Floyd’s 99 Barbershop stands out as a distinguished name in the realm of traditional and modern barbering. Established by the O’Brien siblings—Paul, Bill, and Rob—in 1999 in Denver, Colorado, the brand has swiftly carved its niche within the grooming sector.

With the introduction of its franchising model, Floyd’s 99 has opened doors for business-minded individuals to become part of a brand that marries classic barber techniques with a contemporary flair. At Floyd’s 99, customers are treated to an extensive selection of services, ranging from precision haircuts and beard maintenance to styling, with select locations even offering tattoo services.

The distinctiveness of Floyd’s 99 lies in its dedication to fostering a welcoming, rock ‘n’ roll-themed environment, ensuring clients enjoy a relaxed experience while benefiting from superior grooming services. The brand prides itself on serving a varied customer base, providing everything from timeless cuts to avant-garde styles, all executed by experienced and innovative barbers.

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Initial investment

Here’s what you can expect to spend to start a Floyd's 99 Barbershop franchise.

Note: The table above provides a snapshot of the main costs associated with starting the most common franchise format (as disclosed in the Item 7 of the Franchise Disclosure Document). For a complete overview of all the expenses involved with the various formats offered by the franchisor, please consult the Franchise Disclosure Document.

Franchise fees & Royalties

Here are the main ongoing fees the franchisor will ask you to pay going forward to run the franchise.

Initial Franchise Fee

The initial franchise fee represents a crucial initial financial investment outlined in the franchise contract. Priced at $49,500, this fee is due upon the execution of the franchise contract. It symbolizes the upfront investment needed to join the franchise network, encapsulating the brand’s value along with the training and support the franchisor offers.

Ongoing Royalty Payments

Ongoing Royalty Payments involve a continuous financial commitment from the franchisee, fixed at 6% of Gross Sales. These payments are made according to a franchisor-defined timetable, showcasing a systematic method of profit distribution.

Brand Marketing Levy

The brand marketing Levy is pegged at 1.5% of Gross Sales, signifying the franchisee’s pledge to partake in the brand’s collective marketing initiatives. This levy is adjustable, with the possibility of rising to a ceiling of 3.0% of Gross Sales.

Ownership Transfer Charge

The Ownership Transfer Charge plays a pivotal role in the franchise agreement, particularly when transferring ownership stakes. This charge is set at $7,500, with an incremental $5,000 for each additional franchise awaiting development as per a Development Agreement.

Franchise Renewal Charge

The Franchise Renewal Charge, calculated as 20% of the prevailing initial franchising fee for an individual franchise, is due at the time of signing the renewed Franchise Agreement.

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How to apply

Opening a Floyd's 99 Barbershop franchise involves several steps, designed to ensure you are a good fit for the franchise. Here are the main steps to follow to open a Floyd's 99 Barbershop franchise.

1. Research and Initial Consideration

• Understand the Brand: Start by thoroughly researching Floyd’s 99 Barbershop, its brand ethos, market position, and customer base. This will help you understand what makes Floyd’s unique in the barbershop franchise market.
• Franchise Disclosure Document (FDD): Obtain and review Floyd’s 99 Barbershop’s FDD. This document provides essential information, including fees, investment costs, legal obligations, and the performance of existing franchises.

2. Financial Assessment

• Initial Investment: Assess your financial resources against the initial investment required, which includes the franchise fee, start-up costs, equipment, inventory, and working capital. Ensure you meet the financial requirements for opening a franchise.
• Funding: If necessary, explore financing options. This can include loans, investors, or tapping into savings. Some franchises offer financing options or partnerships with lenders.

3. Application Process

• Submit an Inquiry: Express your interest through Floyd’s 99 Barbershop’s franchise website or contact their franchising department directly to initiate the application process.
• Formal Application: Fill out the formal application provided by Floyd’s 99, which will include detailed information about your financial status, business experience, and your vision for the franchise.

4. Interviews and Approval

• Initial Interviews: You’ll likely go through initial interviews to discuss your application, motivations, and qualifications.
• Discovery Day: If initial interviews go well, you may be invited to a Discovery Day at Floyd’s 99 headquarters or a flagship location, where you’ll meet the franchising team, get a deeper insight into the operations, and have the opportunity to ask detailed questions.

5. Finalizing the Agreement

• Review of Franchise Agreement: Upon preliminary approval, you will be presented with a Franchise Agreement. Review this document carefully, preferably with the assistance of a franchise attorney, to understand all obligations and rights.
• Sign the Agreement and Pay Fees: Once you’re ready to proceed and all approvals are in place, you’ll sign the Franchise Agreement and pay the initial franchise fee.

6. Training and Preparation

• Training Program: Participate in Floyd’s 99’s training program, which typically covers operational procedures, staff training, customer service, and business management.
• Site Selection and Development: Choose a location for your franchise, adhering to Floyd’s 99 criteria and with their approval. Then, proceed with the fit-out and setup of your barbershop in line with brand standards.

7. Launch

• Marketing and Grand Opening: Plan and execute a marketing strategy for your new barbershop, leading up to a grand opening event. Utilize the marketing tools and support provided by Floyd’s 99 to ensure a successful launch.

Disclaimer

Disclaimer: This content has been made for informational and educational purposes only. We do not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the information presented in the article. You should not construe any such information or other material as legal, tax, investment, financial, or other professional advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any franchises, securities, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the franchise and/or securities laws of such jurisdiction.

All content in this article is information of a general nature and does not address the detailed circumstances of any particular individual or entity. Nothing in the article constitutes professional and/or financial and/or legal advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this article before making any decisions based on such information or other content.