Women are very keen when it comes to taking care of their hair, but they are not the only ones who want expert hair care services. Men too want to look good. Traditionally, barbershops were run by men for the sole purpose of trimming men hair. However, today barbershops have evolved to provide services to both men and women such as styling, dying, coloring and much more.
The demand for professional barbershop thus has a wider reach. A barbers business plan should be your immediate thought if you want to approach this business with seriousness and proper planning. Individuals with enthusiasm and appropriate skills to offer barber services can choose to start their barbershop. However, they still need a business plan for a barber shop to help them in defining their marketing strategy, acquisition of equipment, funding and meeting the specific requirements of the industry.
Importance of barber shop business plans
A barbershop business plan is a tool that describes your business inside out and top to bottom. At OGS Capital, we think of it as a strategic blueprint that shows where you want your business to go and how you plan to go there. Below are additional benefits that you will get when you have a robust business plan for barber shop.
- It will help you in raising capital
- It is particularly important for start-ups that plan to grow
- You can use it as a recruitment tool for new staff
- It is a useful management tool for yourself and keeping track of your business goals
Now, we move to the central sections that make barber shops business plans necessary for all aspiring barbers and how they drive business success.
This section should be written last, but it should be placed first in the business plan. We advise that after writing other sections of your plan in a detailed manner, extract the rich but accurate finer details to generate the executive summary. The executive summary contains the key points of your new barber business and your vision. It describes your business background, target market, management overview, your profit potential, and the variety of services that you will provide. The executive summary can be understood as your five minutes elevator pitch that catches the eye of a potential lender, investor, partner or prospective employee.
Business description and structure
If you know how to start a barbershop business plan, this is the section that you explain why you are in barbering and the services you intend to offer. Your reader will need to know why you chose a particular area/address for your barbershop and whether you are renting and the terms and conditions of the lease. Both advantages and disadvantages of your barbershop location should be covered. The description should also include the days and hours that your barbershop will open for business. Strategic relationships and legal structure of your business will also be explained while pointing the number of barbers you will employ and their terms of employment.
While writing your starting a barbershop business plan, our experts will help you spell out your plan for bringing in clients and maintaining a profitable customer base. We ensure that your competitive advantage is well articulated, by identifying your competitors and explaining how your barbering services will be different/better from theirs. For example, you may want to have a unisex barbershop or traditionally focus on male customers. The marketing section must also discuss the market share you expect to gain, your pricing policy, PR techniques you intend to use and your advertising strategy. The marketing section is crucial since it informs your sales forecasts which in turn will determine your profits.
Strategic/Operational Business Plan
This section will cover biographical data for your barbers, attorney, accountant and yourself. It is advisable to discuss how their expertise will assist you in achieving your business goals. Your biodata and that of your barbers should cover the status of your barbering license, the period of experience in barbering and previous areas of employment. For the attorney and the accountant, their personal names, addresses, and company names will be needed. This section will help your prospective investors evaluate risks in your business before committing themselves since the management is part of risk evaluation in business.
We know that a business is driven by the money it makes and your barber business plan must show this. This is the section that we help you provide the figures that will support whatever we had discussed in your marketing and organizational sections. A balance sheet dated from your opening date and an income statement projection for the following year, broken down by month will be included. Your personal financial statement can be added in case it is needed by your landlord, supplier, or banker. Remember these figures are not current account outputs but forward-looking projections.
Let us now focus on some of the crucial things you need to know when you need to open your barbershop.
Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.