Ever wonder how a long, disheveled styled, swept-back hair ended up looking so cool? Well, Bradley Cooper certainly pulled it off so well in his Jackson Maine’s A Star is Born character. How about Colin Farrell’s classy slicked-back style, or Eddie Redmayne’s crazy tousled locks? How can different hairstyles, clean or messy, still end up being the next big thing in the coolest hair meter trend? Of course, the magic comes from the ones holding the scissors and comb. Quick on the scissors, clipping and cutting away, barbers and barber shops should be your partners when you want that crowning glory on that head of yours to shine through. Not many are aware, though, that it takes a lot of time and effort for a barber shop to be successful, to even be the first stop shop when it comes to haircuts and hairstyles. What a barber shop needs is a plan, a good, well-drafted Barber Shop Business Plan.
Barber Shop Business Plan 3+ Barber Shop Business PlanWhat Is a Barber Shop Business Plan?Why Choose a Barber Shop for a Business?Making That Successful Barber Shop Business PlanFAQsWhat are some of the services that are typically offered in a barber shop?What are some of the common men’s haircuts offered in a barber shop?What are some of the tools and equipment usually found in a barber shop?
A barber shop is a place where people, especially the men, would go to get a haircut, a hair trim, or have their hair styled. A barber shop business plan is a documented written work detailing the process of how a barber shop goes about achieving its operational, financial, and marketing goals. Business plans oftentimes serve as a roadmap that includes strategic action steps, starting from day 1 of a business’s operation. New barber shop startups often use a business plan as a presentation to financial lending institutions or potential investors to secure capital funding. To get a sign-off and a yes from its potential investors, barber shops needed to prove and show that there is a current need for their business in the market. Their business plan should be logical and should show the feasibility and viability of the business. It should also be transparent, outlining the risks, and at the same time, preparing contingency plans in place. A lot goes into the making of a barber shop business plan, but the benefits are far greater than having a business with no plan at all.
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Aside from the obvious passion for hairstyles and haircuts, there are a lot of other reasons why having a barber shop is one of the best choices for putting up a business. When you think about barber shops, there is a certain age-old appeal to it that attracts customers of all ages to come and to spend more time in the shops than as necessary. Typically, 90% of a barber shop’s customers are men, but it doesn’t mean that women can’t avail themselves of their services. Barbers are generally trained to do shorter hairs using clippers, razors, the no-nonsense men’s hairstyle approach. But of all the businesses out there, including a salon business, why put up a barber shop instead?
Straightforward Business Model & Limitless Income Opportunity: What is nice about putting up a barber shop is that the business model is pretty straightforward. It follows a standard, a pretty much convenient way of doing business. But when it comes to marketing and sales plan and sales strategy, a barber shop business can also be flexible by adapting to the latest trend when it comes to revenue generation. A barber shop business has also an opportunity to earn unlimited income. Granting that the revenue stream comes from the walk-in customers, but if the marketing and the sales strategies are that good, customer walk-in rate will increase, as well as the income revenue. The more hours a barber puts into his work, the more customers he can be able to service.Good Customer Loyalty and Retention Rate: We often have this picture in mind of barber shops just like we saw on the TV, where men would gather and talk about anything and everything under the sun while they’re waiting for their turn, or getting their hair done. The same thing that’s happening in real life. Try walking into one of your local barber shops. You’ll engage in talks with their customers, or customers conversing with another. There’s that friendly ambiance of familiarity between strangers, even though some of them just met there for the first time! Some men would even just go to barber shops to hang out and pass the time away, just talking to barbers who they’re already familiar with. That atmosphere creates that customer loyalty that is important in any kind of business. Customer loyalty results in customer retention. If a customer enjoyed themselves in a barber shop, and also liked the service that they got, you’d find that that shop will be their first choice in the future, and they just keep coming back again and again.Flexible and Easy to Manage: Owning a barber shop also means being the boss of your time. You can choose to put in either as much work as you can or as little effort if you feel like you’re getting by just fine. There’s also very little to manage in a barber shop. You can be your boss, do the cash register, or even be a barber at the same time. A customer walks in, gets a haircut, pays at the counter, and that’s it, the business completed. The facility and the operation of your barber shop are also flexible, depending upon your available budget. You can choose to have a small space and just have 3 to 5 barber chairs, or you can go big time and have 10 or more barber chairs.Networking Opportunities: You’d never know who’s going to walk in the door of your shop. It could be a potential investor. It could be a celebrity. It could even be the president of the United States of America himself! People build connections inside a barber shop. Whether you’re somebody new or not, there’s something about a barber shop that opens up tons of opportunities to build networks and connections. Business deals are even sometimes made inside barber shops. Your customer could be a rich businessman. After a friendly banter, next thing you know, you’re shaking hands with your customer either for a new business deal or for a service that your customer specifically hired you for!
A successful business is a result of successful planning. The same applies to a barber shop business. Although the business model used is pretty straightforward, still, if the owner wanted to have a barber shop that’s blooming, thriving, and the next big thing, a lot of thought processes should go into coming up with a business plan. A business plan does more than just outline the steps needed to be taken in operating a business; it provides clarity when making decisions, showing the pros and cons of each strategy. More importantly, it provides transparency, especially when it comes to the financial aspects of the business. There are a lot of formats that you can use when creating a barbershop business plan. What’s important is that the core elements are included in the making of a business plan.Step 1: Executive Summary
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An Executive Summary provides the outline of the business’s purpose and goals. It gives a short overview look into the target market, the market’s condition, the business opportunity, as well as the marketing strategy and the financial highlights of the business. The executive summary also includes a brief history of the business and a mission statement. The Mission Statement should state the purpose and goals for putting up a barbershop business. It is also a reflection of the business’s culture and values and should inspire and motivate its reader.Step 2: Market Analysis
A Market Analysis is a study done on the current market’s condition. It looks into if there is a need for a particular product or service, and also provides supporting proof for a business opportunity. It also includes doing a customer analysis. Customer analysis is done through target market segmentation, by dividing the customers according to demographic classifications such as age, gender, location, income, lifestyle, et cetera. A competition analysis is also made. Oftentimes when studying the market, the SWOT Analysis is applied.
In a barber shop business plan, SWOT analysis refers to the Strength of the business, meaning, what are the qualities that made it stand out and unique; Weaknesses, the factors that are limiting the growth and success of the shop, such as lack of funding, lack of manpower, weak marketing strategy; Opportunities are those aspects that the shop could take advantage of to further its success, as the use of social media platform to advertise, hiring an influencer to promote the shop, et cetera; Threats are those that could potentially harm the business, for instance, the increasing presence of competing barbershops within proximity,
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