5 questions to answer before you start a barber franchise or men’s grooming business
The global male grooming market grew from around $60 to $67 billion in just two years from 2018 to 2020. Growth is projected to accelerate to over $80 billion by 2024*. That’s a massive business opportunity to start a barber franchise. However, it is important to remember that we’re not just talking about a growth in market size.
Changing attitudes towards men’s grooming, health and wellbeing are transforming the entire landscape of this sector.
Potential investors and business owners are no longer asking, ‘how do I start a barber business?’
Instead, they’re looking at how to tap into the growing demand for barber franchises and executive grooming lounges for men.
That means delivering all the services you’d expect to find at a luxury male spa. It also involves creating a very different customer experience to a traditional barber shop. If you’re looking to invest in the rapidly expanding male grooming or men’s spa sector, here are five key questions you should consider.
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How should I structure my business?
Even setting up one male grooming lounge or barber franchise requires a substantial investment. You’ll need a robust business plan and a trusted team of accountants, lawyers, and advisors to ensure your business is viable and sustainable. An alternative is to simplify and streamline the process of setting up your business by investing in a franchise with a reputable brand, such as 1847 – the world’s No 1 Luxury Men’s Spa.
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How do I decide on the best location for my executive grooming lounge?
This is critical decision. How many clients you can attract and the prices you can charge are highly location dependent. For example, you could choose a prime location and set premium rates, but that will require a higher initial investment.https://1847formen.com/wp-admin/post.php?post=1756&action=edit#
You should also consider footfall; is the location on a busy commuter route for example? Alternatively, if you have good local knowledge, you could think about opening in an up-and-coming neighborhood, where the rents don’t yet reflect the burgeoning market potential. Another option is to look for niche locations where demand is likely to be high. Such as in, or close to, a prestigious business center, shopping mall, university or hotel.
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What costs and metrics will I need to consider before setting up a barber franchise?
As part of your business plan, you’ll need to calculate all the fixed costs. These include rent, maintenance bills and any equipment you buy for the barbershop. Then there are variable costs, such as salaries, equipment hire charges, stocking of products and marketing. You’ll also need to estimate customer demand levels and price sensitivities. If you’re applying for a business loan, your lender will expect to see these calculations in your business plan.
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What barbering experience do I need to start a barber franchise?
It is beneficial to have several years of experience in the male grooming, barbering or spa sector before deciding to run your own business. Awareness and knowledge of the latest tools, products and styles is invaluable. However, if you don’t have direct industry experience, investing in a barber franchise could be the answer.
At 1847, we can help you acquire the necessary experience. Our assigned trainer will fly out to your region to guide your team through our extremely thorough and intensive training program. This includes non-traditional barber shop services, such as manicures and pedicures, which are extremely popular with our discerning international customers.
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How can I create the right look and feel for my executive male grooming lounge?
At a minimum, you’ll need to invest in premium quality barbering chairs, equipment and products, as well as a coffee machine, TV and air conditioning. To create a luxurious experience, interior design is also incredibly important. Above all, the team members you recruit must be trained to deliver an outstanding level of customer care.
For example, all 1847 grooming lounges are designed to our signature architect specifications. The space-efficient design consists of an exclusive VIP lounge, an outer space reserved for haircuts, manicures and pedicures, and a more private inner chamber for massages. There’s also a separate retail area selling exclusive brands from around the world that most customers find difficult to source elsewhere.
Finally, our premises maintain strict hygiene standards to ensure customers feel safe and cared for – this is increasingly important in a Covid-19 world.
Once you’ve got your barber franchise up and running, you can start to think longer term. The male grooming sector is highly dynamic with new treatments, products and trends happening all the time. To run a sustainable business, you can’t afford to be complacent as you’ll need to consider on-going training and development of your staff. Keeping up-to-date with all the latest products and equipment will also be very important.
Interested in taking the next step to opening a men’s barber franchise or grooming lounge?
Opening a men’s grooming lounge or barber franchise can be a highly rewarding business opportunity. But there are many factors to consider. If you’d like to find out more about how partnering with an award-winning franchise, such as 1847, can help, you can find more details here or start the process here.
*Source: Statista.com
Meta Title> Starting a luxury barber or men’s grooming business
Meta Text> Why investing in an 1847 franchise is an easy way to set up a barber shop, executive male grooming lounge or luxury men’s spa.
