Barbershop Business - How to Make 6 Figures in Your Barbershop

Are you working on a gameplan for your barbershop once you reopen? Or is your shop open and you're wondering how you can take your business to the next level? If so, this video is for you!

This video is NOT another barber tutorial video about how to give taper fades, burst fades, mohawk fades, or how to record any haircuts. This is more about changing the barbershop culture. That it IS POSSIBLE to be a 6 figure barber and it all starts with having the right strategy in place!

This video is for any barber or hairstylist who wants to learn how to leverage the power of social media and digital advertising to grow their brand, get more customers, and reach more people.

If you like what you see please like and subscribe to this channel! My name is Mike D. Joseph and I run a digital advertising agency called VisualMedia Marketing, the #1 Ad Agency for Barbershops & Hair Salons.

I'm not a barber, nor have I ever owned a shop. However, I've consulted with 300+ different barbers and shop owners in the past year and I have been able to recognize patterns that make shops successful and what destines them for failure. I'm on a mission to change the industry and educate more barbers with what I've learned and practiced in the industry.

This video includes the steps needed to earn over 6 figures in your business, whether you're a barber or booth rent / commission-based shop owner.

It's obvious that you need to be skilled at what you do, but when it comes to business there are other metrics we need to focus on to attain our goals!
There is a reason why so many "Franchise" shops are still in business - despite not being able to offer the best haircuts. They follow a process and understand the importance of tracking your progress, revenues, retention, and establishing your goals.

For any business to grow you’ll first need to set goals, realistic and attainable goals. Now depending on what stage you’re on in your business, your goals will vary.

For example, let's say you're a barber, and your goal is to make more money and get more customers. That is not a goal, because it is not specific. What’s your definition of more money or more customers?

How can you plan for that? It needs to be specific. Now, if you said your goal is to earn $6,700/mo. If that is the goal, then we will need to decide how we can get there. You’ll need to know how many customers equates to $6,700.00

If your average value per customer is $30, then it’s simple math. Take your goal or revenue target, and divide it by $30, the average value per customer.

$6,700 / 30 = 233.33 total customers.

But we can’t stop there, we have to also understand what you are doing currently in business. This is why having a booking software and POS system is clutch.

You can quickly track your progress at an eye’s glance, instead of going back through your phone and tallying up your previous customers.

So let’s say that you’re currently only making around $2,000 in revenue a month, with the same formula, it means your only servicing around 66 customers a month.

$2000 / $30 = 66 total customers.

Take your total customers needed to hit your goal, 233.33, and now subtract that with what you’re currently doing, 66 customers. From that, you’ll see exactly how many more customers you need to acquire.

233 - 66 = 167 needed customers.

Another important aspect of goal setting is creating deadlines for your goals. If your goal is to acquire 167 customers to reach a recurring $6,700/mo, decide how soon you’ll reach this goal.

Understanding your retention rate is ideal for this to work. Because if you know you’re seeing around 50 new customers a month, and at least 50% of them are coming back, you should be able to hit your goal within 6 months. Below is an example of how it works:

Month 1
66 returning customers
50 new customers
Total customers: 116 customers = $3,480

Month 2
91 returning customers (+25 from previous)
50 new customers
141 total customers = $4,230

Month 3
116 returning customers (+25 from previous)
50 new customers
166 total customers = $4980

Month 4
141 returning customers (+25 from previous)
50 new customers
191 total customers = $5,730

Month 5
166 returning customers (+25 from previous)
50 new customers
216 total customers = $6,480

Month 6
191 returning customers
50 new customers
241 total customers = $7,230

That’s why it’s important to track your numbers because once you have this dialed in, it’s easier to grow your business and not feel like your running around in the dark. There is an array of different strategies you can use, both online and offline that will help in acquiring these customers https://youtu.be/7-yFowNB9YM

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https://www.facebook.com/groups/barbershangout

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Видео Barbershop Business - How to Make 6 Figures in Your Barbershop канала VisualMedia Marketing Inc.