My Entrepreneurial Dream
By: Tatyana Khaykina
Throughout my high school years I couldn't decide about what career I would want to
pursue after finishing college. I vacillated between wanting to be a lawyer, to being
a speech therapist. I even contemplated opening up my own beauty salon. In my junior
year, I immersed myself in the creative process of designing a unique salon, one that
would stand apart from the rest. I came up with many unique ideas such as: placing
the spa on the highest level, hairdressers, manicurists on the middle level, and a
food court on the lower level. I feel that this business will be successful because
it will be different from the typical beauty salon. I will hire only the best stylists.
I would employ only licensed professionals, who would be in charge to make our clients
feel they were a part of an elite salon.
The type of business which I want to have is a partnership. The reason why this form
of business is ideal for my beauty salon is because there is a large starting fee
for this type of business. One of the main financial problems would be taking care
of the fixed costs, such as rent at the beginning stages of the business when revenues
aren't high. My partner would be there to help contribute to the business both financially.
He/she will be there to manage and look after the business with me. Some of the advantages
of having a partner in this form of industry includes: more initial money, higher
credit line (ability to borrow more from financial institutions), more ideas, and
more time being put into the business.
There are also some concerns that arise when thinking about going into a partnership.
Partners do not always get along and most of the time differences of opinion turn
into fighting. This could result in the business coming to an end. Before going into
a partnership, I will have to make sure that I trust that person with being honest
to me and also making wise decisions when it comes to the business. Another setback
to having a partner is the fact that all the revenue coming in has to be split among
the partners.
