N
nzbm
Guest
So I've been backing and forthing about a potential business idea that will be slowlane initially but because I want to franchise it around NZ and Australia has the potential to become extremely fastlane.
Basically I'm going to open a spray tanning salon with 3 main products:
- spray tans on VersaSpa machines
- high margin retail products
- monthly direct debit payments with unlimited tanning* to make managing cash flow easier
So far I have done the following:
- setup the website/facebook/twitter because I like that jazz
- incorporated the limited liability company, registered for sales tax
- set up a company bank account
- obtained a company credit card
- entered into negotiations with the landlord for contribution towards store fitout
- applied for vendor financing from the distributor to lower upfront cash requirements
- seen my solicitor to get employment agreements drawn up
- transferred X from my savings account to the business account =)
Basically I want to open by the end of the year max. I have next to nothing to put into the business BUT I have worked retail before and know the business. My ex girlfriend used to work at a beauty salon which are my main competitors and quite simply the ladies that own these businesses do next to NO marketing for their spray tanning services and charge ridiculous prices.
My target market is 16 - 25 year old females who value their appearance. After discussing with my female friends how they currently get their tans ALL of them said they'd definitely use the automated tanning booths instead of the tanning beds they currently use.
There is a major untapped market for high school girls who can't stretch the $49 a beauty salon would charge but will spring for a lower price.
The gross profit margin is ~ 70% which is enough to cover rent, leases, overheads, payroll and start paying myself a salary soon.
How can this be fastlane?
1. From Day 1 I will have someone working in the store with me so I'm not a slave to the opening hours.
2. I have already started writing an operations manual wiki from which standard operating procedures will evolve on an as-I-go basis
3. I have started talking to a franchise consultant who said after a year I could definitely think of franchising.
4. I have a big goal - 50 stores in 5 years in NZ and Australia.
5. If it goes well I will expand with cash flow into other cities on my own bat and be franchising at the same time so expansion is key.
Boom! Got that off my chest.
Basically I'm going to open a spray tanning salon with 3 main products:
- spray tans on VersaSpa machines
- high margin retail products
- monthly direct debit payments with unlimited tanning* to make managing cash flow easier
So far I have done the following:
- setup the website/facebook/twitter because I like that jazz
- incorporated the limited liability company, registered for sales tax
- set up a company bank account
- obtained a company credit card
- entered into negotiations with the landlord for contribution towards store fitout
- applied for vendor financing from the distributor to lower upfront cash requirements
- seen my solicitor to get employment agreements drawn up
- transferred X from my savings account to the business account =)
Basically I want to open by the end of the year max. I have next to nothing to put into the business BUT I have worked retail before and know the business. My ex girlfriend used to work at a beauty salon which are my main competitors and quite simply the ladies that own these businesses do next to NO marketing for their spray tanning services and charge ridiculous prices.
My target market is 16 - 25 year old females who value their appearance. After discussing with my female friends how they currently get their tans ALL of them said they'd definitely use the automated tanning booths instead of the tanning beds they currently use.
There is a major untapped market for high school girls who can't stretch the $49 a beauty salon would charge but will spring for a lower price.
The gross profit margin is ~ 70% which is enough to cover rent, leases, overheads, payroll and start paying myself a salary soon.
How can this be fastlane?
1. From Day 1 I will have someone working in the store with me so I'm not a slave to the opening hours.
2. I have already started writing an operations manual wiki from which standard operating procedures will evolve on an as-I-go basis
3. I have started talking to a franchise consultant who said after a year I could definitely think of franchising.
4. I have a big goal - 50 stores in 5 years in NZ and Australia.
5. If it goes well I will expand with cash flow into other cities on my own bat and be franchising at the same time so expansion is key.
Boom! Got that off my chest.
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