Many barbers skip the process of checking in on their own progress because they get destracted checking in on other's progress. When you're focused on others you can fall into the trap of judgment yourself for what you haven't done and giving others more credit because you don't know their complete situation.
This issue asks you to focus on what you have done, how far you've come, and how your growth has changed the lives around you. I'll walk through the process of:
- the goals you set for yourself years ago
- where you stand with them today
- what you've built and where you're taking it
- and what it actually means to retire from barbering
Mental Health System
It's easy to compare yourself to others and think you haven't done enough, whether you're comparing yourself to other barbers, barbershop owners, or friends who draw a salary. That comparison creates feelings of inadequacy, and it isn't even a fair one to make. Every barbershop is different, and every barber inside each shop is different. The only comparison worth making is the one against yourself.
What were you doing ten years ago? What did you set out to accomplish? How close or far are you from it? Take some time to explore this today. In 2016, what was life and business like? What was going well? What wasn't going so well? What have you accomplished since then?
Money System
Look at your money situation today. Are you proud of it? Of course, you could make more, that's what everyone says, even the trillionaire. But can you give yourself credit for what you have accomplishment. If you're not where you want to be yet, that's okay. If you hit your target and dropped off, that's okay too. You can back get there, and go even further. Life isn't always that simple as a business owner.
Using the awareness you've gained can help you stay focused on your own vision and your own goals. This creates encouragement instead of judgement. What makes that easier is having a strong why. When you tell your clients you're selling cookies for your son's Little League team or your daughter's flag football team, you're devoted to the cause, so the story sells itself. It's time you got that devoted to your retirement plan.
Your negative Money-Based Emotions, like fear and lack, can keep you from reaching your goals. Your Mission-Based Emotions, like passion and pride, fuel you from the inside. That fuel shows up in how you move through your business and how talk about your vision.
Business System
The longer you've been a barber, the more change you've seen: change in the industry, change in your clients' lives, change in the neighborhood your shop sits in. You may have changed shops yourself more than once. The question is how much changing you're business has done based on your development and growth and how much attention you've paid to it. The answer is what you need to apply to your business systems going forward.
Start with your pricing. What were you charging in 2016? How different are your prices today? How much higher are your expenses? If you weren't thinking about retirement back then, it probably wasn't built into what you charged. It may be time to build it in now. And if you haven't raised your prices in a while, factor in the three to six percent inflation that many countries have seen over the last few years.
So if you add up the inflation in your personal life, the inflation in your professional products, and the amount you need to get more ambitious with your retirement you'll need to raise your prices by 20-30%. For example, if your cut is currently $45 multiply by 1.30. The total is $58.50 but if that feels like too big of a jump round down to $55. Otherwise, if you feel really stretched tight, and you're ready, go ahead and round up to $60.
Did You Know?
The barbershop industry employs over 200,000 licensed barbers in the United States alone and generates approximately five billion dollars in annual revenue. Fewer than fifteen percent of self-employed barbers have a dedicated retirement account. This is why we need to start planning.
Globally, the barbershop and grooming industry is worth more than twenty billion dollars a year, and roughly a third of barbers and stylists are self-employed with no employer-sponsored benefits at all, more than five times the rate of the general workforce.
The gap between what this industry produces and what individual barbers are feeling is vast. You deserve to retire. It's not your fault this is happening, but it is your responsibility to take control of your own retirement. That's why I'm dedicating the next few months to highlighting what barbers need in order to retire prosperous.
From the Chair
Everything you need is here! One link, all the resources, click here!
While you're in the chair this week waiting on your next client, be sure...
- You're subscribed to the Prosperous Barber Journal. Click here
- You've shared this journal issue with a barber in your circle.
- Answer the questions and try the exercises above.
- Watch the current episode of the What Keeps You Up at Night podcast, where I talk about raising your prices, protecting family time, and the extra help I brought on to build this faster.
- Explore this week's Less Than 30 option. Each week we offer a session that takes less than 30 minutes and costs less than $30. Check it out.
Everything you need is here! One link, all the resources, click here!
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If this issue made you think of someone, forward it. You probably know at least one barber who needs it. And if you aren't yet subscribed, make it official, click here: prosperousbarber.com/journal
See you sooner. Love you muchly.
Kiné
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