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Opening a nail and tanning salon? Is it a good business to get into?
I live on the jersey shore. I'm 23 years old. My dream is to open a nail and tanning salon day spa kinda thing. I have about 53,000 in savings. I want to start from scratch. I want all bran new high end beds, a mystic spray tan machine, aromatherapy steam bed room, and a whole section for mani's and pedi's. I would stay open late 8pm for nails and midnight for tanning. do you think i have enough money to start? do you think its a profitable business? should i look into buying a salon already open and remodel it from there or start my own? help!
53K is probably not enough money.
Google "small business development center" + your city.
They're established by large universities and can answer all of your questions.
All that fun stuff is fine, but you need to take care of boring stuff like insurance, taxes, wages, etc. too.
Just wanted to add, that I lived in WA state and they had a tanning/nail salon in the samll town I lived in and it was ALWAYS busy. The owner said it had slowed down a bit since the economy was bad, but they were still opening up a second salon in a new city. Sorry no advice, just want to wish you success.