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Reasons Why You Should Not Invest Your Money In A Barbing Saloon - Business - Nairaland

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Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 11:01am On Sep 20, 2014
I have been doing feasibility studies on the profitabilility, risk and hazards involved in investing your money in various businesses in our country naija, i had other topics i wanted to to start with but am going to start with this one;
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Nobody: 11:31am On Sep 20, 2014
what are you waiting for?
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 11:35am On Sep 20, 2014
BARBING
Maybe you were just looking for advice on a business you could put this 200k u just made into and someone told u a barbing saloon,
Beware of the following hazards
1)There will always be competition: i don't need to explain what competition means nah, lets say u are the first barbing saloon in your area, you are always busy with people trooping in and out of your saloon, one guy in your in your street will soon notice,
small time, u will see another barbing saloon down your street, before 6months to 1yr, you will be competing with 3 to 4 barbing saloons,
Though u will have some loyal customers who will by pass the other saloons and come to yours, there are others who won't like to take the trouble,
that will affect your revenue and sometimes the competition might even eat u up,
the first guy who started a barbing saloon in my area its no longer in business, the competition ate him up, he couldn't even pay the shop rent, so he closed shop and sold his working tools

2 Likes

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 11:49am On Sep 20, 2014
MY BARBER
Let's say you are going to continue doing your job, so u just opened the barbing and left it in someone's control,

you guys have an agreement that he is going to be paying u 1,500naira a day and that he is going to use the rest of the money he makes to fuel the generator and his upkeep, in the first few months he complies,then before u know it some days u will come for your money and it will be one excuse or another,
oga generator spoil today na him make i no fit work na only 1k i make since morning,
oga clipper no gree work today, infact na dis evening the clipper start to work na now now i start work sef,
oga customers dry today oh, na only 3 people come here since morning, and other excuses,
Your barber go use your money dey solve him problem, and before u know it shop rent is here again and u haven't even made the capital u invested in the business

1 Like

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 12:03pm On Sep 20, 2014
TOOL REPAIRS/REPLACEMENT
We all know that electrical appliances hardly last for a long time this days, thanks to the chinese,
From the small 12k tiger gen u use needing repairs before 3 months, to your clippers needing sharpening or getting spoilt, to your steriliser getting burnt due to power surge, you will always have to repair or replace your working tools and it will cost u money.
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Henix(m): 12:04pm On Sep 20, 2014
hungryboy: BARBING
Maybe you were just looking for advice on a business you could put this 200k u just made into and someone told u a barbing saloon,
Beware of the following hazards
1)There will always be competition: i don't need to explain what competition means nah, lets say u are the first barbing saloon in your area, you are always busy with people trooping in and out of your saloon, one guy in your in your street will soon notice,
small time, u will see another barbing saloon down your street, before 6months to 1yr, you will be competing with 3 to 4 barbing saloons,
Though u will have some loyal customers who will by pass the other saloons and come to yours, there are others who won't like to take the trouble,
that will affect your revenue and sometimes the competition might even eat u up,
the first guy who started a barbing saloon in my area its no longer in business, the competition ate him up, he couldn't even pay the shop rent, so he closed shop and sold his working tools
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Hehehehe1: 12:19pm On Sep 20, 2014
No biz witout its risk... The barber didnt improve on his services, datz why he was dumped for odaz

5 Likes

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 12:44pm On Sep 20, 2014
LANDLORD/GOVERNMENT POLICIES
E get some landlords were dey always look your shop, check people were dey enter estimate how much u dey make,
Year don finish, u carry the 50k were u pay last year go landlord house to pay am,
Landlord informs u that he is no longer renting that shop for 50k, that the new rent na 70k, and he that he even has someone who is ready to pay that amount for that shop, u plead and plead he doesn't budge, you will have no choice but to pay him the said amount, since u know that your business' success depends on that location,
local government levy guys go come for their own 2k, sometimes more,
Like in my state Crs, every end of the year each shop pays a tax of 10k to 15k, and sometimes u may have a thriving shop and soon the government comes in to beautify the street and pull down structures that are to near to the road, if u no get luck dem put X for your shop, u don enter one chance be dat, cos u will have to find a new shop, cos your shop is going to be demolished,even if na say na just two months ago were u pay your landlord, which landlord go gree refund u?
You know how hard it will be to start all over again in another area nah.
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 12:54pm On Sep 20, 2014
Hehehehe1: No biz witout its risk... The barber didnt improve on his services, datz why he was dumped for odaz
oga oh, blackberry started the smartphone ish, when the started out, the made so much money, and apple came then samsung and took almost 90% of BB marketshare, no matter how u try to improve your services, its either the competition will eat u or u will eat the competition,

