Mirrors on the Wall
Mirrors on the Wall opened its current location in April of 2007, operating as a C-corporation. The salon capitalized on the limited liability and the ability to raise larger dollars. Brandy Barchanowicz is the sole owner and president of the company. To date, Mirrors on the Wall has over three hundred revolving clients.
The owner approached The Crater SBDC to obtain assistance with writing a business plan. The owner planned to present the plan to her banker/Investor for the purchase of a building. The building price was quoted at $250,000 and approximately $6,000 additional dollars were needed for new equipment. The new location also needed minor electrical and plumbing modifications to meet certain zone requirements. The client invested $35,000 towards the purchase.
The client and SBDC counselor spent considerable time vamping and re-vamping the plan, including putting together a sound financial package to ensure that the plan was professionally prepared for submittal. After much work the plan showed a strong foundation and demonstrated that the business was a solid investment. The client received funding to purchase the building and complete all modifications.
The Crater SBDC assisted the client with putting together a business plan and a financial package. The client is dedicated and has a strong knowledge of the industry. Because of the company’s sound financial status and the SBDC’s assistance with a well-prepared business plan, Mirror on the Walls received $262,000 from an investor to purchase a building and complete other modifications to the building.
The loan approval allowed Mirror on Walls to purchase a building, resulting in a huge expansion. In addition to the salon services, several brands of professional hair care products will be available for purchase. Retail currently accounts for 10% of the total cash flow so the client will add a boutique, if adequate space becomes available. The additional retail from the boutique should exceed 25% of the cash flow. The boutique will have novelty gifts, handbags, jewelry and other fashion accessories, along with home accents.
Mirrors on the Wall currently employees three full time cosmetologists. Once the expansion takes place, the company will to provide full time employment to two additional cosmetologists, as well as hire a full time receptionist. The client will host an Open House and a Ribbon Cutting on March 17, 2012 and has invited the SBDC to be a part of the celebration!