It is a known fact that women around the world would go to any length to look beautiful. It is for this reason that the hair industry is currently a billion-dollar industry that keeps growing with each passing day. Therefore, if you were considering this as a business option, we are here today to tell you to go for it and get started.
Below are a few pointers that will help you start your hair business with the much or little that you already have;
Build a brand
Your brand is what defines you. There are a lot of things that go into a brand and they include; the name of your business, your logo as well as your tagline. All these should be able to communicate with your clients what your business is all about. When choosing a business name, you could decide to make it specific in that the client will immediately know that it is a hair business. However, if you have plans to expand your business in the future, maybe by selling other beauty products, you could decide to settle on a more general business name. After settling on a name, you need to visit the Secretary of State office and register your business name as yours and file any necessary documents required to legalize your business. With this done, you are ready to start stocking on inventory and selling.
A hair supplier is a vital component of the business. There are so many manufacturers, wholesale distributors and companies available in the market today that supply or claim to supply hair to businesses. You need to do proper research before settling on one. You will come to realize that some of these ‘suppliers’ buy items in wholesale from Chinese factories and later resell them at a profit.
We do not recommend doing business with such because of the obvious reason that they are likely to make your prices skyrocket to unrealistic margins. We however would recommend that you find yourself a hair manufacturing company that deals with supplying hair to businesses or a wholesaler who gets their inventory directly from manufacturing companies.
After identifying a couple of wholesalers, the next thing to do is to order for test samples. You can never know for sure the quality of the hair until you feel it and try it out. Order a small sample from each supplier and test the hair for texture, longevity, smell and depth of colors. With the samples, you will be able to make an informed decision.
Choosing a hair supplier is probably the most tedious aspect of the whole process of starting a hair business. Therefore, if you manage to successfully undertake this, then you are all set for doing business.
Choose a reliable logistics company
Imagine being out of stock and having to lose clients because your courier service has taken too long to deliver your items. Depressing, right?
It is therefore necessary that you choose a courier service that offers fast delivery, is reliable and is good at communication. Factors to consider when choosing a logistics company include; delivery time, packaging (you do not want your orders to arrive all roughed up), terms and conditions, insurance policies in case of damage, theft or loss while in transit, etc.
Setup your store
This is the oldest method of selling products and services. With this option, you will be required to rent out space at a suitable location where you are going to display your items for walk-in clients to purchase. Some of the advantages of having a physical store include;
Visibility: a physical store is going to give you instant visibility to potential clients, especially when you open the store at a very strategic location. With a physical store, it is easy to make sales since customers like to see and feel items before they make a purchase.
Confidence: unfortunately, there have been several cases of clients falling victim to incidences of online scams. Having a physical store increases the customer’s confidence in your business.
Ecommerce business is booming thanks to the internet. It is so easy to set up an online shop. There are so many advantages that come with having an online shop such as;
Wider scope: Thanks to the internet, the internet has become one global community. This therefore means that having your business online opens you up to a wider reach of clients.
Reduced costs: With an online store, you only need to pay to host your site which can be paid for either monthly or annually. Besides that, and paying for internet services, there are no other overhead costs associated with running an online shop.
Convenience: with a good internet connection, an online business is a 24/7 venture. You will be able to receive orders at any time. Clients will have the convenience of shopping in their own free time (even at odd hours) while you as the store owner you will be able to work from anywhere.
The main disadvantage of running an online store is that visibility and brand credibility takes a long time to build. However, if you manage to hack that then you will be on your way to making great profits with your online store.
Deciding between an online or a physical store all depends on your preferences. Weigh your options and decide what will be best for your business. Remember, you can also choose to do both.
Marketing is a never ending process and can be done in many ways. The most common type of marketing these days is marketing through social media influencers. This is whereby you pay a social media celebrity to push advertise your products on their page to their followers. For this to be effective, you will need to use influencers who are in your niche (beauty/fashion) and who have a large following.
Another way to do marketing is by handing out brochures and flyers, announcing sales and giveaways and last but not least is by encouraging word of mouth. Word of mouth marketing is very effective since people tend to trust information coming from people they know (friends and family)
Once your business is up and running, you now need to put in a lot of hard work and patience. Every day will not be the same. Running a business is going to push you to some extremely high and low moments. However, you should learn to take it easy and trust the process. Good things take time to build.