With growing interest in hair extensions, this domain of the beauty sector is experiencing rapid growth. So, why not capitalize on this opportunity? By that, we mean you can kickstart a hair extension business. Besides being in demand, this is a profitable niche serving the mass population. In addition, the hair extension business has ample room for creativity. You can always launch new shades according to women’s changing tastes and fashion.
Now, the question is how to start a hair extension business. You can begin by creating a plan followed by extensive research on the market. Likewise, analyze business costs, find vendors, and learn the ins and outs of the hair industry. Your market knowledge and understanding will go a long way in making your venture successful.
To help you out, here we have highlighted five tips on how to start a hair extension business.
How to Start a Hair Extension Business in Five Easy Steps
1. Conduct Comprehensive Market Research
Most people step into a new industry due to its high demand but need to perform market research. Even though the hair extensions industry is booming, do you know what people want? Hair extensions came into the limelight because people wanted to protect their natural hair from styling and heat. They used extension as an alternative. Therefore, your target audience will be people who have similar interests.
You can also reach out to people with illnesses or patients who have lost hair due to medical treatment. Likewise, you can target celebrities who need hair extensions for aesthetic purposes. Once you have researched your audience, find your competitive edge.
2. Find a Reliable Supplier
When people think of how to start a hair extension business, they mostly wonder how to find the product. There are two options. You can either get into the production of hair extensions or look for a reliable supplier. As a newbie in the market, the second option will be more convenient.
Therefore, you must look for someone reliable, as suppliers are the backbone of every business trading tangible products. In short, your reputation will be in their hands; hence, you must make the correct choice. Further, look for a supplier willing to become your business partner. More than sending orders, the vendor should be available to help you in times of need.
3. Define Your Business Structure
Do you want to know how to start a hair extension business from a store or social media? Some entrepreneurs wish to have a store with hair extensions on every rack. It would enable customers to come and browse the entire store, check the quality, and try extensions in real time. Surprisingly, an online store can offer the same experience.
Although both structures have their share of pros and cons, they determine what you want for the business. The best way to decide will be by considering the target audiences’ interests.
4. Advertise Your Business
Once your business is up and running, spread the word. The best way to market your business is by creating a presence on social media forums. You can create content that drives traffic and start linking your products. You can create shoppable posts that will direct people to your webpage, letting them purchase the products on the spot.
Moreover, you can also write guest posts related to hair extensions and link them to your products. People reading those blogs will click on the link, driving potential leads to your websites. In addition, don’t forget to collect emails on your website and capitalize on email marketing. It might seem old-school, but email marketing is still doing wonders for many businesses.
5. Focus on Branding
The beauty industry is all about branding and promotional merchandise. Thus, a substantial part of how to start a hair extension business depends on branding. After all, how your package and brand the hair extensions play a crucial role in determining your business’s success.
The packaging should represent your brand message. If you support sustainability, make sure that it reflects in your packaging. Besides this, your packaging should include business contact details and address information. It will enable customers to reach out whenever necessary. Initially, packaging might seem trivial, but branding goes a long way in customer retention. After all, new-age consumers crave unique experiences from brands.
Frequently Asked Questions
How to start a hair extension business?
You must find a supplier selling quality hair extensions and rent a place to store your bulk orders. Next up, choose a business model, market your business, and invest in branded packaging.
How much money does it cost to start a hair extension business?
You can start this business with as little as $1000 or for as much as a quarter of a million. The best approach is to start with less capital and pool more money as your business grows.
Can I start a hair extension business online?
Another answer to how to start a hair extension business is through social media. You don’t necessarily have to rent a booth or shop since you open a digital storefront and start selling.
Is selling hair extensions profitable?
The average price of a hair extension is around $195. If you can sell even two extensions daily, you can make about $6000 monthly.
Starting any business is not easy, and learning how to start a hair extension business is not any different. You must be selective in choosing a supplier since that can make or break your business. Likewise, you must be careful about the product quality and ensure it aligns with audiences’ needs. Lastly, focus on marketing your product to the right audience to earn maximum returns and push the business toward growth.