Overall costs and breakdown of owning a barbershop
Common expenses that experienced barbershop owners see usually need a minimum investment of $150,000 to $200,000. This includes:
- Attending barber school – $6,500 to $10,000
- Office space – cost varies based on where you’re at.
- Construction costs – your space has be up to current electric and plumbing standards.
- Permits and licenses.
- Insurance – speak with a licensed agent to determine what policies you need. Usually you can get away with limited liability insurance.
- Marketing materials – $3,000
- Shop equipment – cash register, business management software, signage – $14,000
- Shop inventory – chairs, child seats, clippers, scissors, trimmers, razors, brushes, mirrors, shaving powder, hair cream, after shave, cleaning supplies, etc. – $20,000
- Furniture and miscellaneous necessities – $5,000
- Website – $1,500 to $3,500
- SEO Services – $7,000
If you want to go the franchise route, you should budget another $25,000 for franchising fees.
How profitable is a barber shop?
After expenses, barber shop owners usually see an average annual income of $70,000 but if they decide to create a revenue split with other barbers renting their chairs, then it can grow pretty big. Barber shop owners usually purchase an existing business since it’s easier to get started, and you’ll have customers right away. But some people want to open their own. Like many retail establishments, costs can range from a few thousand dollars to $100,000 or more, depending on size and location of your shop.
Do you need a license to open a barber shop?
Depending on your state’s laws, you might not have to be a licensed barber to own a barber shop. But it’s a big selling point when you’re just starting out to have that license. Though there are many people choose to open a shop just so they can practice their craft on their own terms. To a barber, you’ll have to complete an approved training course and pass a licensing exam.
How to Run a Successful Barber Shop
Create an Inviting Environment -You’ll want your customers to feel at home. Plus, the better the experience, the better the tips!
Subscribe to Good Magazines – And maybe invest in a tv. Most people are on their phones while they wait, but it helps pass the time.
Ensure That The Barber Shop is Clean – Anyone not helping a customer should be sweeping up hair or cleaning combs, scissors and razors.
Offer Consistent Service – Always open the shop on time. And if a last minute customer walks in, make sure to stay open a little while longer so they can get a cut. It’ll go a long way.
Talk to The Clients- Take an interest in the lives of your customers. Building a relationship will encourage them to come back.
Make Your Shop Comfortable – The better the experience, the better the tips!
Go the extra mile – Performing a shoulder rub and neck shave after the cut is a tradition that most modern barbers don’t do anymore. Use a straight razor and hot lather on the neck? Followed with aftershave? And a brief shoulder rub? You’ll never lose a customer.
One last tip
Make sure you set up Local SEO
People are searching online more than ever. Make sure you have a website, make sure you’ve done your SEO, or if you’re not a computer person, feel free to see our SEO services at an affordable price. We’ll take care of developing and optimizing your website for you, and will make sure you’re in all the search engines like Google, Yelp, Bing, and Apple Maps.