Ladies are fond of playing with styles, changing images, and looking different. This is the key reason why hair extensions and wigs are so popular today. The statistics speak for themselves:The hair market has experienced impressive growth every year since 2010 and is expected to continue this trend until 2035.
In this context, new opportunities for starting a hair business are wide open. Would you like to give it a try and build a successful enterprise? We are now prepared to provide you with a plan for initiating your hair business sales experience, along with some incredibly helpful tips!
As industry experts assure, the profit margins for the wig and hair business range between 40 and 60%. Isn’t it inspiring?
Step 1. Delve Deeper into the Hair Industry
Hair extensions and wigs sales and production make up a significant portion of the beauty industry. Therefore, thorough knowledge of this segment is essential for a successful start.
Give the hair industry a thorough study to see what it’s like and what its crucial aspects are. For example, the hair industry encompasses a variety of items, including:
- Human hair wigs
- Synthetic wigs
- Hair Topper
- Keratin hair extensions
- Clip in hair extensions
- Tape Hair extensions
Use all the sources available, including the Internet, trade shows, and hair extension or wigs fan communities, as well as talk to your friends who like to add something new to their looks this way.
Your consistency will help you learn more about hair extensions types, prices, materials, and technologies. You will see:
- What you can offer the customers
- If there is anything special to attract them
- Whether the hair business is right for you
Step 2. Figure Out What to Sell
There are two key points: the audience, which you consider to be a target audience, and the product that you are going to offer. Experts recommend starting with the first aspect, as it allows you to clearly see who you want to sell and what goods meet their needs and preferences.
For example, statistics show that black women adore wigs and hair weaves thanks to the diversity of hairstyles and the chance to give their natural hair better protection. White women, on the other hand, frequently favor hair extensions or hair topper for their use in salons and at home.
As you can see, there are many steps to follow when it comes to defining your stock and target audience. Of course, you may try to strike a balance somewhere in between, but outlining your primary customer base is more rational for both purchase and promotion.
Investigate your competitors for more ideas; this way, you can avoid mistakes and offer your future clients something new!
Step 3. Define the Sales Format
when it comes to the hair business type. You have two options here: to start a physical hair store or to build sales through the Internet. Both formats have their pros and cons, so rely on your intentions, intuition, and business plan.
Physical Hair Store
- Although opening a physical hair store may present some challenges, it is a cozy business that offers significant advantages:
- You build personal communication with your customers, gain more loyalty, and form a steady base.
- You can offer some extra in-person services, such as fittings, consultations, workshops, etc.
Your customers are more satisfied because they see what they take.
Selling Hair Online
The format is quite clear: you arrange a stock, create a website, attach all the necessary tools, promote it effectively, and then sell goods to generate income! Undoubtedly, the benefits of online stores are indisputable.
- Larger audience. The items you offer are available to customers both domestically and internationally, and appropriate promotions lead to significant sales growth! Reaching foreign customers is a tempting perspective, isn’t it?
- Lower costs. Due to the absence of utilities, rent, and other mandatory payments for a physical store, you require less funds for your start-up and spend less on development.
- Working around the clock. Your customers can enjoy 24/7 shopping in your store, which is a key to their loyalty.
- On the other hand, a lack of personal interaction along with some shipping and handling problems may make you give up the idea. Moreover, experts have noted a higher rate of wig returns in online stores, which they attribute to the limited sensory experience.
- Customers can’t feel and evaluate hair products full-scale through the screen, so when they get them, they may be far from their expectations.
Step 4. Give Your Hair Business a Gorgeous Wrap!
Branding is another step to your success in the hair products industry. To make your business stand out, it’s crucial to identify and clarify your core values, establish a robust brand identity, and craft an engaging message that resonates with your target audience.
A unique story and valuable content create true authority. Therefore, invest enough time and effort to express yourself and build trust with your customers.
Step 5. Settle the Legalities
Legal compliance is essential from the start, so your business will run smoothly. So, here are the formalities you have to settle on and keep up with:
- For online sales, register your business name and secure your domain name.
- Create a legal entity according to your business size and country law.
- Obtain your Employer Identification Number (EIN) and register for taxes.
- Gain a Certificate of Occupancy (CO) if you open a physical wig store.
- Obtain all necessary permits and licenses for starting a wig business in your area.
Though exhausting, these procedures are not as challenging as they seem. The authorities are doing their best to get you through this as smoothly as possible.
The main thing is to get started, as a journey of a thousand miles begins with a single step!
Step 6. Make Deals with Suppliers
Reliability and quality are the criteria for a hair business. There are numerous types of hair products available, and similarly, there are numerous methods for finding contractors. Use all the opportunities, including online studies of various companies, hanging out at hair industry trade shows, and asking for referrals—these are the most popular options.
Don’t contract spontaneously! Review prices and payment terms, request samples, and study samples for texture, quality, and design.
Cooperating with an honest hair factory or wholesale hair supplier is very important, it is the key to make your hair business success.
Step 7. Promote Your Products and Your Brand
You can’t do without promotion if you want a successful business, so a well-thought-out strategy is what you need here. Apply the most effective methods from the list below, or just try to combine some of them to embrace a larger audience:
- Develop your website. Customers tend to place more trust in brands that have a strong online presence. So, go on with its usability, make the hair products you offer shine in the catalog, and use SEO to make your website more visible—these are the simplest yet most workable tools!
- Rely on social media. Facebook, X, Instagram, and TikTok have been the most powerful tools for the introduction of wigs and hair extensions to a larger audience. You can also work with influencers to expand your promotion and gain more customer trust and interest.
- Demonstrate your business to associates. Hair shows and events are the best places to show all types of hair products you have, communicate with potential clients, and maybe meet new partners!
- Consider each detail. Every action you take for your business should reflect your brand’s identity. Create an eye-catching logo, obtain your brand colors, and develop beautiful packaging for the goods you sell. This will set your shop apart and demonstrate to customers that you want to please them!
- Additionally, keeping in touch with your clients is another important aspect of your wig business. Provide them with high-quality services, offer discounts and rewards, and create a personal connection. Each customer should feel that you care about them individually. This feeling will inspire them to return time and time again and recommend your wig shop to their friends.
Conclusion
Now that you understand the basics of the wig business, you know where to start. And finally, our latest advice: don’t stand still and move on! Day by day, develop your hair extension shop by keeping up with trends, tracking sales, analyzing your competitors, and considering customer feedback. Just immerse yourself in this elegant and promising business, give it enough time, and you’ll get your best ROI!
