This looks like it has potential to be the most insufferable post of all time. So congrats. Or sorry that happened

Sort of belongs in the P&R forum too.

I don't doubt you are earning every penny but so did I. It was determined a few years ago that those making what you are making should pay 37% in federal taxes. Someone making what I made should pay 25%. Of what each owed, people in your bracket paid 10% of that 37%. People in my bracket paid 95% of that 25%. I think therein lies the complaint. We need a flat tax rate to make it fair for all.

“Inc”

There is NO way I’d open a business…my wife had a consulting business, everything was a pain in the ass… and she had ZERO employees… hats off to Zero, and yes you earn every single cent.

we should have a flat tax on business and individuals, the tax code is absurd. But that would steal the power to manipulate people and industry in the country… so no way that’s gonna happen.

as far as taxes, we are currently paying for a gigantic monolith military, offsetting the increased need of average to poor Americans as they have fallen behind, and now huge payments on debt interest.

it sucks, but is what it is

This should reside in the politics sub… great topic

Aw.... Just cute.

Congrats on that revenue. Phenomenal for a nail salon.

Thanks!

We have letters of intent to lease 2 more locations out as soon as each is built. I am extremely excited about one particular location that will be at the main entrance to a HUGE 55+ gated community. Really high end place with golf course, a couple of on property private restaurants, and other ammenities. Place is LOADED with hundreds of rich retired ladies that don't want to drive far for anything. It will print money.

If these next two shops do anything remotely close to our current location, I will be a millionaire in 5 years and will retire form my day job.

I am planning to bring my 23 year old daughter on to manage one of the locations and teach her all there is to know about this business. Already teaching the 15 year old daughter about it...she can run it day to day already (she just doesn't know anything yet about supplies, and payroll, etc) ...15 year old is in STEM academy though, so teaching her as a plan b in case she gets out there and finds it's hard to make it.

......If you told me 10 years ago, this is where I'd be in life, I wouldn't believe you....and if you had told 25 year old, broke, uneducated, single with custody of 3 little kids ZERO this is how things would turn out, he'd think you were crazy and that it was impossible.... and 10 year old zero of course, never dreamed of opening buisnesses, let alone nail salons. It would have been the farthest thing from my mind. Life is crazy.

Could be with the young one, if nothing else, sometimes people get degrees and find they don't end up liking the field or they find a lot of issues in it that cause them pause.

Anyway, so how many staff at each location?

Is it just nails?

Currently we have just the one location open.

I have around 22 nail techs, and I employee a full time "manager" and we also have 2-3 part time receptionists (high school girls from the neighborhood, 15 bucks and hour)

Something I have been reading about, and especially talking to my mexican friends and co workers more and more about lately, is seeing about getting mexicans into this buisness.

The Vietnamese who do this tend to be 40 or older at this point, with a decent number of younger ones here and there, but most of the current workforce is aging....they are the ones who generally came over as refugees in '75 or in the next wave able to get out through family connections here. There aren't that many fresh off the boat showing up on these shores, looking for work.

I am SURE that the Mexican American community, has a good understanding of "the game" where pay, taxes and all that are often handled under the table....they just aren't in the nail game.

I don't mean the next comments in a mean or condescending way, but I see alot of mexican women, working at house cleaning, or detaling cars at the car wash....labor intensive jobs. Nails is labor intensive, but not in quite the same way as those occupations are. I think nail tech work would be more lucrative to many of these ladies and easier work.

The problem is, no one has brought them onboard. The nail schools are mostly vietnamese run, the salons are nearly all vietnamese run. The few American Salons that are out there, don't really participate in the game....things are much more above board.

I've told my daughters, the day is fast approaching where the Vietnamese nail tech labor pool is going to run dry, and the salons that can figure out how to tap into good reliable, flexible, nail tech labor, are going to win, and those that can't figure it out, will perish.

I have an associates degree in electronics and I have a very good job at a large railroad doing technical stuff. I am not trained, and had not prior knowledge or family "in" getting into the nail salon business. I would tell anyone here reading this, that you could open a nail salon, get someone who knows nails to manage it....AND successfully tap into new labor markets....you can make a fortune. Nails is HIGH MARGIN, low initial invesment......and recession resistant....especially in higher end locations. Go to a casino, find a baccarat table or blackjack table that is full of asians. The ladies will have Louis Vuitton purses, most likely a very large diamond ring, at least half have fake boobs (these are not for the husband so much as they are STATUS SYMBOLS in that communitiy) 95% of them are nail salon owners, with thousands of dollars on the table in chips, and if you followed them out to the parking lot, they drive a Lexus and live in a nice house in a really good neighborhood. They have no formal education or business training.

