So you’re wanting to get into the hair extension business but don’t know where to start? This series will help guide you from an idea to a profitable business. In this article we will start with the basics, if you dive in head first into the world of clip in hair extensions, Brazilian hair, weaves etc you can lose focus on the fundamentals that need to be in place before you think about the intricacies of the hair. These three key elements will kick start the idea and set the wheels in motion to get started on your journey into the hair extension world.
1. Choose A Good Brand NameOf course, this is a key element for any business, the brand name/business name needs to encapsulate what the business is about but not to restricting for potential growth into other products/markets, it needs to memorable and catchy to attract potential customers and most importantly needs to be original. Do your research, is the name you’ve chosen already being used? If you find any trace that potentially someone else has a business with the same name you need to either change it or incorporate it so that if the other company wants you to not use it, you own that brand name. This could be costly but potentially can save you money from legal costs/rebranding etc in the long run if you are forced to make a business name change.
Search Google is the best way to find out whether a brand name ss already used or not.
2.Online Or Offline Selling?Will you be selling your hair extensions via ecommerce, in shop or a wholesaler? This is a crucial question which you will likely have considered when planning the business. Research the market and competitors of each option that you are considering, look at the costing of retail space vs shipping and warehousing costs, staffing costs. The legal side of each business type can be very different so researching and speaking to a legal professional is advisable to avoid any issues once the business is set up.
3. Make A Business PlanThe business main goals, finances and marketing plans are housed within this document, investors will expect to see one and is a great tool to refer to when making decisions so that you stay focused on what you aim to achieve in the time frames you set. The basic elements to include are:
- Finances – This will detail what funds are required to start the business up and how these funds are to be generated ie. Personal savings/loan/investment. A basic cashflow and budget should be included so that you can plan when a profit will be made and the budget is an effective tool to use in order to make sure the profit is to be made in the time frame you have planned by strictly following the budget.
- Objectives – Both short term and long term goals should be included so any potential investors will understand where the business is going and how it will get there.
- Competitors - how do you want to compete with the market? ie. Undersell the competition/sell a different type of product e.g. sell luxury if they sell budget. Think what differentiates you from the competition in order to generate your sales, is there a gap in the market you can exploit? All this information needs to be included to keep you on track and attract any potential investors both in the start up and long term.
4, Find A Reliable Hair Product SupplierChoose reliable Wholesale Hair Vendors is the hardest part at the beginning of your business, You could find your suppliers from Google, Linkedin, Facebook, Twitter. But something you should clear about is that your local hair extension distributors based in the US, Canada, UK, etc are not the real hair manufacture, all the origin hair are from China or India. So if you want to get the best price, find a China hair supplier like us HairGets.com
Before your bulk order, you should place the sample hair extensions order to test the hair. All the good hair vendor will provide the cost price samples. You could just pay some little money the check the quality of the product.
When the business fundamental are in place the venture is far more likely to succeed than if not and these 4 basics will have you heading in the right direction.