One year after opening the second location, Ben’s Barber Shop remains profitable. The original location continues to perform well, with a steady customer base and revenue similar to the previous year. The shop remains especially busy in the evenings and on weekends.
The second location has attracted new customers, although business has grown more slowly than Mr. Rivers projected. Its revenue now covers rent, payroll, supplies, and other regular operating expenses. Some weeks are fully booked, while others still have open appointments.
Mr. Rivers has spent more time managing the second location than he expected. To help manage both shops, he gave an experienced barber at the original location additional responsibilities and increased that employee’s pay. He continues to divide his own time between the two locations.
During the past several months, repeat appointments at the second location have increased. Online reviews have been positive, and several new businesses and apartment buildings have opened nearby. However, most of the $90,000 Mr. Rivers used to open the location remains invested in the new shop.
At the end of the first year, Mr. Rivers reviews the financial and operating results from both locations.