If you want the best tips on how to start a hair business and be successful, this article will really help you.
It explains a lot about hair business and exactly what to do and how to be successful.
When it comes to hair, the average person would most likely agree that grooming one’s hair is important.
Specifically, they may talk about washing the hair, using some sort of dandruff shampoo, getting a haircut, combing one’s hair, brushing one’s hair, dying one’s hair, etc.
Then if you were to ask the same person about people who were associated with their hair or had famous hairdos, the responses would cover the broad famous hair spectrum.
Some of the responses of people with famous hair might include Samson, Lady Godiva, Farrah Fawcett, Julia Roberts, Diana Ross, Jason Momoa, etc.
Perhaps you have heard the expression about a person having a bad hair day. This can have two meanings.
One meaning is similar to the expression about waking up on the wrong side of the bed. A bad hair day is a day in which nothing seems to go right.
It is Murphy’s Law exemplified in that anything that could go wrong does go wrong. These “off” moments could be anything in the person’s personal life, social life, or workplace.
We have all experienced bad hair days even if we have little or no hair.
Another meaning of a bad hair day is having a bad hair day. It could indicate that you are in-between haircuts, stylist appointments or your hair is unruly, and you can’t style it the way that you want.
If we take this expression in the literal sense of the phrase, many people’s confidence and self-esteem are bolstered by the way that they look.
If a person looks confident, hair nicely groomed, styled, and attractive, this appearance will spill over inwardly about how they feel about themselves and foster self-confidence and an attitude of ready to take on the world.
Importance of Hair Businesses
The American Cancer Society has the grim responsibility of projecting statistics that anticipate the number of new cancer cases each year.
For the year 2021, this society estimates that there will be 1,898,160 new cancer cases and of those diagnosed with cancer, it is estimated that 608,570 will succumb to this horrific disease.
The survivors of this disease are aided through various treatment methods. Some of those treatment methods can include surgery, chemotherapy, or radiation therapy.
These courageous survivors are grateful to survive the cancer diagnosis as well as boldly cope with the harsh treatment required to kill cancer cells.
Accompanying the chemotherapy treatment process are many negative side effects.
Some of those devastating side effects include nausea and vomiting, loss of appetite, weakness, and in some cases the devastating loss of hair.
Many would say that the loss of hair is not catastrophic or of any consequential importance.
However, whether the person chooses to embrace the absence of hair or utilize a hair product, the choice is theirs.
The bottom line is that anything that will help them feel better about themselves, bring about some sort of sense of normalcy, and not be reminded of what is occurring in their body is important for them to fully embrace.
Consequently, whether a hair product is needed for cosmetic purposes or to help an individual cope with their recovery from cancer, the hair business plays an important role in people’s lives and bolstering their self-confidence.
11 Tips to Successful Starting and Growing Your Hair Business
1. Have a Plan for your Hair Business
The successful basis of any venture, especially when starting a business and wishing to succeed, is to have a solid foundation.
A solid foundation can be provided by formulating a comprehensive business plan.
Important aspects of the business plan should include various components.
The plan should capture an executive summary that addresses the questions of what you are selling, what are you trying to accomplish, and finally who will be your customer base or target market
The business plan should also include:
- How you plan on marketing your service
- What does success looks like with your hair business
- Employees, or partners that will help you in your success
- Addressing your financial emphasis on making the business successful
A business plan will keep the management team on track as well as services to help facilitate any requests for financial support from a variety of financial institutions.
Related: Buying and Selling Hair for Profit.
2. Take the Right Legal Steps
Before a business can legally operate, there need to be several legal steps taken.
One of those steps is to determine how your business structure will be formulated. There are many options including being a sole proprietor or a limited liability company (LLC).
It is important to do one’s homework and determine which business structure is best suited for your purposes.
Once formulated and legally drawn up, this business structure needs to be filed within your state of operation.
Additionally, you need to provide a name for your company, determine whether you need an employee identification number, take steps to secure legal branding for your company, and request a business license or permit to operate.
3. Find a Supplier
When starting a hair business, depending upon the scope of your operation, you will need a vendor who will supply the various products that you’ll be stocking your store with.
You may have a vendor in mind due to your recent experience or you may choose to locate a new vendor or you may wish to spread your business needs across a variety of providers of hair business products.
If you will be offering hair extensions, lace wigs, or other hair-related products it is important to ask specific questions of the various vendors that you may be considering as a supplier.
Important questions to ask of your vendor would include how the hair is processed and collected, how it is blended, fabricated, and sanitized.
Other details in working with the vendor would include the time it takes to ship out orders, return policies, any restocking fees, are the cuticles aligned, etc.
