Barber Shop Business Plan: Steps to Starting a Successful Barber Shop
How to Start a Barber Shop Business
Truth is, the barbing business is a lucrative business. You will always be able to build your own list of clienteles as you progress in the business.
Men would always want to crop their hair. Beautifully enough, nature has made it mandatory for all men to grow hair, except the permanently bald few.
Even some women equally need haircut. If you are very good in barbing, you will never have problem making headway in the business.
The barbing business is always lucrative, even if world economy is in recession; bad economy does not stop hair from growing.
The barber shop is very easy to maintain too.
How can you start the business? What you need to start are shown below:
Your business plan (see business plan samples you can use)
No business can start off without good planning. You must take time to compose a winsome business plan that will act as the blueprint to a successful barbing business.
It should contain information on how you plan to start, your available startup capital and resources; your plans for the future of the business, your intended location, how you plan to get funding for expansion, and how to increase your customer base.
Well written business plan can help you to get funding from lending houses too, provided you do not have adequate capital to expand the business in the future.
You can find help in writing a plan for your business by using professionally made business plan templates in various industries, or use online software to create the plan.
Do you plan to run the business by yourself or you plan to employ professional barbers to run it on your behalf? Will the business be a sole proprietorship or a partnership? Answers to these kinds of questions must be put into consideration while composing the business plan.
The business plan must contain your exit plan in the event that the business fails. It must also include time line to achieve certain goals; those future goals must also be included.
The plan should not be too rigid to make it easier for you to stick to it all through in order to put the business on track always.
How to get financial help
Truth is that the barber shop business is not too capital intensive. You can save up money to start it, since you will only need little money to start off.
If you want to do it big time, or you do not have the little amount required to start, friends and family members can help out with financial contribution.
If these ones too cannot help out, then lending houses should be your next points of call.
Lending houses do not charge you high interest rate; neither do they take too long before approving the loan.
This is unlike the banks. The lending houses however give very little amount of money as loan.
You should not need more than what they have on offer, since only very little is required to kick start the business.
You need money to pay wages if you are employing a professional barber, money to buy supplies for the shop, and money to buy the required equipment. You equally need money to lease a shop.
If you want to run the business by yourself, you need to get certified and get your license.
Enroll in any of the barber schools around, so long as the school is approved by the authorities.
Visit the National Accrediting Commission of Cosmetology Arts and Sciences (NACCAS) to find out what is obtainable before you register with any barber school.
What are the local legal requirements a barber shop must fulfill before he/she can establish such a business? What are the plumbing and electric standards to meet up to? What types of equipment are you expected to have before you start, according to local laws? What is the minimum acceptable size of the shop? Closely consider all these with your local authorities before you kick start your business.
What is the tax rule?
Different states have different tax rules. Take some time to find out about the tax rules obtainable in your locality.
Visit their websites to fill the form and obtain Sales tax ID number for the barbing business.
This will make it easier to get your materials and equipment at whole sale and it will stand as prove that proper sales tax is being charged to your customers.
Choosing a location
Look around the particular neighborhood where you plan to establish the business. Make sure your choice of location is not too close to other barber shops to prevent excessive competition with others.
After locating the perfect place, work out the lease terms. The location must be very visible as this will make it easier for prospective clients to locate you.
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