The one thing you need to think about before you start a barbershop is “Do I want to live in the town that I start my barbershop in?”.
A lot of times we want to open a barbershop and we are not really thinking about the fact that wherever you start a barbershop, you will more than likely live where you open the barbershop for a very long time.
I have known some barbers that did not like where they lived too much but they did want to own a barbershop. It is a lot to think about.
WHAT DO YOU NEED TO START A BUSINESS?
There should be 200 people per barber in a shop and in the city. 200 people times $15.00 a cut equals $3.000.00. That $3.000.00 can be made every week, every 2 weeks or every month. It all depends on how long you cut hair every day and how fast you cut every day. But the bottom line is, your goal needs to be at least 200 clients.
So the first thing you should know is your population in your city and how many barbers are in your city, so that way you will know the potential of the clientele in your shop. So let’s say for example if your city has 100,000 people, the city would need at least 500 barbers to supply the demand. Just divide 500 barbers into 100,000 people and that gives you 200 people per 500 barbers.
I have cut hair in towns where the population was 10,000. So I said to myself, “All I need is 1-2% of those people and I will be fine. The city only had 5 barbers. So there was more than enough clients to go around. You divide 5 barbers into 10,000 people, which equals 2000 clients a piece!!!! And all I want is 200 clients, NOT 2000!!
So the bottom line is to just divide the number of barbers in a city into the population of people in the city, you will then know what your earning potential will be.
No matter what type of business you open, you will always get business from 1-2% of the population in your area to solicit your business.