Skilled barbers with industry expertise.
Trendy, fashion-forward image appealing to young professionals.
Urban Edge Barbers operates under a flat organisational structure aimed at promoting collaboration and enhancing efficiency. At the apex of the structure is the owner and lead barber, Jordan Smith. He is ably supported by Alex Taylor, a seasoned customer relations specialist who handles all reception duties, including appointment scheduling. Assisting them in crafting brand visibility and growth is Riley Morgan, the team's marketing strategist.
Despite its seemingly compact size, the team encapsulates a wealth of experience and expertise in their respective roles. Jordan, with over a decade of experience in the art of barbering, remains on top of modern men's hairstyles. Alex is a customer service maven with an unparalleled mastery of organizational logistics, while Riley, a degree holder in marketing, brings on board cutting-edge digital marketing techniques.
In anticipation of business growth and expansion, more staff will be hired to meet the demand. Current projections suggest the need for two additional barbers in the next two years and a possible recruitment of a human resource manager should the business scale up faster.
Urban Edge Barbers believe in fostering a culture of mutual respect and swift resolution of staff disputes, hence the need for transparent human resource hiring policies and practices. To maintain a harmonious working environment, the business will endeavor to ensure equality in recruitment. Detailing staff obligations, leave allocations, working hours, and remuneration will be clearly stipulated in the employee handbook.
The business will rely on the expertise of external consultants, mainly for legal and financial advice. A local accounting firm, Branson & Associates, will provide financial consultation, ensuring that the barber shop complies with local and federal tax law and maintains its financial health.
In summation, Urban Edge Barbers exemplifies a potent mixture of expertise, innovative management structure, and sound HR practices that will undoubtedly guarantee its growth and success. The deeply ingrained culture of equality and respect, coupled with its penchant for nurturing talent, speaks volumes about its vision and deliberate focus on becoming a leader in the industry.
Urban Edge Barbers specialises in a range of grooming services including, but not limited to, haircuts, scalp treatments, beard grooming, and a selection of other premium personal grooming services. All services are performed by trained barbers with comprehensive knowledge of hair types, scalp health, and latest trends in men's hairstyles.
The business also offers sales of a curated range of high-quality hair care and beard grooming products. These products have been carefully selected for their superior ingredients, exceptional performance, and ethical manufacturing practices.
One of the unique selling propositions of Urban Edge Barbers is our location-based tailoring of services. Understanding that trends and styles fluctuate based on demographics and location, our team stays ahead of the curve by constantly researching and innovating based on the local fashion landscape.
Currently, the business is in the start-up stage and our team has been diligently working on procuring high-quality equipment, sourcing suppliers for hair and beard care products, recruiting experienced barbers, and finalising the décor to echo the trendy and edgy company ethos.
The Urban Edge Barbers’ logo has been registered as a trademark at the United States Patent and Trademark Office (USPTO). The company is also in the process of patenting a unique scalp treatment mix formulated by our lead barber, Jordan Smith. The exact recipe and process are confidential for business reasons.
The production process for services begins with consultation where our barbers understand the client's requirements and make recommendations based on their hair type, face shape, and personal style. Following the service, customers are guided on how to maintain their hair or beard style at home. In terms of products, we have direct tie-ups with national distributors, who source the products from manufacturers, which are then stocked at our shop.
We have multiple suppliers for our product range, ensuring that a shortage from one supplier does not affect our inventory. For instance, our hair care range is supplied by Brilliant Hair Co., a renowned brand in the industry, while beard care products are sourced from two suppliers, Manly Mane and Beard Bros Supply, both well-reputed brands in their own right.
Overall, Urban Edge Barbers stands at the intersection of style, sophistication, and quality, ready to revolutionise the grooming experience of the urban gentleman. Our focus on localized trends and innovation, backed by our intellectual property, outlining the production process, and strategic supplier relations, are the foundational pillars on which this idea is being brought to life.
The central principle guiding our marketing strategy at Urban Edge Barbers is to cater to the trend-conscious and style-forward needs of our target demographic, young professionals and fashion-forward individuals aged between 18-25 years.
In keeping with this goal, our primary marketing channels will be social media platforms like Instagram and Facebook. By showcasing our diverse range of services, cutting-edge hairstyles, and professional staff, we aim to attract our target customers. Social media platforms also provide opportunities for engaging with customers in a more relaxed and informal way.
Our marketing plan includes regular engagements like themed posts, active interaction with followers, sharing customer testimonials, posting before and after transformation images, and sharing grooming tips and tutorials. We will also focus on local search engine optimization and online reputation management to ensure that we are easy to find and customers find positive reviews about us when they search for us online.
In addition, our sales strategy combines the efforts of our in-shop sales team that includes all our barbers and our receptionist. The team is trained to upsell services and products at the point of sale. This involves suggesting additional services during consultation and product recommendations during or post-service.
Another component of our sales plan is to offer online booking options to our clients. By partnering with an automated booking software platform, we aim to provide our clients with around-the-clock, easy-to-use, and flexible booking options. This service allows customers to choose their preferred barber, service, and appointment time, which also aids in smooth shop operations and resource allocation.
Urban Edge Barbers believes in value-based pricing. Services are priced based on the complexity, time taken, and the levels of expertise required. We aim to maintain competitive pricing in the area to ensure affordability without compromising on service quality.
Distribution channels cover both our physical location for first-hand services and our online platform for service bookings and product sales. We also anticipate creating relationships with local gyms, corporations, and local universities to provide mobile services to these groups at special events.
For promotion and advertising, we plan to invest in local print media, online pay-per-click (PPC) ads, and industry-specific magazines. The launch of the shop will be promoted heavily with an inauguration event and opening month discounts. A referral program will also be implemented to incentivize existing patrons to bring companions.
Lastly, our customer service policy is focused on 100% customer satisfaction. A feedback system will be implemented to make sure every customer is allowed to voice their opinion. We will offer support through multiple channels such as phone, email, and social media, providing timely and helpful responses to questions or concerns.
Our marketing and sales strategy at Urban Edge Barbers is rooted in understanding our customers, offering high-quality services, and maintaining robust customer relations. It harnesses the power of digital tools while remaining grounded in the principles of genuine hospitality and superb customer service.
Operational Workflow:
At Urban Edge Barbers, daily operations will be organised by our receptionist and customer relations manager, Alex Taylor, who will maintain an updated scheduling system to ensure appropriate time allocation for each client. Our opening hours will run from 9 AM to 7 PM six days a week with only Sundays being off.
Production/Service Delivery Processes:
Upon arrival, each client will be greeted by our receptionist and checked into our system. After a short waiting period in our comfortable waiting area, our clients will be attended by our skilled barbers who will take time to listen to their preferences before giving them the desired haircut or grooming service.
Quality Control Measures:
The quality of our service delivery will be placed under stringent checks to maintain our high standards. Our barbers will receive regular training under the guidance of our lead barber, Jordan Smith, to ensure they are updated with the latest trends and techniques in men's grooming.
Inventory Management:
We will conduct stock checks at regular intervals to ensure we neither overstock nor understock our inventory of grooming products and supplies. Our inventory will be managed digitally to ensure easy tracking and swift, effective re-stocking from our suppliers.
Supply Chain Management:
Our supply chain will be streamlined and efficient, derived from cemented relationships with trusted suppliers for grooming products and equipment. We maintain this by negotiating favourable terms that allow for prompt deliveries and quality supplies.
Facilities and Equipment Needs:
Urban Edge Barbers will be housed in a comfortable, spacious and modern facility equipped with all the necessary grooming equipment. Our facility will have three barber stations paired with comfortable barber chairs, washbasins, and storage cabinets. There will also be a reception area, waiting area and stock/inventory room. Mirrors, hair trimmers and clippers, scissors, combs, towels, cleaning supplies and protective gear amongst others are part of our initial equipment requirement.
We will use both direct purchase and leasing options for our equipment needs. While equipment like barber chairs and stations will be directly purchased, we might explore leasing options for certain expensive equipment such as high-end hair care and treatment machinery if required in future. All our equipment will be periodically tested to ensure health and safety standards are met.
In conclusion, Urban Edge Barbers ensures a smooth operational plan that guarantees a consistent service experience for our clients, regulated inventory and supply chain management and meeting all facility and equipment needs efficiently and economically.
As a start-up looking to disrupt the barber services market, Urban Edge Barbers has worked diligently to prepare a comprehensive financial projection to offer insight into our financial future.
In conclusion, our financial projections suggest an optimistic portrait for Urban Edge Barbers. With sound fiscal management, disciplined work ethics, and an unwavering focus on quality and customer service, the company is expected to make substantial financial gains over the coming years.
Finally, Urban Edge Barbers has established detailed contingency plans in case of any unforeseen circumstances. These include procedures to handle unexpected staff shortages, emergency facility issues, and financial strains. By palpably addressing each risk area and by having a robust contingency plan in place, Urban Edge Barbers is confident about parrying the extensive challenges of the entrepreneurial landscape.
Creating a comprehensive business plan is crucial for launching and running a successful barbershop. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your salon’s identity, navigate the competitive market, and secure funding for growth.
This article not only breaks down the critical components of a barbershop business plan, but also provides an example of a business plan to help you craft your own.
Whether you’re an experienced entrepreneur or new to the beauty industry, this guide, complete with a business plan example, lays the groundwork for turning your barbershop concept into reality. Let’s dive in!
Our barbershop business plan adopts a clear and straightforward structure, addressing all critical elements necessary for a comprehensive business plan. This plan outlines the operational framework, strategic direction, market analysis , competitive positioning, management structure, and financial projections.
Fully editable 30+ slides Powerpoint presentation business plan template.
Download an expert-built 30+ slides Powerpoint business plan template
The Executive Summary serves as an introduction to your barbershop’s business plan, presenting a succinct overview of your establishment and the services it will offer. It needs to outline your market positioning, the variety of grooming services available, its location, dimensions, and a snapshot of its operational model.
This segment should also examine how your barbershop will fit into the local marketplace, identifying the number of direct competitors in the vicinity, who they are, and what sets your barbershop apart from these competitors with unique selling propositions.
In addition, information about the management and founding team should be included, specifying their roles and how they contribute to the barbershop’s success. A summary of financial projections, focusing on expected revenue and profit margins over a 5-year period, should also be part of this section to give a clear forecast of your barbershop’s financial plan.
A concise overview is pivotal, introducing essential details like the shop’s name, location, and a snapshot of its core services.
These details set the stage for your barbershop, framing its unique characteristics. A unique selling proposition ( USP ) distinguishes your shop. Whether it’s a focus on classic barbering techniques, expertise in modern styles, or an emphasis on premium grooming experiences, highlight this USP in your executive summary to showcase your shop’s distinctive value proposition.
Example: “The Gentleman’s Cut Barbershop,” strategically situated in the heart of Urban Style Hub, occupies a spacious 1,800 square feet area on Dapper Street. We specialize in a comprehensive array of grooming services, including classic haircuts, beard trims, hot towel shaves, and modern styling. Our USP lies in blending traditional barbering techniques with contemporary styles, ensuring precision and style for every client.
Understanding market dynamics and your position within it is crucial. This section should underscore the potential of the local grooming and barbering market, supported by relevant data such as market value and growth rates. Discussing trends, such as the growing demand for premium grooming experiences or a resurgence in traditional barbering, illuminates your shop’s positioning within the evolving landscape.
Additionally, it highlights the competitive landscape. Identify key competitors and elucidate how your shop stands out amidst competition. Whether through specialized skills, exceptional customer service, or a focus on authentic grooming experiences, emphasize how your shop differentiates itself.
Example: In the expansive US barbershop industry valued at $4.9 billion in 2022, The Gentleman’s Cut Barbershop thrives among its approximately 4,500 counterparts. Positioned strategically within a grooming-centric neighborhood, our shop competes with a diverse array of traditional barbershops, modern grooming lounges, and hybrid establishments. We’ve identified [6] key competitors in close proximity, reflecting the competitive landscape.
Highlight the expertise and background of your management team, showcasing their capabilities in driving shop success.
This could include your barbershop manager’s extensive experience in the grooming industry or your marketing lead’s proficiency in client engagement. Demonstrating the team’s competency builds credibility and assures potential investors and partners of your shop’s potential for success.
Example: At The Gentleman’s Cut Barbershop, John Barber, with over two decades in men’s grooming and barbershop management, leads operations. Supported by a team of skilled barbers and an operations director experienced in grooming industry management, the shop maintains a focus on delivering precision and style to every client.
Provide an overview of your financial goals and projections, offering insights into revenue targets, profit margins, and anticipated growth trajectories.
Example: The Gentleman’s Cut Barbershop aims for a projected revenue of $1.8 million annually, targeting a 15% EBITDA profit margin. Investment in state-of-the-art barbering equipment and a strong focus on superior customer service, complemented by innovative marketing strategies, drives anticipated growth and profitability within the local market.
For a Barbershop, the Business Overview section includes 2 main slides:
Describe the atmosphere and design of your barbershop, emphasizing the elements that make it appealing and comfortable for clients, such as the chair setup, decor, and any unique features that set your barbershop apart. Highlight the location’s strategic advantages, focusing on how its accessibility and visibility help attract your target clientele. Mention key benefits like easy access, parking, or its position in a busy area to underline the convenience for customers.
Detail the range of grooming services offered, including haircuts, shaves, beard trims, and any additional treatments that differentiate your barbershop. Outline your pricing strategy , ensuring it’s competitive yet reflects the quality and value of your services. Introduce any loyalty programs, packages, or promotions that aim to build a regular customer base and enhance the overall client experience at your barbershop.
In the Market Overview of your barbershop business plan, begin by outlining the barbershop industry’s current market size and its potential for growth. This will give you an insight into the overall demand and future opportunities within the male grooming sector.
Next, address recent trends in the market, such as the increasing preference for specialized grooming services, the resurgence of traditional barbering techniques, and the growing demand for premium grooming experiences. For example, highlight the popularity of bespoke haircuts, beard trims, and other grooming services tailored to individual styles and preferences.
A competitive analysis is not just a tool for gauging the position of your barbershop in the market and its key competitors; it’s also a fundamental component of your business plan.
This analysis helps in identifying your barbershop’s unique selling points, essential for differentiating your business in a competitive market.
In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.
Initiate your competitive analysis by surveying local barbershops and grooming establishments. Direct competitors might include traditional barbershops offering classic cuts and shaves, as well as modern salons providing a diverse range of grooming services. Don’t disregard indirect competitors such as beauty spas or hairdressing chains that could potentially attract your clientele.
Leverage digital tools like Google Maps to chart competitor locations. Platforms like Yelp and social media channels provide valuable customer feedback and insights. For instance, glowing reviews praising the vintage ambiance and precision cuts at “Classic Cuts Barbershop” reveal a significant strength of your competitor.
Analyzing competitors’ strategies encompasses several facets:
Reflect on your barbershop’s unique value proposition . Maybe your establishment is renowned for its traditional straight razor shaves or specializes in grooming services tailored for diverse hair textures and styles.
Identify gaps in the market by gathering customer feedback and staying attuned to industry trends. For instance, an increasing preference for eco-friendly grooming products might signify a market niche if competitors haven’t tapped into sustainable grooming practices.
Tailor your approach based on location: A barbershop situated in a corporate district might focus on express services for professionals, while one nestled in a residential area could capitalize on building a community-oriented, family-friendly environment.
First, conduct a SWOT analysis for the barbershop, pinpointing Strengths (such as skilled barbers and a strong brand identity), Weaknesses (including high operational costs or substantial competition), Opportunities (for instance, a growing appreciation for grooming among men), and Threats (such as economic fluctuations that may limit consumer spending on grooming services).
Next, develop a marketing strategy that details methods to attract and retain clients through targeted advertising, loyalty programs, engaging social media content, and community event participation.
Effective marketing is about reaching the right audience through the right channels. Here’s how you can do that for your barbershop.
Maximizing sales involves not just attracting customers, but also encouraging them to spend more per visit.
Finally, establish a detailed timeline that outlines key milestones for the barbershop’s opening, marketing initiatives, client base expansion, and growth plans, ensuring the business progresses with clear direction and purpose.
The Management section focuses on the barbershop’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the salon towards its financial and operational goals.
For your barbershop business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.
The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your barbershop’s approach to securing funding, managing cash flow, and achieving breakeven.
This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.
For your barbershop business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).
Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds
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Written by Dave Lavinsky
Business Plan Outline
Start Your Barber Shop Plan Here
You’ve come to the right place to create your barber shop business plan.
We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their barber shops.
Below are links to each section of you barber shop business plan template:
Next Section: Executive Summary >
What is a barber shop business plan.
A barber shop business plan is a plan to start and/or grow your barber shop business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your barber shop business plan using our Barber Shop Business Plan Template here .
There are many types of barber shop companies. Some barber companies are more traditional where they offer basic haircuts, shampoos, and shaves. Other barber shops focus on a more luxurious presence where they offer the same services as a traditional barber shop, but with luxury chairs and accommodations. There are some barber shops that focus on younger, trendier men that want fresh fades with designs, a trendy haircut, and/or a clean and modern beard trim.
The primary source of revenue for a barber shop are the revenues it generates for the barber shop services it provides. Another revenue stream is the rent collected from the other barbers and stylists that rent space in the barber shop.
The key expenses for a barber shop business are the cost of purchasing the barber shop equipment and supplies. Other expenses are the rent and utilities for the facility.
Barber shop businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Another option for a barber shop is an SBA loan as they provide a lower interest rate and longer loan term. Outside investors, friends, and/or family are other common funding sources.
Opening a barber shop business can be an exciting endeavor. Having a clear roadmap of the steps to open a business will help you stay focused on your goals and get started faster.
1. Develop A Barber Shop Business Plan - The first step in opening a business is to create a detailed barber shop business plan pdf or doc that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your barber shop business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your barber shop business is in compliance with local laws.
3. Register Your Barber Shop Business - Once you have chosen a legal structure, the next step is to register your barber shop business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to open your barber shop business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Barber Shop Equipment & Supplies - In order to start your barber shop business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to open promoting and marketing your barber shop business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful barber shop business:
If you want to start a barber shop business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their barber shops.
Below are links to each of the key elements of a barbershop business plan template:
Next Section: Executive Summary >
What is the easiest way to complete my barber shop business plan, where can i download a barber shop business plan pdf.
You can download our Barber Shop business plan PDF here. This is a comprehensive business plan template you can use in PDF format.
A solid business plan provides a snapshot of your barber shop as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes a marketing plan and market research to support your plans. Your comprehensive plan should also include a full financial model including income statement, cash flow statement and balance sheets.
If you’re looking to start a barber shop or grow your existing barber shop you need a business plan. A successful barbershop business plan will help you secure funding, if needed, and plan out the growth of your barber shop in order to improve your chances of success. Your own barber shop business plan is a living document that should be updated annually as your company grows and changes.
With regards to securing funding, the main sources of funding for a barber shop are bank loans and personal savings. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
The second most common form of funding for a barber shop is personal savings. Other funding options are credit cards, crowdfunding and angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.
BARBER SHOP BUSINESS PLAN OUTLINE
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Jonpaul’s is an upscale old-world gentleman’s barber shop that offers today’s progressive gentlemen a haven where he can sit back, relax and experience the “World Class” art of grooming and services in a gentleman’s club atmosphere, which is masculine and therapeutic. Jonpaul’s is aimed at an exclusive market and a discerning customer base, and will add tremendous value to our community while offering a combination of “World Class Services” not currently being offered by any competitor in the greater Gigaburb area. We intend to be profitable by increasing our client base through becoming a highly sought after destination.
Our goal, beyond becoming a profitable business, is becoming a trusted destination whereby the clients in our community can come to refresh their minds and bodies, replenish their energies, and network with their colleagues and friends!
Jonpaul’s will provide a comforting, yet stimulating, old world gentleman’s club atmosphere in which customers will be able to relax both their body and mind, through a wide range of services. Jonpaul’s will establish itself as a world class service provider to which clients can always come to escape the stresses of life, and rejuvenate their energies, enjoy the camaraderie of their colleagues and friends.
The keys to success in our business are:
The objectives for Jonpaul’s are outlined below:
Jonpaul’s is a full-service gentleman’s barber shop dedicated to consistently providing world class men’s grooming services to our clients, high quality products while furnishing an enjoyable relaxing atmosphere at an acceptable price/value relationship.
Our Motto: “World Class Service Begins Here”
The timing is right for this venture. Patiently searching for the last few years for a similar highly recognized existing business in a prime location, was unsuccessful. We therefore decided to build one from the ground up.
After spending several months searching for a high-end exclusive gentleman’s barber shop to purchase, the owners decided to start an exclusive barber shop – men’s grooming services from the ground up. The start-up capital will be used for the design, leasehold improvements, and equipment for the shop. The start-up cash has been marked for the estimated amount needed to cover operational expenses for the first two months.
Start-up | |
Requirements | |
Start-up Expenses | |
Legal | $2,500 |
Stationery etc. | $1,000 |
Brochures, Logo, and Design | $3,000 |
Consultants-Interior Design | $2,000 |
Insurance | $3,000 |
Rent | $14,000 |
Leasehold Improvement construction | $115,000 |
Expensed Equipment – $38000 in S-Assets | $17,000 |
Other | $5,000 |
Total Start-up Expenses | $162,500 |
Start-up Assets | |
Cash Required | $40,000 |
Start-up Inventory | $10,000 |
Other Current Assets | $38,000 |
Long-term Assets | $0 |
Total Assets | $88,000 |
Total Requirements | $250,500 |
Start-up Funding | |
Start-up Expenses to Fund | $162,500 |
Start-up Assets to Fund | $88,000 |
Total Funding Required | $250,500 |
Assets | |
Non-cash Assets from Start-up | $48,000 |
Cash Requirements from Start-up | $40,000 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $40,000 |
Total Assets | $88,000 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $225,000 |
Accounts Payable (Outstanding Bills) | $0 |
Other Current Liabilities (interest-free) | $25,500 |
Total Liabilities | $250,500 |
Capital | |
Planned Investment | |
Investor 1 | $0 |
Investor 2 | $0 |
Other | $0 |
Additional Investment Requirement | $0 |
Total Planned Investment | $0 |
Loss at Start-up (Start-up Expenses) | ($162,500) |
Total Capital | ($162,500) |
Total Capital and Liabilities | $88,000 |
Total Funding | $250,500 |
Jonpaul’s is located in The Mall, a 160,000 foot shopping and entertainment center in Gigaburb. The suite is 1,950 sq. ft at $24.50/sq. ft. with a 3-year lease. This site is a very high profile area with easy access and ample parking.
The Mall is anchored by Regal Cinema, the largest theater chain in the Gigaburb market with a 16-screen, state of the art complex. In addition to specialty retail and service shops within the center, there is a food pavilion anchored by Starbucks, Macaroni Grill, Garrison’s, and Rio Bravo. Other tenants include Ben & Jerry’s, Las Vegas Golf, specialty furniture, boutiques, antiques, and specialty children shops.
The Mall is located on the corner of a highly traveled State Highway and a Metro Road in the high growth, affluent area of Gigaburb. The Mall’s primary trade area will serve the burgeoning country club communities and exclusive neighborhoods located within a fifteen-minute drive from the site. According to Equifax National Decision Systems, the primary trade area in 2000 had a population of 317,931 that is projected to reach 358,716 by 2005.
Jonpaul’s is a privately held S corporation co-owned by Cathy Leskie and her husband Dr. Jonpaul Leskie. Cathy Leskie has 10 years experience in the hair and spa industry. She studied in the U.S. and Europe and continues to stay on top of the latest styles, trends and products. Cathy has worked as a stylist, then as a manager – managing 16 stylist in a prestigious upscale salon.
Dr. Jonpaul Leskie – is President/CEO of Jp Leskie & Associates, a Technology Consulting Firm. Dr. Leskie is a pioneer and innovator with over 30 years experience in the computer, e-business and telecommunications industry. Dr. Leskie has a proven track record of success in launching new business and directing operations for Fortune 500 companies worldwide.
To achieve our objectives, Jonpaul’s is seeking loan financing. This loan will be paid from the cash flow from the business, and will be secured by the assets of the company, and backed by the character, experience and personal guarantees of the owners.
Jonpaul’s is considered an upscale full-service barber shop – services exclusively for men. We offer our clients a gentleman’s club atmosphere, with a complimenting wide range of services and products that include:
Explanations and/or consultations will be provided on all services and products if needed.
Shampoo, Cut, Style, Blow-dry | $ 38 |
Hair and Scalp Treatments | $ 20 |
Colour Blending or Highlights | $ 40 and Up |
Moustache and Beard Trim | $ 7 |
Moustache Trim | $ 5 |
Stately Shave (Hot towels, Balm) | $ 30 (30 minutes) |
Hair Style and Stately Shave | $ 60 |
Eyebrow Shaping | $ 12 |
Natural Nail Grooming | $ 15 |
Royal Pedicure | $ 38 |
Essential Facial | $ 65 |
Deep Tissue Massage | $ 75 (1 hour) |
Laser Hair Removal | $ 85 and Up |
Shoe Shine | $ 5 and Up |
London | $ 20 and Up |
United States | $ 18 and Up |
Service brochure, logo/slogan with advertising to be included, and a planned website.
Jonpaul’s services sell themselves. World Class Service performed in an upscale environment will attract clientele. Our prices are very reasonable for the quality of services provided. We have an agreement with a U.S. based importer of our London products, which keeps our product price at its lowest price point.
Jonpaul’s will sell complimenting products of the highest quality, and latest scientific development.
Our gentleman’s shop computer system, incorporates the latest hardware and software to manage appointments, client database, point of sale, email capabilities, Web-enabled networking, inventory, bar code reading, historical data, employee records, transaction history, accounts receivable/payable and payroll. Back-up of the system is performed daily.
Clients will be emailed appointment confirmation messages two days prior to appointment. In addition they will also receive a personal phone call one day prior to appointment to confirm appointment. A thank you note will be emailed automatically after services have been performed.
Our gentleman’s shop will incorporate a wireless network within the facilities. It will serve as an internal network and provide a service for our clients that need to access the Internet while visiting our facilities.
Jonpaul’s will be considering branding its own product line in the future. In addition it may offer chiropractic services and acupuncture services on an as needed basis. Jonpaul’s will always remain involved with the best men’s hair styling and health techniques offered, and will implement them if deemed appropriate and feasible for Jonpaul’s clientele.
Jonpaul’s will focus on the professional male. An Internet study revealed that 85% of professional men had personal hair grooming services performed during the workday. The space at The Mall fits the demographics for our business. Applied Geographic Solutions estimates that 59,251 people live within a three-mile radius of our facility and 42,759 work there. They estimate 161,848 live within a five-mile radius and 109,867 work there. There are 15 business parks totaling 6,206 businesses located within a seven-mile radius.
Our target market will be barber shop services for the professional male. Based on our Internet survey, 80% of our services will be associated with hair, hair color, shaves, shoe shine; 15% will come from facial, massage, nail, and tanning services; and 5% will come from products. Thus, our target market will be male professionals and retirees, from the age of 25, with individual and household incomes greater than $75,000.
The following table and chart depict our potential customers with a conservative annual growth rate of 4%. The annual growth rate for the area has been 7.5% since 1990.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
$75K to $100K 1mi. Radius of Facility | 4% | 3,816 | 3,969 | 4,128 | 4,293 | 4,465 | 4.00% |
$75K to $100K 3 mi. Radius of Facility | 4% | 10,403 | 10,819 | 11,252 | 11,702 | 12,170 | 4.00% |
$75K to $100K 5 mi. Radius of Facility | 4% | 18,140 | 18,866 | 19,621 | 20,406 | 21,222 | 4.00% |
$100K to $150K 1mi. Radius of Facility | 4% | 9,352 | 9,726 | 10,115 | 10,520 | 10,941 | 4.00% |
$100K to $150K 3 mi. Radius of Facility | 4% | 10,224 | 10,633 | 11,058 | 11,500 | 11,960 | 4.00% |
$100K to $150K 5 mi.Radius of Facility | 4% | 20,540 | 21,362 | 22,216 | 23,105 | 24,029 | 4.00% |
$150K + 1 mi. Radius of Facility | 4% | 19,432 | 20,209 | 21,017 | 21,858 | 22,732 | 4.00% |
$150K + 3 mi. Radius of Facility | 4% | 10,045 | 10,447 | 10,865 | 11,300 | 11,752 | 4.00% |
$150K + 5 mi. Radius of Facility | 4% | 20,229 | 21,038 | 21,880 | 22,755 | 23,665 | 4.00% |
Total | 4.00% | 122,181 | 127,069 | 132,152 | 137,439 | 142,936 | 4.00% |
The members of these market segments have luxury money on hand, and lead professional lives filled with very busy schedules. All persons usually need hairstyling regardless of income level, and make the effort to find money available to style their “look.”
In spite of the massive growth in residential and corporate complexes and substantial employment within 7 miles of The Mall, a gap currently exists in the retail trade and entertainment area. The shopping center is strategically located between two major malls, each occupying more than 1.2 million square feet. Virtually no high-end restaurants or commercial support services existed in the Gigaburb vicinity until The Mall was developed. Our facility will be located in this center, which provides a huge competitive advantage.
A population of nearly 205,000 people, consisting of young, upper-class families with an average household income of $92,247, exists within a seven-mile radius of the center. The immediate area surrounding The Mall has impressive demographics as well, with an average household income of $119,423 within a three-mile radius. The average new house sale price in The Mall area in 1998 was $377,249, up from $227,000 in 1990. It is also important to note that many companies are locating their corporate headquarters in the Gigaburb vicinity, not just administrative offices. Another plus is that several office buildings, and hotels, are located within a short drive of our gentleman’s shop.
Our gentleman’s shop’s trade area’s best growth potential is in terms of daytime employment. The total daytime business population in a three-mile radius is 42,759 with the residential population at 59,251. The total daytime business population in a five-mile radius is 109,867 with the residential population at 161,848. The nearby business parks also have an ample supply of land for future office development. An even more predictable source of daytime employment growth is the planned expansion of existing companies.
The Mall is the only shopping and entertainment center site within an 8 mile radius. Jonpaul’s is the only gentleman’s shop exclusively for men at The Mall. The future look very promising for a thriving business with a continual presence of clients.
The traditional barbershop of years past have been traditionally been replaced by unisex salon’s and spa’s which focused mainly on women. Professional men are more health and style conscious, especially men who have achieved a modicum level of professional success. They are willing pay for products and services that are geared specifically toward men. They are looking for an environment that consistently offers quality service, products and camaraderie. They look for a gathering place where they can openly discuss politics, watch sports or stock market news on TV, read the newspaper, network, get a cup of gourmet coffee, buy an imported cigar, and get a shoe shine.
The surrounding area of The Mall and Country County has become a bastion for the successful, having consistently been the fastest growing areas in our state. This has created a community of wealth, mobility, and growth. State Highway is a major north/south highway that connects the northern suburbs to midtown Gigaburb. The section of State Highway near our site is two lanes in each direction and includes an interchange at Metro Road. In 1998, the State DOT recorded an ADT volume on State Highway of 46,082 vehicles per day up from the 1997 traffic count of 38,375. This number is expected to continue to increase substantially over the next few years.
We are part of the retail health and beauty industry which has four major types:
The main competitor is VanAstorBilts located across town. Strengths of VanAstorBilts are its wide array of spa services. The weaknesses of VanAstorBilts are the limited number of services dedicated specifically to male clients, i.e. hair grooming, shaves, shoe shines. VanAstorBilts services and products cater more toward the female professional. We feel the presence of Jonpaul’s is not a direct competitor to VanAstorBilts and visa versa.
Our market advantage is wide open, and will give us the opportunity to service a large population base of professional males that is not currently being well served.
Clients choose men’s grooming services based on proximity to their daily travels from home and work, reputation for high quality service, and good pricing. With our combined services and catering to the male professional, we don’t feel we have competition. Any competition will mainly be from unisex salons or combination unisex spa-salons.
Industry participants are those whose services include salon and spa offerings. Salon services concern hair styling, while spa services concern body relaxing and rejuvenating offerings such as massage, nail, and face works.
No one industry participant has focused specifically toward men only.
Our value proposition is that we will bring a unique mode of relaxation and fulfillment to the discerning gentleman. When people are relaxed, comfortable, and happy they have the ability to work harder, concentrate better, feel physically, emotionally, and mentally balanced, and give that happiness back into their homes, workplace, and community. Simply put, our value proposition is that we help our community become a better place to live and work.
