EliTheGreat
New Contributor
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- Apr 25, 2018
- 13
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Has Anyone Here Own a Salon or Barbershop?
Im thinking about purchasing my first one, only "hurdle" is I dont cut hair so I wouldnt be able to hold down a booth if a barber goes missing.
My local barbershop is for sale by the owner for a low price of 14k. You can pay for 10K upfront and finance the other 4k. His reasoning for giving up the business is because he works two full-time jobs (one being IT for Verizon, im not sure of the other) he use to cut hair in the shop last year but broke his arm. I work at a Verizon retailer and my coworker knows the owner personally , seems like a good guy.
On his for sale listing, he notes that the gross monthly income is 3500, and the cashflow is 2500. There are 3 barbers and 3 hair stylist in this barbershop
3 barbers -
Booth rent $150/wk = $1800/mth
3 hairstylist
Commission based I believe.
Based on simple math I could make $23,400 a year off 3 barbers alone.
There is a booth that is vacant (even more potential for a gain)
Based on $2500 monthly cashflow estimate I could gain my initial investment back in 4 months. I want to gain advice and knowledge from someone in a similar or exact business here. The money is there, people will always need haircuts should I purchase this barbershop even though I dont cut hair?
(ps Ive been to barbershops where the owner only comes to pick up checks and nothing else)
Im thinking about purchasing my first one, only "hurdle" is I dont cut hair so I wouldnt be able to hold down a booth if a barber goes missing.
My local barbershop is for sale by the owner for a low price of 14k. You can pay for 10K upfront and finance the other 4k. His reasoning for giving up the business is because he works two full-time jobs (one being IT for Verizon, im not sure of the other) he use to cut hair in the shop last year but broke his arm. I work at a Verizon retailer and my coworker knows the owner personally , seems like a good guy.
On his for sale listing, he notes that the gross monthly income is 3500, and the cashflow is 2500. There are 3 barbers and 3 hair stylist in this barbershop
3 barbers -
Booth rent $150/wk = $1800/mth
3 hairstylist
Commission based I believe.
Based on simple math I could make $23,400 a year off 3 barbers alone.
There is a booth that is vacant (even more potential for a gain)
Based on $2500 monthly cashflow estimate I could gain my initial investment back in 4 months. I want to gain advice and knowledge from someone in a similar or exact business here. The money is there, people will always need haircuts should I purchase this barbershop even though I dont cut hair?
(ps Ive been to barbershops where the owner only comes to pick up checks and nothing else)
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