Hair extension is a highly lucrative business venture, and it is undeniably one of the most resilient fashion accessories of modern times. Such elements are an accepted norm in special occasions and everyday wear, and we no longer attach any stigma to the wearing of hair weaves and extensions. It is no longer considered purely as fashion solutions as women who are suffering from poor hair growth or thinning hair are now addressing their beauty standards with weaves and hair extensions.
If you want to get a piece of the action and have a “slice” of this billion dollar industry, then it is necessary that you go through the important things that must be done to get the business off the ground and maintain a satisfactory margin.
Step 1 – Get to know the various aspects of the business
You must do your homework and learn about the important aspects of your hair extension business. This means that you have to learn everything about the product, your target market and your suppliers. It is important that you become familiar with the intricacies and dynamics of the business so that you can be able to connect the appropriate hair extension products to your target market. Of course, you want to do business with suppliers that can offer the best deals and those with excellent track record.
Step 2 – Prepare your Business Plan
Once you have gathered all the required information and data for the business start-up, the next thing that you have to do is prepare your business plan. This shall serve as the roadmap for your business. It basically details your business goals and objectives and the steps that you will undertake to achieve them. In addition to this, you will also have to identify and select the small business solutions and strategies that you will have to adopt in order to maintain the viability of your hair extension business.
Step 3 – Determine the most appropriate business operation
Determine how you are going to sell hair extensions. Decide whether you will operate a brick and mortar retail outlet or sell your products online. There is no comparative advantage of either option and your choice will largely depend on your goals and objectives, target market, start-up capital and personal preference. You can start your own business and sell hair extensions and hair weaves from home by joining any of the affiliates program and resellers program. If you have substantial capital base, then you can operate your business either as a wholesaler or distributor.
Step 4 – Promote your hair extension business
Adopt the relevant “pull” strategies to promote your hair extension business. If you own a brick and mortar retail outlet, it is important that you become visible in the community. You may launch or participate in a local fashion event, hair show or similar activities in your community to create goodwill and positive impression on your target clients. You may also take an active role and support advocacy groups that donate wigs and items that are needed in making custom wigs for cancer patients and people who are suffering from alopecia. On the other hand, if you are selling hair extensions online, you should set up your accounts with social media networks and manage your own blog that focus on hair styling and other fashion interests.
Best Options for your Business Start-Up
If you are engaging in this kind of business for the first time, it would be best that you learn the ropes of the trade by becoming a retailer. You can go traditional and establish your brick and mortar retail outlet or set up your own e-commerce store. The latter is usually the better option if you want to go on the fast lane and want to launch your hair extension business with minimal start-up capital requirement.
You have to be competitive by linking with reputable suppliers that offer the best deals. In most cases, you will have to open your wholesale accounts or supply agreements with established companies and popular brands such as HonorBiz Hair Extensions, Saga, Milky Way and Bohyne. In order to maintain a good margin, you have to get your merchandise directly from manufacturers and companies with global operation as majority of the supply of human hair are sourced in Asian countries.
Some of suppliers might provide a drop shipping service, saving you from a time consuming and boring task. For more details about dropshipping, see Small Business Solutions page.