Our competitive edge is a combination of our unique services, outstanding location, and our interaction with our clients. By providing our clients a gentleman’s club atmosphere and provide world class services, we build relationships of trust and satisfaction. Our clients will come to depend on our unique services and fulfilling environment.
Our marketing strategy is the key to our success:
Our promotional strategy will be two-fold: first phase promotion will advertising before, during, and six months following our opening; the second phase advertising will deal with long-term advertising.
Owner Cathy Leskie and Jonpaul Leskie will be responsible for marketing Jonpaul’s through the advertising channels. The general manager will be responsible for assisting with the implementation of alliance advertising partnerships. Our advertising budget is $10,000 for the first year. Advertising will begin two weeks prior to opening.
We will automatically position ourselves as the top, exclusive gentlemen’s grooming shop in the greater Gigaburb area. Considering that none of the other competitors will offer the range of men’s services that we will, nor that their staffs will be trained like ours, and that there are not any barbershops of our type in our target locations, we will be able to provide services to The Mall populace not currently being tapped.
Our pricing strategy will be similar to that of our competitors. We will not charge over, nor substantially under, standard prices for our services. We will be paying our employees a straight percentage of their total individual client sales plus a bonus–that’s more than our competitors. This will allow us to hire the best employees, and have a built-in motivational factor that will keep them empowered to enhance their opportunity.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Barber Shop Hair Only Revenue | $572,880 | $775,680 | $1,080,000 |
Misc. Service i.e. Shave, Shine, Color etc. | $156,518 | $187,821 | $225,385 |
Product | $69,726 | $83,671 | $100,040 |
Total Sales | $799,124 | $1,047,172 | $1,405,425 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Barber Shop Hair Only Revenue | $255,794 | $349,056 | $486,000 |
Misc. Service i.e. Shave, Shine, Color etc. | $70,429 | $84,519 | $101,423 |
Product | $34,868 | $41,835 | $50,020 |
Subtotal Direct Cost of Sales | $361,091 | $475,410 | $637,443 |
We will form alliances with our referral clients, local restaurants, offices, and businesses who will be strategically beneficial for generating new clients. We will also form alliances with local barber schools and local spas.
The following table lists important store milestones, with dates, implementation duty, and budgets for each. The milestone schedule emphasizes the timeliness for implementation per the sales and marketing targets listed in the detail in the previous topics.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business Plan | 1/1/2002 | 3/1/2002 | $0 | Jp Leskie | Owners |
Financial Lending | 2/1/2002 | 3/15/2001 | $0 | Jp Leskie | Owners |
Incorporation | 3/15/2002 | 4/1/2002 | $350 | Jp Leskie | Owners |
Lease Agreement/Settlement | 3/25/2002 | 4/5/2002 | $0 | Jp Leskie | Owners |
Leasehold Improvements | 4/5/2002 | 5/30/2002 | $105,000 | Cathy/Jp Leskie | Owners |
Equipment Order/Installed | 4/15/2002 | 5/30/2002 | $45,000 | Cathy Leskie | Owners |
Inventory | 5/1/2002 | 5/30/2002 | $10,000 | Cathy Leskie | Owners |
Logo Design | 3/15/2002 | 5/1/2002 | $1,000 | Cathy/Jp Leskie | Owners |
Business Cards | 5/1/2002 | 5/15/2002 | $500 | Cathy/Jp Leskie | Owners |
Brochures | 5/1/2002 | 5/15/2002 | $3,000 | Cathy/Jp Leskie | Owners |
Staff Hiring/Training | 5/1/2002 | 5/30/2002 | $1,000 | Cathy Leskie | Owners |
Jonpaul’s Grand Opening | 6/15/2002 | 1/15/2003 | $0 | Cathy/Jp Leskie | Owners |
Totals | $165,850 |
6.1 organizational structure.
Our initial team will consist of the owner and 10 employees. On the shop floor, there will be six barbers, one nail specialist, one shoe shine person and one receptionist. Initially there will be one full time combination aesthetician/massage therapist. As our client base grows we will add additional barbers, which then will be working two shifts per day per station. We expect to have 12 employees by the end of the first year and 14 employees in years two and three.
Cathy Leskie, co-owner, president: has 10 years experience in the hair and spa industry. She studied in the U.S. and Europe and continues to stay on top of the latest styles, trends and products. Cathy has worked as a stylist (six years) then as a manager (four years) – managing 16 stylist in a prestigious upscale salon.
Dr. Jonpaul Leskie, co-owner: will not be directly involved in daily operations, but will assist Cathy in general organizational/business planning and operations implementation. Currently Jonpaul is President/CEO of Jp Leskie & Associates, a Technology Consulting Firm. Dr. Leskie is a pioneer and innovator with over 30 years experience in the computer, e-business and telecommunications industry. Dr. Leskie has a proven track record of success in launching new businesses and directing operations for Fortune 500 companies worldwide.
We believe the experience of our team covers the needs to make the business plan for Jonpaul’s a very successful reality. We will review the current talent of the salon and re-engineer accordingly. We plan on outsourcing payroll and benefits.
The Personnel Plan below reflects our projected need at opening, and carries through the second year expansions.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Cathy Leskie | $72,000 | $72,000 | $72,000 |
100% Commissioned Employees | $150 | $165 | $175 |
Assistant | $15,360 | $16,500 | $17,500 |
Receptionist | $15,360 | $16,500 | $17,500 |
Total People | 12 | 14 | 14 |
Total Payroll | $102,870 | $105,165 | $107,175 |
The premier element in our financial plan is initiating, maintaining, and improving the factors that create, stabilize, and increase our cash flow:
The key underlying assumptions of our financial plan shown in the following general assumption table are:
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 10.00% | 10.00% | 10.00% |
Long-term Interest Rate | 8.50% | 8.50% | 8.50% |
Tax Rate | 30.00% | 30.00% | 30.00% |
Other | 0 | 0 | 0 |
Our most important Key Financial Indicator is when each barber averages seven clients per day and each specialist averages three clients per day.
For our Break-even Analysis we assume monthly estimated operational costs which include payroll, rent, utilities and other running costs (not including employee draw fund considerations). Payroll alone is only estimated at $9,800 per month, including taxes.
The analysis shows that we need to generate monthly revenues, as shown below, to break even. This total is less than estimated monthly gross. This estimation does not include revenue from any other sources and is based on a barber shop client average of $35 and miscellaneous services average of $50. Our yearly average per client is estimated at $48. Considering our minimal assumptions show a monthly total client average of 1,063, we therefore believe our break-even figures can be readily maintained.
Break-even Analysis | |
Monthly Revenue Break-even | $36,989 |
Assumptions: | |
Average Percent Variable Cost | 45% |
Estimated Monthly Fixed Cost | $20,275 |
There are two important assumptions with our Projected Profit and Loss statement:
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $799,124 | $1,047,172 | $1,405,425 |
Direct Cost of Sales | $361,091 | $475,410 | $637,443 |
Other Costs of Goods | $0 | $0 | $0 |
Total Cost of Sales | $361,091 | $475,410 | $637,443 |
Gross Margin | $438,033 | $571,762 | $767,982 |
Gross Margin % | 54.81% | 54.60% | 54.64% |
Expenses | |||
Payroll | $102,870 | $105,165 | $107,175 |
Sales and Marketing and Other Expenses | $20,000 | $15,000 | $20,000 |
Depreciation | $0 | $0 | $0 |
Leased Equipment | $0 | $0 | $0 |
Utilities | $9,000 | $9,000 | $9,000 |
Insurance | $12,000 | $12,000 | $12,000 |
Rent | $84,000 | $84,000 | $84,000 |
Payroll Taxes | $15,431 | $15,775 | $16,076 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $243,301 | $240,940 | $248,251 |
Profit Before Interest and Taxes | $194,733 | $330,822 | $519,731 |
EBITDA | $194,733 | $330,822 | $519,731 |
Interest Expense | $18,464 | $17,215 | $15,773 |
Taxes Incurred | $52,880 | $94,082 | $151,187 |
Net Profit | $123,388 | $219,525 | $352,770 |
Net Profit/Sales | 15.44% | 20.96% | 25.10% |
Our business is a luxury, retail-oriented business with clients who will pay primarily with credit cards.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $799,124 | $1,047,172 | $1,405,425 |
Subtotal Cash from Operations | $799,124 | $1,047,172 | $1,405,425 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $10,000 | $0 | $0 |
Subtotal Cash Received | $809,124 | $1,047,172 | $1,405,425 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $102,870 | $105,165 | $107,175 |
Bill Payments | $548,021 | $728,194 | $944,200 |
Subtotal Spent on Operations | $650,891 | $833,359 | $1,051,375 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $14,351 | $16,242 | $17,678 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $665,242 | $849,601 | $1,069,053 |
Net Cash Flow | $143,882 | $197,571 | $336,372 |
Cash Balance | $183,882 | $381,453 | $717,825 |
Our Projected Balance Sheet shows we will not have any difficulty meeting our debt obligations as long as our revenue projections are met.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $183,882 | $381,453 | $717,825 |
Inventory | $38,936 | $51,262 | $68,734 |
Other Current Assets | $38,000 | $38,000 | $38,000 |
Total Current Assets | $260,817 | $470,715 | $824,559 |
Long-term Assets | |||
Long-term Assets | $0 | $0 | $0 |
Accumulated Depreciation | $0 | $0 | $0 |
Total Long-term Assets | $0 | $0 | $0 |
Total Assets | $260,817 | $470,715 | $824,559 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $53,781 | $60,395 | $79,147 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $25,500 | $25,500 | $25,500 |
Subtotal Current Liabilities | $79,281 | $85,895 | $104,647 |
Long-term Liabilities | $210,649 | $194,407 | $176,729 |
Total Liabilities | $289,930 | $280,302 | $281,376 |
Paid-in Capital | $10,000 | $10,000 | $10,000 |
Retained Earnings | ($162,500) | ($39,112) | $180,413 |
Earnings | $123,388 | $219,525 | $352,770 |
Total Capital | ($29,112) | $190,413 | $543,183 |
Total Liabilities and Capital | $260,817 | $470,715 | $824,559 |
Net Worth | ($29,112) | $190,413 | $543,183 |
The following table contains important business ratios for the barber shop industry, as determined by the Standard Industry Classification (SIC) code, 7241.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 31.04% | 34.21% | 10.40% |
Percent of Total Assets | ||||
Inventory | 14.93% | 10.89% | 8.34% | 4.60% |
Other Current Assets | 14.57% | 8.07% | 4.61% | 36.80% |
Total Current Assets | 100.00% | 100.00% | 100.00% | 53.10% |
Long-term Assets | 0.00% | 0.00% | 0.00% | 46.90% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 30.40% | 18.25% | 12.69% | 29.70% |
Long-term Liabilities | 80.76% | 41.30% | 21.43% | 24.70% |
Total Liabilities | 111.16% | 59.55% | 34.12% | 54.40% |
Net Worth | -11.16% | 40.45% | 65.88% | 45.60% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 54.81% | 54.60% | 54.64% | 0.00% |
Selling, General & Administrative Expenses | 39.37% | 33.64% | 29.54% | 69.20% |
Advertising Expenses | 1.00% | 0.00% | 0.00% | 2.50% |
Profit Before Interest and Taxes | 24.37% | 31.59% | 36.98% | 4.30% |
Main Ratios | ||||
Current | 3.29 | 5.48 | 7.88 | 2.08 |
Quick | 2.80 | 4.88 | 7.22 | 1.55 |
Total Debt to Total Assets | 111.16% | 59.55% | 34.12% | 54.40% |
Pre-tax Return on Net Worth | -605.48% | 164.70% | 92.78% | 6.90% |
Pre-tax Return on Assets | 67.58% | 66.62% | 61.12% | 15.20% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 15.44% | 20.96% | 25.10% | n.a |
Return on Equity | 0.00% | 115.29% | 64.94% | n.a |
Activity Ratios | ||||
Inventory Turnover | 10.91 | 10.54 | 10.62 | n.a |
Accounts Payable Turnover | 11.19 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 28 | 26 | n.a |
Total Asset Turnover | 3.06 | 2.22 | 1.70 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.00 | 1.47 | 0.52 | n.a |
Current Liab. to Liab. | 0.27 | 0.31 | 0.37 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $181,537 | $384,820 | $719,912 | n.a |
Interest Coverage | 10.55 | 19.22 | 32.95 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.33 | 0.45 | 0.59 | n.a |
Current Debt/Total Assets | 30% | 18% | 13% | n.a |
Acid Test | 2.80 | 4.88 | 7.22 | n.a |
Sales/Net Worth | 0.00 | 5.50 | 2.59 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Barber Shop Hair Only Revenue | 0% | $40,040 | $41,440 | $42,840 | $44,240 | $45,640 | $47,040 | $48,440 | $49,840 | $51,240 | $52,640 | $54,040 | $55,440 |
Misc. Service i.e. Shave, Shine, Color etc. | 0% | $10,417 | $10,833 | $11,267 | $11,717 | $12,186 | $12,673 | $13,180 | $13,708 | $14,256 | $14,826 | $15,419 | $16,036 |
Product | 0% | $5,200 | $5,304 | $5,410 | $5,518 | $5,628 | $5,728 | $5,856 | $5,973 | $6,092 | $6,214 | $6,338 | $6,465 |
Total Sales | $55,657 | $57,577 | $59,517 | $61,475 | $63,454 | $65,441 | $67,476 | $69,521 | $71,588 | $73,680 | $75,797 | $77,941 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Barber Shop Hair Only Revenue | $16,016 | $18,648 | $19,278 | $19,908 | $20,538 | $21,168 | $21,798 | $22,428 | $23,058 | $23,688 | $24,318 | $24,948 | |
Misc. Service i.e. Shave, Shine, Color etc. | $4,687 | $4,875 | $5,070 | $5,272 | $5,483 | $5,703 | $5,931 | $6,168 | $6,415 | $6,671 | $6,938 | $7,216 | |
Product | $2,600 | $2,652 | $2,705 | $2,759 | $2,814 | $2,870 | $2,928 | $2,986 | $3,046 | $3,107 | $3,169 | $3,232 | |
Subtotal Direct Cost of Sales | $23,303 | $26,175 | $27,053 | $27,939 | $28,835 | $29,741 | $30,657 | $31,582 | $32,519 | $33,466 | $34,425 | $35,396 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cathy Leskie | 0% | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 |
100% Commissioned Employees | 0% | $10 | $10 | $13 | $13 | $13 | $13 | $13 | $13 | $13 | $13 | $13 | $13 |
Assistant | 0% | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 |
Receptionist | 0% | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 | $1,280 |
Total People | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |
Total Payroll | $8,570 | $8,570 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Long-term Interest Rate | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | |
Tax Rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $55,657 | $57,577 | $59,517 | $61,475 | $63,454 | $65,441 | $67,476 | $69,521 | $71,588 | $73,680 | $75,797 | $77,941 | |
Direct Cost of Sales | $23,303 | $26,175 | $27,053 | $27,939 | $28,835 | $29,741 | $30,657 | $31,582 | $32,519 | $33,466 | $34,425 | $35,396 | |
Other Costs of Goods | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $23,303 | $26,175 | $27,053 | $27,939 | $28,835 | $29,741 | $30,657 | $31,582 | $32,519 | $33,466 | $34,425 | $35,396 | |
Gross Margin | $32,354 | $31,402 | $32,464 | $33,536 | $34,619 | $35,700 | $36,819 | $37,939 | $39,069 | $40,214 | $41,372 | $42,545 | |
Gross Margin % | 58.13% | 54.54% | 54.55% | 54.55% | 54.56% | 54.55% | 54.57% | 54.57% | 54.57% | 54.58% | 54.58% | 54.59% | |
Expenses | |||||||||||||
Payroll | $8,570 | $8,570 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | |
Sales and Marketing and Other Expenses | $4,000 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $1,300 | $3,000 | $1,300 | $1,300 | $1,300 | |
Depreciation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Leased Equipment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Utilities | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | |
Insurance | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | |
Rent | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 | |
Payroll Taxes | 15% | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 | $1,286 |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Operating Expenses | $22,606 | $19,906 | $19,909 | $19,909 | $19,909 | $19,909 | $19,909 | $19,909 | $21,609 | $19,909 | $19,909 | $19,909 | |
Profit Before Interest and Taxes | $9,749 | $11,497 | $12,555 | $13,627 | $14,710 | $15,791 | $16,910 | $18,030 | $17,460 | $20,305 | $21,463 | $22,636 | |
EBITDA | $9,749 | $11,497 | $12,555 | $13,627 | $14,710 | $15,791 | $16,910 | $18,030 | $17,460 | $20,305 | $21,463 | $22,636 | |
Interest Expense | $1,585 | $1,577 | $1,568 | $1,560 | $1,551 | $1,543 | $1,534 | $1,526 | $1,518 | $1,509 | $1,501 | $1,492 | |
Taxes Incurred | $2,449 | $2,976 | $3,296 | $3,620 | $3,948 | $4,274 | $4,613 | $4,951 | $4,783 | $5,639 | $5,989 | $6,343 | |
Net Profit | $5,714 | $6,944 | $7,691 | $8,447 | $9,211 | $9,974 | $10,763 | $11,553 | $11,160 | $13,157 | $13,974 | $14,801 | |
Net Profit/Sales | 10.27% | 12.06% | 12.92% | 13.74% | 14.52% | 15.24% | 15.95% | 16.62% | 15.59% | 17.86% | 18.44% | 18.99% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $55,657 | $57,577 | $59,517 | $61,475 | $63,454 | $65,441 | $67,476 | $69,521 | $71,588 | $73,680 | $75,797 | $77,941 | |
Subtotal Cash from Operations | $55,657 | $57,577 | $59,517 | $61,475 | $63,454 | $65,441 | $67,476 | $69,521 | $71,588 | $73,680 | $75,797 | $77,941 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $10,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $55,657 | $67,577 | $59,517 | $61,475 | $63,454 | $65,441 | $67,476 | $69,521 | $71,588 | $73,680 | $75,797 | $77,941 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $8,570 | $8,570 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | $8,573 | |
Bill Payments | $1,900 | $56,613 | $45,189 | $44,259 | $45,470 | $46,697 | $47,933 | $49,190 | $50,495 | $52,889 | $53,035 | $54,350 | |
Subtotal Spent on Operations | $10,470 | $65,183 | $53,762 | $52,832 | $54,043 | $55,270 | $56,506 | $57,763 | $59,068 | $61,462 | $61,608 | $62,923 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | $1,196 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $11,666 | $66,379 | $54,958 | $54,028 | $55,239 | $56,466 | $57,702 | $58,959 | $60,264 | $62,658 | $62,804 | $64,118 | |
