How to Start a Profitable Hair Business [11 Steps]

Nick

By Nick Cotter Updated Feb 02, 2024

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Business Steps:

1. perform market analysis., 2. draft a hair business plan., 3. develop a hair brand., 4. formalize your business registration., 5. acquire necessary licenses and permits for hair., 6. open a business bank account and secure funding as needed., 7. set pricing for hair services., 8. acquire hair equipment and supplies., 9. obtain business insurance for hair, if required., 10. begin marketing your hair services., 11. expand your hair business..

Before launching your hair business, it is crucial to gain a deep understanding of the market. A thorough market analysis will help you identify your target customers, understand your competition, and position your product or service effectively. Here are some key points to consider:

  • Analyze the demographics of your potential customer base, considering factors such as age, gender, income level, and purchasing habits to tailor your marketing and product offerings.
  • Research current trends in the hair industry, including popular styles, treatments, and products, to ensure your business stays relevant and competitive.
  • Identify your main competitors, evaluate their strengths and weaknesses, and learn from their strategies to differentiate your brand and offer unique value propositions.
  • Assess the pricing strategies within the market to determine a competitive yet profitable price point for your products or services.
  • Understand the legal and regulatory environment of the hair industry, ensuring that your business complies with all relevant laws and standards.
  • Consider the impact of technology and online retail on the hair industry and adapt your business model to leverage e-commerce platforms and social media marketing.

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Are Hair businesses profitable?

Yes, hair businesses can be profitable. Many hair salons and barbershops are successful businesses. In addition to providing haircuts, they often offer a variety of other services such as hair coloring, styling, and hair treatments. Additionally, they often sell hair care products, which can be a profitable source of revenue.

Creating a comprehensive business plan is a critical step for success in launching your hair business. It will serve as a roadmap for your business, outlining your strategy, financial projections, and how you plan to achieve your goals. Follow these guidelines to draft a solid business plan:

  • Define your business concept: Specify what type of hair business you're starting, whether it's a salon, a hair product line, or a hair extension business.
  • Analyze the market: Research your target audience, study competitors, and identify your unique selling proposition (USP).
  • Plan your services and products: List the services you will offer or the products you will sell, including pricing strategies and potential suppliers.
  • Marketing and sales strategy: Detail how you will attract and retain customers through various marketing channels and what sales tactics you will employ.
  • Operational plan: Include the logistics of how your business will operate daily, such as location, equipment, staff, and technology requirements.
  • Financial projections: Provide a detailed financial plan with projected income statements, cash flow statements, and balance sheets for at least the first three years.
  • Set goals and milestones: Identify short-term and long-term objectives, with specific targets and deadlines to measure progress.

How does a Hair business make money?

A hair business typically makes money by providing services such as cutting, styling, coloring, and other treatments to customers. The business may also sell hair products such as shampoo, conditioner, styling products, and other related items. The business may also offer additional services such as hair extensions, hair treatments, and other specialized services.

Developing a hair brand is a pivotal step in starting a hair business as it sets the tone for your company's identity, values, and the products you offer. Your brand is how customers will recognize and remember you, so it's essential to create a strong and cohesive image. Follow these guidelines to build a brand that resonates with your target audience:

  • Define Your Brand Identity: Determine your brand's personality, values, and unique selling proposition. Consider what makes your hair products or services stand out from the competition.
  • Choose a Memorable Name and Logo: Your brand name and logo are the first things people will notice. Ensure they are distinctive, easy to remember, and reflect the essence of your brand.
  • Select a Color Scheme and Typography: Visual elements, like color and font, play a critical role in branding. Select a color palette and typography that align with your brand's personality and appeal to your target market.
  • Develop a Brand Voice: Your brand voice is how you communicate with your audience. Whether it's professional, friendly, or quirky, make sure it's consistent across all marketing materials and platforms.
  • Create a Brand Story: Share the story behind your brand. Stories are memorable and can create emotional connections with customers, encouraging loyalty and word-of-mouth referrals.

How to come up with a name for your Hair business?

