The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Its just me? Or the Market has Spoken

Providence

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
30%
Oct 21, 2020
23
7
Zambia
Before I read TMF or Unscripted I was well into business, some of my ventures were successful but others were not amongst some of my successes was a barbershop, I partnered with someone for its opening. My partner wasn't the hands on type of guy he wasn't around much and I was mostly the one managing it. The barbershop hasn't seen any notable profits for 2 years and just recently Profits started coming in and business finally started doing good and then my partner who wasn't around much came in and told me to hand over the barbershop to one of his family members, he had deciding advantage cause he put in more money than I did.
Earlier this year I came across the TMF and thought internet, so I decided to open a WordPress site and started listing fashion suppliers in exchange for monthly payments but its been over 7 months the service hasn't proved to be a productocracy - the need isn't just strong enough to compel people to use the site. So I believe the market place has responded and its time to do something with a stronger need.
So I thought to myself I succeeded at managing the barbershop so why not venture into them and work on iteration and differentiation seeing I have some experience in that area and barbershops provide a day to day service to the community. I need to support my young brother, myself and other people so this is one of those high magnitude decisions. What can you say about it?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

alexkuzmov

Gold Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
130%
Sep 20, 2019
1,014
1,318
Bulgaria
Before I read TMF or Unscripted I was well into business, some of my ventures were successful but others were not amongst some of my successes was a barbershop, I partnered with someone for its opening. My partner wasn't the hands on type of guy he wasn't around much and I was mostly the one managing it. The barbershop hasn't seen any notable profits for 2 years and just recently Profits started coming in and business finally started doing good and then my partner who wasn't around much came in and told me to hand over the barbershop to one of his family members, he had deciding advantage cause he put in more money than I did.
Earlier this year I came across the TMF and thought internet, so I decided to open a WordPress site and started listing fashion suppliers in exchange for monthly payments but its been over 7 months the service hasn't proved to be a productocracy - the need isn't just strong enough to compel people to use the site. So I believe the market place has responded and its time to do something with a stronger need.
So I thought to myself I succeeded at managing the barbershop so why not venture into them and work on iteration and differentiation seeing I have some experience in that area and barbershops provide a day to day service to the community. I need to support my young brother, myself and other people so this is one of those high magnitude decisions. What can you say about it?
Hey @Providence
its a little confusing.
You want to run a barber shop on your own or?
 

alexkuzmov

Gold Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
130%
Sep 20, 2019
1,014
1,318
Bulgaria
Yes am thinking about running barbershops
I see.
Well we cant really say anything.
Its up to the market to decide, but if you are confident and got the knowledge, why not go for it?

You wont see any success right away, how much time you got before you go broke(you said you need to stupport yourself and other people)?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

SebastianSkinner

Contributor
User Power
Value/Post Ratio
304%
Aug 26, 2020
24
73
UK
Yes am thinking about running barbershops
Hi Providence, good luck with your next venture, however remember that this business is not applying the CENTS commandments. This business has limited scalability (i.e you can only cut so many peoples hair per day per hour).

Overall, meaning there is limited upside unless you had a massive chain of barber shops which I imagine would be hard to achieve as it is a competitive space along any high street. Unless you could somehow create a unique USP to others? Just my thoughts...
 

Sethamus

Silver Contributor
FASTLANE INSIDER
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
179%
Sep 13, 2019
425
759
Northshore area, New Orleans
You need to identify why the barbershop started doing better. Was it something you changed or just the market getting better? If it wasn't something that you can identify WHY then you would be just gambling on a business.
 

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
118%
Feb 8, 2019
3,456
4,078
Singapore
Before I read TMF or Unscripted I was well into business, some of my ventures were successful but others were not amongst some of my successes was a barbershop, I partnered with someone for its opening. My partner wasn't the hands on type of guy he wasn't around much and I was mostly the one managing it. The barbershop hasn't seen any notable profits for 2 years and just recently Profits started coming in and business finally started doing good and then my partner who wasn't around much came in and told me to hand over the barbershop to one of his family members, he had deciding advantage cause he put in more money than I did.
Earlier this year I came across the TMF and thought internet, so I decided to open a WordPress site and started listing fashion suppliers in exchange for monthly payments but its been over 7 months the service hasn't proved to be a productocracy - the need isn't just strong enough to compel people to use the site. So I believe the market place has responded and its time to do something with a stronger need.
So I thought to myself I succeeded at managing the barbershop so why not venture into them and work on iteration and differentiation seeing I have some experience in that area and barbershops provide a day to day service to the community. I need to support my young brother, myself and other people so this is one of those high magnitude decisions. What can you say about it?
It is interesting that your barbershop is not profitable before covid crisis and became better after it. What is your competitive strength of the business that makes it profitable in a tough time?

High upfront cost such as rental commitment. If you need immediate cash flow to support your family that is a problem. Almost any business other than a job will make it difficult.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Providence

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
30%
Oct 21, 2020
23
7
Zambia
I see.
Well we cant really say anything.
Its up to the market to decide, but if you are confident and got the knowledge, why not go for it?

You wont see any success right away, how much time you got before you go broke(you said you need to stupport yourself and other people)?
well maybe a couple of months...
 

Providence

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
30%
Oct 21, 2020
23
7
Zambia
You need to identify why the barbershop started doing better. Was it something you changed or just the market getting better? If it wasn't something that you can identify WHY then you would be just gambling on a business.
yes it kind of was something i changed. I found a better employee
 

Providence

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
30%
Oct 21, 2020
23
7
Zambia
It is interesting that your barbershop is not profitable before covid crisis and became better after it. What is your competitive strength of the business that makes it profitable in a tough time?

High upfront cost such as rental commitment. If you need immediate cash flow to support your family that is a problem. Almost any business other than a job will make it difficult.
Our competitive strength was in the location and reliability (Longer working hours)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
118%
Feb 8, 2019
3,456
4,078
Singapore
well maybe a couple of months...
Sounds like you do not have the ammunitions to start a war that can last.

Probably time to work for some cash before you figure out your personal strength, that can be applied to a familiar niche in need.

I was expecting to hear things like you are the person goods with hands on stuff in a barbershop or you are a good hairdresser...
 

Providence

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
30%
Oct 21, 2020
23
7
Zambia
Sounds like you do not have the ammunitions to start a war that can last.

Probably time to work for some cash before you figure out your personal strength, that can be applied to a familiar niche in need.

I was expecting to hear things like you are the person goods with hands on stuff in a barbershop or you are a good hairdresser...
Hmmm...the employee road, will consider it.

thanks @Kevin88660
 

Kid

Gold Contributor
Speedway Pass
User Power
Value/Post Ratio
98%
Mar 1, 2016
1,736
1,707
Create a brand - some catchy name for barbershops.
Plus something of more merit - process that your barbers do that distinguish them from other shops.

And here's the thing:
Create franchise.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top