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FAQs
Rule of thumb is to avoid lowering your prices. You don’t want to sell yourself short out of fear that they won’t follow you. Express excitement about your new endeavors and expect loyalty. If you feel you need to increase your prices, do so minimally the first year of starting your own business. It’s best not to scare away faithful clients with a large increase on top of them driving to a different location and getting into a new routine.
- Security Deposit
- State board and business licensing
- Extra furniture and personal decor items
- Design and/or printing for business cards, menus and websites (include hosting)
- Back bar and retail
- Tools – scissors, blow dryer, etc.
- Renters/ liability insurance
- Rent
- Phone
- Rent
- Laundry
- Supplies
- Credit card fees
- Accountant fees
- Phone bill
- Money set aside for taxes
Once you’ve made sure you have enough in savings for the start-up costs, which can be anywhere from $1,500 – $3,000, it’s time to nail down whether or not you’re in a good position to handle the monthly costs. This means looking at what your monthly expenses will be versus how much money you’ll be bringing in. You need to have a firm grasp on what your average monthly gross income is based on your core client list.