Q & A: Furniture Leasing

I live in San Diego, where I work as a nail tech. I've networked with a group of gals in my area to start a Wellness Spa (offering manicures, pedicures, massages, gel enhancements, and possibly acupuncture.) Well, watching your build and in the beginning of a start up for ours, I'm overwhelmed with the process.
My question is about money. I've been online for weeks looking for furniture deals. We’re currently working on the business plan with SCORE (a small business consulting firm) and are trying not to take out a huge loan. Who or where did you find a lease for your furniture, and can you share any formulas for a commission/rental base salon?
Hi Michelle,
Those are great questions; and trust me it’s been overwhelming at times for me as well. Regarding the lease for the furniture, we’re still comparing rates from different places including banks and the leasing company our furniture maker Salon Equipment International recommended, which is L.A.-based Colonial Financial Lease Corp. They specialize in salon equipment lease-to-own financing. You could start there and with the banks in your area.
We decided to go with a lease because it allows us to space out the furniture payments, instead of coming up with one lump sum off the bat. Over the course of a few years, we’ll pay off the cost of the furniture (plus interest).
Regarding the formulas for a commission/rental base salon, I don’t really know the answer to that question because, since we’re hiring all employees, it hasn’t come up. Other salon owners: feel free to weigh in on these questions.
Note from NAILS Eds. —  According to NAILS 2006-2007 Big Book, the average monthly cost to rent a booth in salon is $304. For a more detailed breakdown of common booth rental costs, visit http://www.nailsmag.com/pdfView.aspx?pdfName=2007_IndustryStatistics.pdf.

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