Updated over 5 years ago on . Most recent reply
Starting a barber shop
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 (general liability, commercial renter)? What can I expect to pay in insurance costs for 8 to 10 employees? What minimum liability coverage amount should I consider?