Full Service Hair Salon & Barber Services

Business Overview:

Here is your dream salon sequestered in one of Seattle's most affluent neighborhoods! Recent shop upgrades over $200,000, a loyal following and recognized as a local staple make this a great acquisition for the discerning shop owner! Lots of upside for raising revenues.

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Property Features and Assets:

The business is located in a free standing building in the middle of the main business block. There is 2,200 square feet with a monthly rent of $6,300. There is a 10 year lease with 7 years remaining. It has recent investment of over $200,000 in top of the line upscale, new interior design and buildout, new furnishings, fixtures and equipment. Assets = $246,000

Market Competition and Expansion:

IBISWorld reports that growth potential for the Salon Industry hinges on the following: Consumers discretionary funds Since consumers rely on discretionary funds for the majority of industry services, as per capita disposable income has grown over the past five years, many consumers have indulged in many of the industry's price-premium luxury services without necessarily feeling a pinch in their wallet. Product innovation and new hair trends expanded the realm of hair-care services. As such, many industry operators have expanded the array of services to leverage consumers' increasing discretionary income levels. While haircuts typically provide industry operators with steady business, hair coloring services, merchandise sales and skincare services generate higher margins and enable companies to differentiate themselves based on the range and line of products and services offered. For example, salons that exclusively offer blow-dry services have become increasingly prevalent over the past five years. Similar to the blow-dry bar concept, hair-extension bars are also making headway. These establishments specialize in U-tip, I-tip and weft hair extensions, which add length, fullness, color or a combination of these to enhance the client's natural hair. Diversified products and services. Over the past five years, many stylists and non-employers have increasingly leveraged online platforms, such as Instagram and Facebook, to reach customers directly and expand their market presence at a relatively low cost. Hair salons have increasingly differentiated themselves through targeting different demographic markets, prices and product extensions. For example, some industry operators provide personal consultation and nontraditional hairstyles for minorities. Notably, male hair care is one of the fastest-growing segments, primarily due to trending hairstyles such as the fade that require upkeep and more frequent visits to the barber. Overall, there has been a paradigm shift in male attitudes toward grooming and self-care over the five years to 2021. This change was primarily evidenced in increased male grooming product sales. According to Research & Market, the global male grooming products market reached a value of $56.2 billion in 2019. LOCAL COMPETITION: There is no Direct Competition. There are a number of salons in surrounding neighborhoods. They are different as far as accessibility and affordability. The salon offers all services for the different demographics of hair types and textures, ages, genders of people. ISWorld Industry Trends states that the Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income over most of the five years to 2021. These trends have also led to increased demand for ancillary services to standard haircuts, such as hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. Many companies and stylists have leveraged online platforms such as Instagram and Facebook as a cost-effective way to attract clientele. Many salons have also turned to mobile applications to streamline the appointment booking process and provide a convenient way for clients to schedule appointments. Additionally, hair salons have been extending their product and service offerings to appeal to diversified demographics and niche markets. Over the five years to 2026, the industry is anticipated to return to growth, with revenue expected to increase as per capita disposable income and consumer confidence anticipated to rise, providing consumers with more discretionary income for luxury and price-premium services at hair salons and barbershops. POTENTIAL FOR GROWTH: The Owner asserts there is massive potential for growth as there is a steady stream of clients as well as daily neighborhood foot traffic past this well known, popular business. A knowledgeable Owner with the passion for the salon/barber business and who takes the time to grow the operation can easily drive revenues.

Reason for Selling:

Owner is moving out of the area.

Additional Details:

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