{"id":5295,"date":"2018-12-25T00:35:54","date_gmt":"2018-12-25T00:35:54","guid":{"rendered":"http:\/\/www.beautyconsultantmagazine.com\/home\/?p=5295"},"modified":"2018-12-25T00:36:01","modified_gmt":"2018-12-25T00:36:01","slug":"calling-all-beauty-pros-with-a-dream-of-salon-ownership","status":"publish","type":"post","link":"https:\/\/www.beautyconsultantmagazine.com\/home\/calling-all-beauty-pros-with-a-dream-of-salon-ownership\/","title":{"rendered":"Calling All Beauty Pros with a Dream of Salon Ownership"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><em>South State Bank&#8217;s Carol Shirley gives you the tips on how to land that loan from the bank<\/em><\/h4>\n\n\n\n<p><strong>O<\/strong>wning a salon is the dream of a lot of beauty professionals, but funding that dream can be a complicated process, especially if you don\u2019t know what to expect when you walk into that office. <em>TBC<\/em> was lucky enough to talk with Carol Shirley, retail area manager for South State Bank, who has 25 years of experience in banking and finance on her r\u00e9sum\u00e9, including small business lending. She had some excellent advice for those looking to make their dream a reality by landing that business loan.<\/p>\n\n\n\n<p><strong>Cash Injection<\/strong><\/p>\n\n\n\n<p>So, what is cash injection? Simply put, it\u2019s an\ninflow of cash into a company, and most banks will require 20 percent from you\nup front. \u201cThey want you to have some \u2018skin in the game\u2019 so to speak,\u201d said\nShirley, \u201cand you should never expect the business to run itself within the\nfirst year.\u201d This means that\nthe bank will look to see if you have other sources of income aside from the\nbusiness as well as at least six months of expenses figured in. And\nthese can all be displayed in a well-prepared business plan.<\/p>\n\n\n\n<p><strong>Business Plan <\/strong><\/p>\n\n\n\n<p>This seems like a no-brainer, but there\u2019s so much\nthat goes into a thorough business plan that you need to be prepared to\nprovide. Some things to think about and include in your plan are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>market area<\/li><li>location<\/li><li>equipment<\/li><li>inventory<\/li><li>who are you hiring; and<\/li><li>your personal credit and financial\nhistory<\/li><\/ul>\n\n\n\n<p>Another important point to consider is whether\nyou\u2019ll be acquiring an existing salon or opening your own. \u201cIf you\u2019re buying a\nbusiness, the bank will require at least two years of detailed financial\nhistory of that business and inventory reports,\u201d said Shirley.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1401\" src=\"http:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1.jpg\" alt=\"\" class=\"wp-image-5297\" srcset=\"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1.jpg 2048w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-300x205.jpg 300w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-768x525.jpg 768w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-1024x701.jpg 1024w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-335x229.jpg 335w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-1050x718.jpg 1050w, https:\/\/www.beautyconsultantmagazine.com\/home\/wp-content\/uploads\/2018\/12\/unnamed-1-600x410.jpg 600w\" sizes=\"auto, (max-width: 2048px) 100vw, 2048px\" \/><\/figure>\n\n\n\n<p><strong>Approach a Bank\nYou Already Have a Relationship With<\/strong><\/p>\n\n\n\n<p>Having an established relationship with your bank\nmakes the whole process that much easier for a few reasons. You\u2019ll know your\nbank\u2019s expectations for their loaning process and you\u2019ll be more comfortable\nasking questions\u2014and yes, you should ask questions. \u201cFind out what the bank\nrequires for a SB loan,\u201d said Shirley. \u201cSee if they use government lending\nprograms like the Small Business Association.\u201d Knowing these answers can make\nor break your receiving that loan. <\/p>\n\n\n\n<p><strong>Be Prepared<\/strong><\/p>\n\n\n\n<p>Preparedness is a given, but it can\u2019t be\noverstated. The biggest downfall of small businesses is a lack of research, so\ndo your homework. Dress for success. Prepare to be your own boss!<\/p>\n\n\n\n<p style=\"text-align:right\"><em>Image courtesy of\nWikiMedia Commons<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South State Bank&#8217;s Carol Shirley gives you the tips on how to land that loan from the bank Owning a salon is the dream of a lot of beauty professionals, but funding that dream can&#8230;<\/p>\n","protected":false},"author":3619,"featured_media":5298,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,22,157],"tags":[110,77,265,141,143,109,258,71,113,267,111,234,83,178,253,125,268,269,270,266],"class_list":{"0":"post-5295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-articles","8":"category-how-to","9":"category-news-culture","10":"tag-all-business","11":"tag-atlanta","12":"tag-bank-loan","13":"tag-beauty","14":"tag-beauty-blog","15":"tag-beauty-business-tips","16":"tag-beauty-educator","17":"tag-beauty-magazine","18":"tag-beauty-professionals","19":"tag-business","20":"tag-business-tools","21":"tag-chicago","22":"tag-new-york","23":"tag-news","24":"tag-salon","25":"tag-salon-owner","26":"tag-salon-ownership","27":"tag-sba","28":"tag-small-business-loan","29":"tag-south-state-bank"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/posts\/5295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/users\/3619"}],"replies":[{"embeddable":true,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/comments?post=5295"}],"version-history":[{"count":1,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/posts\/5295\/revisions"}],"predecessor-version":[{"id":5299,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/posts\/5295\/revisions\/5299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/media\/5298"}],"wp:attachment":[{"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/media?parent=5295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/categories?post=5295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.beautyconsultantmagazine.com\/home\/wp-json\/wp\/v2\/tags?post=5295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}