The demand for hairdressers and beauticians will continue to increase in the coming years. This industry will always be in high demand as long as men, women and children grow hair. People with a barber license from an accredited school will always have the potential to make a lot of money in this industry. With the demand for barbers, estheticians, and hairstylists continuing to grow, so will the demand for schools where a potential barber can enroll and gain extensive knowledge and training to become licensed.
The first step: create a business plan and raise capital
Take the time to write a detailed business plan for your barbering school. With this step, it is imperative that you include a description and mission statement of the school. Include your marketing strategy, researched facts about other barbering schools in the immediate area, and any information about the schools’ insurance coverage. It is important to provide all documentation that highlights financial records and needs. These needs should include how much capital you will start with when school starts and how you plan to raise any additional funds needed.
The Second Step: Raise Capital
By contacting your state Department of Education, you will be able to apply for government grants and loans that are available. This is an important step in beginning the process of getting the money you need to increase your starting capital. Working with a bank to complete and submit your loan applications is a must, unless you have all the money you’ll need to get started.
The Third Step: Get Insurance Coverage
Start this step by talking to local insurance providers. Keep in mind that you’ll need to purchase enough insurance to cover damage (fire, flood, and theft), as well as enough liability coverage. Talk to your insurance provider about employee coverage such as workers’ compensation, disability, and unemployment benefits. Doing this will ensure that your school has extensive coverage for your students and instructors.
The fourth step: inventory
Contact different beauty wholesalers to get the equipment at the best price for you. Comparing the costs of styling chairs, workstations, hair products, mirrors, scissors, etc. will be to your benefit when you make sure you buy enough inventory to provide enough training.
Once you’ve completed these first 4 steps, you’ll be able to breathe a little easier. No one said this was going to be easy; However, anything you work hard enough to achieve will have a huge advantage when all is said and done. Owning your own barbering school will be extremely rewarding if you give it your best shot. Giving people the knowledge they’ll need to succeed in a field they love will make all the hard work worth it in the end.