3 Common Reasons Behind Failed Barbershops
You might have heard that about 80% of all businesses don’t make it past the first three years. It’s a fact that’s as cold as it is true. Yet successful entrepreneurs know that failure is nothing to be afraid of. That doesn’t mean failure is any less painful or costly.
By knowing what makes most barbers fail, you can prepare yourself better, so your own establishment doesn’t suffer a similar fate. Here are the three most common reasons barbershops fail.
1. Unsatisfactory service
People are very particular when it comes to their appearance. A bad hair appointment can have devastating results that last for weeks. That’s why giving clients less than satisfactory hairstyles can make them shun you like the plaque.
You need to do your best to deliver superb hairstyles, whether that means investing in top talent, great hair care products or the best barbering scissors.
2. Poor choice of location
So you have the most organised barbershop in your neighbourhood and have the most talented team working for you. But you are located in the middle of nowhere or at the very centre of a crime neighbourhood.
You’ll be lucky to get a steady stream of clients, and that could condemn your business to an early death. So take the time to choose a visible, accessible and safe location for your barbershop.
3. Cash flow problems
Financial problems are some of the leading causes of new businesses collapse. Most businesses take months to break even, so it’s best to be prepared to finance your business operations from your pocket.
Have enough money to keep you running for at least six months. Use other smart tips such as cutting on expenses until you can comfortably handle your needs.
The battle for survival can be brutal during the first few years of your barbering business. Your best chance for survival is through understanding and avoiding the pitfalls that doom new barbershops.