If you plan on starting your own business but are undecided about what to sell, this is your sign. Hair extensions are booming in the hair business as they are among the most popular accessories. This article will further convince you why selling hair extensions is a good hair business.
Is selling hair extensions a good business?
The hair extension industry keeps on growing as it gets more popular. Many actresses and models even love wearing them on stage and at events. However, you will also have a lot of competitions. What will make selling hair extensions a good business is if you are well-knowledgeable about your product.
Before starting this hair business, you must know the different hair extensions, and there are plenty. There are charts for the thickness and density, the texture, the length, color, and the materials used as there are different needs, preferences, and usage for the hair.
The variety of hair extensions also explains why it is a good business. Furthermore, you will be helping people who feel in need of hair extensions due to bald patches or thinning hair, damaged hair due to chemicals and heat or have other illnesses.
You may watch the video below to learn more about the hair extensions business.
How much can you make with hair extension?
The profit you will gain from the hair business will depend on how much you are willing to invest in it, not only with the capital but also with your time and effort. Furthermore, different kinds of hair extensions and how many sales you can make in a day are factors to the profit.
Primarily, if you will retail a hair extension, you may sell it at an average price of $195. So, if you can make two sales in just a day, you will have $390. In a month, you will already have $11,700 if this becomes constant and $142,350 in sales in a year. But the customer will always come and go.
There are days when you may not have anyone visiting the store, or what they call the bad sales day. You will also have day-offs and be closed during holidays. However, there are also days when your store will be fully packed. These moments mostly come during significant events like prom or weddings.
Furthermore, most customers do not go to the store to buy just one pair of hair, but sometimes three bundles. Once your store is known in the market, more clients will come daily, which may skyrocket your sales to even a million dollars a year in this hair business.
How to start a hair business?
Now that the hair business has piqued your interest, you have to plan if you want to start one. Find a quality hair extension supplier. It must be reliable as it will be the backbone of your business. The supplier must also be a good business partner that will help you in times of need, and not just in the orders.
Find a perfect location for your store. Preferably, the place is somewhere that has many potential customers and is accessible such as malls or commercial buildings. It will also serve as your warehouse for your bulk orders. However, if you will be working from home, find a spacious place for your wigs.
Of course, when having any business, you must know how to market it. One great way to let your shop be known is by creating your website where you can post all your products and have informative blogs. Another way is to have a social media page with regular postings.
Lastly, plan for your packaging. This feature will represent your product and the overall view of your business. If applicable, it will include the brand information, the shop's content, and the location. Think thoroughly about this detail, or hire a professional if you are not confident with your ideas.
How do you maintain the hair extension business?
The planning might be easy, but the execution and maintaining your business are challenging. However, this does not mean it is not doable. A little help and tips will help you and your business to be successful. Find someone you might know who also has a business to learn from some of their experiences.
Build a good relationship with your client. Be the one to initiate a rapport because they will help you to be successful. Treat them with respect and compassion. Your treatment will make them come back to your store and might even recommend you to their friends and family.
As more orders come in, you will have more hair extensions in your hands. You must know how to arrange them correctly. Furthermore, you need to organize your records and inventory, which is not so fun as you will have to do it daily. It is to monitor what you need and what's in demand.
And lastly, you have a balance between your work and personal life. Although you have to take care of your business, you must be your number one priority. Knowing your limit and capacity is an excellent start to setting boundaries in your life and having a sound mind and body.
Frequently Asked Questions:
1. Is selling hair extensions online profitable?
Having a physical store will bring more success as customers will see the actual product themselves. However, selling online is also profitable in the long run as long as you can brand them effectively. It will not be challenging, though, since it is in demand.
2. Why are hair extensions popular?
Hair extensions add length and volume to the hair to achieve the style that a person wants. It also adds confidence, as some have hair issues that they wish to conceal. Others like to wear it every day, or on essential and grand occasions like weddings for a better appearance.
3. Who is the target market of the hair business?
Although women are more likely to buy hair extensions and wigs, it is not only for them. This accessory can benefit anyone who wants to improve their hair and appearance. Age and status also don't matter, as some elderly and teens wear hair extensions.