As gaebler.com points out: people will grow hair regardless of market conditions. Hair care is a lucrative business opportunity if you have what it takes to be a barber. While you may start out in an established barbershop or hair salon, eventually you may venture out and start your own business. Barbershops require planning, securing financials, and marketing—just like other businesses. Drafting a business plan is the first step to opening your own shop.
Items you will need
- Market research
- Estimates about revenue projections
- Leased space
- Financial data concerning loans and start-up costs
Research your local market. At a minimum, look in your phone book and count the number of barbershops and hair salons in your area. Consider visiting the competition and reviewing how the shops are set-up. The more thorough your research, the better prepared you will be to meet the competition.
Find potential locations to open your barbershop. According to business-plan-made-easy.com, locations should be easy to access, have ample parking, and have the potential to attract customers. Space in a shopping mall or a shopping center is generally good.
Gather data about your finances. Think about how you will secure loans and start-up costs. This step will also require you to think about the equipment you need such as scissors, chairs, razors and sanitizing materials, and how much it will cost to purchase equipment. Think about your marketing strategies and how you will fund them.
Take steps to acquire the proper state-required licenses and certifications. If you are not already certified, but you still want to write the plan, discuss how you will get the licenses and how long it will take.
Drafting the Business Plan
Describe your business, the market, the competition, how you intend to staff the business and what insurance you need. Think about a name for your business, write a mission statement, discuss goals. Use the market research information you gathered to complete the first section of your business plan. Create subheadings for each part of this section as necessary.
Discuss financial data in section two. Use the preliminary financial data you gathered to determine how much money you need to start and how you intend to acquire the money, either from loans or personal finances. Detail the first year of operation month by month. Project finances over the course of the first three years.
Detail your marketing plan. Discuss how you intend to advertise your business. Include information about coupons or specials.
Summarize the information in a section you can call “Executive Summary.”
Compile the business plan. Include a coversheet, a table of contents, your executive summary, and the sections concerning the business itself, finances and marketing. Include supporting documents such as prior tax returns, proposed lease agreements, and copies of your license and certifications.
- barber shop pole image by Tammy Mobley from Fotolia.com