If any of you have any ideas on how I might get some of these ladies into nails..I'm all ears. I've thought about maybe financing some to go to nail school in exchange for working for me...but I feel like I assume a ton of risk in that nothing binds them to work for me....and, any given individual might not be any good at it after finishing school, rendering my investment worthless.

Anyhow....As it is...I feel like not being Mexican myself, and speaking no spanish is a major barrier to me making any progress. Any help or suggestions would be welcomed....no matter how rediculous...I'm all ears.

Maybe it's time to start learning Spanish? That's a start.

Esta podría ser una de las cosas más tristes que he leído en toda mi vida.

I’m sure it all great advice. This is why I’m stuck 😞

If you’re at all capable of learning another language, Spanish is about as easy as it gets.

I'm curious, Zero -- does your wife (or her friends who have implants) experience major upper back pain?

Because I certainly have days when my upper back absolutely hates what Mother Nature gave me.....

My wife does not. My ex wife had that problem and got a reduction. In my estimation, the real tissue weighs more than the implants do. Also my wife upgraded to c’s, and the ex downgraded to a c rim dd. Apparently c is a good size that doesn’t hurt the upper back

That sounds entirely possible (that C's don't cause upper back pain). That's one cup size I cannot comment on, as mine went from B's to D's in a 2-month time span and it sucked because I needed a whole new wardrobe. Nothing fit right after that. Upper back pain is a real thing though -- and not fun at all.

Fwiw, ex wife is really happy with her decision to get the reduction.

Happy Thanksgiving!

im thankful we are about 575k ahead of last year at the same time. I’m thankful I have 25 nail techs all home today enjoying the fruits of their labors.

Many women financing their vanity on credit cards!

So....interesting thing going on this tax year if you are a small business owner..... Section 179 of the tax code talks about write offs for things you purchase for your business such as tools, or machines...or cars. That sort of thing. In the nail salon business, this would include things like spa chairs, or a cash register, sound system, lamps...that kind of thing, but can also include a car for "business" purposes. Now, as it is, by the letter of the law, we do use one of our cars for business reason..mostly to transport supplies, but the deductions for that aren't much in the grand scheme of things for a nail salon. However, for tax purposes in 2022 only, in addition to the typical deduction for buying a new piece of equipment, such as a table or a car, business are allowed to depreciate the entire asset all at once. So essentially, for a qualifying vehichle, you can write off the ENTIRE cost of the car this tax year, and this tax year only (next year it goes back to normal) That being the case, I called my taxman to verify and he said it was....if you go to Cadillac or google Cadillac section 179, they are even advertising this situation as a selling point to come get you an escalade. The vehichle must be over 6000 lbs but less than 14,000. (so most large SUV's vans, etc) ....so this is a no brainer... I know by tax bill is going to be north of 100k for 2022. I can write a fat six figure check to uncle same all at once, OR I can buy an Escalade, make payments on it, and pay the same money, but end up with an Escalade.

I'm pretty frgual and even though our business and my job render us a substantial income, we've always had very inexpensive cars. I drive a 2002 Montero (that I like alot) and my wife drives a 2015 Outlander. Both have long been paid for. I got the Montero used for 3500 bucks a few years back. We wouldn't normally entertain the idea buying a car this expensive, but here we are.

The point of this is to anyone reading this and contemplating starting a small business....and you believe in yourself and you feel like you bring something of value to the market...do it. The lattitude you have on your tax situation is something...to say the least.

Anyhow...as I have been now in a hurry to purchase an Escalade, the inventory here in teh DFW metroplex is almost nil.....because of others in similar tax situations scrambling to get a "free" Escalade. (or other large SUV or multiple SUV's as that goes.)

That's been in the tax code for a while now. Glad you caught up buddy!

I expect Zero's Nail Salon to be getting a Cybertruck from Tesla next year!

I should have worded this better. Yes179 has been around forever. It’s that combined with the new bonus deprecation rules in the tax cuts and jobs act that allows you to deduct the entire cost of the vehicle in the yesr the vehicle was in serviced.