The mistake that many people make when starting a new business is that they don’t adequately consider the business side of their profession. If you want to open a barber shop it is important to not only be a skilled barber, but to also understand how to run a small business. If you are already trained as a barber and just considering going out on your own you will have a different job ahead of you than someone who is new to cutting hair and wants to immediately open their own barber shop.
If you are new to the barbering profession entirely, it makes sense to take any business classes that are offered by your barber school. While mastering different scissoring techniques is important, managing cash flow is probably the single most important aspect of running a successful business. If you are out of school or your school doesn’t offer business classes, consider taking a few basic business management courses at the local community college.
Do you plan to be the only barber in your barber shop, or will you lease space to others? This is a decision that you should make before you choose a space for your business. If it will only be you, you can choose a much smaller, and less expensive, spot. If you plan to add other barbers, you will not only need space for their equipment, but you will also probably want some sort of break room as well as added storage space. The advantage of sharing your space is that you can collect monthly rent to help cover your costs and you will not be alone in the shop.
Before you open your doors, it is important to write a business plan. If you need to approach a lending institution for funding, you should have a business plan. Even if you are paying for the start-up costs yourself, a business plan is important. It helps you determine your expenses as well as your potential profits. You will know how much you need to make each month to break even, and how many clients you need to meet that number.
There are many resources available for the new business owner. Before you open a barber shop, visit your local library to check out books on small business and business plan development. The Internet has a variety of resources available as well. You can also visit SCORE, a nonprofit that connects retired business professionals with small business owners, and the federal government’s Small Business Administration. Whether you are selling shoes or haircuts, a successful small business requires you to manage your cash flow and track income and liabilities carefully.
