Managing Money as a New Barber
Dealing with CASH MONEY can be extremely rewarding. As a barber being paid daily can really add zeros to your bank account quickly. Here’s the issues that plagues so many new barbers, and I speak from experience. We mismanage the funds early in our careers paying the price for it later.
The jump from student or apprentice to full-time barber doesn’t means your income goes up that much overnight. It takes time to build a sustainable income. however it’s an awesome feeling when you get there. As a lot of beginners do You don’t want to hit the gas on spending too soon: new sneakers, eating out daily, and grabbing up every product on the shelf. These poor spending habits can cost you in the long run.
Why is it important to track your income and expenses? Well your funds might be big on Saturday, but keep in mind—barbers usually don’t get paid time off or health insurance, and business can slow down any time.
Good financial planning begins with Setting aside a chunk of every week’s earnings for emergencies, supplies, and slow period. This practice goes a long way toward keeping your stress low and your career steady.
Blowing through cash early in your career makes it tough to take up a notch later. The earlier you become good at planning the more stable you will be later in your career. Choosing a credit union over a regular bank is wiser, and I’ll explain why in a later post.
In most cases the beginning of your career will not lead to fruitful financial success. This is ok! Stay the course because i promise you it will become easy to begin earning $50-$100 a hour. I don’t care where you are in the world that’s a good earning.
Starting from the bottom makes the journey to the top worth traveling. When you arrive there the harvest will be plenty.
its not what you earn it’s what you save and invest. You don’t need to charge your clients $100 per cut to gain success. You need to be efficient and knowledgeable about the service you provide.
For example: Time equal money and the more heads you can efficiently turnover the more can be earned. $35 haircut that can be completed properly in 20 minutes gives me the ability to compete 3 heads per hour. Leaving you earning $105 for that hour.
Becoming knowledgeable in the field of hair care makes you more valuable. The more services you offer the more your average ticket price can rise. The more knowledge you carry determines the value you have to the public. It’s never how well you can do ONE thing. The more solutions you have to the problems the public carry
- Hair maintenance
- Skin/scalp care
- Chemical services
These services that you add to your ticket price can turn a $35 tag into a tag that runs well over $100.
Now the 3 heads it took to gain $105 you took that same hour to gain with just one head.
This also leads to trust and trust leads to referrals. when your demand grows your price tag follows suit.
This common mistake can be avoided with discipline and proper guidance from a reputable financial planner, an experienced barber, or education. Enjoy your career early by planning for your future.
See you next week when I share part 3.of the common mistakes new barbers make. Don’t forget to share, comment, and follow for more Official barber advice.