I Need Advice: Has Anyone Here Own a Salon or Barbershop?

[ay47]

Is this a norm for all barbershops? Barbers pay rent to the shop?

 

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[Real Deal Denver]

Take a day off. Get in your car. Park across the street. Count how many people come in.

Then another day go get a haircut. Talk to the barbers.

Do your due diligence. You can't do it online.

Great advice. Doing things the old fashioned way. Work. Google can't do everything.

 

[Lucky Chevy]

My current barber owns his shop and also works in it. It's not fastlane but he makes ~$150,000 per year

I'm not going to say it's impossible but it's unlikely. The main hurdle is just getting a steady stream of clients. A competent barber can do a cut in less than 10 minutes. (Some can go much faster but you don't want the client to feel rushed). There is a lot of down time.

My shop is located outside a military base. The barbers are averaging 10-cuts per day during the week and twice that many on the weekend. My barbers earn between $25k-$35k.

The money to be made in cutting hair is not made by the barbers but by the shop, that's how the large chain stores thrive. Chain stores keep 60%. I've been keeping less but have less turnover.

I'm charging retirees $14/cut; military cuts are $16; everyone else is $18. This keeps my prices competitive but higher than the military barbershop. It also works well for tips.

Cutting, styling, and coloring a woman's hair is a much higher profit but lower volume business.

 

[WJK]

Great advice. Doing things the old fashioned way. Work. Google can't do everything.

I agree. Sit outside and head count your customers. From a real estate point of view, there are 2 really important issues -- location, which includes adequate parking and the plumbing/electrical systems in the building. Those are two issues that are hard or expensive to duplicate.

 

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[deepestblue]

Agreed with the poster who stated to ask for the statements. Ask for the accountant-audited balance sheet/income statement for the last X years.