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Guide on How to Establish Barbing Salon Business in Nigeria

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Barbing Salon Business

By Ashemiriogwa Emmanuel

Amid economic instability and the high unemployment rate in Nigeria, one of the smartest ways you can stay financially independent is by venturing into an entrepreneurship business that requires vocational skills.

Even when operated as a side hustle, this can fetch more money than imagined, especially when it is an often-required product or service that is offered to people in your immediate community.

Barbing salon business is one of the most lucrative ideas one can think about, especially when it is properly managed. And interestingly, it does not cost an arm and leg to keep the business running. In fact, the business is not limited to males as women have become interested in this line of work.

However, as with other jobs, breaking into the venture here in Nigeria, especially from scratch, is not as easy as it seems. Whether one plans to operate on a small, medium, or large scale, the nitty-gritty of starting a barbing business must not be ignored.

Hence, Business Post conducted a survey, interviewing well-established barbershops owners in Lagos who are raking in impressive profits from the venture and how they scaled from scratch.

One of those was Mr Haruna Oladele Jimoh, owner of Ijoba Last Born Haircut in Alimosho Local Government Area in Lagos, as well as Son Of Mercy Haircut (SOM) CEO, Mr Sunday Akinosun who is the founder of the establishment.

Learning the Skill

If one is looking to start a profitable barbing salon business, it all begins with learning the craft hands-on. Barbing, in itself, is a delicate art that commands expertise from the practitioner if he wants to have customers return for another haircut.

Thankfully, with the internet, one can learn almost anything in this world. A look at YouTube can provide a basic guide to barbing practices, techniques, and maintenance.

However, speaking on this with Mr Jimoh, he noted that learning this special skill online is not as effective as acquiring the skill through training, and will reflect in the long run.

“For instance, while I teach my apprentice, they are not just learning the barbing aspect, I teach them the business aspect; how our customers are uniquely treated, how to maximize profits and pay required bills, and how to manage the business overall,” he explained.

In addition, learning the skills from an already established personnel will give you leverage on certification, qualification, and smooth referrals when you finally cut out.

From what was gathered from a cross-section of barbershops owners, it can take five months of training in hair cutting, hair styling, and hair treatment, and the cost for this can vary depending on the establishment you choose to learn in.

Location, Renting a Shop, & Home service

In the view of SOM Haircut’s CEO, Mr Akinosun, “The business is very competitive, every corner you go around here, you will see a barbershop. That is why it is good to know your work very well and have your set of customers that you can even deliver home service.”

Observing most of the barbing salons that are doing outstandingly well, it was noticed that their location strategically ticks the boxes of clean, accessible, commercialised, and serene environments which attract ideal customers.

The location will also influence how much it will cost you to rent/buy your first barbershop. Fortunately, you will not need to rent a huge shop as you are just starting. Mr Akinosun hinted that, depending on how big one intends to start, one can expect to pay anywhere from N200,000 to N2 million for this.

Basic Salon Kits & Equipment needed and their cost

What you will be able to buy at the early stage of the business depends on your budget. But since you are just starting, it is important to get hold of the necessary kits, tools, and equipment first, then you can get others as time goes on.

Most of the barbers interviewed for this publication roughly highlighted these necessary kits needed for a start below – along with the average price you can get them in the market (as at the time of writing):

Hair clippers: It is good to have two or three clippers for a start and the cost is influenced by the brand and type. A new and quality hair clipper in the market costs between N14,000 and N16,000.

Cover clothes: Professional Baber cape is necessary to cover the customer while you do your work to prevent hairs or debris from ruining their cloth look. Three or four will be enough for a start, and each can cost you N2,500 at most.

Sterilizing and Disinfectant Supplies: This is to ensure the safety of your barbing tools, especially sharp equipment to keep them sterilized. The machine can be quite pricey but expect to pay anywhere between N15,000 and N60,000 depending on the brand, type, and size.

Mirrors & Fans: A barbershop is not complete without a mirror. The cost of a single large wall mirror can range from N20,000 to N25,000, and there should be at least two mirrors for your barbing salon. Fans are also necessary, but over time, can be replaced with air conditioners.

Hair products and cosmetics: These include hair creams, hair sprays, dyes, powder, aftershave, relaxers, conditioners, and so on, and the prices will be determined by the quantity you buy for a start and N10,000 should be enough for these items.

Standby generator: Most importantly, you will need a durable, standby generator to power electricity, since the power supply cannot be relied upon at all times, especially here in Nigeria and you might need about N65,000 for a 1.3Kva or N100,000 for a 2.5Kva.

Other miscellaneous tools are combs, hairbrush, scissors, blades, and tissue papers, barbers duster brush, and neck strap.