Net Cash Flow | $43,991 | $1,198 | $4,559 | $7,447 | $8,215 | $8,975 | $9,774 | $10,562 | $11,324 | $11,022 | $12,993 | $13,823 | |
Cash Balance | $83,991 | $85,189 | $89,748 | $97,194 | $105,409 | $114,384 | $124,159 | $134,721 | $146,045 | $157,066 | $170,059 | $183,882 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $40,000 | $83,991 | $85,189 | $89,748 | $97,194 | $105,409 | $114,384 | $124,159 | $134,721 | $146,045 | $157,066 | $170,059 | $183,882 |
Inventory | $10,000 | $25,633 | $28,793 | $29,758 | $30,733 | $31,719 | $32,715 | $33,723 | $34,740 | $35,771 | $36,813 | $37,868 | $38,936 |
Other Current Assets | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 | $38,000 |
Total Current Assets | $88,000 | $147,624 | $151,981 | $157,506 | $165,927 | $175,128 | $185,099 | $195,881 | $207,461 | $219,816 | $231,879 | $245,927 | $260,817 |
Long-term Assets | |||||||||||||
Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Accumulated Depreciation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Assets | $88,000 | $147,624 | $151,981 | $157,506 | $165,927 | $175,128 | $185,099 | $195,881 | $207,461 | $219,816 | $231,879 | $245,927 | $260,817 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $55,106 | $43,715 | $42,745 | $43,915 | $45,100 | $46,295 | $47,509 | $48,732 | $51,123 | $51,225 | $52,495 | $53,781 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 | $25,500 |
Subtotal Current Liabilities | $25,500 | $80,606 | $69,215 | $68,245 | $69,415 | $70,600 | $71,795 | $73,009 | $74,232 | $76,623 | $76,725 | $77,995 | $79,281 |
Long-term Liabilities | $225,000 | $223,804 | $222,608 | $221,412 | $220,216 | $219,020 | $217,824 | $216,628 | $215,433 | $214,237 | $213,041 | $211,845 | $210,649 |
Total Liabilities | $250,500 | $304,410 | $291,823 | $289,657 | $289,632 | $289,621 | $289,619 | $289,638 | $289,665 | $290,860 | $289,766 | $289,840 | $289,930 |
Paid-in Capital | $0 | $0 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
Retained Earnings | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) | ($162,500) |
Earnings | $0 | $5,714 | $12,658 | $20,349 | $28,796 | $38,007 | $47,981 | $58,743 | $70,296 | $81,456 | $94,613 | $108,587 | $123,388 |
Total Capital | ($162,500) | ($156,786) | ($139,842) | ($132,151) | ($123,704) | ($114,493) | ($104,519) | ($93,757) | ($82,204) | ($71,044) | ($57,887) | ($43,913) | ($29,112) |
Total Liabilities and Capital | $88,000 | $147,624 | $151,981 | $157,506 | $165,927 | $175,128 | $185,099 | $195,881 | $207,461 | $219,816 | $231,879 | $245,927 | $260,817 |
Net Worth | ($162,500) | ($156,786) | ($139,842) | ($132,151) | ($123,704) | ($114,493) | ($104,519) | ($93,757) | ($82,204) | ($71,044) | ($57,887) | ($43,913) | ($29,112) |
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Are you thinking of opening a barbershop and need help creating an effective, sure-fire business plan?
With the right guidance and resources, you can create a comprehensive and successful plan to help increase your chances of success and achieve your goals.
While there are many general templates and guides available, a successful business plan must take into account the unique aspects of your barbershop, including your location, target market, competition, pricing strategy, and services offered. Additionally, it’s important to consider factors such as the local economy, industry trends, and regulatory requirements.
So, let’s dive right in!
Why is a sound business plan essential when starting a barbershop, what every barbershop business plan should include, pro tip: how to make your barbershop business plan a successful one.
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A barbershop business plan is a written document that outlines the key aspects of a barbershop business, such as its goals, strategies, target market, competition, financial projections, and operational requirements.
A well-crafted business plan is essential for any entrepreneur who is starting or expanding a barbershop , as it provides a roadmap for success and helps secure financing from investors or lenders.
Typically, every business plan for a barber shop includes sections on market analysis, marketing and sales strategies, management structure, financial projections, and risk management.
By creating a comprehensive business plan, you as a barbershop owner can better understand the challenges and opportunities facing your business, and develop strategies to overcome obstacles and achieve your goals.
Having a sound business plan when starting a barbershop is beneficial for several reasons:
Provides a roadmap for success: A well-crafted business plan outlines the key aspects of your business, allowing you to stay focused and motivated, and to make informed decisions about how to grow and manage your business.
Helps secure financing: Lenders and investors will want to see a business plan before providing funding. A comprehensive business plan demonstrates you have carefully considered the risks and opportunities of the business and know how to make the business profitable.
Identifies potential challenges: A business plan can help identify potential difficulties and obstacles that your barbershop may face. By anticipating these issues, you can develop strategies to mitigate risk and respond to challenges as they arise.
Guides decision-making: A business plan provides a framework for decision-making, ensuring that you make informed decisions that are consistent with the overall strategy and goals of the business.
Overall, a carefully thought-out business plan is crucial when starting a barbershop because it helps your stay focused , secure funding , anticipate challenges , and make informed decisions that will help the business to grow and succeed .
The process of creating a business plan for a barbershop can seem daunting at first, but it’s important to remember that every plan is unique to the specific business it represents.
While there may be some common elements to all successful plans, there is no one-size-fits-all approach. Therefore, it’s normal to feel overwhelmed when initially attempting to craft the perfect plan.
However, there are certain key points that each barbershop business plan should cover:
Company description, market analysis, competitor analysis, products and services, financial projections, marketing plan, management and organization, operations plan, risk management, additional information.
An executive summary of a business plan for a barber shop should provide a brief overview of the key elements of the plan .
When writing the executive summary, focus on providing an outline of the business concept, its unique value proposition, target market, competitive advantage, and financial projections. Moreover, highlight the key strategies for marketing, operations, and management.
With the executive summary, you get a clear and concise outline of your business plan that highlights the most important aspects of the plan and generates interest in potential investors, lenders, and partners.
The company description gives a detailed overview of your business .
Include information such as the legal structure of the business, the location of the barbershop, the products and services offered, and the mission and vision statements.
Additionally, this section should provide information on the barbershop’s history, such as how and when it was founded, and any major milestones achieved so far. The company description should also highlight the target market and any unique selling points or competitive advantages the barbershop has.
You should aim to provide a comprehensive picture of the barbershop and its place in the market.
The goal of market analysis is to provide an in-depth understanding of the industry and target market .
Start the analysis with an overview of the industry , market size, growth trends, and key players.
Also, provide a detailed analysis of the local market , including demographics, buying behavior, and trends. This analysis should identify the specific customer segments that your barbershop will target, such as young professionals, families, or seniors.
The market analysis will help you gain an insight into market trends, such as changes in customer preferences, emerging technologies, and new regulations that may affect the success of your barbershop business.
Competitor analysis helps you identify direct and indirect competitors , their strengths and weaknesses, and the strategies they use to attract customers.
Additionally, this section should highlight the unique selling point of your barbershop and explain how it will differentiate itself from competitors. It should highlight the competitive advantage you offer, such as unique services, location, or pricing strategy.
In addition, this analysis should reveal any potential opportunities or threats posed by competitors .
The main goal of the competitor analysis is to give you a comprehensive understanding of the competitive landscape and help you identify strategies to gain a competitive advantage in the market.
When making a business plan for your barbershop, don’t forget to consider the products and services you want to offer.
Describe your offer in detail and list all the services you plan on having , such as haircuts, beard trims, hot towel shaves, and other grooming services. Include the different types of haircuts and styles that the barbershop will offer, such as classic cuts, modern styles, and specialty cuts.
In addition to services, list any products that you’ll sell in your barbershop , such as hair care products, beard oils, and shaving supplies. Describe the different types of products, their benefits, and how they complement the barbershop’s services.
It is important to highlight the unique aspects of the barbershop’s services and products , such as the quality of the products, the skill, and expertise of the barbers, or the use of specialized tools and techniques. This can help differentiate the barbershop from competitors and attract customers.
Financial projections are an important aspect of any business plan because they give a detailed financial forecast of the expected revenue and expenses over the next three to five years. They provide a detailed breakdown of the startup costs, like equipment, inventory, and initial marketing expenses.
Also, the section typically includes a projected income statement , balance sheet , and cash flow statement . These financial statements should detail the expected revenue, cost of goods sold, gross profit, operating expenses, and net profit over the next few years.
It is important to use realistic assumptions when creating financial projections, based on market research and industry benchmarks . Take into account the average price per haircut, the number of customers per day, and the average revenue per customer.
Finally, don’t forget about a break-even analysis , which calculates the amount of revenue needed to cover the barbershop’s fixed and variable expenses. This analysis can help determine the barbershop’s profitability and financial viability.
How do you plan on advertising your barbershop business? Which channels will you use? How are you going to attract new and retain existing customers? How will you handle your reputation?
The answers to these (and many other questions) should be found in your marketing plan section.
Outline the channels you’ll use to reach customers, such as social media , local advertising , email marketing , or partnerships with complementary businesses .
Also, set aside a budget for marketing expenses and metrics for measuring the success of the marketing efforts, such as the number of new customers acquired, customer retention rates, or revenue generated from marketing promotions.
A sales plan section typically outlines specific strategies and tactics for increasing the revenue and profitability of your barbershop .
When developing your sales plan, first focus on setting your sales goals and objectives . Start small and set reachable goals and aim higher as your business flourishes. Some of your goals could be increasing revenue by a certain percentage, selling a certain number of retail products each month, or increasing the average sale amount per customer.
Next, ensure that your marketing tactics actually target your ideal customers . Remember, your goal is to make your services and products appealing to the right clients in order to increase revenue.
A pro tip to skyrocket your sales: create service packages. Develop service packages that bundle together multiple services or offer discounts for purchasing multiple services at once. This can encourage customers to spend more money during each visit.
Moreover, train barbers to upsell and cross-sell during each appointment . Have them offer additional services or suggest retail products that complement the customer’s haircut.
Another strategy worth considering is creating loyalty programs that reward repeat customers. Offer them a discount after a certain number of visits or provide exclusive access to promotions and events.
The management and organization section of a business plan you create for your barbershop should outline the key people involved in running the business , their roles and responsibilities, and the overall structure of the organization.
First off, describe the key members of the management team , including their experience, qualifications, and responsibilities. Include yourself, managers, barbers, receptionists, and any other staff involved in the day-to-day operations.
Next, define the organizational structure of the barbershop , i.e. how the different roles and responsibilities are divided.
Then, outline the staffing plan for the barbershop , in which you specified the number of staff required, their roles and responsibilities, and the process for hiring and training new employees.
Furthermore, describe the policies and procedures that will be in place to ensure the smooth running of your barbershop. Give a brief explanation of the operational procedures, health and safety policies, and customer service standards.
Don’t forget to define the legal structure of the business – be specific about whether it is a sole proprietorship, partnership, or limited liability company (LLC). Mention any necessary licenses or permits required to operate the business.
The operations plan outlines the day-to-day operations of the barbershop, including inventory management, customer service, and scheduling.
Begin with describing the process for managing inventory – how supplies will be ordered, received, and stored, and how inventory levels will be monitored and controlled. Also, take into account the equipment and supplies that will be required to operate the barbershop, like chairs, clippers, scissors, towels, and other tools and materials.
Move on to outlining the customer service policies and procedures needed to maintain the highest levels of quality and ensure that customers leave your barbershop satisfied. Train your staff on how to interact with customers and handle complaints.
When it comes to scheduling, give a brief overview of how appointments are scheduled, managed, and tracked . Outline the appointment booking process, such as whether customers can book online, via phone, or in person. How will walk-ins be managed and fit into the schedule? Also, explain how your team handles appointment confirmation and reminders. Additionally, you may also outline staffing needs for the shop and provide information on how many barbers are needed during peak hours and how to manage schedules to ensure customer demand is met.
Sounds overwhelming? Now is a good time to consider using an appointment booking automation tool to help you manage bookings, employees, customers, payments, and other time-consuming tasks you face every day as a barbershop owner.
Using booking software can help automate many aspects of your everyday barbershop’s operations. However, not every booking software can cut it – you need a solution powerful enough to handle the demands of a busy barbershop and yet intuitive enough to provide a completely hassle-free experience that both you and your customers will love.
The good news is that such a solution exists, and its name is Trafft .
Trafft is a booking and scheduling software designed specifically for the needs of barbershops and similar businesses.
With Trafft, customers can easily book appointments online , which gives them full control of the entire scheduling process. By enabling self-service bookings to your clients, you and your team have more time to focus on providing better services and growing your business .
Trafft also helps barbershops manage their schedules more effectively, allowing them to optimize appointment slots, avoid double bookings, and increase their productivity .
In addition, Trafft offers features such as automated appointment reminders and follow-up messages, which can boost customer communication, satisfaction, and loyalty .
Furthermore, Trafft provides insights into key performance metrics such as sales tracking and reporting, allowing barbershops to make data-driven decisions and optimize their business operations .
Interested? Check out all the features and integrations Trafft brings to the table and start streamlining your operations.
Risk management provides a brief assessment of the risks facing the barbershop business, such as legal and regulatory risks, competitive risks, and financial risks. Also, this section should include a plan for managing and mitigating these risks.
Start with identifying some common risks that barbershops may face , like property damage, theft, employee injuries, and lawsuits.
Next, outline steps to prevent these risks from occurring , such as implementing security measures, ensuring proper training and safety protocols are in place, and having insurance coverage.
Additionally, outline a response plan in the event of a risk , such as how to report incidents, manage customer complaints, and handle emergencies.
Effective risk management can help barbershops protect their business, employees, and customers from harm, and maintain a positive reputation in the community.
Although not mandatory, a well-structured appendix can strengthen the credibility of your plan. It allows you to give further details or extra information that might be of interest to investors or managers.
