i came across a little hairdressers shop in a nice area with a lot of potential. it needs a lot of work, but i would assume i could buy furniture and equipment cheaply at the moment. i wouldnt need a credit as i’m thinking of using some saving, cos there is no point in saving at the moment anyway. i’m aware that noone wants to spend money at the moment, but by the time the shop would be up and running in a few months the ecomomy might be better? or am i just stupid?
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#1 by allwrongthong at July 17th, 2009
I’d go get it. It’s the US (over here) where the economy is all jacked up.
#2 by gallonton at July 20th, 2009
not necessarily, Allstate insurance opened for buisness in 1933, and now look at them
#3 by Sal*UK at July 20th, 2009
Now when I read your title I thought - yes a bad idea………….. but….
We recently rented a commercial premises to a very young very talented hairdresser - she is doing incredibly well!!!
#4 by Sophie at July 20th, 2009
Sounds like a good idea to me.
Just make sure you plan everything well and watch money figures carefully
Good Luck x
#5 by Kaz at July 22nd, 2009
Yes it’s the best time
#6 by celticfcdoberman at July 25th, 2009
Why don’t you become an undertaker. You shouldn’t lose your job.
#7 by R-Dog at July 25th, 2009
umm theres alwats a chance but im going to tell u chances r this recession (some experts calling it a depression) will not in a few months, i think its best to not open a shop just yet because not many people will b willing to buy much these days, even in the next few months i doubt many people will
#8 by Sarah♥ at July 25th, 2009
you need to assess the whole situation. a lot of people are very safe when it comes to hairdressers, always going back to the same one. i suggest you look at all the competition. everyone gets their haircut and recession wont effect salons that much. if i were you i would be more concerned about competition. xx
#9 by desertgirl at July 29th, 2009
from the greatest recessions have come some of the best businesses. I know a hairdresser and her salon is doing horrible right now. You are right though, now would be the best time to get things cheap. If you can handle losing money for a while then now would be an ok time to start a business, just factor in how much you can lose, and don’t expect a booming business right away.
#10 by Gypsy Girl at July 31st, 2009
As long as you can afford to operate the business at a loss for the first 2 years, then go for it. If you need it to be making a profit right away, then it might not work.
#11 by Atalanta at August 2nd, 2009
Think about things this way:
If a woman’s husband loses his job, or if her own hours of work are cut, what will she reduce spending on first ?
Not food or things for the children, but probably her appearance. She will still get her hair done, but maybe only half as often. She may try doing a colour for herself instead of coming to you, for instance.
I know someone who set up a business concerning what you might call “optional” spending - at the beginning of a recession, and was very soon bankrupt.
If you must go into business, choose something people HAVE to buy rather than something they can do without.
#12 by jimmy at August 3rd, 2009
It can be good to start a buissness in a recession as it gets you used to working with a tight budget. also it gives you a head start when we come out of a recession as thats when lots of people will start up but yours will be set up and more established.
Also with something like a hairdressers, its more of a necessety because people will always need and pay for haircuts. you just need to be careful with your budget at the moment thats all.
#13 by Denise at August 6th, 2009
Create a Business Plan, find out your start-up and running costs (are they fixed or variable?), do primary and secondary market research, find out ways to advertise aswell as word of mouth, etc.
It may be cheap to set-up a business in the economic climate what with property being cheaper than usual, but you need a way of drawing customers in - make them spend money (that’s tight for most people at the moment). No customers = no profit.
I wish you every success in your business venture, if you do go ahead with it!
#14 by doug r at August 9th, 2009
if you can get the premises at the right price or the right rent , and check the competition in the local area , hairdressing should be ok as long as you keep your prices realistic at this time , and getting the work done at a good price shouldn’t be a problem as everyone is screaming for work and will price jobs competitively . be shrewed and don’t let anyone you are dealing with know that you are using your own money ,as there are some unscrupulous people about . good luck
#15 by Ansell A at August 12th, 2009
It is not a bad idea to start a business in a recession but it must be the right type of business.
Think about it. During a recession people have no spare money and consequently cut down on luxuries.
Hairdressing can be classed as a luxury as people go out and get their hair done when they have a special occassion or are going out etc.
Although people will still want to get their hair done, it is likely to be less than “normal”. Therefore you need to research the area very carefully before starting this sort of business.
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