Loans

How Much Loan You Need To Start A Barbing Saloon Business

Starting a business will require some little capital and sometimes getting access to this capital can be a difficult task. Thanks to all the loan agencies and companies out there giving out digital to new and existing businesses.

In this article, we’re going discuss on how you can get access to digital loan to startup your saloon and the cost break down of how much it will cost you to start up your saloon business.

This article is for those who have the skills already in the saloon business, and looking for the right funds to start up their business. Most of what you’re going to be doing is to render services to people not selling of goods.

If you’re thinking of selling goods that will give you high ROI, then stick to our blog, we’re going to release an article on that.

Without wasting much time, let us dive into the Cost of Starting a Barbing Saloon using a Loan as a means of financing your business.

Also Read: How to get a loan without BVN

How Much Loan You Need To Start A Barbing Saloon Business

Things To Consider When Starting a Salon Business

Before we dive into the cost of Starting the barbing saloon, you need to put the following into consideration before embarking on starting your saloon business.

  • The standard of the business
  • The Services being rendered
  • The location of the business
  • The tools needed
  • The cost of the Interior
  • The standard of the business

When starting a salon business, you need to have a clear picture of the standard you want to achieve for your business. When I’m talking of standard, I mean the kind of customers you wish to entertain. You need to know the class where your customers belong. Are they first class, second class, or third class? Are they Elite, or people from the poorest backgrounds?

When you’re able to have a clear picture of your audience or customers, then you will be able to know how much you’ll spend to set up the saloon. This will determine the standard of your saloon and the quality of the saloon.

The Service Being Rendered

Barbing salon is not just all about cutting hair, other services can be rendered such as pedicures, hair tinting, and many more.

All of these services require different kinds of kits. If for any reason you have any plans of offering a wide range of services, then you should know that this will cost you some money to achieve. 

The Location Of your Business

Business location matters a lot when it comes to business. This location will determine the amount you’ll be charging for your business or any haircut.

In this line of business, you can not expect someone paying 1.5 million in Lagos as an annual rent to take 500 Naira or 1000 Naira as a service charge for a haircut. Taking such an amount is possible based on the customer base, but in the long run, it will drastically affect the business in terms of finance.

When the expenses are high then you should expect the service charge to be high in other to create an equilibrium. This is a major factor that may affect how much you’re taking as a loan to finance or start your business.

Tools needed 

Barbing salon requires you to have different types of barbing tools at your disposal. These tools can be clippers of different sizes, hair dye and creams, hair styling tools, and many more. All of these tools come at various prices which we’re going to talk about in this article later.

The Cost Of Interior

The cost of the interior of a barbing saloon is one of the most expensive parts of starting a barbing saloon. In this area, your skills as a barber are not just enough, but the interior will speak a lot about your service. When people walk into your salon, the first they check is the settings of your saloon and how beautiful it is. When you give your customers a place that is comforting enough and the service is top-notch. People will pay any amount you place as your service fee.

Also Read: How to get a loan from Bank Of Industry (BOI)

Cost Of Setting Up a Barbing Saloon

Note that the price range we’re using in this article is based on Lagos’s market price for goods. This price may vary depending on your location.

Below is the list of things you’ll spend on setting up your barbing saloon.

  • Generator (N170,000)
  • Shop rent (300,000)
  • Clippers (7,500 each)
  • Wall papers (4000 per sheet (N32000 for 4 square)
  • Barbing Chairs (130,000 per 1)
  • Customer Chairs (100,000)
  • Ac and Fans (178,000 for AC)

From what we have in the list, we’ve over N700,000 as a startup cost for an average barbing saloon in Lagos Nigeria. But the question still remains, which loan company is ready to offer such an amount as a loan.

Many loan companies in Nigeria are only offering smaller amounts of money as loans, and before you can get such an amount you must meet their credit score requirements.

There are only a fewer companies that offer huge amounts of money as loans. Before you can get this loan, some will require some paperwork, and others can be applied through the use of digital platforms. But I’ll only focus on those you can apply online without having to pass through any paperwork.

Below is a list of online lending platforms that offer you huge amounts of money as loans.

  • Ren Money
  • Fair Money
  • Quick credit
  • Migo

These loan companies offer a huge amount of money as loans. Once you have a great credit score, you can access loans of up to 1 million Naira.

Also Read: How to secure federal government private grants

Conclusion

Starting a salon of your choice will not be an easy one especially if you don’t have any money. But with these loan companies out there, you rest assured to get funds you can use to start up your own salon business.

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For any questions and inquiries, you can drop them in the comment section. We’ll try to respond as fast as we can.

About the author

Mathias Amodu

Mathias Amodu, NIRA Award winner (Youth Dev), Quickteller Ambassador, Web designer, Blogger, son, and a business Man.
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