Brainstorm a list of ideas that relate to the services you offer. Think of words that evoke the feeling you want your clients to have when they hear your name. Research similar businesses to gain an understanding of what names are already being used in your local market. Finally, test out potential names with a few trusted friends and family members to get their feedback.

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Once you've laid the groundwork for your hair business, formalizing your business registration is a critical step to legitimize your operations and protect your brand. Registering your business is a process that varies depending on your location, but generally involves a few common steps. Here’s what you need to do:

  • Choose a Business Structure: Decide whether your hair business will be a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each has different legal and tax implications.
  • Register Your Business Name: Check for the availability of your chosen name and register it with the appropriate state agency. If you plan to operate under a different name than your legal name, file a 'Doing Business As' (DBA) registration.
  • Obtain Necessary Licenses and Permits: Depending on your location and the nature of your hair business, you may need specific licenses, such as a cosmetology license or a general business license. Check with your local and state governments for requirements.
  • Apply for an EIN: If you have employees or operate as a corporation or partnership, you'll need an Employer Identification Number (EIN) from the IRS for tax purposes.
  • Register for State Taxes: If applicable, register with your state tax department to handle sales tax, payroll tax, and any other state taxes.
  • File Necessary Documents: Submit any required formation documents, such as Articles of Incorporation or Organization, to the relevant state authorities.

Resources to help get you started:

Explore valuable resources specifically curated for hair bonnet entrepreneurs aiming to understand market trends, optimize operations, and accelerate business growth:

  • Beauty Business Journals: Publications that offer insights on the latest trends, consumer behavior, and innovation within the hair care and beauty industry. These journals often have special segments on accessories like hair bonnets.
  • Industry Reports: Comprehensive market analysis reports from research firms such as IBISWorld or Mintel, providing detailed data on market size, consumer demographics, and competitive landscape for the hair bonnet sector.
  • Online Retailer Blogs: Blogs from platforms such as Shopify or Etsy, offering tips on running an e-commerce business, marketing strategies, and case studies of successful hair accessory businesses.
  • Fashion and Beauty Trade Shows: Events where entrepreneurs can network with suppliers, discover new materials, and gain insights from industry leaders. Specific sections or booths are dedicated to hair accessories and care products.
  • Email Newsletters: Regular updates from beauty and fashion industry influencers or trade groups that provide news, marketing tips, and business strategies relevant to the hair bonnet market.
  • Social Media Analysis Tools: Services like BuzzSumo or Hootsuite that help entrepreneurs track trending topics, consumer preferences, and competitor performance within the hair bonnet niche on social platforms.

Starting a hair business requires not only a flair for styling but also a strict adherence to local regulations. Before you open your doors, make sure you have all the necessary licenses and permits to operate legally and safely. Here's what you need to consider:

  • Check Local Business Licenses: Contact your city or county's business licensing office to find out the specific licenses required to operate a hair business in your area.
  • Professional Cosmetology License: Most areas require hair stylists to have a valid cosmetology or barber license. This typically involves completing a certain number of hours of training at a recognized school and passing a state board exam.
  • Salon License: If you are opening a salon, there may be a separate salon license that you need to acquire, which ensures your establishment meets health and safety regulations.
  • Building Permits: If you're renovating a space for your hair business, ensure you have the necessary building permits for construction and signage.
  • Health and Safety Permits: Since salons deal with chemicals and tools that can be hazardous, a health and safety inspection may be required to get a permit from the local health department.
  • Specialty Services Permit: If you're offering services like hair coloring or chemical treatments, additional permits may be required for those specific services.

What licenses and permits are needed to run a hair business?

The specific licenses and permits required to run a hair business can vary depending on the location and type of services offered. Generally, you will need to obtain a business license, a health department permit, and a cosmetology license issued by the state board of cosmetology. You may also need additional certification for specialty services such as hair extensions and hair coloring. Additionally, your local government may require you to obtain special zoning permits or operate your business within certain guidelines.