Other important furnishing areas which can make your barbershop stand out and more appealing to your new customers are:

A very good and comfortable revolving chair (two is ideal for a start and the cost is between N30,000 and N60,000 each)

An ergonomic, waiting chair/couch for customers for N45,000

Paint the shop to create your own unique style. This should about N25,000

Paste barbing salon pictures & wallpapers, which should cost about N500 each

TV or music player to entertain customers. A new 32-inch television costs about N80,000

“[By and large], you should be putting aside between N350,000 to N500,000 (for accessories) to successfully establish your first barbing salon. Afterwards, you can get other necessary resources,” Mr Akinosun of SOM haircut pointed out.

Getting Registered, Licensed & Joining Association

As with other businesses, it is very important in Nigeria to get your barbing salon business registered. In addition to the certification from your trainer, you should also register with a government authority like the Corporate Affairs Commission (CAC). Sadly, not all barbershop owners pay attention to this, but the sooner you get it done, the better.

Also, you will need to know what license you need to get for your business as applied to your location to avoid unnecessary embarrassment from government or union officials in the long run.

“As a new player in the business, it is beneficial to make inquiries and join the association [Lagos State Berbers Association (LASBA)]. For instance, to join, you go to the head office, and will usually be required to pay about N15,000 as a registration fee to become a member,” Mr Jimoh told our correspondent.

Hiring Employees Vs Accepting Apprentice

If you have an investor mindset towards the barbing salon business, then you will consider employing barbers that are ready to deliver the best quality services to your customers. This is, however, only feasible when you have enough financial resources to back this up.

But if it is the other way, then you might consider accepting apprentices to train them, and see that they handle your business anytime you are not around.

It was learned that most barbers prefer to accept apprentices, especially at the early stage, not only because it brings in more money (apprentice will be paying [between N20,000 and N50,000 or above] for the training and exposure), but also because it gives the barbershop owners the medium to unlearn and relearn their skill when passing down the knowledge.

Keep in mind the challenges

Gathering the responses from the few barbershop owners interviewed, it was observed that a total income of N300,000 can be potentially realized within a month from the barbing salon business if well operated.

Now, this may sound rosy for a starter, but it is important to also keep in mind the potential challenges such as the really saturated market, the fact that most people already have a steady barber, coupled with unfaithful and fraudulent apprentice/employees.

In addition, according to Mr Jimoh, “Power supply is a major challenge. Not just because it is not stable, we are used to that already and that is why we have our generators, but also because the bills for power supply are always increasing, especially for us without the prepaid meter yet.”

Conclusion

Of truth, barbing salon business is still a lucrative venture in Nigeria, despite the high competition. Being a newbie in the business, keep in mind that the first impression matters a lot.

Once you are able to get these basic resources outlined above to begin your business, make sure that you give the best to your new customers within the first few weeks, then leave the publicity/awareness for your new, happy customers.

Over time, you will eventually see the need to invest in add-ons to plush up your salon with videos games, table tennis or snooker board, or even subtle selling of food and drinks.

Starting and Managing a Profitable Catfish Farming Business in Nigeria

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Economy

Nigerian Stocks Shed 0.38 per cent as Sell-Offs Persist

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nigerian stocks

By Dipo Olowookere

A 0.38 per cent loss was suffered by Nigerian stocks on Tuesday on the back of continued selling pressure from investors embarking on profit-taking.

Data from the Nigerian Exchange (NGX) Limited showed that the contraction was influenced by the 1.78 per cent decline recorded by the insurance sector, the 0.24 per cent slip printed by the consumer goods index, and the 0.09 per cent drop posted by the energy space, offsetting the 0.75 per cent growth achieved by the banking sector and the 0.21 per cent growth recorded by the industrial goods segment.

Investor sentiment was weak during the trading day, as the bourse ended with 13 price gainers and 40 price losers, representing a negative market breadth index.

LivingTrust Mortgage depreciated by 10.00 per cent to N3.42, Multiverse also shed 10.00 per cent to N22.95, McNichols dropped 9.92 per cent to N5.45, Thomas Wyatt dipped by 9.87 per cent to N3.56, and Eterna lost 8.57 per cent to trade at N33.00.

On the flip side, AVA Capital improved by 9.94 per cent to N9.95, Livestock Feeds expanded by 9.71 per cent to N8.65, Neimeth increased by 8.43 per cent to N9.00, AIICO gained 3.47 per cent to settle at N4.18, and Oando grew by 3.30 per cent to N36.00.

A total of 1.6 billion equities valued at N28.7 billion exchanged hands in 54,160 deals yesterday versus the 923.0 million equities worth N37.9 billion traded in 72,544 deals on Monday, indicating a 73.35 per cent surge in the trading volume, a 24.27 per cent decline in the trading value, and a 25.34 per cent slip in the number of deals.

The busiest stock was Japaul, which transacted 904.4 million units for N2.7 billion. Sterling Holdings sold 54.0 million units valued at N431.9 million, FCMB exchanged 49.5 million units worth N545.9 million, Chams traded 44.9 million units for N199.2 million, and Neimeth sold 42.4 million units worth N327.8 million.

