Maybe you wear wigs and hair extensions a lot and want to start your own hair brand. Or, maybe you have never worn extensions a day in your life, but you've learned how lucrative the hair industry is. Whatever reason, you're looking to get into it, I'm here to share the seven keys to starting a hair business successfully.
1. Decide What Grade/Types of Hair Products You Want To Sell.
So, you've tried a few hair brands out for personal use, which one stood out to you the most? Do you want to sell raw hair, blue rubber band, 10A, etc.? Do you want to sell wigs? Will you make them or buy them?
2. Decide on the types of customers you want to reach
Are you looking to sell to customers who enjoy luxury and aren't afraid to spend the extra dollar. or are you appealing to someone who wants nice hair but has a set budget in mind? It's good to look within your network, and yourself to decide this. If you wear luxury and know you can market that tpo similar people, go that route. If your target audience does not like spending money on hair, then you probably shouldn't try to sell them very expensive hair. We talk more about target audience in my "Making The Brand" E-book.
3. Decide on a Startup Budget and Save for it.
Starting a hair business won't be cheap at all and you need to have a clear budget in mind. Don't just consider inventory when you do this, consider marketing, packaging, website costs, and more.
4. Study the Competition
Did a hair company you really like spark the idea of you starting your own? I hate to say it, but they have just became your competition. Not in a negative way though, every industry has healthy competition. Now you have to learn from them, but do NOT copy them. Learn how you can make your brand stand out from theirs.
5. Get Some Help
This is a new journey for you so you're not going to have all of the answers and you're going to make mistakes. The best way to minimize this mistake is by learning from someone else's. Get a mentor in your industry, purchase a webinar, and/or buy an e-book that helps you get the process going.