Buying an established salon

[Ticketytoc]

Hi, I have an opportunity to buy a hair salon with a small beauty side to it.
I've been out the business a while with a more dominant side to the beauty industry.
The current owner is willing to stay on a chair rental basis and there are already 2 staff on a chair rental basis.
• how much is the going rate for a chair rental ?
• how much are the business rates on a small hair & beauty salon
Any advise would be greatly appreciated.
I do already have the gross and net profits for previous business years. But this would be a huge investment for me as a single mum.

It's something I've wanted to do for some time and this is a great opportunity for me but making a huge investment is very nerve wracking.
Again any advice much appreciated Thanks

 

[daydreams01]

I would have to ask why the current owner wants to sell up if she still wants to work there? If it was a thriving business surely she would be better off renting the beauty room to you instead of you buying it and renting a chair to her. It might be hard for clients and staff to see you as the new owner if the previous owner still works there and could make it difficult for you to run it as you want.
You can go online to your local boroughs website and search the business rate section. There will be a link and if you put in the address you will see how much the rateable value is or ring the council and they could prob advise you.

 

[surf girl]

Chair rental is dependant on area, some go from £25 a day some £50 a week right up to £200 + per week, you should consider what you will be buying & supplying too, if your buying a salon but everyone's a renter your really only buying fixtures & fittings, good side is a regular income from day one tho!

I would Look at costs of running the salon, then devide those costs into 2 and charge the renters that much each so it covers the running costs, make them provide their own products & whatever the previous owner gives you in rental you can keep for yourself as a wage in the early days

I only provide towels shampoo wifi & tea & cofee in my salon they provide all their own stock

 

[Ticketytoc]

Chair rental is dependant on area, some go from £25 a day some £50 a week right up to £200 + per week, you should consider what you will be buying & supplying too, if your buying a salon but everyone's a renter your really only buying fixtures & fittings, good side is a regular income from day one tho!

I would Look at costs of running the salon, then devide those costs into 2 and charge the renters that much each so it covers the running costs, make them provide their own products & whatever the previous owner gives you in rental you can keep for yourself as a wage in the early days

I only provide towels shampoo wifi & tea & cofee in my salon they provide all their own stock

 

[Ticketytoc]

Thanks really appreciate your responses and a lot to consider. If I proceed I will update you X