Beauty Salon?

Question

Im thinking about opening my a beauty salon here in NY and was wonderin if someone could give an idea of how much it would cost to open a decent salon.

I prefer answers from people with experience but it isnt necessary.
Id also like to get an idea of how to pay my stylist whether its a flat weekly salary or a percentage.
If its a flat rate how much?


Thanks

Answer 1

It would depend on where you were going to open it. I have much experience in salon accounting. You will have to have money for first and last month's rent, furniture (# of stations, waiting area), equipment (computer, sales/cash register) and leasehold improvements. This could be anywhere from $50k to $400k, depending on what you want to do. Then you have to have three months working capital until you get going to be able to pay bills before you get a clientele established. You could pay your stylist anywhere from 40-50% of the price, or rent the stations to them and let them keep what they earn.