2 Likes

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by hungryboy(m): 1:04pm On Sep 20, 2014
DISCLAIMER
i'm not trying to discourage u from going into this particular business, am just trying to show u the hazards involved in this business,
As a businessman,i always focus more on the risks involved rather than the profits in a particular venture, before i throw my cash into it, so as to mitigate against future stories that touch.

1 Like

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by morningsta(m): 2:55pm On Sep 20, 2014
hungryboy: DISCLAIMER
i'm not trying to discourage u from going into this particular business, am just trying to show u the hazards involved in this business,
As a businessman,i always focus more on the risks involved rather than the profits in a particular venture, before i throw my cash into it, so as to mitigate against future stories that touch.

Well, while it is ok to pay attention to the risks that can possibly run down your business, it is not too wise to focus too much on the risk as there is no business without risk/s. Rather, proactively take measures to mitigate against possible losses or risks.

4 Likes

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Nobody: 4:36pm On Sep 20, 2014
hungryboy: DISCLAIMER
i'm not trying to discourage u from going into this particular business, am just trying to show u the hazards involved in this business,
As a businessman,i always focus more on the risks involved rather than the profits in a particular venture, before i throw my cash into it, so as to mitigate against future stories that touch.

Bro, all that you've mentioned are risks or in some other words, problems associated to the barbing saloon business.

Running away from or avoiding the business is never a wise solution. A wise business man or entrepreneur will work towards finding solutions that mitigates those risks.

Ability to take calculated risks is what makes you a real business man.

Note: The above is simply my humble opinion

2 Likes

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Hehehehe1: 11:26pm On Sep 20, 2014
Yeah apple/samsung was gettn more innovative dan bberry...... Nd blackberry liberalized der bbm..ths competitor are flourishn wit it . Bbm was blackberryz strnhold... Dey let it out to android/apple users .dat was d problem
hungryboy: oga oh, blackberry started the smartphone ish, when the started out, the made so much money, and apple came then samsung and took almost 90% of BB marketshare, no matter how u try to improve your services, its either the competition will eat u or u will eat the competition,
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by bank2k4real(m): 12:16am On Sep 21, 2014
Nice one...check my signature below for more details on my own business line...
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by expert101(m): 4:00am On Sep 21, 2014
Op you are correct. No electricity in Nigeria and barbing salon business is just peanut biz. You can't grow with it because is subject to all sorts of tax and landlord increment.
Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by Beniyke007: 11:49am On Sep 24, 2014
hungryboy: DISCLAIMER
i'm not trying to discourage u from going into this particular business, am just trying to show u the hazards involved in this business,
As a businessman,i always focus more on the risks involved rather than the profits in a particular venture, before i throw my cash into it, so as to mitigate against future stories that touch.
In as much as all these are risks in business, i dont really see how its even particular to barbing salon biz alone. They are general risks in all businesses. Like you talked about competition, there is competition in all businesses. Once people notice you are really doing good here they'll always wanna join, and like you said its either you are eaten up on the competition or you survive it. Secondly you talked about landlord wahala, like issue or increment in rent and other issues. It happens all business settings except you are running your business in your own land thats when you might escape that. Even if you are running a boutique or an electronic shop, all these issues will arise... Light issues and all that. Thats business for you.
So simply put i dont see how all these are particularised to barbing business alone. U've just mentioned the general risks in business which could easily be avioded with adequate planning, courage and packaging. So dont go discouraging people who might be interested in the business. People are still making it big in that particular area. Like i said, it all depends on your packaging.
NB: Just an opinion though

1 Like

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by jonescyras(m): 12:51pm On Sep 24, 2014
A misleading write up i must say.
can someone define who an entreprenuer is?. So You advice people to go into biz that has no risk at all?.
Op should not discourage those reading this write up who are willing to give a head into the biz.

1 Like

Re: Reasons Why You Should Not Invest Your Money In A Barbing Saloon by PHOTSEE(m): 9:40pm On Jan 25, 2019
Normal naija problem

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