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11th October 2007, 05:53 PM
| #1 (permalink) |
| Rookie Join Date: Oct 2007 Location: nj
Posts: 2
|  Should I buy this salon? I am looking to buy a salon, the asking price is 40k. It is in a decent shopping center next to a dunkin donuts and a small gym on a main road in central nj. It is in an 850 sq ft space with 4 beds levels 1-3 and some room to expand with stand ups. I still need to get more information on cashflow expenses income etc. At first glance im thinking it is not worth 40k but more like 25-30k It has been in the same shopping center for 15 years current owner had it for 3 selling due to illness. If i buy it it will need a cosmetic lift as well as a new name etc, im not sure what kind of marketing is in place but from the looks of things it is very little. Can any body help me? |
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| 11th October 2007, 06:12 PM | #2 (permalink) |
| Hall of Famer  Join Date: Jul 2006 Location: Canada Posts: 3,865 | Re: Should I buy this salon? I can't see much room to expand with that little amount of space. __________________ ************************************************** ***************** Grammar Tip of the Year - Apostrophes are for condensing and belonging...NOT pluralizing.  SandiGirl ~ Changing tanning forums one apostrophe at a time.  |
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| 11th October 2007, 06:30 PM | #3 (permalink) |
| Hall of Famer  Join Date: Jun 2006 Location: in the old part of the city Posts: 2,417 | Re: Should I buy this salon? What type of beds & how old? Get the P&L from the past 3 years. That will tell you most of what you want to know. Google demographics and see how many white people live near there and how much money they make... compare that to their client database too. |
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| 11th October 2007, 06:53 PM | #4 (permalink) |
| Moderator  Join Date: Nov 2004 Location: Six degrees left of nowhere Posts: 5,008   | Re: Should I buy this salon? NO. 850 sq ft sucks. My bet is besides the fact that there is no real ROOM for growth, that you dont have the AC and elect needed for any good equipment. I made the mistake of staying in a spot I couldnt grow much in. I should have moved before I rennovated. Anyway, I got the salon for $10k and it was bigger and had more equipment that you are looking at and that included the deposit on the space. You need to look at - the equipment, years and hours on the beds, - lease agreement, - demographics of the area, - amount of AC and Electric, - is space next to it for growth, - what is the competition - what is your budget - what is the gross and net of the salon for the last 3 years Chew on those questions for a bit and see if it is something to look into. __________________  |
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| 11th October 2007, 08:18 PM | #6 (permalink) |
| All Star Join Date: Jan 2005 Location: Great Wet Northwest Posts: 220 | Re: Should I buy this salon? If your buying it to occupy your time because you are retired is one thing....if your are buying it to supply yourself an income, pass. If you can take over a place next door, expand to 1500-2000sq.ft. then the data base may be worth something... RonnieT. myspace/racetan |
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| 12th October 2007, 02:09 AM | #7 (permalink) |
| Hall of Famer Join Date: Jul 2006 Location: Canada Posts: 3,865 | Re: Should I buy this salon? JerseyShore doesn't sound very luxurious or anything to me. I picture polluted. Never been....just saying...  __________________ ************************************************** ***************** Grammar Tip of the Year - Apostrophes are for condensing and belonging...NOT pluralizing. SandiGirl ~ Changing tanning forums one apostrophe at a time. |
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| 12th October 2007, 04:41 PM | #9 (permalink) |
| Rookie Join Date: Oct 2007 Location: nj Posts: 2 | Re: Should I buy this salon? Lol im not joking, I take it nobody thinks this place is a good investment? well what about strating from scratch? there is a new plaza by me that woudl be a great location for a tanning place as they will not allow any more food vendors in the plaza. I am just unsure of how much it woudl really cost to open up a new salon as opposed to buying one that is already open. Can some one point me in the right direction. i was looking at it for additional income, a business i can work on not work in. I agree jersey shore is dirty n grimey but people love it |
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| 12th October 2007, 05:06 PM | #11 (permalink) |
| Moderator Join Date: Nov 2004 Location: entropy Florida Posts: 2,490 | Re: Should I buy this salon? When I have $250k that is when I open store #3 and all other debt is paid off. If I cant do the salon right, I aint wasting my time, money and energy. __________________  ......................Flashback 1999........................ "One of the 'ORIGINAL' TanToday Gang" |
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