If you’re considering buying a franchise, consider a barbershop franchise opportunity. Barbershops have evolved from the days of old when they merely offered haircuts and a shave.
They’re centers of the community where men can unwind after a stressful day, and they are also now fantastic business ownership opportunities.
The Barbershop Industry
If you’re looking for a stable industry to invest in, look no further. The barber industry, now valued at $4.9 billion, saw an annualized growth rate of 5.3% in the years leading up to 2020.
Men (and women too) are spending on average $30 on each haircut. Given the frequency with which short haircuts need to be maintained, that’s steady revenue from most clientele. And if you also offer hair care products, you can see even higher sales per transaction. In fact, 81% of all men’s grooming products are sold in brick-and-mortar locations like barber shops.
Barbershop Franchise vs. Startup
If opening a barbershop excites you, know that you have two options. You can start a business from scratch, finding commercial real estate, building your marketing plan, ordering equipment and products and then finding clientele. Or you can open a barbershop through an existing franchise program, taking advantage of systems and branding development that has already been done.
The investment you make in a barber shop franchise in part covers the groundwork that has been laid out to ensure that your franchise has a support system in place to help you if you have questions, as well as marketing programs that makes it easier to attract new clientele.