How To Start A Hair Extensions Business – Best Practices
Hair extensions are the best source to increase the length, color, and texture of hair. These extensions are popular because they don’t have any effect on your natural hair. Many people desire human hair for creating extensions, braids, custom wigs, and hair pieces. It is a valuable resource widely used in various applications. In this article, we’ll learn how to start a hair extension business. So get ready to read this interesting and wonderful information.
Opening a business that sells human hair for weaving can be lucrative. Unlike synthetic hair blends, human hair is preferred due to its natural appearance and versatility. It can withstand heat styling without sustaining damage. The global hair extensions market size was $2.9 billion in 2021 and is projected to reach $6.3 billion by 2031, with a growth rate of 8.2% CAGR from 2022 to 2031. Consider the following factors in order to open your hair extension business successfully.
How To Start A Hair Extensions Business
Research Your Products
It is always better to get the knowledge of your products before selling them. So have deep knowledge and research of different types of human hair and the difference between human hair weaves and synthetic.
It's crucial to know the distinctions so that you can provide the right products. For instance, if a customer wants a 16-inch weft of Remy hair, you don't want to mistakenly offer an 18-inch bulk bag of European hair. You should also be able to guide customers on the best hair for different extensions, wigs, and braids.
Find A Quality Hair Extensions Supplier
First of all, find reliable and quality hair extension suppliers. Because suppliers are important for your business. Without them, you can’t fulfill the demands of customers.
Choose a quality hair extensions supplier who is:
1. RELIABLE
Suppliers are essential for businesses that sell physical products. Your reputation depends on them, as you can only be as good as they are.
2. BUSINESS PARTNER
When choosing a supplier, look for someone who is more than just an order-taker. Moreover, it is suggested that you look for a supplier who can become your business partner and help you when you need it the most.
3. FAST RESPONSE TIME
No matter if your supplier is close by or far away, it's important to make sure you can easily reach them whenever you need to get in touch.
A Place To Store Your Bulk Orders
Look for a place where you can put your bulk orders for your customers. A perfect storage room or house is very important for your business. In addition, if you have already a physical store then it is good. But if you don’t have it right now then use a space in your home. Also, when you are new to the hair extensions business then solely depend upon online presence. And execute your working plans from online stores. Therefore have a website named hair extensions.
Brand Yourself With Beautiful Packaging
It is always important to pack and brand your hair extensions. Because packaging plays a vital role in the success of any business. Moreover, use packaging for the promotion of your business. Further, you can use custom hair extension boxes for the packaging of products. These boxes are customized so you can have your brand logo on them. In addition, must have the following points on your packaging boxes.
· Brand information
· Contact by email or phone
· Physical address location
Find Financing
Having a good business idea and the skills to run it is one thing, but getting the funds to start a hair extension company is another. Starting a new hair extension business can be affordable, especially if you sell online. Banks usually require borrowers to have good credit and invest 15-25% of their own money towards the total startup costs.
Offer Discounts to Repeat Customers
To attract loyal customers, offer discounts to salon professionals and cosmetology students. These clients are valuable as they tend to buy more hair at once. Moreover, you can provide discounts of up to 30 percent off the real price. Further, you can get more information by seeing your competitor's offers. This way, you can easily cover the cost of the discount and build a steady business.
Promote Your Business
Promotion is needed for the popularity of your hair extensions business. So market your online store or website on different other platforms like social media. Pay attention to search engine optimization and use relevant keywords in your content. Moreover, build backlinks of your website on reputable websites. For this purpose, you can take help from guest posts. It is an ideal way to get the backlink to your business. So search the websites on Google that offers the ‘write for us’ option. Many of them will demand some money to publish your articles on their sites. So get ready to spend some budget on this too. That way, you can build your brand reputation and authority for your website.
Get Business Insurance
Having the appropriate insurance is necessary for both online and retail hair businesses. Insurance protects the business and owners from potential losses. Consider getting general liability insurance, which covers injuries or damages caused by your products. If you make the items you sell, get product liability coverage. Also, ensure coverage for property damage and equipment used in creating extensions.
Even for a small hair business, having the right insurance provides financial protection in case of accidents or lawsuits.
Faqs
1. Is selling hair extensions online profitable?
Having a physical store is advantageous because customers can see the products in person. However, selling online can also be profitable if you brand effectively. It's not difficult because there is high demand for hair products.
2. Why are hair extensions popular?
Hair extensions help make the hair longer and fuller, allowing people to style it as they desire. They also boost confidence, especially for those with hair issues. Some individuals wear extensions daily, while others save them for important events like weddings to improve their looks.
3. Who is the target market of the hair business?
Hair extensions and wigs are often associated with women, but they are not exclusive to them. Anyone who wants to improve their hair and appearance can benefit from these accessories. Age and status do not matter, as both older individuals and teenagers can wear hair extensions.
