Are you also one of those people who realized the value of a barbershop during the pandemic? Those unsung heroes that make you look professional before a big interview, chic you up before a big date or maybe just keep your hair from poking into your eyes. Barbers are those great people who have expertise to deliver what you have imagined in your mind. From planning your look to delivering it, a barber can as much as make and ruin your life, well basically just ruin your hairstyle but they are pretty much the same thing.
So if you are now aware of the importance of a barbershop and how well they do provided that they are experienced in what they are doing then it might be time to look into this business. Maybe you yourself a great hair stylist or you are planning to hire some professionals who can work their magic on those hairy heads. But what exactly is required when opening a barber shop. From owning a barber shop to how to run a barber shop this article will guide you to enough about all you need to know and plan before getting into this line.
Knowing your Goals
The first and foremost rule to opening or owning any business is to know your goals. So before we narrow down our guide to just a barbershop it is important to learn how you need to know and define your goals. So before you get into how to own a barbershop make sure your goals are valid in the longer run. Sure, we know your goal is to be a successful barber with people coming up to you before all their big events or maybe just hiring a team of barbers that dress up your clients with the best hairstyles. But are your goals defined like this?
Quantified
For any business to grow or know whether or not is succeeding, your goals need to be quantified. This means the goals you set need to be realistic and measurable. In this plan, setting a certain number of customers per month, breaking even in certain number of months or hiring a certain number of employees after few months, all of these falls under quantified goals.
Setting a Deadline
Once your goals are set, try to outline the steps you must take to accomplish them in a reasonable amount of time. Without deadlines, your commitment is lacking, as evidenced by your goals.
Celebrate Tiny Achievements
Every time you accomplish a goal, it is wise to recognize it and rejoice. Whether you put a lot of effort into it or everything just seemed to go your way, you should treasure that time with your coworkers or partners.
Checking out the Market
Is it your first time as a barber or as a barber with his own shop? There are many reasons why one would plan to open up their own barbershop. But keep in mind, if you are a barber already, you know this market better than a lot of people out there. Even with years of experience and having the expertise to give the best Fauji cut out there, surveying and learning about the market is crucial. Firstly, start by locating your target audience. Whether its men, kids, women or you have a business which serves everyone? Are you planning fancy cuts, casual cuts, only haircutting or other services too.
Knowing your audience will speed up your customer acquisition, depending on where you are. The next step is to do some research on other nearby barbershops and popular brands in the area. Since they will be your competition, find out how much other barbers in your neighborhood charge, what services they provide, and where their shops are. Avoid setting your shop too close to another well-known barbershop in order to stand out from the competition. One pro tip? Offer something unique that others in the area might not be offering. This urge and characteristic to excel might help you set your business apart.
Read More: Top 6 Haircuts For Men You Can Try Now
Plan your Shop
The area, the space, number of working stations, the theme, paint and the type of interior, all play a huge role in attracting your customers towards the shop. You cannot just go for a low scheme interior with basic theme and experience customers to get a relaxing vibe. Other than just looking and searching for the best location for your shop it is important to choose a space that has a great design. Try to opt for a location that will require minimum amount of work hence you could save a lot of money on upfront and maintenance cost which we have discussed in the next section.
The Total Cost
There is no fix rule to the upfront cost of a barbershop but on average the initial capital investment falls in the range of $150K to $200K. This includes all the basic amenities required to kickstart to work. if you searching for things that have to purchased initially then here is a list.
- Barber Course or Attending Barber School $5500 to $10000. This is optional as you already might have the right certification to begin the shop
- Office space cost based on location
- Construction and infrastructure changes cost based on location
- Getting the permit and Licensing
- Insurance (around $3000)
- Essential equipment such as cash registers, chair, clippers, Scissors, styling accessories and all that comes in a barber kit.
- Furniture
- Your Shop’s Website – Don’t expect to have clientele without showcasing your business to the world.
The second list of expenses that come your way include the ongoing expenses or the maintenance costs. Since your business will be running daily you will need to invest money constantly in order to keep up the quality. These ongoing costs include
- Rent, Utilities, Internet, Phone
- Marketing campaigns
- Supplies
- Regular cleaning and maintenance
- Salaries and Taxes (however you can hire independent barbers to reduce this expense)
- Repair work
Legal implications
You cannot be legally invalid and still run a business. To save yourself from future issues and implications, consider getting legalized on all formats. It is important to get yourself educated about the legal implications of laws before starting a business. You can also hire an attorney to manage all the paperwork for you or if you have a friend in the same business, get their help to deal with this thoroughly. Some of the things that fall under owning an opening a barbershop include the tax implications, type of business (partnership, ownership, sole proprietorship, or franchising).
After registering your business get an employee identification number. Make sure you have attained all the necessary licenses as well as have a record of all the legal work you have done so in case someone asks you have everything ready.
Opening a Bank Account
For the protection of personal assets, it is crucial to use special business banking and credit accounts. Your personal assets—your home, vehicle, and other valuables—are at danger if your firm is sued if your personal and business accounts are combined. Also, with a separate account dedicated to just your business you will be able to better keep a track of earnings, spending, revenues and everything that your business is able to do for you.
Get an insurance
Similar to how a business needs licenses and permits to function legally and safely, insurance is also necessary. The financial stability of your business is safeguarded by business insurance in the case of a covered loss.
For various business kinds with various risks, there are many insurance policy types. Browse through them in detail to find the most beneficial insurance plan for your business.
Choose the Right Team
A group of workers in an established setting operate substantially differently from when a barbershop is first opened. Above all, early staff members of a professional barber shop should be flexible and possess a range of pertinent talents. As a result, the barbershop will be able to operate smoothly with fewer employees.
Attract Potential Clients
Spend some time developing a plan for how to launch your marketing initiatives and how to scale them up if your business begins to expand. Social media is a highly affordable way to promote your brand, but this does not require you to be active on every social media network. Decide which platform is used by your target audience and concentrate most of your approach there first.
One of the best ways to attract clients is to provide them ease of service. And since we all dread waiting lines and busy hours, for a barber shop a way to get yourself scheduled would be a great idea. So that your customers can schedule appointments directly from your Instagram, Facebook Business, and Reserve with Google accounts, you can even utilize the Bookngly app to interface with your social media platforms.
