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Pittsburgh

Chip's Chop Shop LLC

About Documents
102%
$15,350 Funded
$15,000 Target
Closed Time Left
21 Investors
$15,000 Min. Raise
$20,000 Max. Raise
60 mo. Term Length
11.0% Interest Rate
Closed

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Highlights 

  • Opening a new, independent shop just 1.5 miles from current location
  • Chelsea has built a robust clientele and specializes in men's cuts
  • Funds will be used to build out new space

Overview 

Chip’s Chop Shop is an upcoming barbershop in the South Hills with a mission to provide an experience to satisfy the customers' needs. We believe in providing a quality service paired with products to maintain a grooming routine that makes our gentlemen look and feel their best. Our modern barbershop was created as an oasis to encourage camaraderie with good company to shape the future generations of our community.

Chelsea has been cutting out of a studio in Sola Salons at The Galleria of Mt Lebanon for four years. She started with only a handful of customers, family, and friends. Thanks to each and every one of her customers for referring their own family, friends, and coworkers, the business grew to where it is now: maxed out! There’s not much room for new customers, therefore it’s time to move on and expand. 

The Project 

A buildout of the larger space will be a fresh, clean start to the new barbershop. It will provide a space for existing customers to come with their friends and family together instead of one at a time. It will create job opportunities for other barbers and more openings for new customers to come in. 

A chance to grow and expand the business will not only better serve the community for more opportunities of employment and local revenue, but it will also allow Chelsea to capitalize and make more revenue as a small business owner. The monthly expenses will not be much higher than they are at the current studio and with this money for a buildout of the space, it’s adding an additional 750 square feet to use.

  • New flooring - $3,000
  • Paint - $500
  • Plumbing - $2,500
  • Electrical - $2,000
  • Stations and sinks - $3,500
  • Signage - $1,500
  • POS Equipment - $500
  • Washer/dryer - $1,000
  • Entertainment (TV, speakers) - $2,000

 

Perks

We're happy to offer some additional exciting perks to our community investors!

  • All investors will receive an invite to our pre-opening party. Tour the space, and hang out with Chip and the team!
  • $1000 investors will additionally receive a Chip's Chop Shop Hoodie
  • $2500 investors will receive a hoodie, and a gift of some awesome hair product (TBD)
  • $5000 investors hoodie, product, and a swag bag of products curated by Chip herself!

 

Business

History

Chip’s Chop Shop is in the South Hills of Pittsburgh servicing people who value not only a good, professional haircut, but the experience that is provided before, during, and after the service. 

When our customers come in they are greeted by name, offered a beer, and encouraged to make themselves at home while they wait for their haircut. After the haircut, each customer's neck is shaved with a straight razor and a hot towel is applied. Most of our customers say this is their favorite part of the experience. It leaves them feeling not only relaxed but so fresh and clean. 

We currently have two hair product lines for at-home grooming, styling, and maintenance. We ask each customer what kind of products they currently use and what they are looking for in a product that fits their grooming routine. It’s so convenient for our customers to be able to learn how to use these at the time of their haircut and then to take them home and always have a place to stock back up. 

Many of our customers come here because they were referred by someone close to them. This makes for so many connections within the barbershop and the community. The atmosphere of Chip’s Chop Shop is masculine and edgy and attracts a diverse range of clients of all ages.

Future

Once opened, Chip’s Chop Shop plans to remain at Stoner Centre for at least three years. In that time we’ll build a solid foundation of the brand. There will be four chairs that will be in use by the end of the first year open. After a few years, we will evaluate how we want to expand further and consider purchasing a building.


About the Owner

Chelsea Gaydos, the Lady Barber also known as “Chip”, is the owner of a single chair haircutting business located inside the Galleria of Mt Lebanon. Her experience in the industry dates back to 2008 when her vocational training started. Since then she has narrowed down her services to find exactly what her gift is: men’s haircutting. Chelsea received well-rounded training from attending two different schools, has work experience in both private and corporate hair salons, barbershops, managed a six-chair barber shop for two years, and finally owning a studio of her own for four years.

With Chelsea’s knowledge and enthusiasm for barbering, she is eager to share her experience with other barbers and service a broader range of customers under the identity of the Chip’s Chip Shop brand and mission.

Deal Summary

 Issuer

  Chip's Chop Shop LLC

 Doing Business As

  Chip's Chop Shop

 Security Type

 Secured Loan

 Loan Purpose

 Purchase equipment & furniture

 Offering Amount

 $15,000 - $20,000

 Interest Rate

 11.00% annually

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 6 months interest only, followed by 54 months fully amortizing

 Personal Guaranty  

 Chelsea Gaydos

 Security Interest

 Blanket lien on assets of the company

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Chip's Chop Shop LLC.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

 Investment Amount   One-Time Fee  Potential Quarterly Return:
Interest-Only Period*
 Potential Quarterly Return:
 Amortization Period* 
 Potential Total Repayment* 
 $100  $2.85  $2.75  $7.07  $132.73
 $500  $14.25  $13.75  $35.34  $663.66
 $1,000  $28.50  $27.50  $70.68  $1,327.32
 $5,000  $37.25  $137.50  $353.42  $6,636.60

Your ongoing responsibilities from investing are limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts. *Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by an amortization period. There are no prepayment penalties and Chip's Chop Shop LLC may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

The Chips Chop Shop LLC pays as agreed, you will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges Chip's Chop Shop LLC a $250 posting fee 8.0% loan origination fee based on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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