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  1. #1
    Join Date
    Apr 2012

    Default Sell my buisness?? :(

    I have had my own salon for over 6 years now. My husband also has his own buisness, we have an investment property aswell. We are now expecting our 3rd baby. The least to my salon expires in October this year.

    I just feel so busy with the kids my buisness. Paying bills for our investment and where we are living now and I also do my husbands and my own books.

    I am feeling quite stressed atm about how I am going to cope when the baby comes.

    Due late December (when the salon is at its peak) I have an awesome girl that has worked with me from the start and trust her 100% so I don't have to be there 6 days a week though I do do a late night and Saturday's that I hate now that my son is at school I only see him Sunday's and miss his footy games on Saturday.

    The girl that woks for me is only willing to work 2 days as she has now got her own 8 month old.

    I dont know if I should sell or keep it as I dont know if keeping it would be possible. While I make a good profit from it and it has it's benefits working for myself I don't know of its worth it.

    What do you girls think?

  2. #2
    Join Date
    Jul 2010
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Can you afford to hire another hairdresser to replace you? If you can try and do that for a year or two especially if you want/have to go back when kids are older you can keep the business and spend time with your babies?
    we have our own business but I am lucky that DH works there as well , I go in a few hours a week and do all my paperwork at home , Saturday's will always be a problem for us and sport as being real estate agents we have open houses all day Saturday's!
    As I'm not working full time we are worse off financially but feel its worth it for DS and I plan on going back full time when he starts school

  3. #3
    Join Date
    Apr 2012
    I get what you mean and it would be perfect to wait untill all the kids were at school it's just waiting those few years that I'm struggling with. I just can't pay someone when I could be working there myself and always end up going in a few days a week. It's a real catch 22 when you have your own buisness. Its so hard to find staff you can trust. It's a beauty salon and I have had people steel wax, money and products it's causes so much stress and of they call in sick an hour before work is ment so start I have to frantically call someone to see if they can mind the kids.

    Also with holidays and paying super and tax it's a nightmare. I just want to be able to work 2 days a week and not have to worry about paying wages, making orders, paying tax etc do you know what I mean. Aaah I don't know

  4. #4
    Join Date
    Apr 2006
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    I would recommend seeking some professional financial advice. That could really help you work out what to do and help you model different financial solutions.

    I started a business when I was 6 weeks pregnant and I managed to take 6 months off around the birth of my bub. I employed 1 person to work for me in my absence and contracted someone else in to work as well. I have a different sort of business to yours and so if someone was sick they had to deal with it themselves, not me, but that only happened once in the whole time anyway. I set up the wages for my employee to be automatically deducted from the business account before bubs was even born (she had an agreed roster) and just let that do it's thing every fortnight.

    The advantage of keeping the business going was that I wanted to go back to it when my dd was 5 months old and then build it from there. I lost money while I was on maternity leave, but if I'd closed my business and then reopened it, it would have cost me a lot more money and I would have taken many months to build it up again.

    It sounds like you are finding running your business very difficult even without the new bub in the mix. Do you really want to run your own business in 12 months time? You'll have 3 children to worry about and that is hard work on its own.

    If you're willing to take a short term loss, so that you can go back to running your business happily in 12 - 18 months time, then I suggest you look at finding employees (or contractors - is that possible?) to work the business in your absence. Maybe even employ a bookkeeper to do some of the bookwork for you for the 3 months around the time of the bubs arrival. I don't think it's feasible for you to have to cover sick leave when you have a new bub, so you'll have to come up with other options if your staff call in sick (and that might include closing for the day ... would that be the end of the world?).

    It's a hard balance. Do you keep your business going in some form, that may be less than ideal? Will this make your 'brand' less attractive and do damage to your business, or will it just keep things ticking along, ready for your return? It can be hard to say.

    You've got plenty of time to find new employees and I think you should focus on that. Find someone to work evenings & weekends. Or don't work in the evening - lots of places don't.

    If you really want to run your own business in 12 - 18 months time don't forget that closing your business/selling it will incur costs and then restarting in a short time will be expensive. Employing a few people & maybe a book keeper in the short term will be a small cost in comparison. Mind you, if you think that it might be better for you to run your own business when the kids are all at school (ie. in 5 - 6 years time) and before that it will be too difficult, then I would sell now, focus on helping your dh's business and waiting to restart your business in time (maybe working as an employee somewhere else in the interim if you want).


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