Starting a hair business requires careful financial management, which is why opening a business bank account and securing the necessary funding are essential steps. A separate account will help you keep personal and business finances distinct, while funding will fuel your growth. Follow these guidelines to get started:

  • Research banks that offer business banking services and compare their fees, services, and customer support. Choose one that best fits your business needs.
  • Prepare the necessary documents to open a business bank account, such as your business license, EIN (Employer Identification Number), and ownership agreements.
  • Consider applying for a business credit card to build credit history for your hair business and to keep track of expenses more efficiently.
  • Explore various funding options, including business loans, lines of credit, or investors, if your initial capital isn't enough to cover startup costs.
  • Look into special grants or funding opportunities for small businesses, particularly for those owned by women, minorities, or veterans, if applicable.
  • Create a solid business plan to present to potential lenders or investors, showcasing your market analysis, projected financials, and growth strategy.

Setting the right pricing for your hair services is crucial to the success of your business. It requires a balance between being competitive in the market and ensuring profitability. Consider the following points to help guide you in establishing your pricing structure:

  • Research local competitors to understand the going rates for similar services, ensuring your prices are neither too high nor too low.
  • Calculate your costs, including rent, supplies, labor, and utilities, to determine the minimum price you need to charge to cover expenses and make a profit.
  • Consider the level of experience and expertise you or your stylists bring to the table, as higher skill levels can command higher prices.
  • Be transparent with your pricing by displaying it clearly in your salon and on your website to build trust with clients.
  • Offer tiered pricing for different levels of stylists, if applicable, to cater to a wider range of customers.
  • Introduce special promotions or discounts for new clients or off-peak times to attract business without undervaluing your services.
  • Regularly review and adjust your prices as necessary to reflect changes in the market, cost of supplies, and the growing expertise of your stylists.

What does it cost to start a Hair business?

Initiating a hair business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $12500 for launching such a hairbusiness. Please note, not all of these costs may be necessary to start up your hair business.

Starting a hair business requires not just skill and creativity, but also the right tools and supplies. From basic combs and scissors to specialized styling tools, having the right equipment is essential for providing top-notch services to your clients. Below is a list of essential items you should acquire:

  • Basic Tools: Scissors, combs, brushes, and hair clips.
  • Electrical Appliances: Hair dryers, straighteners, curling irons, and clippers.
  • Hair Care Products: Shampoo, conditioner, hair spray, gels, and serums.
  • Coloring Supplies: Hair dye, bleach, gloves, and application brushes.
  • Sanitation Supplies: Barbicide, disinfectant spray, towels, and aprons.
  • Personal Protective Equipment (PPE): Gloves, masks, and protective eyewear for safety.
  • Salon Furniture: Styling chairs, shampoo bowls, and hairdressing trolleys.
  • Salon Accessories: Mirrors, hairdressing capes, and appointment books or software.

List of Software, Tools and Supplies Needed to Start a Hair Business:

  • Barber chairs
  • Hair cutting scissors
  • Hair clippers
  • Hair care products
  • Hair styling tools
  • Hair accessories
  • Accounting software
  • Payment processing software
  • Inventory management software

Starting a hair business requires not just skill and creativity, but also a solid foundation of protection. Business insurance is critical as it safeguards your enterprise from unforeseen events and liabilities. Here is how to obtain the appropriate insurance for your hair business:

  • Research different types of business insurance, such as General Liability Insurance, Professional Liability Insurance, and Product Liability Insurance, to understand which coverages are most applicable to your hair business.
  • Contact multiple insurance providers to compare quotes and coverage options. Ensure that the policy you choose covers the specific risks associated with hair services and products.
  • Consult with a licensed insurance agent who has experience in small business and salon insurance. They can provide personalized advice and help tailor a policy to your unique needs.
  • Consider the value of your equipment and inventory when determining the amount of coverage. This will help you decide on the right policy limits to protect your assets.
  • Regularly review and update your insurance policy to ensure it matches the growth and changes in your business. As you expand services or increase inventory, your coverage needs may change.

