What is your small business worth? You could pay a valuation firm thousands of dollars for a precise answer, or you could follow some rules of thumb and get pretty darn close for free. Like this.
Beauty salon basics
The beauty-salon industry is massive. According to a November 2008 report from the Professional Beauty Association, there are some 825,000 establishments in the U.S. generating an estimated $40 billion in annual revenue and employing 1.1 million people. Beauty salons and spas make up 69% of the pie; nail salons, 19%; and barber shops, the remaining 12%.
Salons are getting a trim in this economy. Publicly held Regis Corp. –with more than 12,800 locations spanning brands such as Supercuts and Sassoon Salon–saw same-store sales in the first quarter fall by 4.5%. Then again, vanity is a powerful force, and the beauty business is more resilient than most.
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