Start your own barber shop with the framework provided in this article.
You want to start your own barber shop or male grooming lounge; well, you’re not alone. Demand for barbershops are on the rise as the industry’s revenue over the past 5 years has increased at an annualized rate of 5.3% to an estimated $4.9 billion, including a 1.3% rise in 2020 (IBISWorld – Industry Market Research, Reports, and Statistics, 2020).
“Opening your own barbershop or looking for a barber shop franchise is a sound investment in today’s economy.”
Global trends show a rise in the number of barber shops and grooming lounges. So then your next question is – how to start a barbershop? Here is a brief framework of how to do so:
1. Business Planning:
Writing a business plan is definitely a lot of work. However, it will save you a lot of money and time in the long run by helping you understand how to become a profitable business. It will also prepare you for future challenges and opportunities that you’ll face in the business.
While writing your business plan to start your own barber shop, you will have to tackle questions such as:
- What are the fixed costs like rent and various maintenance bills?
- What are the variable costs such as salaries, equipment changes and upgrades, restocking of products, etc?
- Who is your target market?
- What will you be charging for each of your services and how can you increase the average spend of your clients?
- Should you start your own barber shop or franchise an established brand?
- Would you require loans?
- Have you established a legal company?
2. Selecting your barber shop location:
When selecting a location for your business, you have choices that you can make. For example, will you go for a location that has high footfall but comes with high rent? Or will you choose a destination in an up and coming neighbourhood with lower rent and competition? Each choice has its pros and cons and you will have to make the decision that best fits your needs.
3. Barber shop skills and look & feel
When looking to start your own barber shop, you need to remember that the experience you give your clients is what will keep them coming through the door.
That experience depends on a lot of factors, including:
- The skills of your barbers – This is by far the most important factor when starting your barbershop. You will need to ensure that you have at least one master barber who not only loves being a barber, but also enjoys training his teammates.
- Look & feel of your barbershop – Another important factor is the. You will want to invest in premium barber chairs and overall fit-out so your clients are not only comfortable, but also enjoy being there.
4. Barbershop or Male Grooming Lounge
Advancements in men’s grooming techniques and men’s beauty products has changed the way men should be taking care of themselves.
“Men’s grooming lounges that offer much more than just a haircut and shave, have started to replace traditional barbershops and men’s hair salons.”
The demand for massages for men, facials for men, and hands and feet treatments for men are on the rise and men typically do not have the time to go to multiple destinations to get all their grooming services done.
They are looking for a one-stop shop that meets all their needs. A destination where men can relax, unwind and enjoy their favourite men’s grooming services.
Therefore opening a men’s grooming lounge that offers services that range from barbering, manicures & pedicures, to massages, facials and waxing services, is your chance to not only differentiate, but to also increase the revenue you make per client.
Therefore, you can either start your own barber shop, or look into a men’s grooming franchise solution with an established brand like 1847. This is highly recommended as nothing beats years of experience in the industry.
5. Branding & Marketing
Your barbershop or male grooming lounge requires a story to not only get people through the door, but to also get them talking about what makes your destination special with their network. That is where branding and marketing come into play.
“With creativity, skills and a well thought out strategy, you can establish your brand’s identity and set yourself from the competition.”
By establishing your brand, you will be able to truly connect with your clients and team members. Creating this connection takes a lot of time and effort but is also the cornerstone for a successful business.
This framework should give you an idea of how to start your own barber shop or a male grooming lounge. The process might be daunting but nothing good comes easy and in the end, it will all be worth it.
If you would like to get a head start, why not look at the option of partnering with an established brand and male grooming franchise.