Just Got Your Tax Refund? Here’s How to Reinvest It in Your Business

A barber poses for a photo in his barbershop after he received his tax refund for his business.

Paying taxes may be a drag, but a tax refund is a definite silver lining. If you just received your tax refund and aren’t sure what to do with the money, we have a suggestion for you–reinvest it in your barbering business.

While you may want to take a portion for pleasure or put some aside for a rainy day (both great ideas), reinvesting some of your tax refund into your business is a phenomenal use of funds. After all, growing your business can help unlock the full potential of your barber shop and contribute to an even brighter future.

If you’re interested in taking advantage of your tax refund by putting it toward your business but are unsure how to most effectively reinvest it, you’ll want to check out the ideas below for guidance and inspiration.

Reinvesting Your Tax Refund into Your Barbershop

Your tax refund can be viewed as an opportunity. What you do with it can grow your business, especially if you reinvest it wisely. Of course, this is easier said than done–there is a myriad of ways to spend the money, and your choice can affect the impact your tax refund has.

Every barbershop is different, and your needs may be unique. That’s why we encourage you to take the suggestions listed here as inspiration before allocating your tax refund funds. You’ll have a strategy in place before you know it!

Acquire New Clients

Your barbershop is no doubt a hub of the community. Familiar faces fill the space, and your regular customers are practically family. To keep your barbershop trending upward (and your community growing), it’s important to attract new clients. While many of them may stop by only once or twice, some are likely to become part of the regular rotation.

Acquiring new barbering clients is easier said than done. There is competition, and differentiating your shop from the crowd can be challenging. Thankfully, a little investment in client acquisition can go a long way.

You can strengthen your digital brand, expand your online presence, appeal to your local community, expand your physical branding and merchandising, and more. With the right plan and a bit of capital, you’ll have newcomers flooding your shop in no time.

Spruce Up Your Space

In a time where many businesses have gone digital, barbering still requires a physical space. The environment you create and the experience you’re able to give your customers play a major role in the success of your business.

Whether there is deferred maintenance waiting to be completed or you want to renovate your barbershop to fit the vision you have for it, your tax refund can make a huge difference in your space. Not only will this benefit your business by contributing to happier customers, but it will also boost the mood of you and your colleagues. After all, who doesn’t want to work in a good-looking, welcoming environment?

Upgrade Your Tools

Unless you’re Edward Scissorhands, your livelihood depends on your barbering tools. Sheers, clippers, chairs, razors, and more are integral to your everyday workflow. If your tools are subpar and let you down, your business (and reputation) may suffer.

Your tax refund is an opportunity to invest in new tools or in bringing your old, faithful tools back to their prime. A little love can go a long way in equipping you for success. So, whether you’ve had your eye on an heirloom-quality set of sheers or you need to replace your worn-out clippers, now is the time.

Learn New Skills

One of the beauties of barbering is the ability to constantly learn new things and refine your current skills. Continuing your education by taking online courses, signing up for local classes, or learning from inspiring figures in the industry is a fantastic way to keep your barbering fresh, exciting, and relevant.

As you know well, advancing your barbering career and expanding your knowledge and skill set isn’t cheap. Your tax refund gives you the resources needed to reinvest in yourself and, by proxy, your business.

Protect Yourself with Barbering Insurance

As a barber, part of your job involves helping people feel more confident and better about themselves. It’s a rewarding aspect of the work that motivates many barbers to achieve excellence.

Even the best intentions can fall short sometimes. Accidents happen, from the slip of sharp scissors to someone tripping on a wrinkled rug. When you find yourself facing a potential lawsuit, you will want liability insurance. This is an investment that can be the difference between losing what you’ve worked so hard for and continuing to thrive in the job you’re so passionate about. 

Barbering liability insurance is well worth the investment, and your tax refund is the perfect opportunity to do exactly that.

Your tax refund presents a rare chance to reinvest in your barbering business. With the ideas above as your guide and inspiration, we have no doubt that your shop will flourish.

If you’d like to stay in the barbering know, we encourage you to subscribe to NAOB. You can find industry insights on our blog or take a moment to learn more about professional barber liability insurance. We’re your go-to resource to become the best barber you can be!