Why do we cut hair? Hopefully because we love it. Personally I enjoy transforming someone’s mood by making them look better, and feel better about themselves. I also enjoy being an entrepreneur, and Barbering was the first profession I encountered, and was good at that allowed me to be just that. So let me get to the point of this article. Barbering is my profession, and therefore I engage in it passionately, every day to, well…make money!  

Barbers make money, and believe it or not, that’s the easy part. For many of us, whether we know it or not, making money is not difficult…keeping it is. How many of us really know how to manage and save money? We earn in small increments, which makes it easy to spend in small increments, making it difficult to turn them into large increments.

I built my business from scratch, in a city I had recently relocated to, and knew hardly any one. In order to maintain I had to prioritize, and manage my daily spending as well as saving. I started cutting hair in a shop that was new, had no clientele, and really didn’t have any walk-bys , let alone walk-ins. me being a very persistent  young barber with hustle ,and determination,  I gradually built a clientele.

I had a small apartment which cost $615.00 a month, and my booth rent was $150.00 a week, so I knew I had to at least make $1215.00 a month. At the time I was working 7 days a week, just to stay afloat. I decided to break all my expenses down to what I made in a day, rather than worrying about what I had to come up with at the end of the month.   This meant that to have a place to work, and live, I needed to make approximately  $45.00 per day before  I could think about doing anything else. Now of course I had other expenses, child support, utilities, gas, etc. (fortunately my car was paid for) so obviously I had to make more than that, but  $45.00 was my minimum, even if I had to work day and night to get it. It was a struggle, but I stuck to my little system, by putting money in envelopes everyday to make sure I met my goals.

There were times I sat in my little apartment and read by candlelight, because electricity was not a necessity, and a phone was a luxury!  Through hard work, determination, and consistency my clientele grew, and in less than a year, opened Exodus Barber Shop. That first year was a grind and it gave me a few good habits, the most important, as far as money management, being the envelopes. I set new goals for myself, and adopted a policy taught to me by my mother…pay yourself first. So that would be my first envelope, savings. I eventually realized I enjoy taking vacations more than any other activity, so I started to put $10.00 a day ($3650.00/year) in an envelope labeled vacation. I did the same for my bills, and my taxes. I figured out the daily amounts and set monetary minimums I had to achieve before I could leave for the night.

This simple system worked for me and it can work for you to. Of course money management has to be taken to another level, so I encourage everyone to deposit money in bank accounts to avoid the temptation of having excessive amounts of cash laying around. I also recommend eventually employing some sort of financial planner, and an accountant. I won’t pretend to be a financial genius, in fact, I’m far from it. That’s why I’m confident this system can put Barbers, and anyone else who makes money everyday, on the path towards financial freedom, because if I can do it, anyone can!

Blog written by Dan Brown “The Barber”

6 Responses to Keep that Money you Make

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  • Jhery Brown says:

    This post is so enlightening! January 31, 2013, I am opening 561LocLounge Natural Hair & Barber Studio. I am doing exactly what you described, I have never owned a shop and although, I’m coming with dreadlock clientele, I have no barbers. I have Tsonga chairs right now and I’m goin’ in! I LOVE the way you broke down how much you needed daily to keep you afloat! Thank you for sharing, I can’t wait to brag! GIRL POWER!!! xox JHERY BROWN

  • Jhery Brown says:

    Typo: I have *two chairs (so far) right now shop holds 6

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