KEY TAKEAWAYS: Revenue growth is an essential part of building your barber business success story. It is a key component that allows you to pursue your passions while finding financial success in your barbering business.

There are many ways to define success as a barber. Doing what you love, helping others find their confidence, building a community, and connecting with clients are all forms of success, and they matter. When it comes to the longevity and success of your barber business, however, there is one key element that must be present–revenue growth.

Even when those other forms of success are in place and thriving, your barber biz has to make money. It doesn’t matter how many social media followers you have or the marketing strategies you try if they aren’t translating to increased revenue. Thankfully, there are a handful of proven ways to grow and diversify your revenue streams.

Growing Your Barber Business Revenue

Add Services to Your Shop Offerings

One of the best ways to increase your revenue is to expand your service offerings. This can be done in a variety of ways, but they all have a similar result–adding streams of revenue to your barber business.

This serves several purposes, all of which are advantageous to your shop (when the timing is right). While it is possible to expand too quickly–you don’t want to stretch yourself or your resources too thin–adding services can pay massive dividends.

Diversifying your revenue streams provides a safety net and can drastically increase your revenue potential.

Whether you choose to add on services that you can handle yourself or bring in tenants to your shop who specialize in separate services, doing so allows you to provide your current clients with new options and attract customers who otherwise might have passed on your shop. Both scenarios translate to revenue growth!

Create a Line of Branded Merch

Establishing your barber brand is essential to writing your success story. It plays a role in everything from brand recognition to marketing to revenue.

Once you have built a strong brand with a clear identity and consistent voice, you can monetize that brand in numerous ways, including creating a line of branded merchandise for your customers and community to purchase.

Items like stickers, hats, and shirts adorned with your branding elements are a great way to increase revenue and raise brand awareness.

When people wear your merch, they are essentially advertising for you, which is a nice perk of branded items.

While initially selling exclusively in your shop makes sense, expanding your merch sales to your website, social media platforms, and even local events can help you reach your brand’s full revenue potential.

Build a Backbar

You use your backbar every day to  help your clients achieve their desired style. From choosing the correct formulas for their haircare to curating effective skincare products, your backbar gives you the opportunity to experiment with various products and find the perfect fit for your shop.

The practical, everyday uses for your backbar products are obvious, but the benefits don’t stop there. You can craft your own line of products, complete with your branding, and then sell those products to your customers via the retail side of your barber business.

Not only is it fun and extremely rewarding to see your formulations come to life, but it carries a great deal of revenue growth potential.

By adding an additional source of revenue that you can sell directly to your customers in-person and online, you set yourself up for tremendous financial success.

Start a Loyalty Program

It often takes more effort and investment to attract new customers than it does to retain existing clients.

 Aside from the personal connections you make with your clients, this is a compelling reason to try to retain their business–maximizing your existing revenue streams is a must.

A reward program or loyalty system can go a long way toward achieving this goal. It’s also a quintessential win-win.

Your customers receive the advantages of earning points, getting discounts, and even enjoying free products or services. At the same time, your barber business benefits from return customers, increased spending, and higher rates of revenue growth.

Many factors play a role in maximizing your barber business revenue. Your branding, social media presence, marketing savvy, and customer loyalty are all examples of elements that can boost your revenue and propel your barber business to success.

For more barbering insights, including tips on how to increase your revenue, be sure to subscribe to the National Barbers Insurance. You can also reach barber business enlightenment by reading our blog, which is packed with valuable information and helpful how-to guides.