Now that you've honed your hair styling skills and set up your business, it's time to attract clients and grow your brand. Marketing is crucial in creating awareness and building a loyal customer base. Here's how you can begin marketing your hair services effectively:

  • Develop a strong brand identity that includes a memorable logo, color scheme, and brand voice to stand out in the hair industry.
  • Create professional social media profiles on platforms like Instagram, Facebook, and Pinterest, where you can showcase your work, share customer testimonials, and connect with potential clients.
  • Build a user-friendly website with a portfolio, service menu, pricing, and an easy booking system to make it convenient for clients to choose your services.
  • Offer introductory discounts or bundle deals to new customers to encourage them to try your services.
  • Network with other local businesses and professionals to establish referral partnerships and expand your client reach.
  • Engage in community events or hair shows to demonstrate your skills and gain local recognition.
  • Encourage satisfied clients to leave positive reviews online and refer friends and family for a referral discount.
  • Invest in local advertising, such as flyers, posters, or ads in local publications, to target potential clients in your area.

Once your hair business has established a solid foundation and loyal customer base, it's time to consider growth and expansion. Expansion can take many forms, from increasing your product line to scaling your operations. Here are a few strategies to help you expand your hair business effectively:

  • Introduce new products or services, such as custom wigs, hair extensions, or specialized treatments that cater to a broader range of customer needs.
  • Invest in marketing to reach a wider audience. This could involve social media advertising, collaborating with influencers, or exploring new marketing channels.
  • Consider e-commerce if you haven't already. Selling your products online can significantly increase your reach and sales potential.
  • Explore partnerships with other businesses or salons, which can provide referral opportunities and expand your network.
  • Open new locations or franchise your business to create multiple revenue streams and increase your brand presence.
  • Offer training or education programs, positioning your business as an expert in the field and creating an additional income source.
  • Regularly seek feedback from customers and adapt your offerings to meet changing trends and preferences in the hair industry.

ProfitableVenture

Hair Extension Selling Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Beauty Care Industry » Selling Hair Extensions

There are businesses that someone with little education and no serious business background and training can start. One of such businesses is to open a hair extension retail store . The major things you need to succeed in this business is a good location, easy access to wholesale supply of quality hair extensions and good customer service skills.

The truth is that if your store is located in an area with good human and vehicular traffic, and you have quality hair extensions, wigs and related products from different brands, you may not have to struggle to get people to visit your store and make purchase. Below is a sample hair extension retail store business plan template that can help you to successfully write your own.

A Sample Hair Extensions Retail Store Business Plan Template

1. industry overview.

Hair extension retail stores are part of the Wig and Hairpiece Stores industry and players includes stores that mainly specialize in selling wigs, hairpieces and hair extensions for both aesthetic and medical purposes. Please note that this industry does not include retailers that primarily provide wigs and hairpieces via electronic mediums.

The Wig and Hairpiece Stores industry, just like most businesses in the retailing industry, depends on strong consumer spending to spur the demand for industry products.

Over the last half decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing. Going forward, as the economy of the united states continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to thrive.

The Wig and Hairpiece Stores industry is indeed a major sector of the economy of the United States of America and they generate over $224 million annually from more than 696 wigs and hair extension retail outlets scattered all around the United States of America.

The industry is responsible for the employment over 1,997 people. Experts project that the industry will grow at a 4.0 percent annual rate. No player can boast of having a lion share of the available market in this industry.

A close study of the Wig and Hairpiece stores industry shows that the industry has low and steady barriers to entry. For instance, the capital requirements to open a store location are relatively low and primarily consist of leasing a commercial property and purchasing initial inventory.

Increased vacancies and lower leasing rates as a result of the recession have improved new entrants’ ability to find low-cost property in attractive locations over the past five years. However, high competition may deter potential new entrants.

It is important to note that the cost of purchasing initial inventory can vary considerably and is dependent upon hair extension retailers’ ability to work with manufacturers and suppliers. As a new market entrant in the industry, you have to establish relationships with suppliers and build a clientele base, which can act as a barrier to entry.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which the hair extension retail stores industry contributes greatly.

This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some retail stores.

