Do you need help starting a weave and hair extension shop? If YES, here is a sample hair extension Business Plan.
Sale of hair extensions is part of a booming beauty product industry. There is tremendous potential for entrepreneurs considering this area of business. If you are one of such persons, this article is written with you in mind.
This hair extension business plan example seeks to help you write your unique plan easily.
Most times, new entrepreneurs are faced with the daunting challenge of how to put their plan together.
WEAVE-ON AND HAIR EXTENSION BUSINESS PLAN SAMPLE
Are you looking forward to starting a hair extension business? Are you a person that loves noticing people’s hair and also touching it? Do you have joy in making hair looks neat and beautiful? Why not start a hair extension business?
Actually I will tell you why you need to.
Firstly, starting a hair extension business is no rocket science. Most persons are scared of starting a business because of the risks involved. However, there are a number of gimmicks that would smoothen your path through the business if you are adequately guided.
READ: 40 BUSINESS IDEAS FOR WOMEN
You must realize that every venture comes with its packaged set of challenges. But if equipped with the right tools, we are simply going to be the potter that has no clay too hard to bend.
Let us kick off by noting that there are a number of hair extensions and its affiliated products in the market. From Brazilian, synthetic, human hair, Peruvian hair, Indian hair, amigos attachment, expression attachment, and wigs.
We should know as well that the costs of procuring these extensions come in a stratified way.
Then to top it off, there can as well be an extension to the hair extension business, in the sense that you could also include the products for hair maintenance as well.
Without further ado, I will look directly at the guaranteed steps for a successful start of hair extension business; steps that are certain to guarantee you security from being swallowed by any risks.
Here is a business plan for selling hair extensions.
- Gain Thorough Knowledge
As important as it sounds, it is the primary key that would open your success doors in the fashion industry. You must be as vast as possible. I’m not saying you should begin to study the history of the House of Worth where serious fashion began, but the rudiments of hair extensions would do.
You must answer questions such as: how many variants of hair extensions are there? Which hair extensions are of good quality? Where are the locations to purchase the hair extensions? Upon arming yourself with the answers to these questions, then you are in position for the next step.
- Conduct a Feasibility Study
This part is as crucial as the first. It is the wind vane the determine the direction of the wind of investment as you launch your business. You must find out what styles of hair extensions appeal to prospective customers, and what range of quality they are capable of affording.
You must also find out the location where you intend to site your business, and what income grade of people stay there. It is madness to start up a hair extension business in a monastery, so look out carefully for your location, and draft up a sample plan.
- Get a location and Purchase Some of the Items
How much is a carton of expression attachment in Nigeria 2020? Now you are taking the first practical step. You could budget probably between 60, 000 to 100, 000 naira for getting a beauty shop depending on the location. Then go on to invest possibly a capital of between ₦400,000 to ₦600,000 in the business.
Take this from me: with the right dedication, you could be making over 25% of this investment capital on a monthly basis. So it’s worth it.
- Establish Relationship with a Manufacturer
Indeed this also dictates the extent of success of any business. Choose a manufacturer to deliver wholesale quantity of the products to you, as this would ensure quality as well as reduce cost.
This is very important. Some business owners make orders directly from China and India where these products are manufactured, but if your means can not afford that, then you could simply connections with local weavon and attachment distributors ; in the given time, you would scale to higher levels.
- Adopt Strategic Pricing
You must choose prices that would make sense to your client’s pockets as well as yours. The economists would call this ‘equilibrium price’. As a business starting up, you need to command the market, you need to twist the competition in your favor, and what is a better way of doing so than using the tool of pricing?
Adopt a suitable price for your hair extensions and associated products such that you are making profits, and your customers are comfortable. Again, you must not compromise on quality.
As part of the backbones of any business venture, the need to promote the business is chief. You must take advantage of platforms like Facebook, Twitter, LinkedIn, and other social media to advance your business beyond the frontiers of your immediate location.
Friends can even place orders through to you over the internet. Mouth-to-mouth information is as well another key; an indispensable one at that. Even using the hair extensions on its own is another way of advertisement that fosters sales.
