How to Open Your New Barber Shop on a Budget

If you dream of opening your own barber shop but you're worried that you won't have enough money to do so, read this to learn more about opening a shop on a budget. With the following tips, you may not have to postpone your dream of having your own shop. With some planning, you could be a proud business owner long before you ever imagined.

Business plan

Every business benefits from a business plan, and your barber shop is no exception. The business plan should include as much information about your business as possible, including;

  • Business name

  • Licensing requirements

  • Permits, if needed

  • Financing options, if needed

  • Customer base

  • Where to get your barber shop supplies – You will need to decide where to buy everything that you need, from barber chairs, to shaving moisturizer.

The more thorough your business plan, the better.

Rental space

One of the great things about opening a barber shop is the amount of space needed. Many barber shops start off in a tiny building. You only need enough space for two or three chairs and the equipment and products you need. A barber shop can be very simple and still do well.

Buy used

You can save money by buying big ticket items that are gently used. Buy chairs and sinks this way to save money. You can find some excellent deals when you shop around and you'll pay just a fraction of the cost of buying new.

Rent out chairs

Not all barbers have the interest or ability to open their own shop. They are perfectly happy to rent a seat out in another barber's shop. Just for letting the barber have space in your shop, you'll get paid. You can use this money to reinvest in the business, or to pay bills. Even a small building will usually have enough space to add one or two chairs. The money that you spend on the equipment will be quickly recouped by the rent you collect.

Follow these tips and make the move to open your own business. Owning your own business is a rewarding experience. You'll love knowing that you're working for yourself and that all of the hard work that you're putting into your business is benefiting. Start with your business plan. Make it thorough and then keep going. Soon you'll be unlocking the doors to your own shop.

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