i apologise in advance if this post gets quite long.
ok so, i'm a level 3 trained hair stylist with a loyal and large clientele. i manage and run a salon with my mother, the salon has been open for 17 years this year and i have been working there since i was 18 (am 25 now). my mother is 60 now and ideally wants to work part time instead of full time now that she's nearing retirement age, which i am very keen for her to do.
my conundrum is this - a few years ago, a new landlord purchased the premises and neighbouring units (shops) and TRIPLED our rent! his attitude was 'if you don't like it, there's someone else who will be in here tomorrow.' anyway we accepted, and signed a 10 year lease (currently 4 years into said lease). in the leasing agreement he inputted a clause that we CANNOT sell the business. out of 'goodwill' he knocked £250 a month off the rent, but it is still an eye watering amount for what we get.
pros of the salon, an abundance of free parking directly outside, walking trade, great community, 2 schools opposite, a small supermarket next door.
cons of the salon, the buildings have fallen into ruin, the roof is leaking a lot during heavy rainfall and we are constantly replacing ceiling tiles, the back door is damp 6 months after replacing it (he made US pay for that and he sent the workmen out), the whole block of units is a bit of an eye sore, needs major tlc.
my dilemma is this. when my mother retires completely, she will have nothing to show for her hard work except a state pension. she wants to work part time now (3 days a week) and still take home the wage she is on now. i would give my mother the whole world if i could, however could i even afford it? if i take on the salon, i'd like to change the name, and it needs major updating (costing thousands, replastering walls, repainting, new flooring, new cutting stations etc..). if i changed the name, would it effect our rent agreement?
i am nearly 26 now, and i still live at home. i want more for myself. i am a good stylist, and i want new opportunities. i have been offered salons to rent which are far cheaper albeit little or no parking or walking trade. i see other stylists like me with similar clientele and similar services i provide earning fortunes with their own businesses. i love what i do, and i love my mother to death. i just don't know whether to gamble and spend thousands doing out the salon (it desperately needs it) and risk the landlord putting our rent up again at the end of the agreement. there is nowhere else in my area where i could rent a shop with some of the benefits like the one we have now, leaky roof or not! and even then, i would more or less be leaving my mother to struggle.
if i left the salon, so would a lot of profits. if it wasn't for me, the salon probably wouldn't still be open now. i am nervous to bring this subject up with my mother for i don't want to offend her. my partner and i can't even afford to move out as i am still on the same wage most 18/19 year olds are on, and i feel i am more or less robbing my mother if i work mobile aswell, and it would be exhausting working full time managing a business and working mobile. do i live my life revolving around my mother like it is now, do i take on the salon as my own and refurbish it completely and pay my mother full time wage whilst working part time, with the risk of rent going higher again and the roof collapsing, or do i move on and open my own salon, taking my mothers years of hard work leaving her with nothing? if i opened my own salon i would take her with me, at a risk of her losing her own clients. what would you do?
i feel as though i am stuck between the devil and the deep sea. my life is on hold just because of work, if i carry on like this i doubt i will ever be able to afford to buy a house or drive a nice car and have a happy and prosperous future.
ok so, i'm a level 3 trained hair stylist with a loyal and large clientele. i manage and run a salon with my mother, the salon has been open for 17 years this year and i have been working there since i was 18 (am 25 now). my mother is 60 now and ideally wants to work part time instead of full time now that she's nearing retirement age, which i am very keen for her to do.
my conundrum is this - a few years ago, a new landlord purchased the premises and neighbouring units (shops) and TRIPLED our rent! his attitude was 'if you don't like it, there's someone else who will be in here tomorrow.' anyway we accepted, and signed a 10 year lease (currently 4 years into said lease). in the leasing agreement he inputted a clause that we CANNOT sell the business. out of 'goodwill' he knocked £250 a month off the rent, but it is still an eye watering amount for what we get.
pros of the salon, an abundance of free parking directly outside, walking trade, great community, 2 schools opposite, a small supermarket next door.
cons of the salon, the buildings have fallen into ruin, the roof is leaking a lot during heavy rainfall and we are constantly replacing ceiling tiles, the back door is damp 6 months after replacing it (he made US pay for that and he sent the workmen out), the whole block of units is a bit of an eye sore, needs major tlc.
my dilemma is this. when my mother retires completely, she will have nothing to show for her hard work except a state pension. she wants to work part time now (3 days a week) and still take home the wage she is on now. i would give my mother the whole world if i could, however could i even afford it? if i take on the salon, i'd like to change the name, and it needs major updating (costing thousands, replastering walls, repainting, new flooring, new cutting stations etc..). if i changed the name, would it effect our rent agreement?
i am nearly 26 now, and i still live at home. i want more for myself. i am a good stylist, and i want new opportunities. i have been offered salons to rent which are far cheaper albeit little or no parking or walking trade. i see other stylists like me with similar clientele and similar services i provide earning fortunes with their own businesses. i love what i do, and i love my mother to death. i just don't know whether to gamble and spend thousands doing out the salon (it desperately needs it) and risk the landlord putting our rent up again at the end of the agreement. there is nowhere else in my area where i could rent a shop with some of the benefits like the one we have now, leaky roof or not! and even then, i would more or less be leaving my mother to struggle.
if i left the salon, so would a lot of profits. if it wasn't for me, the salon probably wouldn't still be open now. i am nervous to bring this subject up with my mother for i don't want to offend her. my partner and i can't even afford to move out as i am still on the same wage most 18/19 year olds are on, and i feel i am more or less robbing my mother if i work mobile aswell, and it would be exhausting working full time managing a business and working mobile. do i live my life revolving around my mother like it is now, do i take on the salon as my own and refurbish it completely and pay my mother full time wage whilst working part time, with the risk of rent going higher again and the roof collapsing, or do i move on and open my own salon, taking my mothers years of hard work leaving her with nothing? if i opened my own salon i would take her with me, at a risk of her losing her own clients. what would you do?
i feel as though i am stuck between the devil and the deep sea. my life is on hold just because of work, if i carry on like this i doubt i will ever be able to afford to buy a house or drive a nice car and have a happy and prosperous future.
