01 Aug 2018
Starting your very own business can be an exciting experience. Saving a failing one can even be more satisfying. While it’s never any entrepreneur’s dream that their business will struggle someday, it happens. The steps you take afterwards determine the trajectory of the enterprise. If your barbershop is currently going through a rough patch, here are smart ways to guide it back to profitability.
Assess Your Operations
Ultimately, what causes a business to struggle is how it’s operating. If the wheels of your barbershop are no longer working, then the entire business is a lost cause. Perhaps your brand is no longer delivering. Maybe it’s time to improve customer service by revamping your equipment. In that case, put some money in high-quality equipment, from professional hair scissors to comfortable furniture.
Focus on the People
Sometimes, the reason why a once-successful barbershop is going through difficulty has to do with the people involved in the business, not the financing. Could it be that something broke along the way, and now’s there’s a disconnect between your concept and what your employees are doing? Look for signs of laziness, entitlement or complacency. Find ways to eliminate these business killers.
Look for Quick Fixes
When your barbershop is struggling, you should look for the quickest ways to remedy the situation before it’s too late. Now is the time to find new sources of revenue. Talk to your big suppliers and request their support. They want you to succeed and will do anything to help, including extending credit to feed your recovery and expansion. If you need to downsize for the time being, then do so promptly.
You started your business with a vision, and you owe it to yourself to achieve that vision. Regardless of the struggle, you can still guide your barbershop back to success if you act with ingenuity and foresight.