Over and above, the wig and hair extension retail store industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner or you can chose to start on a large scale with several outlets in key cities through the United States of America.

2. Executive Summary

Sharon & Anita Hair Extension Store®, Inc. is a registered hair extension retail store business that will be located in one of the busiest streets in Charleston – West Virginia.

We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of hair extension retail store that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Charleston – West Virginia.

Sharon & Anita Hair Extension Store®, Inc. will retail synthetic hair wigs, human hair wigs, synthetic hairpieces, human hairpieces and toupees et al from different manufacturers from the United States and abroad. We are set to service a wide range of clientele in and around Charleston – West Virginia.

We are aware that there are several hair extension retail outlets all around Charleston – West Virginia, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet has various payments of options.

Sharon & Anita Hair Extension Store®, Inc. will ensure that all our customers are given first class treatment whenever they visit our hair extension retail store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to.

We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions.

Sharon & Anita Hair Extension Store®, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. Sharon & Anita Hair Extension Store®, Inc. is a family business that is owned by Sharon Williams and her immediate family members.

Sharon Williams has a B.Sc. in Business Administration, with over 5 years’ experience in the retailing industry, working for some of the leading brand in the United States. Although the business is launching out with just one outlet in Charleston – West Virginia, but there is a plan to open other outlets all around major cities in the United States.

3. Our Products and Services

Sharon & Anita Hair Extension Store®, Inc. is in the wigs and hair extension retail industry to service a wide range of clients and of course to make profits, which is why we will go all the way to make available a wide range of hair extensions from top manufacturing brands in the United States and other countries of the world.

We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

  • Retailing synthetic hair wigs
  • Retailing human hair wigs
  • Retailing synthetic hairpieces
  • Retailing human hairpieces
  • Retailing toupees

4. Our Mission & Vision Statement

Our vision is to become one of the leading brands in the wig and hair extension retail stores industry in West Virginia and to establish a one stop hair extension retail store in Charleston – West Virginia and in other key cities in the United States of America and Canada.

Our mission is to establish a world – class hair extension retail business that will make available a wide range of hair extension products from top hair extension manufacturing brands at affordable prices to residents of Charleston – West Virginia and other key cities in the United States of America where we intend opening of chains of hair extension retail stores and franchise.

Our Business Structure

Our intention of starting a hair extension retail store business is to build a standard and one stop hair extension retail store outlet in Charleston – West Virginia.

Although our hair extension retail store business might not be as big as multi – million dollars hair extension stores, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer (Owner)
  • Store Manager
  • Human Resources and Admin Manager
  • Merchandise Manager

Sales and Marketing Manager

Information Technologist

  • Accountants/Cashiers
  • Sales Agents/Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Reports to the board

Admin and HR Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization.
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and interviewing process
  • Carries out induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Oversees the smooth running of the daily office activities.

Store Manager:

  • Responsible for managing the daily activities in the store
  • Ensures that proper records of wigs and hair extensions are kept and warehouse does not run out of products
  • Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
  • Interfaces with third – party suppliers (vendors)
  • Controls hair extension distribution and supply inventory
  • Supervises the workforce in the sales floor.

Merchandize Manager

  • Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure high quality hair extensions from different manufacturers are purchased and retailed in good price that will ensure profit
  • Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
  • Ensures that the organization operates within stipulated budget
  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer purchases
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps increase sales and growth for the company
  • Manages the organization’s website
  • Handles eCommerce aspect of the business
  • Responsible for installing and maintenance of computer software and hardware for the organization
  • Manages the organization’s CCTV
  • Handles any other technological and IT related duties

Accountant/Cashier:

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
  • Responsible for financial forecasting and risks analysis
  • Performs cash management, general ledger accounting, and financial reporting
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for the organization
  • Serves as internal auditor for the organization

Client Service Executive

  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
  • Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
  • makes suggestions and encourage purchase of products
  • Provides information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
  • Bags or packages purchases and gift wrap merchandise
  • Ensures that toiletries and supplies don’t run out of stock
  • Cleans both the interior and exterior of the store facility
  • Handles any other duty as assigned by the store manager

6. SWOT Analysis

Our intention of starting just one outlet of our hair extension retail store in Charleston – West Virginia is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in West Virginia and key cities in the United States and Canada.

