Interested in owning a Floyd’s Barbershop franchise? See how Scissors & Scotch compares, so you can make the right choice.
Floyd’s Barbershop: The Rundown
If you’re thinking about owning a barbershop franchise, getting into the quickly growing men’s grooming market, you’ve got choices. When choosing between a Scissors & Scotch barbershop franchise or a Floyd’s Barbershop franchise, you’ll want to consider what they’re all about so you can decide which is a better fit for you.
When making any big new financial decision, it’s important to do some research before you plunk down your hard-earned bucks. Choosing which barbershop franchise to purchase is no different. Let’s take a gander at Floyd’s Barbershop franchise and see what they have to offer you.
Floyd’s Barbershop has been around since 1999, opening its first store in Denver, Colorado, in 2001. Founded by three brothers, they wanted to create a niche between discount barbershops and high-end salons. There are now over 120 Floyd’s Barbershops across the U.S. They offer services for men, women, kids, and seniors.
Let’s check out the dollars and cents of owning a Floyd’s Barbershop: The initial franchise fee is $45,000. According to Item 7 of their latest Franchise Disclosure Document (FDD), $165,000 to $375,000 goes toward building and improvements, with an additional $50,000 to $80,000 for equipment, furnishings, and supplies. Advertising and marketing run $25,000, and training and travel costs between $4,000 to $6,000. You’ll need additional funds on hand for the first three months of operating, between $40,000 to $71,000. Throw in some other required costs and your total initial outlay of funds comes to $364,000 to $700,000.
They’re super interested in franchisees who have previous experience in a service-related industry and want you to invest in multiple units for an additional $10,000 per shop. You also need to have a net worth of $1.5 million and liquid assets of at least $500,000 in order to have a seat at the Floyd’s table.
Scissors & Scotch: The Upshot
You’ve looked at the lay of the land of owning a Floyd’s Barbershop. Now let’s check out a badass competitor: Scissors & Scotch. A men’s grooming franchise that’s on the rise, Scissors & Scotch was founded in 2015 with one shop and six employees. Scissors & Scotch started selling franchise units in 2017 and currently has 17 shops in the U.S., with more in the pipeline. There’s tons of opportunity to stand out in the men’s grooming market with this business that’s head-and-shoulders above the competition.
What makes Scissors & Scotch stand out? Let’s do a deep dive into what makes us so remarkable. First, the numbers. The initial franchise fee is $40,000 to $50,000. Item 7 of our most recent FDD estimates $200,000 to $325,000 goes toward construction of your shop (with the average tenant improvement allowance covering the rest), and another $130,000 to $145,000 is needed for custom furniture and equipment. Marketing to a target audience will run $30,000, and you’ll need $25,000 to $50,000 on hand for the first three months you’re up and running. Overall, an initial investment of $512,300 to $746,250 will set you up as the proud new owner of a Scissors & Scotch barbershop franchise. You’ll need a minimum of $300,000 in liquid capital and a net worth of $1 million to qualify as a multi-unit franchise candidate.
Scissors & Scotch is an awesome investment and a recession-resistant business. Guys always need cuts and shaves. There’s also a twist with S&S: dranks. Every Scissors & Scotch barbershop has a fully stocked bar offering cocktails, beer, and coffee to every customer with every visit in an ultra-cool lounge. A blend of modern-day barbershop and high-end spa, Scissors & Scotch is exclusively inclusive, offering memberships with perks for customers and a steady revenue stream for owners.
To take part in the badassery, apply now.