Fresh Threads: Buying a salon, timesheets, being held to ransom

  1. James Martini

    James Martini UKBF Ace Staff Member

    1,004 3
    13 |

    Hi, UKBFers.

    Welcome to Fresh Threads, our weekly roundup of the best comments and advice from the forums. 

    Here are my top picks from this week.

    1. What’s the right price to buy a salon?

    Stedurham

    I’m looking to buy a salon. Turnover isn't anything special, around £70,000, and it makes profits of about £5,000. They want £25,000 for it, including stock.

    I've got an award-winning relative who is in this industry and she's looking to go it alone. Her turnover alone would double the shop’s instantly. 

    However, I don't want to overpay to replicate the shop and will in time spend money on it. Has anyone got any ideas on how much it's really worth?

    Also, some of the staff have been there over 10 years. We are willing to give them a go, however, if they don't meet targets within a three-month trial can we just sack them? 

    Newchodge: If you are buying the business and stock and continuing as a similar business, the staff almost certainly transfer under TUPE. All their service with the old employer is carried forward to you. .

    Gordon - Commercial Finance: What kind of staff in a salon would have sales targets? This is like a hair salon, right?

    Mr D: Depends what you mean by sales targets. There's stuff they do have control over and there's stuff they don't.

    MikmakFer: The question you need to ask yourself is that in order to bring a premises up to the standard of the one you're taking over, how much would that cost? 

    2. Sudden use of timesheets​

    Jonny2000

    My daughter has been paid a salary for the last five years (since she started her job). She has recently been told to fill in timesheets as she is now getting paid by the hour. Can this legally happen without consultation?

    fisicx: Maybe the salary was based on an hourly rate. What does it say in her contract? 

    Stas Lawicki: It has probably been an hourly rate, and with payroll changes this year they are getting 'hours worked' info from your daughter, rather than doing it themselves.

    paulears: Has she ever been paid overtime? Or been asked to make up hours? If so, it's not really a salary, just annualised hours based on a nominal number per week. 

    obscure: If this is a change to the contract, it can't be done without the employees’ agreement.

    3. Electricity provider holds supply to ransom

    OXO GIRL

    The electricity meter has been removed. It seems the last occupant may have had issues with paying the bills (think that's why the meter is missing) 

    I don't want to use the existing provider and they seem to be holding the supply to ransom. They say no-one else can put a meter in the property except for them.

    So far they want £100 for admin to go forward with the meter, then six months’ usage paid upfront. Can anyone help with this one, please?

    EntrepreneurAJ: Have you signed anything that states this provider is to be your energy supplier?

    simon field: You don’t have to use them. Phone an alternative supplier in the morning and they’ll sort it out.

    kulture: Tell them to go away. Be less polite than that.

    obscure: Don't sign anything they give you. Just ignore them and choose your own supplier.

    4. Best software for construction project management​

    downhill racer

    We may be taking on a large construction project soon. The success of it and the likelihood of repeat business will depend on getting the work done on time, budget and to a high standard. Not much pressure then!

    Currently we use a mish mash of spreadsheets to track projects, but I am thinking it might be a good idea to invest in project management software. 

    Is anyone using software relating to construction projects and what do they think of it?

    gpietersz: Have you looked at having a custom web app made or an ERP?

    Stas Lawicki: How big is the project and what is your role? If you are the PM, you may want something entirely different to a main contractor or design consultant.

    Nico Albrecht: Check out Zoho. They do project management and timekeeping apps that feed back nicely to bookkeeping.

    bodgitt&scarperLTD: If your current system works and gives you results, then it would seem silly to switch just before a particularly important project.

    That's all for this week – have a great run into the weekend!

    #0
  2. Furqan721

    Furqan721 UKBF Contributor Free Member

    54 4
    Thank You for sharing this stuff!
     
    Posted: May 16, 2018 By: Furqan721 Member since: Feb 26, 2018
    #2
    Chris The Dropshipper likes this.
  3. billybob99

    billybob99 UKBF Regular Free Member

    1,373 364
    Much love, thank you, thank you.
     
    Posted: Nov 21, 2019 By: billybob99 Member since: Apr 23, 2013
    #11
  4. GolHiii

    GolHiii UKBF Newcomer Free Member

    4 1
    thanks, it was interesting to read, although as far as I read, the virus is not able to live outside a living organism
     
    Posted: Feb 7, 2020 By: GolHiii Member since: Jan 10, 2020
    #13
  5. Awinner2

    Awinner2 UKBF Regular Free Member

    362 71
    Chine food businesses are certainly reporting lower sales.
     
    Posted: Feb 17, 2020 at 9:50 PM By: Awinner2 Member since: Aug 4, 2017
    #14