Mistakes That Buyers Make

The buying of a salon can be quite a stressful exercise and it is vitally important that you are prepared for the rollercoster ride that awaits.

Preparation is the key – Make sure that you speak with a broker to determine what type of salon will suit you … eg Managed, Partly Managed, Owner Operator, Franchised etc … Once you know what you are looking for it is much easier to find it!

Budget and Finance is important so you know how much you can spend and you must take into consideration… Purchase Price + Stock Value + Some Money in the Bank + Rental Bond (3-6months rent) + 1 Month rent in advance + some repairs if necessary.

Now location is important. You need something that suits your budget in your desired area and this can be difficult.

Leasing is also key to getting the deal completed and this is where we find most applicants/buyers fall down. Have your asset and liabilities prepared and signed by your accountant, business plan, cashflow forecasts, a resume of your experience and 3 references for the landlord.

Staffing is the most important key to running salons and you need to look after the current staff and make sure you have a few back up options before you settle on the business.

Get all these components lined up and you’ll be well on your way … Goodluck and happy buying …

For more information on appraisals and finding the right salon. Contact a salon specialist broker today on 1300 366 521.

Benchmark Salon Sales – Selling salons Australia Wide