Business Post reports that the All-Share Index (ASI) gave up 927.70 points to 244,802.83 points from 245,730.53 points, and the market capitalisation receded by N599 billion to N158.016 trillion from N158.615 trillion.

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Economy

Naira Firms to N1,362/$1 at NAFEX, N1,400/$1 at Parallel Market

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Naira parallel market

By Adedapo Adesanya

The Naira put up a better performance against the United States Dollar in the various segments of the foreign exchange (FX) market on Tuesday, August 4.

In the parallel market, it improved its value by N5 to settle at N1,400/$1 compared with the previous day’s value of N1,405/$1, and at the GTBank forex desk, it appreciated by N1 to close at N1,373/$1, in contrast to the preceding session’s N1,374/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX) segment, the Nigerian currency gained N2.28 or 0.17 per cent against the greenback to quote at N1,362.55/$1 compared with the N1,364.83/$1 it was exchanged a day earlier.

Also in the official market, the local currency appreciated against the Pound Sterling during the session by N6.48 to finish at N1,831.41/£1 versus N1,837.89/£1, and chalked up N5.22 on the Euro to sell at N1,568.71/€1 versus N1,573.93/€1.

Interbank FX transactions increased 14 per cent day-on-day as market makers’ activities raised total Dollar volume exchanged to $156.23 million, more than 132 per cent above $137.05 million in turnover at the previous close.

The interbank FX turnover rose despite a marginal rise in deals at the NFEM window as data from the central bank put Tuesday’s quote at 139 from 138.

As for the cryptocurrency market, major tokens were mixed as global stock indexes hit fresh records on renewed enthusiasm for artificial-intelligence-related shares.

With cheaper oil, easing rate expectations and a strong risk-on rally in equities supporting digital assets, analysts say crypto appears to be driven by internal market dynamics rather than macroeconomic factors, even as traders watch for a potential Strait of Hormuz deal.

It was reported overnight that Iran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday.

Binance Coin (BNB) grew by 1.8 per cent to $600.54, Bitcoin (BTC) rose by 0.9 per cent to $64,199.86, Solana (SOL) jumped by 0.8 per cent to $73.95, and Ethereum (ETH) advanced by 0.7 per cent to $1,867.21.

But Cardano (ADA) depreciated by 1.9 per cent to $0.1908, TRON (TRX) dipped by 0.6 per cent to $0.3268, Dogecoin (DOGE) slumped by 0.5 per cent to $0.0698, and Ripple (XRP) crashed by 0.4 per cent to $1.06, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

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Economy

Brent Falls Below $80 Per Barrel on Claims of US-Iran Talks Progress

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brent crude oil

By Adedapo Adesanya

Brent crude dropped below $80 per barrel, precisely losing $4.41 or 5.3 per cent to settle at $79.36 a barrel on Tuesday, after comments ‌by officials from the United States and Qatar raised hopes for a diplomatic resolution to the Iran war, which could improve oil flows through the Strait of Hormuz.

Also, the US West Texas Intermediate (WTI) futures depreciated by $4.57 or 5.7 per cent to trade at $75.77 a barrel.

US Secretary of State Marco Rubio said on Tuesday there was progress in talks with Iran and Oman about moving more ​ships through the strait, but a final agreement was yet to be reached.

Also, Treasury Secretary Scott Bessent ⁠had said earlier on Tuesday that a deal with Iran to reopen the strait could come as soon as Tuesday or Wednesday.

Qatar’s Foreign ​Ministry spokesperson Majed al-Ansari said efforts to secure a diplomatic resolution to the war were continuing.

Qatar said it has discussed with US President Donald Trump ways to reduce escalation and converge viewpoints between the US and Iran.

Meanwhile, the latest round of US-facilitated talks between Israel and Lebanon began on Tuesday and will continue through Thursday.

Amid this, Iran still wants control over inbound shipping and visibility over outbound traffic through the Strait of Hormuz, with the ability ​to intervene if necessary, as part of a plan being discussed with Oman to reopen the ​strategic waterway.

Market analysts noted that the prospect of a diplomatic solution to the conflict ​has helped remove some of the geopolitical risk premium in oil prices. If negotiations between the US and Iran make meaningful progress, the market could continue pricing in a ‌lower probability ⁠of supply disruptions.

Disruptions to shipping through the strait, through which a fifth of global oil and gas flowed before the war, have forced Middle Eastern nations to cut oil output sharply. The world has lost more than 2.6 billion barrels of oil since the Iran war began in February.

Shipping traffic at the key Gulf waterways of Bab el-Mandeb and the Strait of Hormuz remained unchanged at ⁠the start ​of the week.

The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.69 million barrels in the week ending July 30. Commercial crude oil inventories excluding the SPR have lost just over 58 million barrels over the last sixteen weeks, with US crude inventories down just 7.2 million for the year, according to API data.

Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.

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