Start a man cave salon by following these 10 steps:
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your man cave salon. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Check out our How to Start a Business page.
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
- How much can you charge customers?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a man cave salon?
There is a cost to getting started. First, if a person aims to tap into the ManCave for Men franchise, they are likely to need to meet specific requirements. Requirements include a $100,000 cash investment with franchise fees at $19,900. For those opening a salon, there are other costs to consider including renting the location to provide service, modernizing and creating a desirable floor plan, marketing services, obtaining proper licensing for the board of health, and meeting any local building requirements. There are advertising costs as well as hiring costs to think about.
What are the ongoing expenses for a man cave salon?
There are ongoing expenses for running a business like this. If you plan to operate your business as a component of the ManCave for Men franchise, you will need to pay ongoing franchise fees of $19,900 (subject to change). There are also the day-to-day costs to pay to run a salon such as meeting lease requirements, keeping well-qualified staff in place, having product available, and providing new services as they become available.
Who is the target market?
The target market for these services are typically younger males who are looking for a high-end level of service for facial hair, skin care, hair styles, and nails.
How does a man cave salon make money?
A man cave salon business makes money by providing a specific service. That could include haircuts, beard trimming, shaving, skin-care services, and much more. They must charge enough to cover all operational expenses, including labor, products, and salon running costs, to be profitable.
How much can you charge customers?
The earning potential in this industry is quite complex. The men's grooming industry as a whole has grown substantially in the last years and has become more than a $21 billion industry. The amount of potential growth for your business depends on the size of your market, the quality of the services you offer, the amount of word-of-mouth advertising you get, and the way you brand your company. Even with a man cave salon business that's not part of a franchise, you'll find year-over-year growth by providing a quality service in the right market.
How much profit can a man cave salon make?
Profit potential depends on the local market because pricing changes significantly from one city to the next. Depending on demographics, companies in the man cave salon business model can expect to see profits right away (with good pricing). That could amount to a 20% or more profit margin with some markets being much higher than this, especially as the business grows.
How can you make your business more profitable?
One of the key benefits of this business is that there are ways to expand it. For example, companies can add new services, such as new skin-care services or added pedicure services to enhance offerings and drive rates up. This helps to grow profitability. Also, as the salon’s customer base grows, the potential for profit increases too.
What will you name your business?
Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your man cave salon is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
- This separates your personal assets from your company's assets, which is necessary for personal asset protection.
- It also makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more.
Open net-30 accounts
When it comes to establishing your business credit, net-30 vendors are considered the way to go. The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services.
Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
Besides establishing business relationships with vendors, net-30 credit accounts get reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our guide on the best net-30 vendors so you can start building business credit now, so you never have to worry about cash flow in the future. Keep in mind that poor cash flow is the #1 reason businesses fail!
Get a business credit card
- This helps you separate personal and business expenses by putting your business' expenses all in one place.
- It also builds your company's credit history, which can be useful to raise money and investment later on.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business.
How to promote & market a man cave salon
Promotion of a business like this typically requires a good amount of word-of-mouth advertising. You may also find a wide range of advertising services beneficial, especially social media sites where men can learn more about what makes this location unique. Promoting the business among those working in corporate culture, fashion, or other industries in which formal attire is beneficial can be a great strategy. Targeting new demographics can also be important.
How to keep customers coming back
Attracting customers to a man cave salon business really takes two things – enough advertising to tell people what makes your business different from the average hair salon and delivering exceptional service that helps men enjoy it enough to come back time and time again.
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use.
Recommended: Find the best phone system for your business; check out our review of the Best Business Phone Systems 2021.
Start A Man Cave Salon In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Is this Business Right For You?
Running a man cave salon business means having skills to provide a great cut and a fun atmosphere. That means being licensed to do hair in the state you plan to operate. Some owners may work exclusively as a business owner without a full license and hire others to provide those services. Individuals who enjoy chatting with people and want to work closely with people providing hair and skin-care services can excel at this type of business.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a man cave salon?
Whether you are working with the ManCave for Men franchise or your own man cave style salon, the day-to-day activities are typically straightforward. Customers come in for a haircut, shave, or other services. Individuals are typically booked in advance, but some salons offer same-day appointments. Business owners will need to spend time on the upkeep of the location while also providing services if they are a hands-on owner. Marketing, balancing books, and keeping up with client records is also important.
What are some skills and experiences that will help you build a successful man cave salon?
The core skill beyond having the ability to run a hair salon is the ability to provide typical male-focused services to customers. Services may be a bit different than what many working in a salon might provide for women. It takes barbershop skills on top of modern, trendy hairstyles. Business owners in the field also need to create the right culture and vibe to do well in this industry.
What is the growth potential for a man cave salon?
It's hard to say what the potential for job growth is across the local area. If men in the area are looking for a new service like this – and it is promoted well – it may be possible to see substantial year-over-year growth in the industry. If there are other ManCave for Men salons or male-focused salons in the area, that may dilute the earning potential.
TRUiC's YouTube Channel
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Take the Next Step
Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a man cave salon?
Get to know the ManCave for Men franchise, and visit a few locations. It is also beneficial to spend some time really getting to know the brand, even if you plan to create your own version of a man cave salon that's not part of the franchise. The goal here is to provide the right atmosphere and male-focused services that local competitors do not offer.
How and when to build a team
Most often, a man cave salon business model requires professionals providing a range of services. These are typically licensed and experienced pros that provide hair care, nails, and skin-care services. Unless you can provide all of these services yourself, it is often necessary to hire a team right away to ensure all services are covered and that the salon is ready to service clients.