Include any additional documents, charts, graphs, tables, materials, resumes, important policies, financial statements, agreements, contracts, and relevant documents that are referenced in the business plan.
We have to make one thing clear here – not every business plan will deliver your barbershop equal value. Some plans are more beneficial than others. Or, to put it like this – making a plan is not the same as making the plan.
But how to know your plan is the plan?
Besides following the structure we mentioned earlier, there are certain aspects to pay special attention to if you wish to transform an average barbershop business plan into an exceptional one.
Creating a dynamic barbershop business plan is essential if you want to be able to actually rely on your plan. A dynamic plan allows for flexibility and adaptability as your business evolves and changes over time. It should be a living document that is reviewed and updated regularly to reflect changes in the market, competition, and internal operations.
With a dynamic business plan in place, you’ll be able to navigate the challenges of running a successful barbershop and achieve long-term success.
Setting realistic goals is also an important step in making a sound business plan for your barbershop. Your goals should be specific, measurable, achievable, relevant, and time-bound ( SMART ).
This will help you to create a clear roadmap for achieving your objectives, and enable you to track progress effectively, ensuring your plan remains relevant and achievable over time.
Data is your friend, so make sure you rely on it when making any decisions concerning your business. Gathering and analyzing data can help you make informed decisions about your business strategy and identify opportunities for growth and improvement .
You can gather data on your target market, including demographics, behavior patterns, and purchasing habits, as well as data on your competitors, such as their pricing strategies, marketing tactics, and customer feedback. You can also collect data on your own business operations, such as sales figures, customer feedback, and employee performance metrics.
It’s a good idea to seek feedback from colleagues, mentors, and industry experts to ensure that your plan is well-rounded and realistic . They may be able to provide valuable insights and identify potential blind spots that you may have missed. Additionally, sharing your plan with potential investors or lenders can help you secure funding and validate the feasibility of your business idea.
Just be sure to consider the feedback you receive and incorporate it into your plan if it aligns with your vision and goals for your barbershop.
Starting a new barber shop or expanding an existing one requires considerable time, effort, and expertise. However, having a comprehensive business plan can simplify the process.
Similar to having a skilled workforce and top-notch equipment, a well-crafted barbershop business plan empowers owners and managers to stay organized, recognize potential obstacles or prospects for growth, and make informed business decisions.
However, keep in mind that there’s more than one approach to developing a business plan. While we recommend you include certain elements, you should create a plan that adapts to your specific situation. Only then you’ll be able to see results. And if you want those results to be truly impressive, discover how you can grow your barbershop with Trafft .
Jovana Smoljanovic Tucakov
Jovana Smoljanovic Tucakov is a Content Marketing and SEO Specialist who uses both words and data to communicate a message and deliver value. With more than 5 years of experience in digital marketing and content production in the IT industry, she loves identifying and solving the readers’ pain points and creating targeted content.
Curious about the human mind and emotions, especially those that drive consumer behavior. Likes fitness, food preparation, board games, reading (both for pleasure and learning), and binge-watching Netflix.
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Creating a business plan for a barber shop involves outlining your vision, operations, and financials. A detailed guide helps you navigate through each essential step of the formation.
Crafting a compelling business plan for a barber shop is critical for securing funding, guiding your strategic decisions, and charting a path for growth. In today’s competitive grooming industry, your plan should clearly express your shop’s unique value proposition and how it will meet the needs of your target market.
A concise, well-articulated business plan establishes a solid foundation for your barber shop, detailing service offerings, marketing strategies, staffing, and budget. By demonstrating thorough market research and a clear understanding of your niche, your barber shop business plan will set the stage for a successful venture, enticing investors and garnering a loyal customer base.
Starting a successful barber shop begins with a strong foundation. That foundation is your business plan. Think of it as your road map to success. It shows that you understand your business and can make it work.
Let’s talk money. To open your barber shop, you need funds. Banks and investors want to see your business plan. A well-crafted plan proves your idea is worth their money. It’s your pitch to get cash to start your dream shop.
A solid business plan is your path to win. It guides your steps from start to big growth. Every part of your plan tells you what to do next. It keeps your barber shop on track to reach your goals.
Every successful business plan begins with thorough market research. The backbone of a thriving barber shop rests on understanding the landscape. Discovering who needs your services, where they live and work, and what they expect from a barber can set you apart from the competition. Let’s dive into the first steps of market research to position your barber shop for success.
Choosing the right location is essential. It’s not only about the foot traffic; it’s also about the right kind of foot traffic. Consider these factors:
A clear image of your ideal customer shapes your business plan. Survey the community to gather data:
Use this data to tailor your services to match your customers’ needs.
Know who you’re up against. List down local barber shops and study them: More rows can be added as necessary
Excellent Edges | Cuts, Shaves, Beard Trims | $15-$50 | 4.5/5 Stars |
Precision Cuts | Cuts, Coloring, Styling | $20-$60 | 4/5 Stars |
Identify gaps in their offerings that your barber shop can fill. Use this insight to gain a competitive edge.
Your barber shop’s success starts with the services you offer and how your shop operates . A detailed look into the services and overall operations sets the stage for customer satisfaction and business efficiency. Let’s dive into crafting the perfect service menu, designing a shop that works for you, and stocking up on the essentials.
To stand out, tailor your service menu to your customers’ needs . It’s not just about haircuts; think about shaves, trims, and possibly even spa-like amenities. Here’s a quick guide:
An organized space provides a seamless experience. Optimize each square foot for best service flow . Key points to think about:
Quality equipment is a must for any professional barber shop. Invest in durable and high-performing tools to ensure customer satisfaction and repeat business. Your checklist should include:
Comfortable and adjustable for clients and stylists. | |
High-quality for precision cutting. | |
Various sizes for different cutting techniques. | |
For close shaves and fine detailing. | |
To maintain hygiene and cleanliness. | |
A wide range for all hair types. |
Ensure you consistently restock supplies like capes, neck strips, shaving cream, and aftershave products. Your commitment to quality will pay off in client loyalty and positive word-of-mouth.
Crafting your brand identity lays the foundation for your barber shop’s success. Like the sharp edge of your scissors, your brand cuts a memorable image into the public’s mind. It stands for who you are, what you offer, and how you differ from the crowd. Let’s give your brand the style and presence it needs to turn heads and draw clients in.
Your barber shop’s name is its first handshake with the world. It needs to be firm, friendly, and unforgettable. Selecting a name involves creativity and strategic thinking. Make sure it reflects your services, culture, and unique selling points. Next, design a logo that serves as the face of your brand. The logo should capture your shop’s essence at a glimpse. Bold, clear, and scalable are key qualities—it must look sharp on everything from a storefront sign to a tiny mobile screen.
A solid marketing strategy puts your brand on the local map. It involves careful planning and an understanding of your target market. Start by profiling your ideal clientele. Remember, demographics like age, lifestyle, and fashion preferences shape your marketing voice and channels. Use social media, local advertising, and community events to spread the word. Always consider what makes your brand the go-to destination for a trim or a shave. Create promotions and content that highlight your unique offerings and the experience customers can expect.
Welcome to the crucial chapter of crafting your barber shop’s business plan: Financial Planning . Every successful venture requires a robust financial blueprint. It’s the core of your business’s health and sustainability. Let’s break down the financial planning into clear, practical steps ensuring your barber shop flourishes.
Knowing your initial investment is key to a smooth launch. List all necessary expenses before the grand opening. Think about:
Compile these into a comprehensive list. Consider a table for clarity.
Equally critical is projecting future cash flows. Create monthly projections for at least the first year. This includes:
Use realistic growth rates for precision. A spreadsheet can be your ally here, presenting data clearly.
Establishing the right price points is vital. Research competitors and understand the market. Your prices must:
Consider special offers to kickstart business. Remember, flexibility helps to adjust as you learn more about your customers’ preferences.
Starting a barbershop requires more than just scissors and combs. A strong understanding of legal requirements is vital. This ensures your business runs smoothly without hiccups from regulatory bodies. We will guide you through acquiring the necessary licenses, permits, and adhering to health and safety regulations.
Kicking off your barbershop begins with the right paperwork. Licensing requirements vary by location. Be sure to check with your city or county clerk’s office. They can guide you on specific requirements for your area. Generally, you will need:
Ensure every license and permit is up to date to avoid penalties.
Barbershops need to prioritize client safety. This means staying informed on state and federal health regulations. Key areas include:
Build a checklist to regularly audit your shop for compliance. Training staff on these practices is equally important.
A barbershop thrives on the skills and camaraderie of its team. Understand that the level of service provided will be a direct reflection of the quality and harmony among your team members. This segment delves into the essentials of building a team that not only delivers expert haircuts but also fosters an environment of mutual respect and shared growth.
Finding the right talent is crucial to the success of your barbershop. Start by laying out the qualifications you seek such as certifications, experience, and expertise in latest hair trends.
Lead Barber | State License and 5+ years experience | Leadership, Creativity |
Junior Barber | State License and 1-2 years experience | Eagerness to learn, Customer focus |
Utilize job boards, social media, and barbering schools to reach potential candidates . Conduct interviews that assess both skill level and personality fit to ensure a cohesive team.
Once you’ve hired qualified barbers, creating a nurturing work environment becomes key. A positive culture increases job satisfaction, reduces turnover, and keeps your team motivated.
Remember to promote team bonding through events or outings. Such initiatives encourage your staff to work well together, which in turn attracts a loyal customer base.
The big day is drawing near! After months of preparation, your barber shop is almost set to open its doors. To ensure a successful launch, it’s crucial to create excitement and draw in the crowds. A grand opening and smart use of social media can set the stage for your shop’s future success. Let’s explore these pivotal steps.
Remember to capture attendees’ contact info. It helps in customer follow-ups.
Regular updates can keep the buzz alive even after the grand opening. Consistent posting helps maintain interest.
Designing the future of a barber shop means careful planning. Success depends on loyal customers, modern services, and possibly new locations. A good business plan acts like a roadmap. It helps barber shop owners expand while maintaining quality service. Let’s dive into ways to retain clients and explore service and location expansion methods.
Customers are the heart of any barber shop. Keeping them coming back requires excellent service, a personal touch, and rewards. Consider these strategies:
Growth is more than just increasing revenue. It’s about shaping the business for the future. Expansion should align with customer needs and market trends. Observe these steps:
Planning empowers a barber shop to thrive long-term. Remember, steady growth ensures survival and success.
How to start a barbering business.
Gain knowledge in barbering and obtain the necessary certifications. Develop a solid business plan including location, services, and budget. Secure financing through savings or loans. Obtain the required licenses and insurance. Finally, set up your shop, hire skilled staff, and launch marketing campaigns to attract clients.
Starting a barber shop involves five essential steps: research local regulations, create a business plan, secure financing, find the perfect location, and purchase necessary equipment. Obtain relevant licenses, hire skilled barbers, and promote your shop effectively for success.
To launch a successful barber shop, create a solid business plan, obtain necessary licenses, choose a high-traffic location, hire skilled barbers, and implement an effective marketing strategy to attract and retain customers.
Barbershop business models typically include traditional walk-ins, membership or subscription-based services, chair rental agreements, and franchise operations. These models cater to various customer preferences and barber entrepreneurship styles.
Crafting a solid business plan is the cornerstone of launching a successful barber shop. By thoughtfully following this comprehensive guide, aspiring entrepreneurs gain clarity and direction. Remember, this roadmap is more than a formality—it’s the blueprint for your barber business dream.
Now, turn those detailed steps into your brand’s reality and start snipping your way to success.
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If you’re looking to start your own barber shop business, then having a plan is essential to ensure success. The #1 Barber Shop Business Plan Template & Guidebook takes the guesswork out of creating and implementing a strong, actionable business plan. Packed with helpful advice, best practices, and expert tips, this comprehensive guidebook walks you through each step of creating a plan that sets you up for success and helps your business thrive in the long run.
Get worry-free services and support to launch your business starting at $0 plus state fees.
1. describe the purpose of your barber shop business..
The first step to writing your business plan is to describe the purpose of your barber shop business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a barber shop business:
Our mission at [Barber Shop] is to provide a professional, comfortable, and welcoming atmosphere for our customers to enjoy high-quality haircuts and grooming services from certified barbers. We pledge to create a personalized experience for each customer that allows them to express themselves in a luxurious and modern way.
The next step is to outline your products and services for your barber shop business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
If you don't have a marketing plan for your barber shop business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your barber shop business includes the following elements:
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
<ul> <li>Barber license</li> <li>Barber chair and accessories</li> <li>Hair cutting tools (scissors, trimmers, clippers, etc.)</li> <li>Hair styling products (gels, sprays, waxes, etc.)</li> <li>Sanitizing supplies (sanitizer, bleach, disinfectant wipes, etc.)</li> <li>Storage furniture (cabinets and shelves) for supplies and products </li> <li>A till or cash register to take payments <
The second part of your barber shop business plan is to develop a management and organization section.
This section will cover all of the following:
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup Costs
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a barber shop business varies based on many different variables, but below are a few different types of startup costs for a barber shop business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your barber shop business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your barber shop business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your barber shop business plan:
Why do you need a business plan for a barber shop business.
A business plan for a barber shop business is important for several reasons. First, it provides a comprehensive overview of the business and its goals. It can also help to inform any potential investors or lenders of the barber shop’s projected success, as well as provide a roadmap for how the owner intends to bring their vision to life. Additionally, it can help the business owner stay organized and on track when it comes to managing operations such as finances, marketing, staffing, and customer service. Finally, a good business plan serves as a reference document in case of any legal ramifications or disputes.
You may want to seek help from a professional business consultant or a business mentor. You may also consider attending workshops or seminars on small business planning, or online resources such as the Small Business Administration (SBA) website and business plan templates.
Writing a business plan for any company can be a daunting task, and writing a barber shop business plan is no different. However, with the right research, knowledge of the industry and guidance, it is possible to write a successful business plan yourself. Taking the time to create a thorough, well-thought-out plan will give your barber shop the best chance of success in the long run. It is important to start by researching the barber shop industry and competitors in your area. This research should include looking at your local market and trying to determine if there is a need for your services. Additionally, it is helpful to analyze current trends in the industry and best practices for setting up and running a successful barber shop. Your business plan should include an executive summary that covers the main points of your plan in an easy to understand way. This summary should include an overview of what services you will offer, who your target customers are, what differentiates you from competitors, how you will market and promote your services, overhead costs associated with running your business, and when you anticipate turning a profit. In addition to the executive summary, you should also include detailed sections that outline more specific aspects of running a barber shop such as pricing structure, equipment needs and staffing requirements. Finally, be sure to include financial projections that are based on realistic assumptions about future revenue and expenses. Overall, writing a business plan for a barber shop can be complex but following these steps can help ensure that you have all of the necessary information needed to create an effective plan.
We're newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.
Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.
From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.
Create your Barber Shop business plan effortlessly with our user-friendly template. It covers everything from market analysis tailored to the barbershop industry to financial planning, ensuring your success in the grooming sector.
Features of our barber shop business plan template:.
Market Analysis: Delve deep into the barbershop industry. Identify critical demographics and understand the specific needs of clients. Our template simplifies market analysis, customized for your barbershop business.
Business Model: Define your shop's unique value, select the right services, and pinpoint your target market. Our template provides insights and guidance for choosing the most effective business model for your barbershop.
Financial Projections: Predict income, expenses, and profitability with our comprehensive financial planning section. This ensures informed decisions and realistic financial goals for the financial stability of your shop.
Marketing Strategy: Develop a marketing plan that effectively promotes your barbershop, emphasizing quality services. Our template aids in creating a strategic marketing approach, including branding, outreach, and customer engagement strategies.
Time and Effort Saving: Save time with our pre-designed template. Focus on refining your barbershop concept and business strategy without starting from scratch.
Clarity and Guidance: Our template offers a clear path, ensuring you cover all essential aspects of your barbershop business plan. Stay on track toward your goals and avoid overlooking key elements crucial for the success of your shop.
Increased Success Opportunities: A well-structured and comprehensive business plan improves your chances of success in the competitive barbershop industry. Our template equips you with professional tools to attract potential investors, partners, or lenders, showcasing your commitment to providing exceptional grooming services.
Q: why do i need a business plan for my barber shop.
A: A business plan for your barber shop is crucial as it acts as a roadmap for success in the grooming and barbering industry. It helps in market analysis, goal setting, and strategic planning. Moreover, a well-structured business plan can attract potential investors, partners, or lenders interested in supporting your venture.
