“I’m a struggling salon suite owner in Chicago. After listening to your podcast and being a thriver for years I’ve morphed into an aspiring salon owner. I currently own a salon suite in salon lofts in an area of town recently voted one of the coolest neighborhoods in the city. But I’m struggling to hire. After listening to podcasts on what new stylists want I check most of the boxes EXCEPT ENVIRONMENT. MY suite is gorgeous. I built it out to three chairs, and I’m always getting compliments. Even the landlord brings potential renters by my space. But it’s still a suite. And I’m gathering that students want a salon. I was hoping to build a team before locating a space. In Chicago, I’d like to make the investment to own over rent a store front. I figure if I’m going to pay the taxes, utilities, AND rent (as most leases go) it may as well be an investment in property and I should own it! But everyone said build the team before the space. Padding the #’s of the business will sweeten the deal on the loan. Now I’m not so sure. Especially when environment is so important to students. Now that Freddie Mac has sweetened the deal on putting only 5% down on commercial properties, I’m wondering what comes first, the team or the space? If I build it, will they come? Or should I stick it out in an overpriced suite until I have the team?”
Opheliadw via Apple Podcasts ·
United States of America ·
11/17/23