So I'm opening a waxing salon...

I had posted here a few weeks back (see previous post here ) about trying to decide whether I should take a waxing job at a nail salon around the corner from my house. Would you believe that the same day I went to talk to the owner, my dad found the perfect location at an AMAZING price for me to open my own place? I can't believe it either, and I literally have the lease in front of me as I type this. It has happened SO fast that my head is spinning. My mother was left a chunk of money when a friend of hers died earlier this year. She has refused to touch it. Instead, she wants to loan it to me in order to get my spa open. Things are falling into place very nicely, but I wanted to come here and find out if there is anything that you guys can tell me before I officially open my doors. We're looking at opening in January. What licenses do I need? Insurance? Tax stuff? Crazy laws that more people are not aware of? Can anyone who has their own spa or salon tell me some things you wish you'd known sooner? This is crazy, but I feel more hopeful and positive than I have in a few years. Any words of wisdom would be greatly appreciated! Thank you all so much!

▶ Reply to This

Replies to This Discussion

Permalink Reply by Teresa Escoffery on November 19, 2016 at 2:25pm

Laundry list....

Some kind of software system to track your sales and expenses. i recommend Quickbooks, but if you get a spa software package it should do most of the basics. meet with a CPA YESTERDAY to figure out what you need track the loan, repayment, equipment and other operating expenses that woudl not be captured in spa management software.

You will need a local business license. Check with your state board if you need an establishment license and / or inspection. You will need insurance for your leased space -- especially for waxing in case you leave your pot on and burn down the place.

If anyone else works in your business, chck with your CPA about whether or nto they would be an employee or contractor. Both have legal implications and tax implications you have to be very careful of

If you are selling product, you will need a Sales Tax ID and register with the state to make your monthly or quarterly payments. And dont be late, or you pay a penalty. (when you hear people scream about government regulations choking small businesses, first read the SC Sales Tax manual https://dor.sc.gov/resources-site/publications/Publications/Sales%2... and then being the government's tax collector for a year or two before you dismiss them as conservative nut jobs)

Make sure you have 6 months rent saved up. Everything with a new business takes 2x as long as you plan and costs 2x as much.