Part 5 - The Money Factor
In the hair business you are either an owner of the barbershop or the barber.
As a barber you will get your income from either Renting the chair from the owner or working on a percentage split with the owner.
RENT
- Make your own schedule, you can come and go as you please
- Money goes right in your pocket after you finish cutting your client
- Have to buy your own supplies
- Pay owner at the end of the week
- Provide your own business cards
- Make your own prices for the haircuts
- Pay your own taxes
- Pay your own health insurance
PERCENTAGE
- Have to work daily and work enough hours for the owner to make money
- Money is put into the cash register after every cut along with a written receipt for records
- Owner pays for all supplies
- Owner provides business cards for barbers
- Standard price is set by the owner of the barbershop
- Owners should provided advertisement & promotion
- Owners wont provide health insurance
Example of a Barber on Rent
Barbers weekly rent is $300 which equals $1200 a month
Barber makes $250 a day x 6 days a week = $1500 per week
$1500 x 4 weeks = $6000 per month - monthly rent $1200 = $4800 Barber Net
Example of a Barber on Percentage
Barber is on 50/50 Percentage split with the owner.
Barber makes $250 a day x 6 days a week = $1500 per week
$1500 x 4 weeks = $6000 per month 50/50 split = $3000 Barber Net