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 Let’s take a look at a business with approximately 1,500 square feet, 3-5 cutting stations, 1-2 wash stations, and support services
The Metro Detroit area is providing some good deals for retail space in this market. Landlords are making aggressive deals and they will require a little more from start up companies with no tenancy record than from those that have leased space before.
Retail spaces are leased on an “as is” basis. That means that the tenant is required to build out the space to their needs. The Landlord only provides the “four outer walls”. All the interior finishes need to be completed. These costs generally average about $27 dollars per square foot to complete. That would calculate to total for build out costs of $40,500.00
Furnishing your space is next. This is where it is important to have your plan and to understand your market. Successful hair cut shops utilize more Spartan chairs and stations. These would run from about $5,500 – $9,500.00. Cutting and wash stations suitable for a Salon business will run from $9,500 and up.
Stock and Sale Products. The average salon carries supplies of $7,000 to $8,000 in stock. This is both for use on the client and that are sold through the store. These costs can vary if you brand your salon.
Do not forget the business basics. You will need all the necessary office supply products, forms, machines. Business signage on your building can run $3,000 - $10,000, depending on size and style. Many Salons also have a washer and dryer.
Marketing, marketing, marketing!! You will need to get the word out about your new business. There is of course a whole industry devoted to marketing, and the sky is the limit on how much you spend to get your name out.
Here is an example of a high profile opportunity in Troy.
Referrals from other commercial agents and brokers, continued customer referrals and consulting contracts are evidence of my expertise and knowledge of this market. My business is relationship driven, and primarily comes by referral.
I am happy to assist you and your company in any way. Please feel free to contact me with any of your questions, at no obligation to you. I look forward to working with you to get you the best deal on commercial properties. My number is 248-225-7180 or email me. Thank you for visiting my website.
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