A: A comprehensive business plan for a barber shop should include key components like market analysis, your shop's business model, financial projections, marketing strategies, and operational plans tailored to grooming services. These elements are vital for understanding the industry, managing finances, and outlining how you will provide quality grooming services.
A: A well-prepared business plan demonstrates to potential investors, lenders, or partners your deep understanding of the barbering industry, a strong business model, and a clear strategy for delivering quality grooming services while ensuring financial sustainability. Financial projections play a crucial role in showcasing the potential for a return on investment. Presenting a comprehensive business plan can significantly improve your chances of obtaining the necessary capital to establish or expand your barber shop, highlighting your commitment to providing exceptional grooming services.
Collectively, our team has reviewed thousands of business plans and has nearly 20 years of experience making SBA loans. We've also helped more than 50,000 businesses create financial projections across many industries and geographies.
Adam served as Executive Director for a SBA microlender in Indiana for over 10 years helping businesses and reviewing thousands of business plans.
Grace has built hundreds of custom financial models for businesses as well as our projection templates which are used by thousands of businesses every year.
Kyle served as an SBA loan officer for 7 years working directly with startups and business owners to review their business plans, projections, and prepare their loan package.
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Having a detailed and professional barber shop business plan is important for anyone working on opening a new barbershop . It can also be an excellent roadmap for growing your barber business.
We’ll take a look at the basics of researching and creating your barbershop business plan, plus some helpful info and a free template to help you get started.
What is a barber shop business plan, why does your barber shop need a business plan, key element of a good barber shop business plan, barber shop business plan template.
Every business is different, and a lot of the elements of your own business plan will be informed by your target market, location and the services that you offer (or plan to expand into).
A business plan is a living document that you can adjust or update as needed. It will include information about the barber shop’s financial, marketing and management details.
This will include your startup costs (if you’re planning to open a new shop), plus market research, your mission statement (more on this later) and your strategy for success.
You’ll also include an executive summary at the beginning, details about your target market and marketing plan, plus a description of your products and services.
Most plans also include information about training and support for your team, plus your management structure.
In order to write a plan for your business, you’ll have to conduct market research, decide on a long-term vision for future growth, write out a sample budget and set clear and achievable goals. You may also want to include supporting documents such as an income statement.
The management team and owners can use the business plan as a road map to make sure the barber shop is achieving these goals, as well as make informed and data-based decisions about staffing, advertising or even equipment purchases.
This isn’t limited to the salon industry. Business plans are documents that will help any enterprise be (and stay) successful.
You can use yours as a guide when you’re making new business decisions like which services to promote, how to market your barber shop, and even what training to offer staff members.
If you’re hoping to secure funding or attract investors, it’s essential that you have a solid business plan ready to show them- this helps them see the “big picture” of your vision as well as the practical details.
You can provide accurate information about your prospective clients, promotion strategy, revenue and budget. You can also identify any potential roadblocks early in the startup process and have some ideas of who your barbershop’s competition will be.
In addition, the vision and mission statements, as well as the targets you’ve set will make it easier to lead effective staff meetings and keep everyone motivated and focused on hitting your goals.
It’s a way to stay ahead of your competitors and create better strategies that adapt to a dynamic industry and the changing needs of clients and staff members.
Every business plan is as unique as the barber shop it represents, so don’t worry if this all seems a bit intimidating to try and create the perfect business plan at first. All good plans have some things in common.
They start with a business overview, describing your target clients and your services. Then, include revenue-related information such as a budget, projected sales and break even points.
You’ll also outline your marketing plan to expand or develop the number of customers, potential barber shop expenses and your financial plan as a whole.
Business plans for a new barbershop will also detail the startup costs and your plan for getting financing, whereas a plan for an existing barbershop will show people how your business stands financially, including supporting documents like a cash flow statement and revenue projections.
Let’s take a closer look:
Your barbershop business plan will help every step of the way, whether you’re trying to attract new investors, adjusting your pricing strategy or deciding on equipment or hiring and training staff.
It breaks down the business’s finances and long-term goals, making it easier to stay focused on the big picture and plan for success.
Some things to keep in mind are:
Once you know these things, you can use barbershop management software to track your team’s performance and make sure you’re meeting the targets.
Consider hiring a consultant or even a business advisor to check the financial details, marketing strategy or even help you create the executive summary. This is especially important if you’re planning to present this to investors later.
Here are some of the things that a barbershop business plan should include:
This will be your first impression, so make sure it looks professional. It’ll be seen by investors, management staff and pretty much anyone with an interest in your company. It should have:
Business plans should be organized and easy to navigate. A clear table of contents is essential for this. Divide and label each section clearly so it’s easy to find information.
Your executive summary should be clear and concise- it needs to be easy to understand, informative and give readers a strong first impression. Include the following:
Describe your target clientele and why you’ve chosen them. Some things to consider are:
You might want to conduct a SWOT analysis for your barbershop (strengths, weaknesses, opportunities and threats) to help you understand all of these things in more detail.
Understand the market and what you can do to be successful.
Your barber shop management plan will explain how the business operates. This includes things like:
This will give investors and financial professionals an idea of your shop’s income, potential expenses and profits, and will also help you to identify future roadblocks or potential areas of opportunity. Explain:
Be as detailed as possible, explaining your prices, the costs associated with each item on the list, the time they’ll take (if it’s a service) and the profits you’ll make. If you’re already in business, you can also include details about the popularity of each one, too.
How will you reach new customers and grow your business? What advertising methods will you use? What are the costs associated with each one?
You can give a basic outline here, but be sure to do your homework and be ready to put this plan into action.
You’ll want to include:
Make sure that this includes both your retail products and services you offer. Identify and explain:
For a new barbershop, this will include startup costs and how quickly you intend to become profitable, but existing businesses should include expenses and funds needed for any improvements such as renovations, equipment or new training, as well as profit projections.
Documents to prepare include:
One of my top tips when preparing this is to have a professional go over it or assist you during the process. They can help ensure everything is accurate and provide any advice you might need.
Explain how your barber shop will be run, including:
You can include any other information here that investors or managers may need, including:
Any documents (such as a balance sheet, for example) that you need to reference in your business plan, can be appended here.
Do not miss our post on barber shop license .
We’ve done our best to help you by including a free barbershop business plan pdf template that you can use and adjust as needed to create your own.
Your free barber shop business plan template will look like this.
Do not miss our post Barber Shop Price List .
Opening a new barber shop or growing an existing one takes a lot of time, energy and know-how, but having the right business plan in place makes everything easier.
Just like having the right staff and equipment, your barbershop business plan makes it easier for an owner or manager to keep everything on track, identify potential issues or opportunities for the company and make informed decisions.
How to write a great business plan https://ieeexplore.ieee.org/iel3/46/14446/00660335.pdf
The successful business plan: secrets & strategies https://books.google.com/books?hl=en&lr=&id=hpFxjEsZLUwC&oi=fnd&pg
Institutional forces and the written business plan https://journals.sagepub.com/doi/abs/10.1016/j.jm.2002.11.002
Bartek Kulasza creates informative content that focuses on efficient business management. He covers salon software, marketing and sales, budgeting and reporting, salon design and equipment, inventory management, growing customer base, helping businesses optimize operations, enhancing customer experience, and increasing profitability.
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Are you looking to open a barbershop? Are you a barber seeking to establish your own men’s salon? If yes, then our ready-made barbershop business plan package is your perfect solution. It includes a pre-written business plan in Word and an automatic financial plan spreadsheet in Excel tailored to the barbershop business, and which you can easily customize to fit your own project. Save tons of time and money and download our investor-grade barbershop business plan template, no financial or accounting expertise required. Check the full content below.
Our ready-made Barbershop business plan template is in Word format and includes 23 pages. The document is divided into multiple sections. Each section contains the essential points that are necessary to effectively present your Barbershop project. Each section and sub-section offer you a sample text you can easily customize to make your business plan unique. Below is a small excerpt of our ready-made barbershop business plan template in Word.
Our pre-populated financial model is in Excel format and includes multiples worksheets. You can easily edit the model’s inputs including changing costs and revenue assumptions to generate pro-forma financial forecasts including P&L, Cash flows and Balance Sheets. Below is a small extract of the automatic barbershop financial plan Spreadsheet in Excel.
A business plan is a key document for your barbershop project. It can help you articulate your business goals, secure financing, and attract talent. The following are some of the major benefits of creating a business plan for your barbershop:
Executive Summary: Our Barbershop business plan template starts with a compelling Executive Summary. This key section is very important as it summarizes in 1 page your project. It will introduce your business model, the key people behind the project as well as the unique selling proposition offered by your Barbershop. This section will also mention how market conditions and consumer trends are favorable for launching your project.
The Problem Opportunity: Next, your ready-made Barbershop business plan will list a number of problems experienced by your prospects in your target market and will show how this presents a unique opportunity for your Barbershop. These can include issues such as lack of chiropractors in a certain location, undifferentiated offering by current actors in the market…etc.
The Solution: This section explains how your Barbershop business will take advantage of the current problems in the market and will detail your innovative solutions.
Mission & Vision: Your mission will explain in a couple of sentences your Barbershop’s business ethos. In other words, it will summarize your unique value proposition and will explain how you are different than the competition. Your vision will explain the long-term plans for your Barbershop. Are you planning to start with one branch today and expand to a multi-branch business model? Are you looking to transform your Barbershop business into a franchise model?…etc.
Business Model: This section details your Barbershop project using the business model canvas method. In a visually appealing table, we will detail your business’ key partners, activities, resources, value proposition, customer segments, customer relationship plan, marketing channels, cost structure and revenue streams.
Products & Services: Next, we will talk in detail about your various products and services. We will describe your various types of grooming services and provide information about your pricing.
Market Analysis: This important section describes the various market statistics and consumer trends in the Barbershop industry and explains how they support your own project. The purpose of this section is to show that the market conditions are favorable for launching your new Barbershop.
Global Market Trends: In this sub-section of the market analysis, we will discuss the latest general market trends in the Barbershop industry. We will look at the global industry size, growth rate, growth diving factors and consumer trends.
Local Market Trends: This sub-section explains the local market trends that are relevant to your specific Barbershop business.
Target Customers: In this section, we will describe your various customer profiles by providing information about their demographics, behavior and purchasing habits.
Competitive Analysis: We will analyze key competitors active in your target market and provide insights about their strengths and weaknesses.
Competitive Advantages: After looking at the competitive landscape, we will then show how your Barbershop business is differentiating itself from the competition through a number of key advantages.
SWOT Analysis: This section features a 4-quadrant table with explanations about how your Barbershop intends to leverage its key strengths, mitigate weaknesses, capture opportunities and thwart any future threats.
Marketing Plan : This chapter provides detailed information about your go-to-market strategy. It includes a detailed action plan to help you build brand awareness and generate sales.
Branding & Awareness: We will describe in this sub-section your choice of key marketing channels to build branding and awareness.
Customer Acquisition: We will describe in this sub-section your choice of key marketing channels to acquire customers and increase sales.
Operating Plan: This chapter provides information about your Barbershop’s opening hours, internal processes and describes the interactions between various key departments and teams.
Management Team: It is very important to present the key people behind your Barbershop project and thus we have dedicated a section for this very purpose. It is also important to talk here about the founder’s vision, his past education and professional experience.
Hiring Plan: No business can succeed without having on board the right team. This section lists all the key positions you plan to hire with information about their salaries and expected start dates.
Key Milestones: To be able to launch and execute your Barbershop project, you need to follow a set of actionable tasks with target deadlines. This section serves this purpose.
Financial Plan: Without a robust financial plan, your Barbershop business plan would be an incomplete document. This important section provides crucial information about your pro-forma financial projections and shows that you have really done your homework. The data mentioned in this and the following sections will be provided by the dynamic Excel financial model accompanying your Barbershop business plan.
Projected Revenue: This module shows your Barbershop’s revenue projections over the next three years.
Projected Profit and Loss: This module shows your Barbershop’s income statement (also called profit and loss statement) over the next three years. Your income statement includes detailed projections about your sales and expenses and shows how your Barbershop’s revenue is converted into a net profit.
Projected Cash Flows: This module shows your Barbershop’s cash flow projections over the next three years. The first year of operation is even detailed on a monthly basis. Your cash flow statement will detail the various cash inflows your Barbershop will generate from its day-to-day operations and from funding sources, as well as the various cash outflows required to pay for operating expenses and business investments.
Projected Balance Sheet : This module shows your Barbershop’s balance sheet projections over the next three years. The balance sheet will provide a summary of your Barbershop’s short term and long term assets in addition to your short term and long term liabilities and capital.
Profitability Analysis: In this section, we will provide information about your gross margin, net margin and discuss the profitability of your Barbershop business.
Funding Requirement: This module states the amount of funding your need to be able to comfortably launch your Barbershop business. It also describes the planned allocation of the funds between Opex and Capex.
Conclusion : Finally, we will conclude your business plan by recapitulating the key points that make your Barbershop project compelling and reiterate the rationale behind your business opportunity.
If you have any question regarding our ready-made Barbershop business plan package, do not hesitate to contact us , we are here to help.
Business plans are must-haves for starting or running a business, including a barber shop. These plans are generally used to get funding or attract new business partners. Additionally, it will help you attract investors. Simply put, a business plan improves the credibility of your business and persuades others to team up with you.
So, if you're starting a barber shop, you'll want a specific business plan that suits it. After all, business plans vary from business to business, and you'll want yours to be the best. For this reason, we made this article to give you a template for your barber shop business plan and example.
This template and example will help you write your business plan for your barber shop, know the elements to put in it, and lay it out for potential partners to see. We'll also answer other questions and concerns when making such a plan.
Without further ado, let's get into it!
Every barber shop business plan must have the following sections:
Now, let's discuss each section in detail together with examples.
The Executive Summary is the first thing to include in your Barber Shop Business Plan. This part should provide an overview of your business's goals. It would help if you wrote this section last because it highlights what you plan to discuss in the remaining sections of your plan.
It is crucial to create a compelling executive summary. Besides its mission statement, it tells a little about what the company offers. Furthermore, you should include information about your experiences in the industry you're entering and the reasons you're starting the company.
The Executives is a classy, upscale barber shop offering a traditional vibe with modern tools and services. As such, it offers a relaxing spot for every kind of gentleman as they enjoy top-of-the-line grooming services in a masculine and therapeutic gentleman's club environment.
This business aims to serve the Long Island Area, where no upscale barbershop operates. Thus, this business attracts a distinguished clientele and a specialized market. We aim to become a highly sought-after destination to increase our clientele and profitability.
Our business aims to become a trusted destination besides being profitable. Here, our clients can replenish their energies and refresh their minds while they enjoy upscale and detailed grooming services. We also aim for it to be a place to connect with friends and colleagues!
In a business plan, a business overview provides a general description of your company. In this section, your audience learns about your company's structure, values, mission, and offerings. Additionally, it can show how your company stands out from the competition. Sometimes, it is called the Company Summary or the Company Description.
The Executives cater to their customers and clients with various upscale grooming services using high-end tools and well-trained barbers and stylists. This barber shop is in Long Island but remains accessible even to customers outside the area.
The company is founded five years ago by John Doe, a well-known stylist, and barber with over 30 years of experience, and provides a wide range of hair services. To attract and retain a solid customer base, he realized loyalty programs were an innovative method.
By launching The Executives, he aims to offer detailed yet relaxing grooming services to help his clients maintain their confidence, look good, and feel good.
In the past three years, the Executives have grown by more than 200% in loyal customers. We attribute that growth to our commitment to offering excellent services to new clients and markets and hope to double that within the next two years.
We are seeking an investment to help scale our barber shop and grow our team to cater to more clients simultaneously. We also aim to use those funds to help upgrade our tools to make our grooming services renowned and well-sought out.
Your business plan's Products and Services section describes the specific products and services you will offer. In this section, you'll discuss all aspects of buying, producing, selling, packaging, and delivery for your business. In this process, you'll review suppliers, costs, and how your product fits the current market.
The Executives offers exclusive men's services as an upscale barber shop. As part of our gentleman's club atmosphere, we offer our clients a variety of products and services, including:
This part of your business plan gives you insight into your potential customers and competitors.
This section should contain the following:
The Executives will target male professionals. According to a study, 80% of professional and working men receive hair and other grooming services during workdays. In addition, our business fits the demographics of the Long Island Area. Our business serves a population density of more than five thousand for every square mile.
