1. How much does it cost to open a barbershop?; Startup cost to open a barbershop
2. Is barbershop an essential business?
3. Is the barbershop business profitable?
4. How to improve the barbershop business?
5. What business category is a barbershop?
What is a barbershop? Well, it is a grooming service provider, mainly for men. And if you are wondering about opening your own barbershop, the biggest question running through your head must be, but how much will all this cost? And rightfully so, as the cost is a very important part before getting started with any business. Before doing so, check out our pinstripe cape and apron(no collar).
Firstly, make sure that you are 100% sure that you absolutely want this, and then think of the next step. The next step is the cost of opening a shop and other business strategies to make it a success; any business can be successful if you put in the right effort. Keep on reading to gain some information regarding this profession!
1. How much does it cost to open a barbershop?
Let’s start with the basics. What is the average cost of starting a barbershop business? Of course, it depends from place to place, but it will still be useful to get an idea.
The thing is, starting a barbershop requires a lot of money, especially as you need multiple stations. Of course, the cost also depends on how big the shop you chose is. To start a successful barbershop, you also need to hire barbers, receptionists, cleaning staff, and sometimes a barista. Not to mention all the costs required to buy the tools, inventory requirements, furniture, and initial marketing. Buying a shop alone can cost from $75,000 to $150,000. And if you add other things, you will need to take a huge loan and pay it back as well.
Of course, this might change depending on the area you buy the shop in and other factors like getting a discount or having friends to help you out. So if you think this indeed is your passion, make sure to have a complete business plan before taking the leap of faith for this profession.
2. Is barbershop an essential business?
An essential business is a business that is important for people to survive. These include grocery shops, pharmacies, hospitals, banks, and many more. So is a barbershop also classified as an essential need?
Now, officially not every place considers barbershops as an essential business but theoretically, it is mostly counted as essential. This is because everyone needs a haircut, beard trimming, and other such services to appear healthy and clean. No one doesn’t use these services at least once a year unless they don’t have the financial means.
Essential businesses are the ones that need to stay open no matter what, like a pandemic, but barbershops weren’t allowed to open in some places. In the end, it depends on your interpretation of what you consider essential.
3. Is the barbershop business profitable?
If you decide to invest your effort and money into this business, you need to know how profitable it is. This is important as you need to make all the money back that you spent on the startup. Not to mention the loan you had to take as well. So how profitable is a barbershop?
As you might already know, this isn’t something that can be predicted with full accuracy so take this information as only information and not fact. Yes, a barbershop can be beneficial as almost everyone needs a good barber in their life. The key is to make the experience so good for the customers that they want to come back.
In a barbershop, you earn money by renting booths to other barbers, selling products, and by cutting hair yourself. For some numerical data, the Bureau of Labor Statistics says that the annual income for a barber is $27,000 on average, which means $11.00 an hour. However, this depends a lot on factors such as the location of your shop, the services you provide, and the marketing of the shop.
4. How to improve the barbershop business?
As you already know, to have a successful business, you need to attract customers, so they want to tell others about your shop and come back again and again. This can be done through a series of improvements, as listed below:
Advertisement: Everyone that searches for a new shop does it through Google Maps, so what are you waiting for? Get your shop on the Google Maps app.
Website: Make a website as everyone nowadays is done online. Make sure your clients can book appointments online. The website needs to have a picture of your shop, a color scheme, and a particular style of pictures so that everything looks cohesive.
Logo: For a business that can be remembered and known, you need to have your own logo. This can be done by a professional if you pay them.
Social media: Promote your shop on social media. There is rarely anyone in this world who doesn’t own a social media account. To show up on people’s feeds and gain attention, you need to have social media for your shop.
Reputation: To have a good reputation and reviews, you need to ask happy clients to leave reviews about your barbershop. Another approach would be to give free haircuts to photographers and magazines, so they write good things about you as well.
Loyalty program: Give discounts or free products to customers who come back as this will make them come back again and again while also bringing their friends. Who doesn’t like a little discount? This will also help you retain customers, which is much cheaper than having new customers.
5. What business category is a barbershop?
Knowing your business category is very important for the business to succeed. This helps you connect with customers that want your services. It is also essential as it gives your shop a place label making it more official. So what business category is a barbershop?
According to the North American Industry Classification System (NAICS), a barbershop falls into the category of personal care services. A personal care service is the one that helps a person’s daily living, instrumental activities regarding daily life, and also health care.
In conclusion, having a barbershop can be a bit difficult initially, but it can be very rewarding once your business takes off. Lastly, check out our mesh jacket and mane cape store.