4. Know Your Fees
As part of your budget process for your business, it is important to know what your fees will be for the various services that you offer.
You need to strike a balance.
If you are overpriced customers will go elsewhere and if you don’t charge enough money, you will not be able to meet your expenses and generate a profit.
Therefore, to determine the fees that you charge, you should know what the various expense line items will be.
Salaries, occupancy, utility costs, the actual cost of products, etc. should all flow into what the fees will be in conducting your business.
Once it has been established as to what the cost will be on the expense side of the ledger, it would be beneficial to add in what your desired profit will be in running the business.
Business profit can range anywhere from 15% to 25% over your cost.
Other articles on how to start other businesses that might be helpful:
- How to Start a Wine Business
- How to Start a Welding Business
- How to Start a Soap Making Business
- How to Start a Shipping Business
- How to Start a Lip Gloss Business
- How to Start a Knitting Business
- How to Start a Transport Business
5. Know the Right Hair Products
As it relates to stocking your business with wigs, hair extensions, etc. there are two types of materials utilized to create these hairpieces.
One type is human hair and the other type is synthetic care.
The start-up hair business can concentrate on one specific product or decide to expand its product line to all types of hair products.
Additionally, the decision to carry associated products needs to be made. Those products could include, wig grips, glue, lace spray, etc.
6. Have the Right Hair Business Strategy
It is important to remember that just because you are opening a business that it is no guarantee that customers will flock to purchase your product.
Therefore, a marketing strategy needs to be developed.
In other words, how are you going to let people know of your business, what you offer, and how will you attract those customers and new customers to keep your business profitable?
A marketing strategy can include advertising through printed media, posting flyers or posters in beauty salons, beauty schools, etc.
The important thing to remember is to be smart and laser-focused when marketing.
One excellent way of possibly increasing clientele for your hair business is to wear some of your products.
When individuals comment on how beautiful your hair looks, it will provide an optimum opportunity to market your business.
7. Find the Right Hair Business Location
Whether your business is going to be an online shopping experience for your customers or an actual brick-and-mortar location, the mantra is still the same.
The mantra is location, location, location.
As it relates to the website, it is important to have content on your website utilizing keywords that will help direct customers to your Internet.
When they use keywords like hair extension, synthetic wigs, real hair wigs, etc.
If opening up a bricks and mortar location, it seems like the best location would be a vacant building that is in proximity to where customers are already having some of their hair needs to be met.
For example, if there is a hairstyling salon in a strip mall, that would be an optimum place.
This is because customers are already frequenting that location and may enter your business in proximity to discover other hair grooming needs.
8. Do the Right Hair Analysis
Before starting a hair business and looking towards its success, it is important to do some sort of marketing analysis.
The purpose of this analysis would be to determine the need for the products that you will be offering in your hair business and whether there will be a demand sufficient for your company to turn a profit.
This can be accomplished by questioning several beauty salon owners to determine whether any customers have ever talked about hair products or the use of extensions, wigs, or weaves.
This would be an informal way of determining what might be the demand in the area and might be a good indicator of people’s awareness of your hair products.
9. Join the Right Hair Associations
Another way to promote the success of your business is to be involved with various associations in your community.
Some of those associations could be service clubs like Kiwanis, Lions Club, and Rotary. Also, some communities may have a women’s group called Soroptimist or Altrusa.
These would be excellent opportunities to meet and greet people, promote your hair business and practically show your hair products by wearing them.
Also, you may consider distributing some minor gifts that have your business name and address imprinted on them.
10. Use the Power of Social Media
Don’t underestimate the power of social media.
It is important to utilize fully these social media platforms such as Facebook, Instagram, Twitter, and starting a blog.
Through these venues, you can talk about the latest in products and what your hair business company can offer.
An idea about a blog could capture an individual’s encounter with others who are using your hair products.
It could chronicle their interactions with their family, friends, and business workers.
It would be a fun and interesting read about people’s reactions to an individual utilizing a hair extension, weave, or wig.
It may be a powerful catalyst for other people to go down that same beauty-enhancing road.
11. Have a Grand Opening
Once your business is ready to be launched, a great way of starting to attract customers and advertise your business is to have a grand opening.
The grand opening could be the display of balloons, face painting clowns for the children, lucky drawings for a fairly inexpensive hair product, etc.
The idea is to get people into the door and have them become aware of what your business offers.
The added benefit would be the sharing, via word-of-mouth, of those attendees with others about your business.
Congratulations on Starting Your Hair Business
Congratulations are in order.
You are researching the possibility of following your dream of owning a business.
Additionally, this isn’t just any business but a beauty enhancement business as well as empowering individuals that want to be more confident inwardly based on how they present themselves outwardly.
It’s about being self-confident and looking self-confident.