Laura Murphy: F*%ked up… but fixed it!
As part of our ‘F*%ked up… but fixed it!’ series here on the HUB, we’re asking salon and barber shop owners to get real with us about a mistake they’ve made in their business and the steps they took to secure a solution. This month, we hear from Laura Murphy, owner of The Hair Space in Galway, about the roller-coaster journey she took, before her salon doors were even opened…
THE F*%K-UP
When I decided, back in 2019, to open a salon, my vivid visions of the brand and design concepts were financially unrealistic (I had insufficient savings). After the pandemic, I found my dream space, but the unit did not have the correct planning use for a hair salon. Naively, I applied to the planning office for the unit’s change of use, tried to obtain a fire certificate and mapped out my signage – all before I had secured funding, let alone signed the lease. I spent thousands of pounds, and then later – as someone with a zero-track record in business – I received two back-to-back loan refusals from the bank.
I was delighted when finally, I received a loan approval from a different bank, together with the change of use sign-off, only to discover the cost of the renovation work had doubled in price, to an amount that far exceeded what had been agreed by the bank. I had spent my savings and personal loans on solicitors, engineers and planning, for a unit I could no longer afford. Still holding onto the bank’s initial business loan, I had two choices: either I give up my dream, or I fix the situation, by finding another unit within the remaining 30 days before my loan approval expired.
THE FIX
Over the following 30 days, I stuck to my guns. I was determined to create a business where I could provide well-paid staff with the opportunities and freedom to develop their careers. My builder introduced me to a unit he was working on, which was about to be leased. Although it wasn’t in the best condition, I made sure it was within budget. I knew the vibes were right and immediately, I could picture how everything would look and work. Building work commenced soon after, and this May, the salon will have been open for one year.
Having found my new unit, I sought assistance from an accountant and business adviser (who is also a salon owner) to check all my paperwork. Now, instead of relying purely on instincts, I run almost all my business decisions past him, to ensure my plans are practical and realistic. And to better manage my venture, I joined business hub events, soaking up advice from salon owners and mentors. During the pandemic, I took online business courses, too.
My experience has taught me the importance of financial planning before jumping in, and to seek professional help and guidance regularly if you don’t have all the answers. It’s been a valuable (all be it expensive) lesson, but through it all, I kept going and remained passionate. So my advice, too, would be never to get caught up in what you may have lost, as it will only slow you down. Dust it off, trust in your vision but maintain clarity.