worth of rent up front. Better if there is a discount for doing that. I will need a loan for the following:
first two years rent, plumbing and electrical updates, remodeling, contractors, supplies and equipment, retail supplies, appliances, fixtures, employee salaries, my own salary, liability and malpractice insurance and enough left over for miscellaneous expenses. 

Given what I learned in school - I'm looking roughly at between $200,000 to 300,000 for start up costs. Obviously less would be better. I'm hoping to hire at least four employees to start ( an Esthetician, a nail tech and two stylists)

I have been given paperwork on the layout of the building. If this place doesn't work out, there are other locations that the real estate agent has for me to look at, but I was primarily interested in this for its location and proximity to my house (my house literally sits behind this building. I can see it from my front porch) and it's in my school district. You all have actually seen video of the back of this property before. When I posted my thunderstorm vids, it showed part of Benfield Electric, which operates out of a larger part of the basement part of this building. 

I really want to do this. I'm terrified and excited at the same time. I don't have a name picked out for my salon yet. I'm serious about this so I'm open to name suggestions, but keep in mind, the name needs to be professional and it has to be catchy at the same time. Someone already owns Curl Up and Dye in my county (Yes I checked. It was a really excellent play on words).

Pics to get an idea:
Obviously, that signage will have to change. And there is another set of double doors that you can't see to the right.


Part of the basement/warehouse area:


More of the upper level where the salon would be: 


Layout - upper level:


Layout Lower level: 



There is a huge section that wasn't even photographed here. 


I like it. I want it. There's loans to apply for and proposal packages to develop. There's probably six months to a year's worth of things I would have to do before I could even apply for this building. But this one seems to fit my needs and is within walking distance. I could literally walk to work. That garage can also house a mobile unit. So in the future, I could have a mobile salon and offer services for those who are housebound. If this doesn't work out - there is another place a mile up the road on the same street. Looks promising as well, but that's for sale, not for lease and slightly less square footage than this one. Both sites see about 20,000 cars a day on the road. 

Okay... opinions/name suggestions/critiques/happy thoughts and opposition to my idea are all welcome.

It looks nice and quite spacious. I admire your ambition.

[Whateverist]

If you decide to do it I really really really want you to kick ass.  Best of luck.  I don't know jack about opening a business so I'll just pipe down now.

Oops, one question.  It looks like a place you have to drive to.  Would walk-ins be important to your business?

[Little lunch]

I'm excited for you and I hope it works out 'cause you've worked really hard for it.
If anyone can pull it off, you can Nymph.
You seem to have a strong capacity to always get back on the horse. :-)

[mlmooney89]

Owning my own business seems so scary to me but I admire those that do it sooooo much. I really hope for the best for you with this and know we will be here to support you emotionally the whole time. Keep us updated!

[Aoi Magi]

I like the place, but I'm a bit skeptical on the profitability on that investment. Personally, I don't visit salons often unless there's a major event coming up, so I lack the experience but having been part of several start-ups in my career, I'd suggest analyzing the market very carefully first, and always have a backup plan if things don't work out.

[Joods]

I have two questions, how big is the market and how saturated is it?

In terms of possible profitability those are the two questions I'd be most looking at.

I was posting an answer when my power blinked off for a few seconds so I lost that wholepost.

I have considered market saturation in my area. There are more stylists than jobs so this will be another job possibility for people looking for work. There are also too many "chain" salons here. They also don't offer everything on their menus. I will be a full- service operation, offering facials, nail care, skin care, waxing, hair care, chemical services such as relaxers, perms and color.
If I rent the basement, it will be remodeled and finished to accommodate steam rooms (saunas) and I may include a few tanning beds in the future. There's a lot of room to play with down there.

There aren't but maybe a few day spas in the county. One is ten miles away, the other is further out. I'd like to think I'm bringing relaxation closer to home

[The Grand Nudger]

I know this is going to sound super basic...but, how many customers do you -currently- serve? Do you plan on turning a profit from customers, or from sub-renting space in the building? In the case of the latter, how many people do you know that are currently looking to rent at a price that you could offer?

Personally, those are the only two things I;d judge -any- infrastructure investment on, if it were me....but I;m super risk adverse. I like to sell a product before I produce it.

[Joods]

If you decide to do it I really really really want you to kick ass.  Best of luck.  I don't know jack about opening a business so I'll just pipe down now.

Oops, one question.  It looks like a place you have to drive to.  Would walk-ins be important to your business?

Thanks W'ist. I wanna kick ass too! 

I've seen people walk down the street before. It's on the main street, which also means it's on a bus line. If I'm doing a day spa, you can't just walk in and ask for a perm or for hair color. If you need a hair cut, we'll do walk ins for that. If you want to get your nails done, we'll take walk ins for that. Need your brows waxed? Walk ins are fine too. We are within walking distance to three different neighborhoods, a grocery store, two convenience stores and a bunch of other shops. I'd say we'd get plenty of foot traffic as well. 

But if you are expecting to walk in and get your hair colored without some sort of a consultation or a patch test, we can't do that. By law, a patch test must be done to see if you are allergic to the chemicals we will be using. And a patch test means you must have it done at least 12 hours before any chemical service.

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I know this is going to sound super basic...but, how many customer do you -currently- serve?

None except for the friends that I do out of my house. So, stylists must come with a full book.

---

I'm excited for you and I hope it works out 'cause you've worked really hard for it.
If anyone can pull it off, you can Nymph.
You seem to have a strong capacity to always get back on the horse. :-)

I'm going to give it my all. Thank you for your kind words