2007-03-23 17:18:04 · 6 answers · asked by ampa 1 in Business & Finance ➔ Small Business
The success of your business is dependent on the reputation of the establishment. There was a spa salon in the Scottsdale AZ area that was sold to a new owner. They maintained the original name, but the name was "mud" in the community. Bounced checks, lawsuits, overall a bad reputation. It was difficult to get it back on track, a new name would have done wonders. How old was the establishment? Does it look dated or worn? If so update, renovate and recontact the list of former clients and win them back with the new management. Let Spavelous help you. You can list for free once you are open for business.
2007-03-25 02:39:22 · answer #1 · answered by Spavelous 3 · 0⤊ 0⤋
If the salon is ver successful or doing just fine as it is, don't do anything to it. However, if it's failing but has the potential to be everything you feel it could be and more, then do just that, renovate, give it a new name, set a new standard for that location, and cross your fingers, and hope it works. There are several questions you have to ask yourself, and one is, "If it's a failing business, is it because the owner doesn't know what they're doing, or is it the location?"
2007-03-24 11:36:20 · answer #2 · answered by mrod_sdp 1 · 0⤊ 0⤋
Part of the money you are paying for the business is goodwill - the fact that the business is already going and has an existing customer base. If you are leaving the basics of the business the same, you can take advantage of that by leaving the name the same. It will save you a lot of advertising expense in the short term. You might do a survey of the employees and customers about the decorating. If they think it is fine the way it is, save your money.
2007-03-24 00:25:29 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
Well, if you already have budget then plan to renovate, do it that way. It is going to look fresh and the look as you like and want. But this is not cheap. Think the overhead cost as well.
If the business that you buy is a good running one, why bother to change it now. Do it later, when it really need a new fresh look.
Good luck with your new business.
2007-03-24 00:27:13 · answer #4 · answered by flower 2 · 0⤊ 0⤋
i hope you would not be buying a loss making venture... and if so then you should be having the guts and will power to convert it into the profitable one.
whats the need to renovate if the business that you are buying is already running profitably... instead you can use your funds for marketing
2007-03-24 00:31:35 · answer #5 · answered by Govindarajan 2 · 0⤊ 0⤋
What Brian says is true, but does it reflect who you are? You could add some touches that says you are the new owner. Do you like the way it looks or would you like to add a personal touch?
2007-03-24 00:29:20 · answer #6 · answered by cheyene 2 · 0⤊ 0⤋