Being a solo barbershop owner is great, but you need more than just haircut skills to keep the business profitable. In a competitive industry worth five billion dollars, having a solid barbershop business plan is essential for managing your finances, attracting clients, and growing your business effectively. This guide will walk you through the steps to create a plan that really works, covering everything from pricing and marketing to long-term financial strategies.
It can feel like a lot to manage money when you're a new barber, especially if you're doing it all by yourself. But taking control of your finances early on is a really smart move. It helps you keep things in order, avoid tax-time stress, and make smarter choices for your barbershop. Here are some simple, practical tips to help you manage your money from the start.
1. Track every dollar. Keep track of all the money coming in: haircuts ($25–$50 each), tips (around $4 per haircut), and product sales (like beard oils, which can bring in $200–$500 each month). Also, write down you’re spending: rent can be $1,000–$3,000 a month in cities, clipper blades might be $20–$50 each month, utilities are usually $100–$550 each month, and anything else you pick up.
2. Use expense tracking tools. Try Goldie’s expense tracking to sort your spending and generate reports. It can save you time when you file your taxes by keeping track of your income and expenses without having to use spreadsheets.
.avif)
2. Protect your time and income. No-shows can really hurt your earnings. A simple solution is to ask new clients for a deposit when they book. This ensures they're serious, protects your time, and helps keep your day on track. Lots of barbers also have a cancellation policy to make things clear from the start.
3. Keep business and personal money separate. Open a separate bank account for your business. Keep personal and business funds separate. This simplifies budgeting, taxes, and tracking transactions. It can also shield you from personal liability, especially if you have an LLC.
4. Be smart with your spending. Try to find ways to save money without sacrificing the quality of what you offer. Can you buy your products in bulk? Maybe switch to energy-saving lights to bring down your bills? Every little bit you save makes a difference to your profits.
5. Save for the future. Make sure you always save some money from each paycheck for two important things: taxes and emergencies. If you're a barber working for yourself, you have to pay federal income tax and self-employment tax. Saving regularly means you won't be surprised when tax season comes around. It also means you'll be ready for anything, like a slow week or an unexpected repair.
A barbershop business plan is basically a roadmap that shows where you want to go, how you plan to get there, and what it'll cost. For a solo barber, it’s a tool to stay organized, attract funding, and plan for growth. Here are the essential components:
Don't worry if you're starting your barbershop business plan from zero. You probably know more than you realize! Just put everything in the right order. Here's how to make a simple, practical plan you can actually use.
Figure out what makes your barbershop special and who this place is trying to reach. Maybe you're a casual location for amazing trims and chats, or a quick stop for people with busy schedules. Keep your description short and real; a sentence or two is all you need.
Make a list of every service you offer. Be sure to include your base prices, any premium add-ons, memberships, and product sales. This will also come in handy when you’re calculating income projections later.
Tip💡: Here’s how to calculate your fair service prices in just a few seconds.
Take a moment to think about who your best clients really are. Are they students, office employees, fathers, or young professionals? Understanding your clientele is super important when it comes to figuring out your branding, prices, and marketing approach.
Explore around you places on platforms such as Google, Yelp, and Instagram. Take a look at what other barbershops nearby are like. What services do they provide? How much do they charge? Are they using a booking app? And what do their customers have to say in reviews? This little bit of research will help you pinpoint your unique selling proposition (USP).
How are new clients finding you right now? Maybe they saw your work on Instagram, searched for barbers near them on Google, or heard about you from a friend. Take a minute to write down what is actually bringing people in. Then think about how you can build on that. If you use Goldie to handle bookings or send appointment reminders, that is worth including too.
Think about what a typical day is like at your shop. Write down your hours, how you schedule and handle appointments, how often you clean, and how you stay organized. If you use tools like Goldie for scheduling or income tracking, mention it. This lets people know you have a good procedure to keep things running well.
List your business expenses for the month, like rent, supplies, and utilities. Then, estimate how much money you'll make based on the number of clients, your average service price, and any products you sell. If you've been in business for a while, use reports from Goldie or any payment service you use to get actual figures.
Think about what you want to achieve in the next 3 to 12 months. Maybe you want to hit a certain income each month, raise your prices but keep your clients, get clients to book again more often, or maybe even add another chair to your space. Just be sure your aims are clear and doable.
Okay, now that you've got everything ready, it's time to write the executive summary that connects all the dots. Make sure you cover what your objective is, who your perfect client is, the services you provide, and your future goals. Keep it short and simple. Remember, this is usually the first thing people read when you share your plan with someone like a partner, landlord, or lender.
Running a barbershop isn't just about having great haircutting skills. You need a plan, consistency, and to make intelligent decisions. A solid business plan shows you where the business is going. It helps you manage money, get the right customers, and grow at a pace that works for you. Whether you want more appointments, to earn more, or just to feel more in control each day, this guide can help. Keep your plan updated as your goals change, and be ready to adjust things along the way. Tools like Goldie keep things simple, organized, and help you evaluate your progress. Your barbershop is your business, and with a good plan, it can truly thrive.
.webp)
