HOW TO START YOUR OWN HAIR BUSINESS

Step One: Write A Business Plan

Every business needs a business plan for suitable growth. It will help you to focus on what you want to achieve and keep on track. Your business plan also will help you to manage money using projections for sales, costs, your expenses, and cash. A Good business plan is a living document that you continuously return to and update as you learn about your customers, sales and marketing practices that work and don’t work, and what you project wrong for your budget forecast and adjust it accordingly.

Six Things You Should Include In Your Business Plan

– Executive Summary

This section is an overview of your business and your plans.

One to two sentences of what your business does: To become a reliable hair supplier in your area?

– Opportunities

This section answers these questions:

• What are you selling?
• Human Hair or Synthetic hair
• Which type of hair product do you want to sell? (Wig, bundles, closure/frontal, hair extension, …

• What problem are you solving? Or, What needs are you fulfilling?
• Fashion purpose: every girl wants to be beautiful. It is a fact !!!
• Lose hair: Genetic types of hair loss include alopecia areata and female pattern hair loss. … Black women in particular are prone to a type of hair loss called traction alopecia, which is caused by heat, chemicals and tight styles that pull at the hair root, including some braids, dreadlocks, extensions and weaves.

• Who are your target market and competition? You will need to answer few questions as follows:

• What’s your target customer? Low-middle-high income customer? Age range?
• Where do you want to sell (in store or online)?
• Are there many competitors already?
• What is your outstanding point to compete in the market (can import from factories directly? Can you make a wig by yourself?)

– Execution

How are you taking this opportunity and turning it into a business? This section should cover your:

• Marketing and sales plan: how can customers know you? Any promotion needed? If you can do it by yourself then how about marketing’s agency?
• Location and facility investment: what do you need to open a store? How’s about license requirement?

– Operations

• How you are going to measure your successes: you have to record carefully your results, for example: all the expenses, good in-stock….

– Financial Plan

• Highlight key aspects of your financial plan. Create a chart that shows your planned sales, expenses, and profitability.
• Include your business model (“how to make money”)
• Include your funding requirements.
• Finance support? From family’s support? Loans?

Note: If you do not have a lot of funds you can start by running business as dropshipper for hair seller.

Step Two: Find A Hair Vendor

Finding your hair vendor is imperative to your hair business. You have to be sure the lines of communication is excellent.

Must Haves From Your Vendor:

• Are they Reseller/
• Excellent communication – You should be able to contact them by phone, email, and social media platforms. There’s nothing more unprofessional than being unable to get in touch with your hair vendor when a problem arises.
• Quality – How is the Human hair processed, collected? Blended? Fabrication? And Sanitization?
• How is the hair sourced?
• How was the hair pattern created?
• Textures and lengths available?
• Are frontals, 360 frontals, or closures available?
• After payment, how long does it take for the order to ship?
• Is there a minimum?
• Is there a discount for bulk orders?
• Are you a private label company?
• Do they have samples?
• What is the return policy?
• Can I have photo confirmation before shipment of the hair?
• Are the cuticles aligned?
• Is the length measured stretched or unstretched?
• Single or double drawn?
• Is the bundle from one donor?
• Is there restocking fees?
• Do you drop ship?

The questions are endless, however, drawing up a list of the most important questions for you and your business. ASE hair is glad to be your HAIR VENDOR, and grow your hair business.