3 answers
Kyram
Student
Rock Hill, South Carolina
1
Question
Asked
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How many years would I have to study to try and build my own business?
I want to build my own barber shop but I don't know how many years it can take me.
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3 answers
Tequilla Daniels
Salon owner and certified business coach
2
Answers
Memphis, Tennessee
Updated
Tequilla’s Answer
Hi. You would need to check your state's regulations on salon ownership. That information is usually found on the official state website.
Typically, anyone can own a salon. However, you will need someone who is licensed in cosmetology or barbering to manage the location.
To require a license, you will have to receive 1500-2000 hours of accredited training , pass a theory and practical test for the state board, then apply and pay for your license.
Your salon or barbershop will need it's own separate license to operate. This is easily obtained online once you have a location that's up to your state's code of regulations. You will have to schedule an inspection with the board to make sure your facility is up to the state's code.
Your salon or barbershop location would need it's own bank account, articles of organization to become an LLC or Corporation, and other systems like payroll, operating, book keeping, scheduling, to help stay on track. I advise you find a CPA to help sooner rather than later to keep up with taxes, gains and losses.
I hope this helps.
Typically, anyone can own a salon. However, you will need someone who is licensed in cosmetology or barbering to manage the location.
To require a license, you will have to receive 1500-2000 hours of accredited training , pass a theory and practical test for the state board, then apply and pay for your license.
Your salon or barbershop will need it's own separate license to operate. This is easily obtained online once you have a location that's up to your state's code of regulations. You will have to schedule an inspection with the board to make sure your facility is up to the state's code.
Your salon or barbershop location would need it's own bank account, articles of organization to become an LLC or Corporation, and other systems like payroll, operating, book keeping, scheduling, to help stay on track. I advise you find a CPA to help sooner rather than later to keep up with taxes, gains and losses.
I hope this helps.
Alan Hester, MSA, PMP
Sr. Financial Project Manager & Accountant
8
Answers
Las Vegas, Nevada
Updated
Alan’s Answer
Hello, entrepreneur! Starting your own enterprise takes continuous effort and for some people, it can take a year and for others maybe five years, it depends on a great many factors.
The first question you may want to clarify is when you say to start your own business as a barber, well most barbers work for themselves already. The typical barber rents a chair or space in an already established barbershop in which the owner rents chairs to barbers that meet the standards of the shop and clientele. This is a business and should be treated as such. Collecting cash, making deposits, paying rent, purchasing supplies, etc. is something a barber must do and at their expense. All income must be reported to the IRS and taxes must be paid. If this is not done properly, there could be consequences. To become a barber, you need an education from a trade school for barber students, registered hours in practice, and a license. My brother is a barber and he finished in 1.5 years, but I am sure it could be done sooner, just depend on your state's rules and regulations.
If your true goal is to start your own barber shop as the owner, then you would be renting out chairs to other barbers or even hiring a team to work for you in your establishment.
Here are a few things you will need before you can open the doors to your new shop:
• Do a market analysis to find the right location for your business
• Rent or build a shop
• Financing for startup expenses such as phone, Internet, utilities, insurance, and licenses
• Marketing materials and campaigns and an online presence
• Stock supplies and vendors who can replace them
• Regular cleaning and maintenance of shop and barber equipment
Also, get an Accountant – someone knowledgeable enough to handle the business side such as payroll and taxes, financial statements, and bank accounts. These are extremely important to ensure you are paying your taxes on time, correctly, and at the lowest possible rates allowed by the tax code and laws. Also, financial statements are important to lenders who want to know how your business is performing before extending loans or lines of credit to you
This may seem overwhelming, but new businesses like there are opening every day. It takes an investment in time and resources to get it going. Financial capital can be gifted through grants or by finding the right low-interest loans to get started. According to Zip Recruiter, the average barbershop owner makes $54,366 a year or $26.14 per hour, however, the Miami Barber Institute shows a path of how to make $100K per year for highly motivated Individuals.
Best of luck to you!
The first question you may want to clarify is when you say to start your own business as a barber, well most barbers work for themselves already. The typical barber rents a chair or space in an already established barbershop in which the owner rents chairs to barbers that meet the standards of the shop and clientele. This is a business and should be treated as such. Collecting cash, making deposits, paying rent, purchasing supplies, etc. is something a barber must do and at their expense. All income must be reported to the IRS and taxes must be paid. If this is not done properly, there could be consequences. To become a barber, you need an education from a trade school for barber students, registered hours in practice, and a license. My brother is a barber and he finished in 1.5 years, but I am sure it could be done sooner, just depend on your state's rules and regulations.
If your true goal is to start your own barber shop as the owner, then you would be renting out chairs to other barbers or even hiring a team to work for you in your establishment.
Here are a few things you will need before you can open the doors to your new shop:
• Do a market analysis to find the right location for your business
• Rent or build a shop
• Financing for startup expenses such as phone, Internet, utilities, insurance, and licenses
• Marketing materials and campaigns and an online presence
• Stock supplies and vendors who can replace them
• Regular cleaning and maintenance of shop and barber equipment
Also, get an Accountant – someone knowledgeable enough to handle the business side such as payroll and taxes, financial statements, and bank accounts. These are extremely important to ensure you are paying your taxes on time, correctly, and at the lowest possible rates allowed by the tax code and laws. Also, financial statements are important to lenders who want to know how your business is performing before extending loans or lines of credit to you
This may seem overwhelming, but new businesses like there are opening every day. It takes an investment in time and resources to get it going. Financial capital can be gifted through grants or by finding the right low-interest loans to get started. According to Zip Recruiter, the average barbershop owner makes $54,366 a year or $26.14 per hour, however, the Miami Barber Institute shows a path of how to make $100K per year for highly motivated Individuals.
Best of luck to you!
Adeola Adedeji
Credit Analyst
3
Answers
Lagos, Nigeria
Updated
Adeola’s Answer
Hi Kyram,
A great ambition I see, the most important question is, do you have the skillset required to barber folks satisfactorily?
Think of Bill Gate and his folks, He started Microsoft at 17.
Age shouldn't be your barrier, get the right skills, conduct your feasibility study, get the tools, and start your Business. Provided these seems too much? Why don't you do it for a friend free of charge? Invite more friends and charge a little less than regular.
In time, Shops will come asking for you.
I hope this is helpful.
A great ambition I see, the most important question is, do you have the skillset required to barber folks satisfactorily?
Think of Bill Gate and his folks, He started Microsoft at 17.
Age shouldn't be your barrier, get the right skills, conduct your feasibility study, get the tools, and start your Business. Provided these seems too much? Why don't you do it for a friend free of charge? Invite more friends and charge a little less than regular.
In time, Shops will come asking for you.
I hope this is helpful.