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What Are The Steps + How Much Money Do I Need Before Opening Up Shop? | Joe Agnello | CEO + Co-Owner, City Image Barber Shop Chain (10 Locations) | Barber Shop Owner Coach
Manage episode 431295037 series 2930394
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Tune in to understand how much money and credit you need + how to get there so you can open your own spot in the future!
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Key Takeaways
- Startup costs are higher than they have ever been, and landlords are tough post-COVID
- Opening a Barber Shop will cost you about 30k at the bare minimum in a lower cost-of-living area.
- You have to pay yourself when you start your business because you may think your business is doing better than it is.
- Receiving payments in cash may seem convenient, but it's not advisable. Demonstrating a clear income on paper and paying taxes on it is essential for securing loans. Without a documented income, obtaining a loan can be challenging.
- Most of the time, the landlord will not give you anything. You are responsible for everything; this is not a residential rental.
- Do not just listen to one coach, advisor, or influencer. Diversity in perspective will serve you better than buying into just one person.
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👉Follow City Image Barber Shop on IG here.
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