Are you looking to raise capital for a start-up barber shop. If you are looking to raise capital, you will need a business plan. As well as being a tool to raise capital, the business plan is also a detailed roadmap to a Company’s growth and success.
A barber shop typically either has employees or rents space to independent contractors on an hourly basis. This decision is a very important decision for the business model and growth strategy of a barber shop.
A barber shop business plan should be detailed and comprehensive. The financial plan should typically be planned on a 5 year basis with detailed revenue, expense, growth, and capital expenditure assumptions. The following are a few good questions to consider when starting a barber shop business plan:
- Where will the barber shop be located?
- How large will the barber shop be? How many stations?
- Will the barbers be employees or independent contractors?
- What services will the shop offer?
- Who is the target consumer profile?
- What are demographic stats for the geographical area that the barber shop will locate?
- What is the pricing strategy of the barber shop?
- How many barber shops are in the area? Who are the most direct competitors?