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Old 01-05-2004, 10:15 PM   #1
Jay04WRX
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Question Save $$ to open my own business or move out of my parents house?

I am 24 years old and for the past year and a half I have been a consultant for people opening up tanning salons (& I sell tanning beds). If I opened a salon I would know exactly how to do it and be a step above all the rest of the salon owners.

I live at home and I am 24 but the great part is I dont pay rent and my dad is an aweosme cook. My dad tells me to save up and live at home till I can open my own business. A salon takes 2-3 years to mature and start making $$. Alot of people who are opening and who have salons say they wish they did it at my age. Salons have alot of potential to grow and expand and its one of the most profitable businesses to own.

My friend is buying a house very soon and wants me to move in so that is the choice. So Live at home and save $$ for a business or move out of my house and rent from my friend?

What would you guys do?



Jay
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Old 01-05-2004, 10:18 PM   #2
Brad Pittiful
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your dad sounds very smart...thats what id do...theres plenty of time to party..running a successful business is one in a million shot
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Old 01-05-2004, 10:21 PM   #3
03WRX83
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save up
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Old 01-05-2004, 10:22 PM   #4
Janq
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Jay,

This one of the easiest decsions you will make in your young life that will directly affect your older life.

If the tale you tell is 100% true and you do know the industry well (I used to manage a tanning salon) then you would be foolish not to take advantage of your industry knowledge. You are correct as salons are highly profitable after expenses and startup though in my own case I took one from zero to profitability inside of a year and at the time I knew nothing about salons much less tanning. In fact I have been thinking of opening my own salon as of late.

If your parent(s) are supportive and not kicking you out the door then either they know that you are on to something and/or you are doing things right at home to not wear out your welcome.

Start that business enterprise and inside of 3 years you'll be buying your buddies house and hiring him to be you GM.
Trust me, listen when people tell you they wish thay had done stuff at your own age. Thats free and honest advice.

You are only young once and opportunity very rarely knocks twice.

- Janq
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Old 01-05-2004, 10:26 PM   #5
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Definitely open up the business. When else in life will you have a chance to take a shot at something like that w/o having to worry about potentially losing your housing?
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Old 01-05-2004, 10:34 PM   #6
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Quote:
Originally posted by Janq
Jay,

This one of the easiest decsions you will make in your young life that will directly affect your older life.

If the tale you tell is 100% true and you do know the industry well (I used to manage a tanning salon) then you would be foolish not to take advantage of your industry knowledge. You are correct as salons are highly profitable after expenses and startup though in my own case I took one from zero to profitability inside of a year and at the time I knew nothing about salons much less tanning. In fact I have been thinking of opening my own salon as of late.

If your parent(s) are supportive and not kicking you out the door then either they know that you are on to something and/or you are doing things right at home to not wear out your welcome.

Start that business enterprise and inside of 3 years you'll be buying your buddies house and hiring him to be you GM.
Trust me, listen when people tell you they wish thay had done stuff at your own age. Thats free and honest advice.

You are only young once and opportunity very rarely knocks twice.

- Janq

Janq,
As you know a salon is an awesome business to own and I wont even touch on the girls that walk through the door, hehe. I know the business so well I could do what you did and turn around a few salons if I had the oppertunity. My dad is very supportive which is really great and would lend me $$ down the line if I need it. An average salon costs 100-150k if you want to open a good one here in New England.

Where are you from?


Jay
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Old 01-05-2004, 10:57 PM   #7
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Quote:
Originally posted by Jay04WRX
Janq,
As you know a salon is an awesome business to own and I wont even touch on the girls that walk through the door, hehe. I know the business so well I could do what you did and turn around a few salons if I had the oppertunity. My dad is very supportive which is really great and would lend me $$ down the line if I need it. An average salon costs 100-150k if you want to open a good one here in New England.

Where are you from?

Jay
I'm in VA right now.

When I was your age I was managing a fitness center in MD that I took from a hole in the wall rat gym for muscle heads only to become the highest profiting gym as based on square feet in the nation for two years running under the specifc franchise we had. The owner being flush with cash owner later decided to buy the store front of a stationary store that had closed a few fronts down from us and open a tanning salon because he had 'heard' they were profitable. He gave me a blank check and a Black AMEX and told me to make it work. So never one to shirk a challenge I did just that.

I literally built it out on my own from scratch and got it running, staffed it with hottie members from the gym and made money hand over fist recouping the minimal investment ($90K) in less than 10 months.
All I got out of it was a few bucks that I no longer hold, slaps on the back that you can't take to the bank, some words to add to my resume that are now meaningless and additional work stress & load that nearly killed me.

FFWD to today...
I've got my own cash & severl lines of personal & business credit and a desire to start another business. In my area which is the second fastest growing county in the US there is a dearth of salons and a wealth of vain pasty white folks with disposable income. 1 + 1 = $$

If dad will help you get going by loaning you some capital (much better than a loan) then take advantage of that. Do this stuff now while you have no mortgage, no wife, no kids, no nothing to slow or drag you down. As once you get all these things you're temperance for risk is reduced greatly.

