Mo' Money, Less Problems
The Top Wasted Barber Shop Expenses You Need to Know About
As a barber, there are few things more satisfying than running your very own successful barbershop.
Think about it: as a fresh-faced barber going through training, as a youngster who dreamed of being a barber, as a professional working for a shop that didn’t bring you joy, what was it that you turned your mind to during the tough times?
What was it that you sighed, put your head in your hands, and daydreamed about during your early days as a barber?
If running your own business is the answer, we’ve got news for you—that’s pretty much what we figured. And for good reason, right? Running your own barbershop means that you get to make the calls, be the head honcho, and create a brand and environment that’s perfect for you.
Whether you’re running one now or are hoping to run one soon, it probably seems pretty dreamy, right? That being said, no matter how successful and dreamy your business is, there’s a harsh reality that’s always bound to kick on—somewhere, somehow, you’re wasting money.
That’s not to say that you personally are making poor decisions, just that every business owner out there should take the time to think critically and crucially about their expenses. How can I better allocate my resources? Do I really need XYZ in my salon? And, of course, the age-old and vitally-important questions—what expenses am I wasting in my barbershop?
It’s a tough pill to swallow, but everyone has wasted expenses somewhere. If you’re scanning your brain and can’t seem to think of anything, that’s okay—we’ve laid out a few of the common expenses that barbershop owners tend to waste without ever even really thinking about it.
Check out these top six wasted expenses that tons of barbers end up addressing!
Flashy Product and Tools You Never Use
We’re, of course, referring to your back bar. Think about everything you typically use within a day on a normal set of clients—does everything on your back bar fit into that routine?
It’s likely that there have been times where you’ve ordered flashy, exciting, or new products that you don’t necessarily need, but wanted to have on-hand to be trendy, hip, and ready for the off-the-beaten-path clientele who asks you to dye his or her hair bright red. We’re not saying you can’t have a few of these products, but still, it’s vital to take a good, hard look at your products, tools, equipment, and back bar and ask, “is this worth the money?”
Once you stop looking at these types of things as absolutely necessary and start viewing at them as money on the shelf, your views might totally change.
If there’s something you absolutely cannot live without but only need a small amount of, think about contacting brands to see if they can send over a few samples.
That way, you won’t be caught out if you don’t have something on hand, but you won’t have to invest a ton of money into keeping lots of product on the back bar.
No-Shows and Bailing Clients
Before we dive into this, we just want to say, this happens to everyone. If you’re a barbershop who takes appointments (and doesn’t just rely on walk-ins) then you’ve probably felt the sting of a missed appointment or no-show client.
But know that you’re not alone.
This is a constant battle every barber or stylist faces—it’s just part of the industry.
That doesn’t mean there’s nothing you can do about it. If you’re dealing with more canceled appointments or no-shows than you’d like, think about requiring a deposit for making an appointment. That way, you’ll be paid for your time whether they show up or not—while it might not be as much as a full appointment, you’re protecting yourself against wasting your time, which is your greatest asset.
Old-School, Tired Marketing Methods
We want to be really clear here—we’re not saying that you shouldn’t spend money on marketing.
As a business owner, it’s vital to realize that marketing is a big part of how you draw your clients in, keep them there, and of course, curate your own brand. Marketing is hugely important, so we hope you don’t read this as us saying it’s not—there are, however, ways to make sure you’re spending money wisely.
If you’re investing tons of cash into old-school marketing methods that aren’t giving you the ROI you’ve been wanting, cut that out.
Start looking into new, digital marketing methods, such as social media marketing and online advertising. While these new-fangled ways to market might seem overwhelming at first, lucky for you, we have the perfect guide to addressing new marketing methods!
If you’re investing your hard-earned cash into old school marketing, switch gears and go digital!
Coffee, Lunch, Snacks, and More
Think about how easy it is to grab a coffee from down the street instead of making your own. Or how effortless it feels to pop into the market and grab a sandwich for lunch instead of packing your own.
Sure, it’s convenient and easy (and, let’s face it, oftentimes way more delicious), but it’s also super wasteful! We’re not saying you can’t get lunch or a snack or a coffee from your favorite local place every now and again, but when you do the math on eating out every single day while you’re at work, it can really add up.
Just think about it—your favorite lunch from that awesome place down the street rings in at $6. Not bad, right? But, when you eat it 4 times a week for an entire month, that tends to pile on up—$6 for four days ends up being $24, which, for the month ends up being close to $96. It adds up!
Fun Add-Ons Your Clients Never Use
Listen, we’re not saying you should get rid of the free sodas, waters, or coffees—after all, you’re providing your customers with a service, and the better that customer experience, the better they’ll feel about your company. But, what we are saying, is take a look at all the add-ons and extras you invest money into.
Do your customers always eat the free popcorn, or is that largely a waste? Do you absolutely need to pay for Netflix or HBO for your lounge or waiting room, or will your clients be cool with regular cable? Take a good, hard look at what you offer your customers and ask yourself what’s worth it for you and for them.
If you have add-ons that no one ever uses or asks about, then that’s extra amenities that are going down the drain!
Purchasing the Wrong Insurance Coverage
If you’re a chair renter, suite renter, or in any way ridin’ solo in your barber career, you may be paying too much for your professional and general barber liability insurance.
Independent barbers, even if they own their own suite, do not need a full business owners policy. Chances are, all you need is individual professional and general liability coverage. Don’t get us wrong, you can never be too protected or too prepared, but you can save a buck or two.
The National Association of Barbers offers the most affordable and comprehensive barber liability insurance around. In addition to professional and general liability coverage, we rental damage coverage, product liability coverage, an identity theft protection plan, and stolen/damaged equipment coverage is included in your policy from NAOB at no additional cost!
Plus, NAOB barber liability insurance follows you wherever you take your career and practice your passion!