![How to plan and track the budget of your men grooming brand [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-7_21b4b082-c9f7-4d08-8078-f0d50979becd.png?v=1715856445&width=1100)
If you don’t plan and track your grooming business budget properly, you're setting yourself up for failure.
When we developed our strategy pack for men's grooming brands, we saw a lot of grooming business owners struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial revenue.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your grooming business's finances around and set you on the path to success!
Get the budget tracker tailored for grooming brands
Most grooming brand founders don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for grooming brands
Here is an example of a (very) detailed budget for a men's grooming brand, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for grooming studio space | $3,000 | $36,000 |
| Electricity | Power consumption for lighting and equipment | $500 | $6,000 |
| Water | Water usage for grooming services | $150 | $1,800 |
| Internet & Phone | Internet service and business phone | $100 | $1,200 |
| Waste Removal | Garbage and recycling services | $75 | $900 |
| Insurance | Property and liability insurance | $400 | $4,800 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Master Barber | 1 | $4,500 | $4,500 | $54,000 |
| Barbers | 3 | $3,000 | $9,000 | $108,000 |
| Receptionist | 1 | $2,500 | $2,500 | $30,000 |
| Manager | 1 | $3,500 | $3,500 | $42,000 |
3. Product & Supply Costs
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Grooming Products | Shampoos, conditioners, styling products, etc. | $2,000 | $24,000 |
| Tools & Equipment | Clippers, scissors, razors, etc. | $1,000 | $12,000 |
| Sanitation Supplies | Disinfectants, cleaning supplies, etc. | $300 | $3,600 |
| Uniforms | Barber aprons, capes, etc. | $200 | $2,400 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $400 | $4,800 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Print Advertising | Flyers, posters, newspaper ads | $150 | $1,800 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $100 | $1,200 |
| Promotional Events | Special events and promotions | $200 | $2,400 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of grooming equipment | $300 | $3,600 |
| Licenses & Permits | Business licenses, health permits, etc. | $100 | $1,200 |
| POS System | Point of Sale software and hardware | $150 | $1,800 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Staff Training | Training programs and materials | $200 | $2,400 |
Some grooming brands make 5x more profit than you!
We have studied the strategies of the best grooming brands in the world. Replicate them now!
What are the biggest expenses for a men's grooming brand?
Be mindful of these pitfalls. Here are five major costs every men's grooming brand owner needs to consider, along with some tips on how to manage them effectively.
- Product and supply costsThese can take a significant portion of your budget. You're dealing with consumables, and prices can vary based on quality, brand, and supplier reliability. To keep these costs in check, focus on bulk purchasing, negotiate better deals with suppliers, and minimize waste. It's easy to overspend by stocking too much inventory or opting for premium products that don’t offer enough value.
- Your grooming teamYour staff is your backbone, but paying for their wages, benefits, and training can be costly. This expense is always high because you need skilled professionals to provide top-notch service and keep operations smooth. You can optimize labor costs by scheduling efficiently, cross-training staff, and monitoring productivity. However, be careful not to underpay or overwork your team, as this can lead to high turnover and poor service quality.
- Rent and utilities of your grooming spacePrime locations come with high rent, but they can attract more clients. Utilities like electricity, water, and heating are essential but can add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient appliances and lighting. Overspending often happens when you choose a location that's too large or too luxurious for your needs.
- MarketingYou need to get the word out about your grooming brand, but advertising can be expensive, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we recommend. Overspending can occur if you invest in flashy campaigns without a clear return on investment.
- Equipment and maintenance costsThis includes everything from grooming tools to salon furniture. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and client satisfaction. Optimize by investing in durable, high-quality tools and maintaining them regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your men grooming brand?
Here are practical tips to help you, as a men's grooming brand owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Product Sourcing | Partner with local suppliers for high-quality ingredients at competitive prices. |
| Labor Costs | Implement a scheduling software to optimize staff hours and reduce overtime. |
| Utilities | Install LED lighting and energy-efficient equipment in your grooming stations. |
| Marketing | Run social media contests for your grooming brand and collaborate with local influencers for free exposure. |
| Cleaning Supplies | Train staff on efficient use of cleaning supplies to reduce waste. |
| Equipment Maintenance | Set up a maintenance log for regular equipment checks and servicing. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider moving to a less expensive location. |
| Insurance | Regularly review insurance policies to ensure they meet current needs and compare rates annually. |
| Packaging | Use cost-effective, eco-friendly packaging and offer discounts for customers bringing their own containers. |
| Tools and Accessories | Purchase high-quality, durable grooming tools that can withstand frequent use. |
| POS System | Choose a POS system that offers essential features with low transaction fees and integrates with other systems. |
| Staff Training | Conduct regular in-house training sessions and use free online resources. |
| Waste Management | Implement a waste tracking system to minimize waste and recycle where possible. |
| Technology | Invest in multi-functional grooming appliances and utilize management software for appointments and inventory. |
| Linen and Laundry | Partner with a cost-effective linen service and consider reusable towels and capes. |
| Brochure Printing | Use digital brochures or QR codes for service menus to reduce printing costs. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Transportation | Plan delivery routes to maximize efficiency and reduce fuel costs. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital order systems. |
| Inventory Management | Use inventory management software to track stock levels and reduce spoilage. |
| Pest Control | Schedule monthly pest control services and maintain cleanliness standards to prevent infestations. |
| Music and Entertainment | Use a streaming service for background music and host local musicians during off-peak times. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
Copy the tactics of the best grooming brands in the world!
There are grooming brands that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for a men's grooming brand
Yes, some expenses for your men's grooming brand are just unnecessary. They don't contribute to increasing revenue or enhancing the customer experience.
| Grooming Brand Expense | Reason It's Useless |
|---|---|
| Luxurious Store Decor | Overly extravagant decor doesn't necessarily attract more customers and can be a drain on the budget. |
| High-End Product Packaging | Unless you are a luxury brand, most customers are satisfied with mid-range packaging options. |
| Excessive Product Lines | A large product range increases inventory costs and leads to more waste. |
| Top-Tier Equipment | Top-of-the-line grooming equipment is not always necessary and can be cost-prohibitive. |
| Print Advertising | Traditional print ads often have a lower return on investment. Don’t include them in the marketing strategy of your grooming brand. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for music or magazines often go unnoticed by customers. |
| Exclusive Ingredients | Using rare ingredients can inflate costs and complicate supply chains. |
| Costly Furniture | High-end furniture is not always appreciated by customers and can be a significant expense. |
| Custom Printed Towels | Personalized towels are a minor detail that most customers overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most customers are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Delivery Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Renovations | Constantly updating decor and layout can be costly and disrupt operations. |
| Expensive Store Displays | Elaborate displays are often ignored by customers and add to the cost. |
| High-End Grooming Tools | Luxury grooming tools are prone to damage and expensive to replace, often going unnoticed by customers. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Product Labels | Frequently redesigning labels is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Display Equipment | Specialized display equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your men grooming brand!
Managing a budget for a men's grooming brand when funds are tight can feel like an uphill battle. It's like being trapped in a cycle where any unexpected expense can throw you off balance.
This constant pressure makes it nearly impossible to invest in growth initiatives, leaving you perpetually focused on just getting by. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, scraping together resources and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more flexibility and more funds to reinvest in your brand.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of grooming brands just like yours. Get them now!
Make your men grooming brand more profitable
We have studied the strategies of the best grooming brands in the world. All their tactics are explained in our pack!