The area where our business caters needs a professional grooming service exclusive to men. As such, it will be an excellent spot to cater to men and attract return customers.
The marketing strategy is a company's overall approach to reaching prospective customers. Generally, a marketing strategy describes the key messages and value propositions the company offers its customers. As a result, it has information regarding who the target market is, where they can purchase the product, and what drives them to purchase it.
The Executives make several efforts to attract customers and promote the business. Here are some of the standard promotional methods we're already using:
Financial planning is the section of your business plan that involves identifying financial goals and how individuals or businesses will achieve them based on the current financial situation. A financial plan is a roadmap that helps a person or business achieve financial success.
In the Executives Barber Shop, revenue will be generated from barber shop services and products sold. We will generate revenue through haircuts, shaves, beard trims, and shampoos. The business will also earn revenue from the rent it receives from its neighboring barbers.
Keeping the barber shop space leased will be a significant cost driver. Rent and utilities will be the main expenses, as are all other supplies necessary to run the barbershop.
Executives Barber Shop is seeking debt financing of $50,000 for the opening of its barber shop in Long Island, New York. Funds will be used to update the barber shop, purchase new equipment and supplies, and provide working capital.
Below is a breakdown of the proposed funding:
The Operations Plan in a business plan lays out how your team can implement actionable steps to reach your strategic plan goals. This section describes the tasks each department or employee must complete daily, weekly, and monthly.
The Executives Barber Shop's operations plan will be as follows:
An effective management team is crucial to the success of your barber shop. Emphasize the skills and experiences of your key players that demonstrate their ability to grow a company.
Your team members and you should have direct experience in the industry. It would be helpful to highlight this experience and expertise. In addition, highlight any experience you believe will be helpful to your business.
While John Doe manages and runs The Executives Barbershop independently, he rents space and equipment to other barbers with more than five years of experience in the barbershop industry. Here's a quick recap of the other five barbers who will work at The Executives:
Do you want to download a barbershop business plan example in PDF?
Here is the download link.
Let us know if you have any questions!
Below are some of the frequently asked questions you may have about Barbershop Business Plans:
In general, a Barber Shop Business Plan is just like any other business plan. However, it's tailored to lay down every piece of information about your business, helping you attract investors, gain funds, or even attract other establishments to work with you.
A Barber Shop Business Plan outlines the structure, flow, and all the details related to the particular shop. The report will include financial, marketing, and management information about the barbershop. If you're opening a new business, this will include your startup costs, market research, mission statement, and success strategy.
A Barber Shop Business Plan is crucial for launching or running your business. With a business plan, you'll have a structure and written goal to follow. You'll also have a flow to stick to or change when necessary.
If you are looking for investors, adjusting your pricing strategy, choosing equipment, or hiring and training staff, your barbershop business plan will help every step.
A Barber Shop will always be one of the most profitable businesses because it's always in demand, and it's something customers need help to do.
Since it's service-oriented, you'll find it profitable when you or someone you hire caters to customers with superior service.
Whenever you open a barbershop, you will likely make and earn many profits if it is well managed.
If you plan to open or are already running a Barber Shop, you must make a business plan. This plan will help you outline your strengths, competition, goal, and workflow. Moreover, if you need some funding, you can earn grants or even attract some investors with an excellent business plan.
With this template, you can create your own Barber Shop Business Plan with details and all the necessary elements it needs. We hope the examples we made guide you as you run your business with your business plan.
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Home » Business ideas » Beauty Care Industry » Barbershop
Are you about starting a barber shop? If YES, here is a complete sample barber shop business plan template & feasibility report you can use for FREE .
Okay, so we have considered all the requirements for starting a barbershop business . We also took it further by analyzing and drafting a sample barber shop marketing plan template backed up by actionable guerrilla marketing ideas for barber shops. So let’s proceed to the business planning section.
There will always be the need for men and even women alike to have a haircut; this is because of the need to look good. Also, whilst some may think that not having but rather grooming their hair might be it when it comes to looking good, yet others cannot just do without having a good haircut.
This might be weekly or fortnightly, or as the person who is involved wants it. It is because of this need that the barber shop business has continued to be on the rise. As a matter of that there is hardly any nook and cranny in the whole of the united states of America where you couldn’t possibly find a barbers shop.
They will always be in business because they are always in demand. Therefore, it is important to state that starting a barbing salon is a very good and lucrative business. As a matter of fact, it is a profitable trade that sure guarantees good returns on investment.
If you are looking to launch come- in to the barbing trade, then you have to be aware that you have got to do the needful background preparation. This background preparation amongst others has to do with drawing up a business plan.
This is very vital because you are able to project and look at the direction which you want to drive your business to. Doing the business plan due diligence might be somewhat difficult, as you may not have written one before. There is however a respite with a business plan template, as you are able to use it to write yours. Here is a sample barber’s shop business plan template below;
1. industry overview.
Basically a barbershop is a place where people go to cut their hair and of course it is the working place of a barber. A barber is a person whose livelihood is mainly to cut, dress, groom, style and shave men’s and boys’ hair and in some cases ladies / girls who keep low cut.
Aside from the fact that people go to cut, dress, groom, style and shave in a barber shop, it is also place where people go to socialize with other folks in the neighborhood and also to engage in trendy discussion in the community or country as the case maybe; it is a place where people go to network, to discuss sports and overall a hub that contributes in shaping the male identity.
Before now, all those whose business is to take care of people’s hair are called barbers but in recent time, the term in only used for people who handles male hair and hairdresser is used for those who handles female hair. For example, in the 20th century, the profession of cosmetology branched out from the barbering industry which is why hairdressers may be licensed as either barbers or cosmetologists.
Barbers vary with respect to where they work, the services they are licensed to offer, and the name they are called. In the United States of America, the labor law and licensing requirements as it concerns barbers for each state differ on their labor and licensing laws. For instance, a cosmetologist who operates in the state of Maryland cannot make use of a straight razor, strictly reserved for only barbers.
While in the state of New Jersey both barbers and cosmetologist are regulated by the State Board of Cosmetology and there is no longer a legal difference in barbers and cosmetologists, as they are issued the same license and can practice the art of straight razor shaving, coloring, other chemical work and haircutting if they choose.
No doubt the barber’s trade has a long history; ranging from the Egyptian Empire to the Roman Empire to the Greek Empire et al, the barbing profession has indeed come to stay. History has it that Barbering was introduced to Rome by the Greek colonies in Sicily in 296 BC, and barber shops quickly became very popular hubs for daily news and gossip.
If you have plans of becoming a barber and to open a barber shop, then you expected to undergo a barbers’ training. There are several means of getting trained as a barber. If you are in the United States of America you are expected to attend a “Barber Schools”, that’s only when you can easily acquire your license and permit.
Besides, most states in the U.S require a barber to possess a license before they can be allowed to practice barbering professionally. People also learn the trade by understudying professional barbers in their shops.
No doubt, the cost of attending a barber school varies from state to state, and also from cities to cities. Schools in larger cities tend to cost more than those located in smaller cities and rural towns. So also, brand names can also affect the cost of barber school.
On the average, most barber schools in the United States cost between $6,500 and $10,000 to complete. The fact that each state has different minimums for training hours, the length and cost of the program can vary for that reason. Another factor that influences the fees is that some schools tuition includes supplies and textbooks, whereas others do not. Note that Barber license exam fees typically range from $50 to $150
Lastly, most states in the U.S require the same amount of training hours for barbers as they do for cosmetologists. Basically, the number of hours required ranges from 800 to 2,000 training hours and it depends on the state’s licensing requirements. Over and above, most barbing programs can be completed in a year 3 months or less.
Bolingo and Sons Barbing Salon is a standard and licensed barbing salon that will be located in a richly populated neighborhood in West Palm Beach, Florida – United States of America. We chose to open our barbing salon in this city because of the need of the services of a standard barbing salon in the neighborhood.
Bolingo and Sons Barbing Salon offer services such as cut hair for both male and female, dress hair for both male and female, groom hair for both male and female, dying / coloring of hair for both male and female, style and shave hair for both male and female.
We will also retail clippers, barbing accessories, aftershave and shaving powder et al. Aside from the fact that our barbers shop will be opened for a minimum of 15 hours daily, we will also offer home services to any clients who would want us to come over to their house to take care of their hair. We are well trained and equipped to service the market segments that require our services.
We are in the barbing saloon services business to deliver excellent services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in Florida and The United States of America.
Our employees are well trained and qualified to handle the wide range of barbing services; Our workforce are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers.
Bolingo and Sons Barbing Salon will ensure that all our customers or anybody that visit our barbing salon are given first class services, treatment and experience whenever they visit us.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. As a matter of fact, we are well positioned and equipped to handle celebrities, politicians and public figures.
Bolingo and Sons Barbing Salon is a family business that is owned and managed by Mr. Donald Tyler and his son Trump Tyler. They are both legally licensed to run a barbing salon anywhere in the United States. Mr. Donald Tyler has well over 15 years of experience as a professional barber. He is the personal barber to a handful of celebrities and politicians.
Bolingo and Sons Barbing Salon is in the business of ensuring that our clients are well treated and taken care of and our services will be carried out by highly trained professional and licensed barbers who know what it takes to give our highly esteemed customers value for their money. These are the services that Bolingo and Sons Barbing Salon will be offering;
Our Business Structure
Bolingo and Sons Barbing Salon is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified and licensed barbers and hair stylist to man various job positions in our barbing salon.
We are quite aware of the rules and regulations governing the barbing and the cosmetologist industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise and experience to build our business brand to be well accepted in Florida and the whole of the United States.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior barbers and it will be based on their performance for a period of five years or more. These are the positions that will be available at Bolingo and Sons Barbing Salon;
Chief Barber / Chief Executive Officer:
Deputy Chief Barber / Barbing Salon Manger
Barbers (10)
Sales Agents
Cashier (Counter Agent):
Bolingo and Sons Barbing Salon is set to become one of the leading barbing salon in West Palm Beach – Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business. We want our barbing salon business to be the number one choice of all residence in the neighborhood of West Palm Beach – Florida.
We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.
Even though our Chief Barber / Chief Executive Officer (owner) has a robust experience in barbing, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the barbing salon and cosmetology industry in the United States of America.
This is the summary of the SWOT analysis that was conducted for Bolingo and Sons Barbing Salon;
Our strength lies in the fact that we have a team of well qualified professionals and licensed barbers manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of West Palm Beach – Florida.
Our location, the Business model we will be operating on, opening 15 hours daily and 7 days in a week, multiple payment options, well equipped barbing salon, home service deliveries and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness lies in the point that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.
The opportunities that are available to barbers in West Palm Beach – Florida and in the whole of the United States of America are unlimited considering the fact that we have growing population of people who visit barbing salon at least once in two weeks.
We are going to position our business to make the best out of the opportunities that will be available to us in West Palm Beach – Florida.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies.
It is a fact that economic downturn affects purchasing and spending power; if there are economic meltdown, people who usually visit barbing salon at least once in two weeks may likely reduce it to once in a month or so and that will definitely affect of revenue.
Another threat that may likely confront us is the arrival of a new and bigger / well established barbing salon brand in same location where ours is located.
One major trend in the barbing salon industry is that most barbers or barbing salon do not just depend on customers coming to their barbing salon to patronize their services but also go the extra mile to offer same services to clients who would want them to visit their houses.
As a matter of fact, home services attracts extra cost and barbers tend to make more money when they have loads of clients that prefers home services. For example, celebrities, public figures, and politicians would prefer having a barber visit them at home as against going to a barbers’ shop.
Another trend is that more and more professional barbing schools are starting in the United States, because the United States before now do not enforce barbers to acquire professional license are beginning to enforce such law in their states.
No doubt loads of people want to look good at all times, this is perhaps one of the major essence the barbing salon, hair salon and beauty salon business came into existence. Over the years, the number of entrepreneurs who start this type of business daily have continued to be on the rise.
This is because of the rewarding nature of the business and also the point that people want to look good nearly all year round. As such, it can be said that this is one business that if well located, can experience massive patronage all year round.
Bolingo and Sons Barbing Salon is in business to service a wide range of customers in West Palm Beach, Florida – United States of America. As a matter of fact, we are well positioned and equipped to handle only regular customers but also celebrities, politicians and public figures.
Before choosing a location for our barbing salon, we conducted our feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings.
Basically, those who will benefit from our service offering are adults- both male and female, as well as children. This type of folks cut across various sectors of the economy. Our target customers can be classified into different groups. As a matter of fact, those who need the services barber cuts across people of all walks of lives, ages, cultures, race, religion and tribes.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the barbing salon and beauty care industry in the United States. Our staff is well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;
No doubt starting a barber shop business might not be a herculean task after all. As a matter of fact, it is an easy to set up business that does not require formal training to achieve (excluding the United States of America). This means that you might even decide to get into this trade without training, provided you will hire expert stylists.
Anybody can set up a barbing salon, if they have the required startup capital. It means that the possibility of having countless barbing salon is high hence the increase in competition in the industry
We aware of this which is why we are leaving no stone unturned in making our barbers’ shop a one stop arena. It is for that reason that we have decided to come up with a business concept that will position us to become the leader in West Palm Beach – Florida.
Our competitive edge is that we are a standard barbing salon that has a good number of licensed and well – experienced barbers that are on standby to meet the needs of the clients both in our shop and home services. Our business offerings also will easily assist us in attracting the various clients that will look to attract.
We are quite aware that to be highly competitive in the barbing salon and beauty care industry means that you should be able to deliver consistent quality services; you should have sense of style and excellence.
Bolingo and Sons Barbing Salon is coming into the market well prepared to favorably compete in the industry. Our barbers’ shop facility is well positioned (centrally positioned) and visible, we have enough parking space with good security.
Our staff are well groomed in all aspect of the business and all our employees are trained to provide customized customer service to all our clients. Our services will be carried out by highly trained professional and licensed barbers who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few barbing salon in the whole of West Palm Beach Florida that will offer home services and also run a standard barbing salon that will be open for a minimum of 15 hours a day and 7 days a week. We have enough trained and licensed barbers that are ready to run a shift system.
Bolingo and Sons Barbing Salon will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Bolingo and Sons Barbing Salon;
It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. Below are the sales projections that we were able to come up with for the first three years of operations;
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and the arrival of a well – established brand in same location as ours within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
The marketing and sales strategy of Bolingo and Sons Barbing Salon will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch all – round home healthcare services at affordable prices compare to what is obtainable in Florida.
All our employees will be well trained and equipped to provide excellent and top notch hair care / barbing services and customer service. We know that if we are consistent with offering high quality service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.
Before choosing a location for our barbing salon, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of West Palm Beach, Florida – United States of America.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the barbing salon and beauty care industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in West Palm Beach – Florida.
In summary, Bolingo and Sons Barbing Salon will adopt the following sales and marketing approach to win customers over;
We are in the barbing salon services business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote our home healthcare services business.
Bolingo and Sons Barbing Salon has a long term plan of offering hair care services in various locations all around Florida (home services) which is why we will deliberately build our brand to be well accepted in West Palm Beach before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Bolingo and Sons Barbing Salon;
Bolingo and Sons Barbing Salon will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.
We know the importance of gaining entrance into the market by lowering our pricing so as to attract all and sundry that is why we have consulted with experts and they have given us the best of insights on how to do this and effectively gain more clients soon.
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in West Palm Beach – Florida.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us. The prices of our products will be same as what is obtainable in other places.
On the average, our haircut services will cost between $10.00 and $50.00 per service rendered. Do bear in mind that this depends on the service rendered.
At Bolingo and Sons Barbing Salon, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.
Starting a barbing salon business is a business that any serious minded entrepreneur can successfully start without breaking the bank.
This is so because aside from the money required to rent a shop which can be expensive depending on the size and location of the facility, every other expenses that is required are quite within the reach of a serious minded entrepreneur.
The items listed below are the basics that we would need when starting our barbing salon business in West Palm Beach – Florida, United States, although costs might vary slightly depending on the state of the economy;
We would need an estimate of $150,000 to successfully set up our standard and first class barbing salon business in West Palm Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.