I sincerely wish you the best of luck!

- Janq
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Old 01-05-2004, 11:36 PM   #8
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Good god, if I could stop paying rent to start a business..... oh man, I'd be in heaven.

Look, you pay my rent for me, and I will start a business, and let you know how it feels. Then you are doing both!
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Old 01-06-2004, 11:26 AM   #9
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bump
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Old 01-06-2004, 11:52 AM   #10
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sell your wrx.
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Old 01-06-2004, 11:55 AM   #11
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Save up and live at home. I think that it's outstanding that your parents are affording you this opportuinty. Take advantage of it now. Don't forget what they did for you in the future.
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Old 01-06-2004, 12:02 PM   #12
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Stay home and take your father up on the offer to lend you the capital...if you know as much as you claim you do, then you'll be massively successful before you're 30 yrs old...and you could viably have enough money to retire by 35 or 40 if you wanted to...think about that.
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Old 01-07-2004, 02:11 AM   #13
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Jay,

Honey, this is a no brainer! If your parents are supportive of your dream and don't mind you staying home for a while longer, GO FOR IT!!! I am 33 now and never had my parents support of my dreams. They just wanted me to go to school and then work for someone else. Sweetie, if I had had the opportunity 10 years ago, that you have set before you today, I would have grabbed it and ran like wild! Good luck with your salon! And when you are successful, give your parents a wonderful gift to say thanks for the support, like a great cruise or a vacation to the country where your ancestors are from. They will know just how much you love them and have appreciated them and their support!

Eva
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Old 01-07-2004, 02:31 AM   #14
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Move out.

Sneaking girls in and out of the house gets old real fast.

With your own place you'll get way more puss. I promise.



Stay at home.

You MIGHT someday have a succesful buisness(You'll be like 30something). You might drive a Benz and you might get mad puss. But they'll all be 30something chicks.




My vote? Move out, NOW, while your young..... but
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Old 01-07-2004, 07:26 AM   #15
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Hey, uh, Scooby......

Exactly WHAT in the hell is wrong with 30something WOMEN? Especially if the man is in his 30's as well? I happen to BE a 33 year old woman and still get carded for cigarettes and lottery tickets for God sake! My husband is 25 and has always dated older women. I guess that is because he more mature and doesn't ONLY think about sex (which is where we can all obviously see that is where your mind is stuck - you know, like a typical 15 year old)!!! Good Lord, GROW UP! See his opportunity for what it is. Feasibly, he could RETIRE while he's in his 30's while people like you, with NO vision, will be working their asses off well into their 60's for someone else!
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Old 01-07-2004, 07:30 AM   #16
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Quote:
Originally posted by SDscooby
Move out.

Sneaking girls in and out of the house gets old real fast.

With your own place you'll get way more puss. I promise.



Stay at home.

You MIGHT someday have a succesful buisness(You'll be like 30something). You might drive a Benz and you might get mad puss. But they'll all be 30something chicks.




My vote? Move out, NOW, while your young..... but
That is the most horrible advice I have EVER heard. This thread is so wierd.. The other day I went tanning and I was sitting there, waiting for my GF to be done and looking around thinking that It wouldnt be to hard of a buisness to start. Im sure theres alot of parts you dont see, but not a crazy buisness or something. I say go for the tanning bed B1g St7l3!11!
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Old 01-07-2004, 07:34 AM   #17
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Quote:
Originally posted by LostInAZ
Hey, uh, Scooby......

Exactly WHAT in the hell is wrong with 30something WOMEN? Especially if the man is in his 30's as well? I happen to BE a 33 year old woman and still get carded for cigarettes and lottery tickets for God sake! My husband is 25 and has always dated older women. I guess that is because he more mature and doesn't ONLY think about sex (which is where we can all obviously see that is where your mind is stuck - you know, like a typical 15 year old)!!! Good Lord, GROW UP! See his opportunity for what it is. Feasibly, he could RETIRE while he's in his 30's while people like you, with NO vision, will be working their asses off well into their 60's for someone else!
Eva
OMGHI2U!!!1!one

DjB
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Old 01-07-2004, 08:32 AM   #18
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Stay home, save money, put a huge down payment on a condo and rent it out (make sure you get a monthly profit), keep staying at home, buy another condo (rent it out)....be a millionaire.
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Old 01-07-2004, 09:17 AM   #19
Jay04WRX
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thank you everyone for the support and thoughts on this subject. I am going to unfortunatly stop modding my WRX and start saving to open my own business. I know that I can be very sucessful with this and I know I could retire at 40 years old if need be. I would rather do this then work for someone else for the rest of my life. I know there is alot of planning and thinking I need to do before this project gets under way but it is something I really want to do.




Jay
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Old 01-07-2004, 09:22 AM   #20
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dont pay your friends mortgage.
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Old 01-07-2004, 04:04 PM   #21
Jay04WRX
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Quote:
Originally posted by enozto
dont pay your friends mortgage.


true true
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Old 01-08-2004, 04:45 PM   #22
Jay04WRX
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I already know I am going to start saving money for this idea. Bump anyways
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