I am going to purchase this nail salon - With no prior industry knowledge - Ride along fellow entrepreneurs entrepreneur how earn by blogging blog

There is a nail salon in my city, that I believe to be severely under valued. They want to sell for $30,000. This includes all the assets, no debt, and rent is $990/month for 1000 square feet.

It's a typical nail salon. Nothing special. No real marketing presence. Think typical Asian salon that uses poster boards for price sheets (okay maybe not that bad).

I am aware that tons of under the table money flow through these businesses. Aka not reporting cash sales. Thus I believe the low evaluation. You can't sell a salon for 150k if on paper you're only making 20k.

The seller has a condition that they will not release the financial statements prior to a conditional offer being made. The seller owns 8-10 other nail salons in the city and their sister runs this one. The vibe that I am getting is that the sisters heart isn't in the business, and sales have dropped/loss of clientele, and they are most likely running a deficit.

My plan: Conditionally offer 20-25k upon releasing the financials (the assets aren't worth too much, the spa chairs are probably the most valuable at around $1000/each). If they accept. Put 20k into leasehold improvements. Including a solid marketing and re-branding campaign. I would seek to build it into a scale-able business that could be franchised.

I would like to westernize the nail salon experience. Modern chic styling throughout the interior, maybe acquire an alcohol license to serve clients wine, and most of all, have fun with it.

I enjoy dabbling into foreign waters. It keeps me on the edge of my seat. This is a great opportunity to expand my portfolio into something completely new and different.

If anyone wants to chime in on their experience in this industry, please feel free! I have a meeting tomorrow with the broker to talk with the owner.

Cheers!

submitted by /u/Bambooooozled
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