Have you ever considered starting your own hair business? You may be surprised to learn that it can be a profitable endeavor despite the high level of competition in the industry. The market for hair extensions is constantly growing, making it an attractive option for entrepreneurs. With the right approach, hitting a six-figure income is achievable.
While it’s true that many people are already selling hair extensions, this actually serves as a positive indication that there is a high demand for the product. Consider the number of people within your own circle who have worn hair extensions at least once – that’s your target audience! All you have to do is provide high-quality products and excellent service.
If you’re ready to take the leap and start your own hair business, we can help guide you through the process. Read on to learn more about how to get started.
Understanding Your Target Customers
Knowing your target customers is crucial for making informed business decisions. Understanding where they frequent and what kind of products they prefer is vital for business success. Take the time to research what hair extensions your customers use and whether they prefer long or short weaves. This information can help you develop effective strategies for reaching your target customers.
It’s also essential to go beyond basic demographic information such as names, ages, and occupations to understanding your customer’s interests and hobbies. Building genuine relationships with your customers based on mutual interests and respect is key to developing trust and loyalty. Don’t make the mistake of using your customers only to make money. Remember, people can tell when you’re not sincere. Invest your time and effort into really understanding your customer’s needs, preferences, and behaviors to build lasting relationships that benefit both parties.
Break Your Sales Goal Into Small Portions
To achieve your sales goal, it is recommended to break it down into smaller, more manageable portions. This is because having a large goal can be overwhelming and discouraging. For example, instead of aiming for 42 sales per month, set a target of 10 sales per week. This equates to 1-2 sales per day, which is achievable.
Breaking down goals into smaller parts helps to build self-confidence as you have tangible, measurable outcomes that are motivating and exhilarating. By achieving smaller goals, you feel more powerful and capable. Therefore, set objectives that you can accomplish to build self-confidence.
Another advantage of breaking down goals is that it helps you maintain a greater focus. By establishing daily and weekly objectives, you can filter out distractions and stay on track. For instance, you could promote your hair extensions on Instagram and make a sale each day, which helps you make significant progress towards your sales goal.
Find a Reliable Supplier
Finding a reliable supplier is crucial when starting a hair business. While the process may be straightforward, it can be challenging to identify a trustworthy hair factory among many claiming to be one. However, achieving success in this field requires extraordinary effort. There are various sources to identify potential suppliers, including YouTube, Google, Instagram, and Pinterest. However, finding a trustworthy vendor remains a daunting task.
As the business owner, you have to make a conscious decision about where to source your supplies. We recommend avoiding local vendors in countries like the United States, which are typically wholesale hair distributors and not actual hair manufacturers. Instead, look for suppliers in countries like India, South Korea, China, and other hair origins. Buying directly from a Chinese hair factory is particularly advantageous as it guarantees the best price.
Hence, you may want to consider visiting China instead of waiting for the perfect supplier to show up. Remember, people are willing to pay more for high-quality and unique products. Therefore, investing in the best supplier will ultimately pay off.
Find a Way to Stand Out
To make your product stand out from the competition, it’s important to identify your Unique Industry Add (UIA). This will differentiate your product from others in the market, giving it an advantage. In the hair industry, for example, targeting a specific group can be a unique approach. Offering wigs that cater to a particular audience, such as entrepreneurs, churchgoers, or mothers, can set your product apart. Providing pre-colored wigs or ones with attached bands are other ways to make your product unique.
By establishing a UIA, you can secure consistent and loyal customers who may even refer others to your product. This will result in more referral sales and direct selling opportunities as you can accurately convey your product’s value.
Be Aware of Vendor Struggles
At some point in your hair business, you’ll experience some challenges. So, if you don’t want to be disappointed, you need to be fully prepared. While it is easy to get a vendor, there are struggles that you might encounter. Some include excellent relations, high-quality products, exceptional communication, and vendor consistency.
Usually, things go perfectly well in the first few weeks until you run out of 16-inch wigs. Since this happens when you least expect it, you might decide to fly to China to meet the actual factories. After all, it’s the only thing you can do. However, even after making all that effort, sometimes vendors lie to your face. It can even happen when you’re physically there.
Also, it becomes a little challenging to inquire about your supplier about delivery failure. Keep in mind. Even after establishing a relationship with your vendor, they can sometimes fail. They don’t understand that what you need the most is transparency and knowing what is happening.
Another common struggle is the shortage of raw materials. You might call your vendor, and they tell you that anything over 18 inches will cost you more. The quality might be less, and the supply cost of the product is still the same.
Also, there is a raw shortage in months like October and December if you order from China. Something could be happening during this period. For that reason, some factories reduce their services. China also closes for weeks in February. During this period, no businesses are going since it’s a forced holiday. That means no flights in and out of the country. That can disrupt many things, especially if you run your business in the US, where you work until Christmas Eve.
Do Business Audit
Conducting an audit is a critical step in ensuring the health of your business. By tracking communication, emails, and everything that affects your hair business, you can gain the trust of your customers and vendors – a top business priority. Additionally, an audit can ensure that everything is running smoothly and without issue.
Conclusion
If you’re looking to start your own hair extension business, it can be an exciting and straightforward process. The key is to find a unique niche within the competitive marketplace. You might choose to offer elegant wigs specifically for professional women or specialize in wig coloring. Breaking down your goals into smaller, more manageable pieces is a great way to stay motivated.
It’s crucial to be discerning when it comes to hair suppliers, as they directly impact the quality and flow of your products. Seek out reliable manufacturers rather than distributors. Additionally, keep in mind the potential challenges you may face as a new entrepreneur in this industry. With these considerations in mind, we wish you the best of luck on your hair business journey!