Regal Men Barber Shop is a locally owned and operated new barber shop located in Minneapolis, Minnesota. It is owned by local barber Maxwell Jackson, a community favorite who will provide professional and stylish haircuts to men of all ages. Regal Men Barber Shop will be located in a highly-trafficked strip mall on one of Minneapolis’ busiest streets. Maxwell chose that location because it will be convenient for a man to drop off his laundry and walk over to the barber shop for a haircut while they wait for their laundry. Because it is located next to a gym, someone can stop in for a haircut before or after their workout. The current location is already a barber shop that was owned by Maxwell’s former employer. The former owner has retired, and Maxwell will reopen the location as his own newly-branded and updated barber shop that is in need of an update and renovation.
Regal Men Barber Shop will provide haircuts, fades, designs, shampoos, hot towel shaves, and beard trimming. His barber shop will consist of six chairs for other barbers to rent, 2 shampoo stations, and a comfortable waiting area. The razors, scissors, and combs will be thoroughly cleaned after each use, and the towels used will always come out warm and fresh. Not only is he an expert at cutting hair, Maxwell is well-known for providing the best hot shave in town.
The following are the services to be offered by Regal Men Barber Shop:
- Hot towel shaves
- Beard trimming
- Senior citizen cuts (62 and over)
- Kids cuts (10 and under)
Regal Men Barber Shop will target men of all ages. His loyal clients range from young high school or college students, blue collar, white collar, and senior citizens. He also provides boys haircuts as lots of fathers bring their sons to get a haircut with them.
Regal Men Barber Shop will be owned and managed by Maxwell Jackson. He will not have any employees, but rather the other barbers will be independent contractors and pay a monthly rent to Maxwell for the use of their dedicated barber station and chair.
Maxwell will be in charge of paying the rent, utilities, and all necessary supplies for the barber shop. He will use a local CPA to do his tax filings and licensing. His nephew will be paid to create a professionally designed website and manage the SEO presence.
Regal Men Barber Shop is primed for success by offering the following competitive advantages:
- Friendly, and attentive staff trained to be able to provide the best customer service experience possible.
- Comprehensive menu of services for a polished and regal look.
- Trained barbers that are up-do-date with the trendiest cuts and services.
- Cost-effective pricing that rivals the competition without sacrificing service or quality.
Regal Men Barber Shop is seeking $50,000 in debt financing to open its barber shop in Minneapolis, Minnesota. The funding will be dedicated for light construction of the barber shop to update it, new equipment, supplies, and working capital. The breakout of the funding is below:
- Barber shop build-out to update it: $20,000
- Barber shop equipment: $15,000
- Barber shop supplies (scissors, razors, clippers, shampoo, shave foam, etc.): $10,000
- Working capital: $5,000
The following graph below outlines the pro forma financial projections for Regal Men Barber Shop.