Starting a barber shop

[Ryan Meyer]

Opportunity knocks. I'm considering co-ownership as a capital providing partner in a new small business (barber shop) in Oklahoma. The demand requirement exists and there is a new plaza being built with an appropriate tenant space for lease (currently no suitable commercial spaces for sale). My potential partner carries the license we need to operate. 

I am in the early stages of analyzing costs. My initial assumption is to allocate 30% of the projected income to taxes and 30% of the income towards operating expenses. The fist 24 months of remaining revenue would mostly go towards loan repayment before my potential partner and I take any distributions. 

What types of insurances do I need to consider? What can I expect that expense to cost for 8 to 10 employees? Do I need liability insurance as well?