Creativity is another key player in the fashion kingdom; it determines to what extent you would penetrate the market. All in all, the formula is simply: good plan plus dedication plus knowledge equals financial success.
How to Start a Business Selling Human Hair and Weaves
With the widespread in the usage of weave around the world, this is the best time to start a business selling hair weave. This is a billion-dollar business in case you don’t know. How much can you make selling weave?
Selling of weave extensions online is not just a business for the ladies alone. If you are a male and you would love to venture into the business, there is room for you.
Weave is a highly demand hair product that anyone can leverage on and cash huge amount of money from it. There are hundreds of thousands of hair salons around the globe that you can sell your weaves to.
Aside selling to hair salons, individuals also demand for weave directly from sellers either online or in person without going to hair salons.
Weave is a kind of hair product that is desirable based on the fact that it looks more regular and is more flexible since it can be warm-styled without harm.
So, to help you get started and help you consider if to venture into the business, I am sharing with you on this post how you can start selling weave and become a boss of your own. It is a lucrative business you should not just throw off without great amount of consideration.
Starting a Business Selling Hair Weaves – Checklist
- Conduct a Market Research
This is the first step you must take before venturing into the business so you don’t regret later along the way. You will need to conduct a market research to find out the different kinds of weave that is of high demand in the market.
You don’t want to a situation where after you have spent your hard-earned money buying certain kind of weaves you then realized that no one is demanding for them.
Conduct a market research and find out the kinds of weaves that are selling. Look at weaves worn by celebrities and find out if people are demanding for it. You will need to study the market and ask friends, family members that wear weaves to tell you what is trending.
If you are a girl that wear weaves, it will be an advantage to you as you will have a good idea of what is trending. Go to popular hair salon in your city and ask the owners the weave that is of high demand so you know which and which to buy.
- Find a Trusted Supplier
There are many suppliers and companies who pose as hair product suppliers. You must be very careful in picking a supplier for your product so as not to disappoint your customers when they demand for your products.
Find a supplier with a good track record. Alieexpress is a good place to source for suppliers and their reviews. One other best way to do this is by asking other weave sellers to refer you to their supplier or any supplier they trust.
- Place your Order
After you must have secured a trusted supplier, it is time to place your order. No matter your budget, do not place a huge order as you are not certain of the supplier yet as one can’t trust reviews these days. Some companies pay people to write a good review for them.
Just place a few order to test the supplier and see if your goods will be delivered on time. If the supplier delivers on time, then you can be assured of placing a large order next time.
- Get a Location
Though this is optional, but if you have the budget and have the vision of going large-scale, it is also good. You can choose to open a physical retail shop or an ecommerce shop where you will be selling your weave to potential customers.
You can also choose to stock your products at home and be doing delivery when customers order for them. Ps time gets better, you can then get a location and site your shop there for people to come in and place order.
- Wholesale Account
Set up discount accounts with producers and brands of human hair, for example, Bohyme, Milkyway or Saga. To get the least costs, you will probably need to work specifically with universal makers instead of purchase from a wholesaler in the United States in light of the fact that most human hair for weaving is accumulated and delivered in Asia.
- Great Marketing
For you to make good money, your business must be known to potential customers. Word of mouth is not enough.
Social media is one platform with the potential to turn your business into a 6 figure business within a month if you know how to use it to market your business. Great platforms like Facebook, Pinterest and Instagram will be a great tool for this kind of business.
Advertise your weaves on fashion magazines too. This is one way to let weave lovers and salon owners that you exist and how you can be reached. Your marketing is going to be crucial for success in this business as it is a crowded market.
You may not see result at first, but rather with predictable exertion, you will have the capacity to push toward starting a successful weave business.
HAIR EXTENSION BUSINESS PLAN EXAMPLE
Using this sample, you do not need to worry as it gives you a template you can easily work with. Although this is the case, you need to have a thorough understanding of this line of business before venturing out. If you have, then this is your next step;
- Executive Summary
Beauty Care LLC is a business that specializes in the provision of a wide variety of hair extension products. Located in Richmond, Virginia, we seek to expand to cover more locations within the state of Virginia. However, our sights are set on breaking into the top tier of hair extension business. This will require tremendous work and dedication on our side. The good part is that we are fully prepared to take on this challenge.
