Hair extension could be a wise choice for running a business as it is not simply a short term instant but a long run business that requires dedication and perseverance. Nowadays, there have been various kinds of hair extensions with different styles, from natural wavy, kinky, to straight, along with different sources such as Brazil, Peru or some Asian countries like China, Cambodia, Vietnam. This item has a very high demand for different reasons so this makes hair extensions business are terribly profitable. This industry is now becoming more and more massive and a business that brings profits to the businessperson. In order to own and run a profitable hair extension business, you need to research and have great enthusiasm. A selling hair extensions business plan is an indispensable part of this journey.
In this guide we’ll attempt to modify a business set up for hair extensions, presenting the steps and providing some best hair extension suppliers. Hopefully, the guide on selling hair extensions business plan provides you insight as well as motivation in getting closer steps your dreams and your abundance. And don’t forget to feature a twist to the setup, which would be a key part to success in business.
What is a business plan?
Business Plan is a document that outlines the business process of a company or business in a certain period of time. This plan can include orientations, goals, sales plans, marketing plans … Business plans are set up by business owners or executive directors, marketing directors or people with relevant positions. The more detailed and specific the plan’s content is, the higher its ability to materialize.
The business plan has many different types, as long as it is possible to simulate the future of the company or business. Include key issues such as resources, finance, sales & marketing strategies. This helps businesses prepare risks, challenge, and welcome opportunities. In other words, the business plan is the goal, the way of the country is set up by companies and businesses from the beginning of the sales campaign to bring the best business results.
Why do you need to make a selling hair extensions business plan?
First of all, let’s talk about the need for selling hair extensions business plan. As mentioned above, the business plan plays an important role in business strategies. A proper business plan will help the leader:
– Make accurate decisions in business.
– Successful sales strategy
– Clear business guidelines
The business plan of the business is like a map for you to travel to a certain country. A daily saying by economists and managers as well as business owners is: “If the business fails to plan, it plans to fail” (If the business fails to plan, then the business has set up a plan for failure already. This statement covers all the meanings of the need for business planning.
If you don’t have a good business plan, no matter how great your business ideas are, it’s hard to succeed, even a heavy failure.
A good selling hair extensions business plan not only determines the success of making the original business idea a reality but also helps you maintain your focus after you succeed.
Things to consider when getting Started Selling Hair extensions business plan
An effective choice which requires the least cost to start this business is an online store, which can effectively help to reduce the cost of renting some stores and mainly helps to sell the hair products basing on the power of online marketing. However, you should not let yourself under control of the pressure from an online store. It is much simpler than it might appear, and can totally start selling your products on some channels of social media. A lot of successful hair stories can be your example, and almost all the owners had no experience in IT at first now have built the brightening hair business empires just by with first small steps. A complete selling hair extensions business plan should include the following six basic steps:
Your own business idea
The first and most important thing is a business idea. You have to have business ideas in your head and think carefully about those ideas. In history, the idea, whether crazy or great, has the potential to succeed. For example, Bill Gates gave up his university to start a company. At that time, many people considered it crazy, but in the end, everyone knew his success. A good selling hair extensions business plan really needs this thing.
Set goals and objectives for selling hair extensions business plan
These are the results that business ideas need to achieve. You will have to answer the following questions: What will you gain from your business in terms of time, money and experience? How to measure the success of that business (eg total revenue, net profit, how many employees, how much market share). How long will it take to measure that level of success (one year, two years or five years)?
Setting goals and achieving results can be encapsulated in SMART (smart), where S is Specific (Specific), M is Measurable (measurable), A is Achievable (Can be achieved) ), R is Realistic and T is Timely (duration). This will strengthen your selling hair extensions business plan a lot.
Market research and analysis
To ensure a successful business and make the most effective selling hair extensions business plan, it is necessary to organize market research and analysis. Consider whether there are companies and organizations that have been doing business in that area, how successful they are, who their customers are, the needs of the future market like that…
If you do not have expertise in the field of market research and analysis, it is best to go to a consulting firm. The consulting company will provide you with all the research and market analysis information with your order content.
SWOT – Strength, weakness, opportunity and Threats analysis
A complete selling hair extensions business plan is not possible without this thing. More than anyone else, you must know your strengths and weaknesses when doing that business goal.
For example, if you are a computer expert and you want to do business in the computer field, it is a strong point in your field of business, but the weakness may be that you do not have management experience, marketing experience. … Market analysis also helps you predict the opportunities and challenges that threaten the success of that business idea when you start working.
Plan your marketing
The strategies you will take to entice customers and, more importantly, keep customers when you use your products and services. You should always ask the question: how do customers know their products and services and which marketing strategies are best to do so for your selling hair extensions business plan. No matter how good your products and services are, it will be meaningless if no one knows your business.
What financial resources to finance the selling hair extensions business plan, such as loan capital, owner’s capital and how will those funds be used? Many entrepreneurs believe that financial planning is the most important decision of the business.
A sample of selling hair extensions business plan for you
– Total cost: This will be your initial investment which is at least $1000 – $2000, including
+ Store rent costs: almost all contracts have to be signed at least 1 year.
+ Expenses for counters, glass cabinets, mirrors, counseling desks …
+ The cost of initial purchase due to the inability to buy products for the first time
+ Cost for hiring 1-2 employees in 2-3 months. However, if the store is small, the owner can sell and manage to save costs in the first stage
+ Contingency expenses in the first 3 months of business
-> Preparation time: about 1 month
– Staff (if any):
+ Need to recruit employees knowledgeable about beauty care, especially hair extensions and know how to consult costumers
+ Ability to communicate
+ Have a great knowledge about hair extensions and love beauty work
– Making sales and marketing plan:
+ Researching the market demand around the sales area, researching competitors and selling prices in the expected business area;
+ Sales target: estimate revenue, cost, monthly profit;
+ How to advertise, attract customers with social media, websites (if possible), …
+ Manage display and memorize items that you do business: neat and logical arrangement will help you save time searching as well as periodic inventory
+ Communication: customers often pay attention to sales attitudes of shopkeepers or employees. Therefore, it is necessary to show enthusiasm and fun when selling goods
+ Some kinds of hair extensions often cause allergies so employees need to handle such situations so as not to discredit the store. For example, it is possible to instruct customers to use another type of hair extensions to combat allergies or contact some centers, hospitals … for proper diagnosis.
+ You must be knowledgeable about the use of hair extensions; how to use hair extensions, etc.
+ Also you need to have experience with hair extensions for men, children, older people … because customers are often confused about choosing which products are suitable.
+ Trading in imported hair extensions: Aliexpress, DHGate, Amazon, etc.
+ A number of domestic hair extensions production companies and establishments such as Private Label Extensions, Airy Hair, etc.
+ Some foreign hair extensions brands have factories or distribution centers in your country.
Stephanie is a hair specialist at Belady Hair Factory, a high-end hair distributor located in downtown Toronto. She is a trained cosmetologist and has been with the company for over five years. Stephanie has vast knowledge in hair care and styling and can provide clients with everything from classic to trendy looks. She is also knowledgeable about the different products in the market and can help clients choose the right one for their hair type. Full her bio.