My business has been open a year and I can not afford to pay myself a wage, should I keep going with it?

I am a single mom and I live in a small town. I can not move more then 70 miles from my curret address because of my exhusband (custody issues). So in an attempt to create a job for myself I opened my own salon. I have done very well building a clientele but my over head is too high and I have been unable to find quality reliable help to staff my business. Without the added revenue another cosmetologist could bring in I am barely braking even. My financial situation is becoming desparte without stable income. What should I do? Close my business and get a job elsewhere, (commute) or try and stick it out?

From the sounds of it, sticking out may be your best option. Go over your books, and double check everything. Are you being overcharged for anything, are you recieving all inventory ordered. Make sure you are paying all bills on time, as even a late charge from the power company adds up. If you have a solid clientele, I am sure they wouldn't mind paying a few extra dollars for your services. Also any products you sell, such as hair care products, you are expected to make some profit of such a sell. Don't sell yourself short. If you are good at what you do, and you aren't failing, just give it another good push and know that you can do it. Cut out extras that you don't need, and raise prices if you need to. Customers understand that the cost of running a business may mean that they have to pay a little bit more.

review your overhead, see if you can cut back.... or try and find a silent partner...... apply for small biz loans..... good luck to you....

Try moving your business into your home... check the laws in your area. Devoting a designated amount of space for an office and clientelle, you could even get a tax break.

I heard somewhere that it make take up to 3 years to turn a profit. Only you would know if it is worth sticking out for that long or not. Would your worries really be over if you got a cosmetologist? If so, do everything you can to find one. Pay higher than other places, etc.

you can always cut costs in some areas, but dont give up! you will eventually make more money. I know its hard to start out with, but you have to keep at it.

Close the shop,but seeing that you have a good clientele why no go mobile.ie work from home or you go to the clients home then the only overheads you have will be transport....the way you don't have to declare all the work to the tax man.Also remember nobody works for fun we work for a living...Good luck to you whatever you decide

You will always have a high turn over in this type of business. You should add nail techs to your staff the cost of the supplies are low and you can give them like a 60% commission. You will make a ton of money that way. I wouldn't give it up as of yet though because you may be able to find ways to cut back. Figure out the things that you hardly use and cut back on those items. Another thing you could do is offer hair products to your clients. You will eventually turn things around just hand in there.

unfortunatley this is one you must decide. We all face these decisions as business owners from time to time. My sudgestion is to think out side the box. Have you ever seen the shops that tailer to just children. Chairs that look like ponies or racing cars. Sometimes (in the consumer's eye) the experience is worth more than the actual job. For example I have a friend in the Pizza business they make evry kind of topping Known to man and I'm sorry to say I have yet to try one I liked but the place tailors to children and is always packed! who do you think drags me there? I only have one head but several to worry about.

A lot of people have faced this same question. Here is an old saying that may help you to make your decision ( Read this out loud to yourself 5 times). If you always do, what you have always done, you will always get what you have always gotten.

Try out new things to make it work out, even if it does not sound "Traditional"

BEST OF LUCK

In the Spirit of Success,
Dan