We have set a structure in place that will become beneficial for all players. This includes our workforce, our clients and business owners. There is something for everyone. Our customer care service is top notch! We ensure that all clients are treated on individual basis and given the very best. This is done in order to build our reputation as a reliable name when it comes to quality and service delivery.
- Products and Services
We sell a variety of hair products from premium to exotic brands. This is in addition to our skillfully crafted and customizable hair extensions.
Our products will include both natural and synthetic hair. Apart from sale of high quality hair extensions, we also offer training and consultancy services. This presents an avenue to share our expertise with persons or aspiring entrepreneurs willing to learn.
- Vision Statement
We seek to create a reputable brand known only for quality and affordability. We are leaving no stone unturned in attaining these lofty ideals. Our vision for Beauty Care LLC is to be among the top 10 hair extension businesses in America within a decade from the time of take off.
- Mission Statement
As the desire to look good increases, so does the need for quality products. We are well suited to meet these needs through the sale of high quality hair products from reputable brands. This will be in addition to the crafting our beautiful hair extensions. As a business, we seek to be driven by innovation in developing new styles of hair extensions in addition to the sale of those made by well-known brands.
- SWOT Analysis
We consider this a measure of our competitiveness in the hair extension industry. This analyzes our strengths, weaknesses, opportunities and threats. To do this, we have contracted a major firm with expertise in the provision of a variety of business solutions.
The findings have been revealing and will enable us streamline our efforts into achieving our desired goals.
One of the major areas of strength for our hair extension business is the quality and depth of our workforce. These have acquired significant experience and training in the craft. Apart from selling top hair extension brands, we will make our customized extension products as well. These are as good as some of well known brands in the industry.
We are constrained financially. This has limited the scale of our business. However, this is only a temporary setback as we intend to start where we are to achieve our aims. There are also major players in the hair extension business.
These exert a tremendous amount of influence too. Operating alongside these formidable competitors can be challenging but we will maintain a positive outlook.
The hair extension sector of the beauty industry experiences one of the highest patronages. This is driven by innovation as more natural and synthetic hair variants become available. We are encouraged by such opportunities and seek to contribute to this innovation too.
Clients are always available to buy new hair products. We are seizing this opportunity to build a thriving business.
As there are opportunities, there are also threats. These are in the form of an economic recession. Under such situations, every industry is affected. The beauty industry is one of the hardest hit because the stream of disposable income has ceased.
- Target Market
People buy hair extensions for different reasons. For some, they may need to change their looks. For others, having a hair loss may be a major reason. Still yet, others will buy hair extensions for a host of reasons. Whatever these reasons are, the fact remains that it is a booming industry. Demand is driven by women. Hence, they are our main target market.
Others include cancer patients, celebrities, movie stars, hair stylists, tourists, and fashion designers. Our marketing activities will focus on this category of clients because they have a major influence on demand.
- Sales Projection
Increased sales translate to increased profits. To have an idea of the extent of demand, we have used current market data to arrive at a sales projection covering a three year period. This projection has revealed positive growth in generated revenue as shown below;
- First Financial Year $200,000.00
- Second Financial Year $550,000.00
- Third Financial Year $990,000.00
- Competitive Advantage
An advantage we have is the making of our own unique and beautiful hair extension products. This is in addition to the sale of other brands. While purchasing these hair extensions, it becomes easier to sell our own because they are qualitative as other popular brands.
We also have a great work environment where our staffs are encouraged to give in their best. All types assignments are incentivized to serve as a boost to the general work atmosphere.
- Marketing and Sales Strategies
To attract sales, we have partnered with celebrities to don our hair extensions. This is in addition to our foray into fashion shows where we work with the show organizers and major fashion designers. Our hair extensions are worn by these models and showcased to the world. This strategy has been successful in attracting increased demand for our products.
Our marketing team has designed various ads that will be marketed on social media, our website and on electronic as well as print media.
This hair extension business plan sample has been written with the would-be entrepreneur in mind. It offers you a wealth of perspective on what a good plan should consist of. After successfully writing your plan, implementing it is also as critical. It is only through a thorough implementation that the benefits can be felt and seen in the business.