This are most of the equipment and supplies we will purchase before officially opening our barbing salon to the general public;
Generating Funding / Startup Capital for Bolingo and Sons Barbing Salon
Bolingo and Sons Barbing Salon is a private business that is solely owned and financed by Mr. Donald Tyler and his son Trump Tyler. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas Bolingo and Sons Barbing Salon intends to generate our start – up capital;
N.B: We have been able to generate about $50,000 (Personal savings $30,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factor are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Bolingo and Sons Barbing Salon is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our barbing salon services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Bolingo and Sons Barbing Salon will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our long – term serving staff and it will be based on their performance for a period of five years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dream.
Check List / Milestone
If you want to start a barber shop or expand your current barber shop, you need a business plan.
The following barber shop business plan template gives you the key elements to include in a winning barber shop business plan.
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of a successful Barber Shop business plan. Once you create your plan, download it to PDF to show banks and investors.
I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
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Barber Shop Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan
Barber shop business plan, 3+ sample barber shop business plan, what is a barber shop business plan, why choose a barber shop for a business, making that successful barber shop business plan, what 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.
Step 1: executive summary, step 2: market analysis, step 3: marketing plan, step 4: financial plan, share this post on your network, you may also like these articles.
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Learn top marketing strategies to attract and retain clients, build loyalty, and grow your barbershop business.
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Running a barbershop isn't just about mastering the art of the perfect fade or knowing the latest trends in beard grooming – it's about getting those clients in the chair. That's where a marketing strategy comes into play.
With tough competition in the barbershop industry, having a well-thought-out marketing plan can help you attract new clients, retain your regulars, and make your shop stand out. This article will guide you through the essentials of barbershop marketing, including industry trends, key strategies, and creative ideas to boost your business.
The barbershop industry in the United States is thriving, with a current market value of approximately $6.1 billion in 2024. This marks a significant increase from previous years, driven by a growing interest in grooming and personal care among men, as well as the resurgence of traditional barbershops that offer a nostalgic and community-oriented experience.
A report from Statista highlights that the number of barbers in the U.S. has been steadily increasing, indicating a healthy demand for these services. The same report notes that the average annual revenue for barbershops is also on the rise, showcasing the industry's robustness and potential for profitability. With more customers looking for high-quality grooming services, barbershops are in an excellent position to capitalize on this trend – if they can effectively market themselves.
What is a marketing strategy for a barbershop? Simply put, it’s a plan that outlines how to attract customers, build loyalty, and differentiate your services from competitors. Marketing isn't just a nice-to-have for barbershops. Just like your shears or straight razor , it's essential. Here are four reasons why focusing on barbershop marketing can lead to substantial business growth :
Customer loyalty is the cornerstone of a successful barbershop. When clients feel valued and appreciated, they're more likely to return and recommend your services to others. Implementing strategies like SMS or email marketing can keep your shop top-of-mind for clients. Sending reminders for upcoming appointments or promoting special offers encourages repeat visits and helps build a loyal customer base.
Want some help streamlining your marketing efforts? Check out GlossGenius' Marketing tools .
Marketing allows you to communicate directly with your clients about special offers, new services, and events. Whether you're introducing a new line of grooming products or hosting a community event, effective marketing ensures your clients are informed and excited. This not only drives immediate traffic but also positions your barbershop as a dynamic and evolving business.
A strong online presence is crucial in today's digital age. Encouraging satisfied customers to leave positive reviews can significantly boost your barbershop's reputation. Online reviews are often the first point of contact for potential clients researching your services. A plethora of positive feedback can set you apart from competitors and attract new clients. If you’re looking to enhance your reputation online, use GlossGenius’ Client Reviews features to manage and showcase your best testimonials.
Marketing broadens your reach beyond your immediate community. By leveraging social media, search engine optimization (SEO), and online advertising, you can attract clients from neighboring areas and even tourists. Expanding your reach helps you tap into a larger customer base, increasing your growth potential.
How do I promote my barbershop business? Your strategy can be simple or, depending on your goals, more complex. Here are some creative barbershop marketing ideas and barbershop promotion ideas to help you attract more clients and grow your business.
A professional website is a must-have for any barbershop. It serves as your digital storefront, showcasing your services, prices, and brand identity. Ensure your website is mobile-friendly and easy to navigate, with clear calls to action (CTAs) for booking appointments and contacting you. Need a custom website? Try GlossGenius' Custom Website Builder for a tailored online presence.
An online booking system simplifies the appointment process for both you and your clients. It allows clients to see available time slots in real-time and book appointments at their convenience, reducing no-shows and filling your schedule more efficiently. Boost your bookings with GlossGenius’ Online Booking feature.
Referral programs incentivize your existing clients to bring in new business. Offer discounts, free services, or branded products as rewards for clients who refer friends and family to your barbershop. This not only brings in new clients but also strengthens relationships with your current clientele.
Organizing events like barber battles, charity haircuts, or live music nights can generate local buzz and attract new clients. These events create a sense of community and position your barbershop as a lively and engaging place to be.
Forming partnerships with local businesses, such as cafes, gyms, or hair salons, can be mutually beneficial. Cross-promotions allow you to reach each other’s customer bases. For example, you could offer discounts to clients who visit both your barbershop and a partnered café.
Branded merchandise, like t-shirts, hats, or grooming kits with your barbershop logo, can serve as walking advertisements. Give these items away as part of promotions or sell them in your shop to increase brand visibility.
Creating video content with barber tips, haircut tutorials, or beard care advice can engage your audience and establish you as an authority in the grooming industry. Share these videos on social media platforms or embed them on your website to attract and educate clients.
Social media is a powerful tool for connecting with your audience. Regularly post photos of your work, updates about your services, and engage with your followers through comments and direct messages. Platforms like Instagram, Facebook, and TikTok are particularly effective for visual content.
Loyalty programs reward your regular clients with points for each visit, which can be redeemed for discounts or free services. This not only encourages repeat business but also makes clients feel appreciated and valued.
Personalized messages, whether through text messages or email , can make clients feel special. Send birthday wishes, thank you notes after appointments, or reminders for upcoming visits. Personal touches go a long way in building strong client relationships.
GlossGenius’ AI marketing assistant, Genius AI , can also help you draft custom text and email campaigns in seconds – simply tell Genius AI what you’d like to say, and watch your marketing write itself.
Ensure your barbershop appears in local search results by optimizing for local SEO. This includes claiming your Google My Business listing, using location-specific keywords, and encouraging clients to leave reviews. Local SEO helps new clients find your barbershop when they search for services in your area.
Sponsoring local events, sports teams, or charities can increase your visibility and demonstrate your commitment to the community. This goodwill can translate into loyal clients who support businesses that give back.
Investing in paid advertising, such as Google Ads or Facebook Ads, can target specific demographics and drive traffic to your barbershop. Paid ads can be particularly effective for promoting special offers or new services.
Blogs on your website can attract potential clients by providing valuable information and showcasing your expertise. Write about grooming tips, style trends, and behind-the-scenes insights from your barbershop. This content can improve your SEO and establish your shop as a trusted resource.
Knowing how to market a barbershop effectively starts with understanding your target audience. Tailor your marketing strategies to resonate with your ideal clients.
Begin by examining the demographics of the area surrounding your barbershop. Key factors to consider include age, income level, occupation, and lifestyle preferences. For example, if your shop is located in a college town, you might focus on offering trendy styles and student discounts. Conversely, if your barbershop is situated in a more affluent area, you might emphasize high-end grooming services, premium products, and personalized experiences.
Also, think about seasonal variations and local events that might affect customer preferences. For instance, during wedding season, promoting special packages for grooms and their wedding parties could attract new clients. Tailoring your marketing efforts to these factors can help you better align with the needs of your community.
Each barber in your shop might have unique skills or specialties that set them apart. Whether it's classic cuts, modern styles, beard grooming, or even niche services like hair tattoos or scalp treatments, highlight these strengths in your marketing. Feature each barber’s specialty on your website and social media channels, and use targeted promotions to attract clients interested in those specific services. For example, if one of your barbers excels in beard grooming, create a special campaign around beard care, offering tips and showcasing before-and-after photos.
Pay close attention to client feedback, as well as reviews, since these insights are invaluable for refining your offerings and marketing strategies. Analyze patterns in what clients appreciate most about your services – whether it's the friendly atmosphere, expert skills, or efficient service. Similarly, take note of any recurring suggestions for improvement. Use this feedback to enhance your services and address any common concerns, ensuring that your marketing reflects the strengths your clients value most.
Additionally, consider implementing regular surveys or feedback forms to actively gather client opinions. This proactive approach not only helps in fine-tuning your service but also demonstrates to clients that their opinions are valued and acted upon.
Integrate these insights into your marketing strategy to better resonate with your target audience and build client loyalty.
How do I attract customers to my barbershop? A solid marketing strategy is essential for barbershop owners looking to grow their clientele and boost their business. GlossGenius provides an all-in-one platform tailored for barbers, offering tools and features to help you target your audience and create effective marketing strategies. From client notifications and insights to comprehensive client management, GlossGenius has everything you need to elevate your barbershop's marketing game.
Ready to take your barbershop to the next level? Start your free trial with GlossGenius today and see how our platform can help you expand your business and reach new heights.
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Charles Blades Barber, CBB by Charles Blades, the East Bays “Best Barber Shop,” as quoted by media publications, is in beautiful Jack London Square. We have been privileged to service our guests for over 18 years in the same waterfront district location. Charles Blades, founder, has continually created teams of highly skilled barbers keeping up the shop’s legacy of expert customer service along with traditional, and cutting-edge barbering. Our diverse master barbers are skilled in all hair types. Charles Blades Grooming Products enhance your experience with the application and prescription of our hair, beard, and skin products. Be sure to sample our Jack London Square collection during your visit. Walk-ins are welcome when we can accommodate you, but we are busy so scheduling your own personal appointment time online is suggested.
Welcome to Charles Blades Barber, CBB by Charles Blades, where we offer a range of products designed to elevate your lifestyle. From grooming essentials to self-care indulgences, our curated selection has something for everyone. Visit our Amazon store for more information and discover how you can enhance your daily routine with top-quality products. Join us in the pursuit of refined living at CBB by Charles Blades.
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Nice spot, service was definitely smooth! This guy knows how to pay attention to detail.Buddy Charles open for suggestions when it came time to styling my hair. Much suggested!
Great spot ... I was in Berkeley and it’s in Oakland ... def worth the ride ... felt like home and the cut is dope and fast considering every chair was booked and moving quick
Charles Blades is a great Barber Shop! The place is awesome and has Jazz vibes and a chill atmosphere. Alex is a very professional barber, he knows the right styles and takes the time for the fine details. I used to work in Oakland, but now relocated to SF. It's all good anyways. I would drive any length of distance to get my haircut from Alex, and the great people of Charles Blades! Best cut I've ever got!
180 2nd Street Suite 6
Oakland, CA 94607
(510) 834-8330
Business hours.
*After hours and early hours can be available upon request.
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The Upmetrics software for business plans can create robust plans for your own barbershop business. This business plan sample has been created using our software, and it checks all the necessary boxes for a well-covered Barbershop Business Plan. Barber Shop Business Plan Outline. This is the standard barbershop business plan template outline ...
How this barber shop business plan sample was created. To create a personalized business plan for your barber shop, all you need to do is click on "Get your business plan". You'll be prompted to answer a few questions about your barber shop, providing essential details about your business. Our advanced AI system will then use this information ...
July 22, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful barbershop. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your salon's identity, navigate the competitive market, and secure funding for growth.
Some might even charge up to $50,000. But the most cost-effective way of creating a business plan is to create your own, from scratch. This way you can follow the guideline that we have provided and personalize it to fit your business needs and branding. After all, no one will know your business, better than you do.
Opening a barber shop business can be an exciting endeavor. Having a clear roadmap of the steps to open a business will help you stay focused on your goals and get started faster.. 1. Develop A Barber Shop Business Plan - The first step in opening a business is to create a detailed barber shop business plan pdf or doc that outlines all aspects of the venture.
How to Write a Business Plan for a Barber Shop. Below are links to each of the key elements of a barbershop business plan template: Executive Summary - The Executive Summary serves as your elevator pitch. Condense your entire business plan into a compelling overview that highlights key points like your business concept, target market, financial projections, and funding requests.
Explore a real-world men's salon business plan example and download a free template with this information to start writing your own business plan. ... Sample Business Plans Fitness & Beauty ... The following table contains important business ratios for the barber shop industry, as determined by the Standard Industry Classification (SIC) code ...
A barbershop business plan is a written document that outlines the key aspects of a barbershop business, such as its goals, strategies, target market, competition, financial projections, and operational requirements. A well-crafted business plan is essential for any entrepreneur who is starting or expanding a barbershop, as it provides a ...
Creating a business plan for a barber shop involves outlining your vision, operations, and financials. A detailed guide helps you navigate through each essential step of the formation. Crafting a compelling business plan for a barber shop is critical for securing funding, guiding your strategic decisions, and charting a path for growth. In ...
A business plan for a barber shop business is important for several reasons. First, it provides a comprehensive overview of the business and its goals. It can also help to inform any potential investors or lenders of the barber shop's projected success, as well as provide a roadmap for how the owner intends to bring their vision to life.
Features of our Barber Shop Business Plan Template: Market Analysis: Delve deep into the barbershop industry. Identify critical demographics and understand the specific needs of clients. Our template simplifies market analysis, customized for your barbershop business. Business Model: Define your shop's unique value, select the right services ...
Building the ultimate business plan for your barbershop is the key to creating the success you desire, but it can also be an enormously fun exercise to help you bring your dream to life. Let's face it, business plans are important. They help you articulate your business strategy, assist you in creating logistical timelines, and can outline ...
The written part of a barber shop business plan. The written part of a barber shop business plan plays a key role: it lays out the plan of action you intend to execute to seize the commercial opportunity you've identified on the market and provides the context needed for the reader to decide if they believe your plan to be achievable and your financial forecast to be realistic.
How to Start a Barber Shop's Business Plan. It breaks down the business's finances and long-term goals, making it easier to stay focused on the big picture and plan for success. Some things to keep in mind are: Gather information: Take a look at other barber shops and local businesses nearby, research equipment and services, understand new ...
A compelling & detailed pre-written Barbershop business plan template in WORD. A full & automatic Barbershop financial plan model in EXCEL you can easily customize. Customized text tailored to your Barbershop business. The ability to paste advanced charts and tables within a click. No accounting or specialized financial knowledge needed.
Updated: February 22nd, 2024. Business plans are must-haves for starting or running a business, including a barber shop. These plans are generally used to get funding or attract new business partners. Additionally, it will help you attract investors. Simply put, a business plan improves the credibility of your business and persuades others to ...
A Sample Barber's Shop Business Plan Template. 1. Industry Overview. Basically a barbershop is a place where people go to cut their hair and of course it is the working place of a barber. A barber is a person whose livelihood is mainly to cut, dress, groom, style and shave men's and boys' hair and in some cases ladies / girls who keep low ...
Below are links to each of the key sections of a successful Barber Shop business plan. Once you create your plan, download it to PDF to show banks and investors. I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team
Step 3: Marketing Plan. The purpose of having a Marketing Plan is to increase target market leads through marketing and sales strategies. Writing out a marketing plan for a barber shop involves creating a goal and a timeline.
barber or cosmetology facility. You are required to license your shop for operations with the state Board of Cosmetology. You must submit a licensing application and fee, and successfully pass a shop inspection. Insurance If you are not required to, you should still insure your business operations. Having general business liability
Barber shops and beauty salons provide services such as haircuts and styling, makeup application, facials and other cosmetic skincare treatments, manicures and pedicures. It is important to understand that both the establishment and the professionals providing services are separately licensed. Below is a list of local, state, and federal ...
With tough competition in the barbershop industry, having a well-thought-out marketing plan can help you attract new clients, retain your regulars, and make your shop stand out. This article will guide you through the essentials of barbershop marketing, including industry trends, key strategies, and creative ideas to boost your business.
Charles Blades, founder, has continually created teams of highly skilled barbers keeping up the shop's legacy of expert customer service along with traditional, and cutting-edge barbering. Our diverse master barbers are skilled in all hair types. Charles Blades Grooming Products enhance your experience with the application and prescription of ...
BUSINESS, CONSUMER SERVICES, AND HOUSING AGENCY • GAVIN NEWSOM, GOVERNOR BOARD OF BARBERING AND COSMETOLOGY P.O. Box 944226, Sacramento, CA 94244-2260 Phone: (916) 574-7574 Email: [email protected] Website: www.barbercosmo.ca.gov