Anyone who follows Rick Morin (@dapeoplesbarber) on social media knows that he’s got his mind on his money and money on his mind. Morin owns Flawless Barbershop in Corpus Christi, TX and is a strong proponent of financial health and wealth and encourages others to invest in themselves by education, Roth IRA retirement plans as well as investing in real estate. In addition, Morin is also an educator for Wahl and he’s the founder of the Texas and New Mexico Barber Expos.
Speaking Financial Literacy
Financial freedom doesn’t happen overnight and is a process of smaller steps, discipline and continued learning. First and foremost, Morin recommends writing down a budget and sticking to it. He says, “Most people don’t even realize how much they’re spending on eating out. Daily coffees and lunches can easily reach $1,000 a month. Barbers, stylists or anyone working independently should open a Roth IRA for their retirement. Legally you can invest up to $6,000 a year.”
Increase Service Options to Increase Cash Flow
Other ways to increase cash flow is offering new services and investing in education. Morin suggests easy additional services such as nose and ear waxes and facials. At his shop, he offers the Flawless Package, a 90 minute, personalized one-on-one service of shampoo, hair cut, hot towel shave, steam facial, brow shape and complimentary brew or beverage for $129. He says, “It’s a pampering service, so it is a bit of a day spa experience for men.” Morin also does about one bachelor/wedding party a month. For a set price, he will bring the barbershop experience to a venue, complete with barber chair, and groom the wedding party to ensure they look flawless for the nuptials. He will also host and groom private wedding parties at the shop in evening hours.
Investing in education for new services is something Morin highly recommends, he says, “Take classes and learn new cutting and coloring techniques. You can take a seminar for $500 to $1,500 and get certified for man hair units, and you can charge $200 to $500 per wig application.”
The past few years Morin has been offering scalp micro pigmentation (SMP) at his shop. He explains, “SMP mimics hair follicles on the scalp and can be applied as scalp camouflage on thinning hair or recreating a hairline for the illusion of hair growth on bald heads. The ink doesn’t go as deep as tattoos, but is similar to brow microblading. Application sessions generally are two to three hours depending on the client’s pain tolerance and results can last up to eighteen months before needing a touch up. Certification in SMP can cost anywhere from $3,000 to $6,000, but one client can be a $2,000 service.”
The Texas Barber Expo is slated to take place July 24, 2022 in San Antonio, TX.
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