How To Start A Weave Business In 2018
The hair extension business is a great one to get into right now.
The quality of the product, mostly from India, is great.
Women sell their hair in India so that women in the US and Canada, as well as Europe, can wear it.
Synthetic hair has also become quite popular because it is more realistic than ever, but celebrities and average women and men prefer real hair that lasts for years and can be styled almost any way one wants.
Statistics on the industry vary, but there are a few notable trends:
1. Women are increasingly more affluent and are able to afford higher quality hair extensions than ever before.
2. Hair extensions and weaves made from real human hair is a boom industry in places like India where it provides an income for women who are able to grow and sell their hair every couple of years.
Understanding your own plans
Create a business plan.
Lots of people will tell you that you can create a one-page business plan or that you really don’t need a business plan until you have done this or that.
They are wrong.
A business plan is how you will know if a) you have potential clients, b) you can turn a profit, c) who your competitors are, and d) how you can succeed in the industry.
Starting a business without a business plan is like leaving on a trip without an itinerary - it might be fun, but it’s not a way of life.
If you’re going to place your livelihood into this business, make sure you know that it will work.
One of the first places that everyone starts is financing. “I need to borrow money to start my business.”
You might, but you won’t know how much without a business plan.
In fact, you won’t get legitimate financing, e.g. money that didn’t come from friends or family, without a comprehensive business plan.
Starting where you’re at
Starting a business on a shoestring budget isn’t fun, but it can be done and, in fact, is done every day.
If you can’t find financing, you can likely still start your business, but you might need to change the scale initially.
Importantly, know that you don’t need a degree or any fancy certifications.
You need to be able to manage time, money, and most importantly, yourself so that you make sure that what needs to be done, gets done.
Important pieces of your business plan
Lots of folks start by writing a mission statement or lofty goals.
Don’t do that yet.
Start with what you really need to know: Are there customers? Who are your competitors?
A market analysis starts with who your customers are and how you’ll find them.
You might have the world’s best hair weave business for extraterrestrials, but if there are no extraterrestrials, you’ve wasted time and money.
Are there customers? Look for customers.
The answers to the question of who are your customers are never, “Everybody!” Unless you’ve cornered the market on oxygen, your product is not useful to everybody.
You need to know who the core of your business is going to be so that you can find them later to sell to them. You need to know who she or he is in detail so that you can reach out to them when you open your doors.
Knowing who your competition is and how they operate is important. Not everyone in the hair extension business is your competition. In fact, if they are, you’ve already lost. You don’t start a burger joint by working to take down McDonald’s. Find the right size market to make a living without having to take on everyone on the plant.
A SWOT analysis is looking for your business’s Strengths, Weaknesses, Opportunities, and Threats. It’s an in-depth look at your business as well as your competitors that tells you what you need to do to succeed.
For many future business owners, this is where they start. They start looking for samples of products to sell. Since you’re following this plan, you didn’t do that, but now you can.
Since you know who your customers are and what they want, you can look for products that fit their needs.
Test the products that you receive. If you can’t, because for example you’re a man and you’re going to sell hair extension for women, then you need a team to test products for you.
Be sure to test your competitors. This means you need to buy their products and use them. Also sign up for their emails, etc. You want to know everything that they’re doing so you can do it better.
Just don’t call them and say, “Hi. I’m going to start a business to compete with you.
Can you send me a sample?”
Opening your doors
Do you open a brick and mortar store or an online business or both?
Your business plan will tell you that. If the customers that you’re targeting are local, you can open a local store.
One thing that is not optional is putting up a website.
Many, many customers will not do business with you if they don’t see a website.
A website lets people know about your business.
Even if you’re a very local business, you need a website.
Be sure that your business is listed on Google Business and other listing sites.
That’s the fastest way to get the word out and it’s free. It just takes a few minutes per site.
Marketing vs Sales
Just a quick note about marketing versus sales.
Marketing is building your brand.
It’s sending a message out and advertising to build your business name.
Sales are the actual transaction that put money in your wallet.
The goal of all marketing is to make sales, but you have to do both.
You can’t just start a website and wait for people to show up. Look for ways to promote your business that builds your brand.
This can include social media, blogging, posters, etc. Much it can be done for free.
The rules for starting your own hair extension business in 2018
Here are the rules you really need to know from all of this:
Make a business plan. Do it right and do it well.
Follow your business plan. It should be at least a year’s worth of instructions, up to three. Follow that guide. You made those decisions based on data so use it.
When you aren’t selling, you should be marketing. If you don’t have a customer right in front of you, you can be promoting your business online and in the real world. You should never have downtime if you’re promoting your business well.
Have fun! Every day won’t be Disneyland, but you should love what you’re doing. If you don’t, you’re in the wrong business.
Have a life outside of your business. Being a business is insidious. It can turn into your entire life. Don’t let it. Spend time with family, your church, your chess group - whatever is important to you now, before your business, is the entire reason you want to be successful in business. Don’t lose sight of that.