One thing I must say is Negotiating is the Key when you say that you know that you have to do a personal Guarantee your goal should be not to have a Personal Guarantee, You want to protect your personal assets if you tell them that you'll back out they should negotiate the lease without your personal Guarantee I rented a 9700 space no guaranteed it was (I know your going to think I'm joking ) But it was only 3700 yes 3700 and that is because I entered a 5 year no guarantee we smashed it negotating and flashed a couple dollar signs in their faces. Unless you already have clientele I usually recommend a area that gives you good exposure and the ability for people to notice your salon.