Should I buy an existing barbershop or start one?
Buying an existing barbershop gives you regulars, barbers, a location and a fitted-out space, along with the habits already in place. Starting one gives you your own brand and no inherited problems, but a slow build. Which suits you depends on your skills, savings and how soon you need income.
Both paths can work, and neither is the safe one. Buying lets you step into a shop that already has clients, while starting lets you build exactly what you want. The useful question is which set of problems you are better placed to handle. Think about your own situation first, then compare the two against it.
What buying gives you
An established shop comes with regulars, a team, a location, a lease and a space already fitted out. You can see how it has actually performed. The cost is that you inherit its habits, its staff and its reputation, good or not. Some clients are loyal to the previous owner and may not stay.
What starting gives you
Opening your own shop lets you choose the location, the look, the pricing style and the people. You carry no one else’s history. The trade-off is time. You will build a client base from nothing, pay for the fit-out yourself and wait for the shop to become known before it supports you.
Questions to settle first
- Do you cut hair yourself, or will you manage barbers?
- How long can you go without a steady income?
- Is there a shop for sale in the area you want?
- Would you rather fix an existing shop or shape a new one?
A comparable weighing for another trade is in whether to buy an existing machine shop or start one. If you lean towards buying, what to check before buying a barbershop is the next step.
Related reading
11 pages on the same subject, grouped by topic.
Buying
- Expert answerWhat should I check before buying a barbershop?
- Expert answerShould I buy an existing machine shop or start one?
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- GuideBuying a pet supply store in Canada
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 02Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 03Business Development Bank of CanadaGovernmentAfter buying a business, what is the next step?
- 04Business Development Bank of CanadaGovernmentBuying a business as a new immigrant
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