There is no denying that selling hair extensions has become one of the most lucrative businesses in the past few decades. More and more entrepreneurs are considering entering the world of hair extension, especially after seeing an exponential rise in this resilient fashion accessory of the modern century.
Hair extension is now an accepted norm that people like to use on not only special occasions, but as an everyday wear. Unlike in the past, wearing weaves is not a stigma now; rather, it is considered a pure fashion solution for women who face hair thinning or hair growth issues.
With that change in approach, people have come to realize how hair extensions can address serious hair concerns and help women enhance their looks. That means if you are considering becoming a part of this million dollar industry, it definitely will pay you in the long run.
At the same time, to be a successful entrepreneur, it is substantially important that you explore the industry before you get your business up and running. A thorough market analysis will not only help you position your business in the mainstream market, but also maintain a good profit margin in the future.
If you are a newbie and want to convert your dream of operating a hair extension business into a reality, here we have outlined some great tips to lead you in the right direction.
How can You Start a Hair Extension Business?
Step-1: Explore Various Aspects of Hair Extension Business
The work starts at your home. That means before you plunge into buying or selling hair extension, you must do some homework to learn the current statistics and market demand for your product. Leading a successful business is not possible until you analyze the target market for your product. That is when you get familiar with the existing dynamics and business intricacies.
It helps you connect with the right suppliers and appropriate extension products. Getting to know the potential suppliers at the primary stage of your business can be tremendously advantageous in terms of grabbing some of the best hair extension deals.
Step-2: Formulate a Business Plan
Devising a business plan in initial stages may serve you as a great guide and is categorically important to avoid the teething trouble of a startup business. It significantly helps you face a number of technicalities that many new business owners are not aware of. Successful marketers consider a good business plan as a roadmap that helps in every aspect of establishing a business.
From market research to invested finances, a business plan for hair extension business can incorporate everything. Detailing and achieving your business objectives takes marketing skills. Moreover, when formulating a business plan, make sure you identify you stakeholders, investors, and target customers. You need to consider the needs and reasons behind why customers wear extensions and what business strategies can help you target your potential customers.
Choose business solutions and marketing strategies you will employ to maintain the viability of your hair extension business.
Step-3: Choose a Suitable Business Operation
The next step is to determine an appropriate business operation for your hair extension startup. Here is when you might need the advice of a professional business marketer. Together you can decide whether your business will be operated from a retail outlet or will you sell the products online. Although you will not get a comparative advantage from both the options, your choice depends on your business objectives, start-up capital, personal preferences, and target market.
If you want to begin selling extension from your home, you can join an affiliate program or reseller program. Not only this, in case you want to operate your business as a distributor or wholesaler, you need to have enough substantial capital to invest in the business.
Step-4: Marketing Strategies for promoting Your Product
Regardless of what business you operate, marketing strategies play a vital role in creating your market presence. No business excels without implementing persuasive marketing strategies. It helps marketers capture the attention of potential customers and also target the right buyers.
The significance of product marketing increases, especially if you are into hair business. It is extremely important that you get noticed by your prospective customers.
Once you find a distributor for your hair extension business, promoting your products is the next important step. You can use the website as a marketing tool by making it informative, bold and catchy to sell your product.
Make sure your hair extension marketing is unique and addresses the major concerns of your customers. With the power of ubiquitous social media, you can conveniently promote your hair extension products.
According to the latest statistics, social networking has great potential when it comes to advertising your brand. Using it, you can convince customers why they should choose your hair extensions over others. Post features of your product on social networking websites to make the most of advertising opportunities. Once your product gets the right exposure, your sales will increase.
Step-5: Take Help from E-Commerce Website
E-commerce websites have set a new online shopping trend. You can spend hours shopping without getting stuck in the crowds or getting physically exhausted if you use an e-commerce website. If you are committed to starting and expanding your business or customer base, creating a website with relevant hair extension details and images may give you a good head-start.
Focus on images, content, and the whole layout. They should not only be aesthetically pleasing, but also showcase the quality and types of hair extensions you sell.
Some Good Options for Successful Business Startup
If you are a startup or have never been into a business like this, it will be better to learn the craft of hair extension trading as a retailer first. You can opt for traditional business operations by establishing a retail outlet or setting up an e-commerce store. Once you explore the market demand or have sufficient finance to launch your product in the hair extension industry, you can begin with minimal capital startup requirement.
As mentioned earlier, approaching trustworthy suppliers in the hair extension business is of paramount importance. You can only be competitive when you are linked with reliable and reputable suppliers, offering you reasonable deals.
Many startups maintain their supply agreement with reputed brands and companies, such as Bohyne, Saga, and Milky Way. It is one of the best ways to maintain a good profit margin. This way, you directly get the merchandise from different companies and extension manufacturers while getting exposure to global operations. It is also because a majority of human hair suppliers work in Asian countries.
It will be best if you find suppliers who can give you drop shipping service. Not only will it allow you to focus on the quality of the products, but also save you a lot of time. There is no doubt that selling hair extensions becomes much easier and hassle free when you work with a reliable and honest supplier. Thus, when you figure out how to establish hair extensions business with an expert team, things become easier.
All in all, whether it is hair extensions business or an electronic appliance shop, starting a business can be a daunting process. However, with the help of the right business plan and strategies as mentioned above, you can excel in every domain. Looking for wholesale hair vendor? Grow your hair business with Black Show Hair now!