We are aware that there are several hair extension retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Sharon & Anita Hair Extension Store®, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Sharon & Anita Hair Extension Store®, Inc.

Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of wigs and hair extension and our excellent customer service culture will definitely count as a strong strength for Sharon & Anita Hair Extension Store®, Inc. So also, our team of highly qualify staff members is also a plus for us.

A major weakness that may count against us is the fact that we are a new hair extension retail store outlet in Charleston – West Virginia and we don’t have the financial capacity to compete with multi – million dollars hair extension retail stores when it comes to retailing our products at rock bottom prices.

  • Opportunities:

The fact that we are going to be operating our hair extension retail store in one of the busiest streets in Charleston – West Virginia provides us with unlimited opportunities to sell our wigs and hair extension to a large number of individuals and corporate organizations.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our hair extension outlets.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new hair extension retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

  • Market Trends

If you are conversant with the Wigs and Hair Extension Stores Industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever – changing trends are major growth drivers for sales in this industry.

No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Wigs and Hair Extension Stores industry.

So also, the rising demand for trendy hair extension, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as hair extension stores keep prices low to attract more sales amid growing competition.

A close watch on the industry activities reveals that concentration has increased slightly over the past five years, as merger and acquisition activity has become more prominent. Additionally, companies that have enough funds to invest in multichannel operations have benefitted more than smaller operators with minimal resources.

As part of marketing strategies, hair extension retail stores engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

Lastly, in recent time, the hair extension retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical hair extension retail store is located.

8. Our Target Market

We are aware that loads of females make use of hair extensions and wigs. In view of that, we have positioned our hair extension retail store to service residents of Charleston – West Virginia and every other location where our hair extension stores will be located all over key cities in the United States of America.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of hair extensions to females in and around the location where our hair extension stores will be located.

Our Competitive Advantage

A close study of the wigs and hair extension retail stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiff competition and we are well prepared to compete favorably with other leading hair extension retail stores in Charleston – West Virginia and throughout the United States and Canada.

Sharon & Anita Hair Extension Store®, Inc. is launching a standard one stop hair extension retail store that will become the preferred choice of residents of Charleston – West Virginia and every other location where our outlets will be opened.

Our hair extension retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Charleston – West Virginia.

One thing is certain; we will ensure that we have a wide range of hair extension from leading manufacturers available in our store at all times. It will be difficult for customers to visit our hair extension store and not see the type of wig or hair extension products they are looking for.

One of our business goals is to make Sharon & Anita Hair Extension Store®, Inc. a one stop hair extension shop for all classes of customers. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Sharon & Anita Hair Extension Store®, Inc. is in business to retail a wide range of wigs and hair extension. We are in the wigs and hair extension retail stores industry to

10. Sales Forecast

One thing is certain when it comes to hair extension retail stores, if your store is stocked with various types of wigs and hair extensions and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Charleston – West Virginia and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.

We have been able to critically examine the wigs and hair extension retail stores industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – West Virginia.

  • First Fiscal Year: $250,000
  • Second Fiscal Year: $450,000
  • Third Fiscal Year: $750,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same wigs and hair extension brands as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Before choosing a location for Sharon & Anita Hair Extension Store®, Inc. we conducted a thorough market survey and feasibility studies to enable us penetrate the available market and become the preferred choice in the market. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want.

We hired experts who have good understanding of the wigs and hair extension retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – West Virginia.

In other to continue to be in business and grow, we must continue to sell the hair extension that are available in our store which is why we will go all out to empower our sales and marketing team to deliver. In summary, Sharon & Anita Hair Extension Store®, Inc. will adopt the following sales and marketing approach to win customers over;

  • Open our hair extension store in a grand style with a party for all
  • Introduce our hair extension store by sending introductory letters alongside our brochure to organizations, households and key stakeholders in Charleston – West Virginia
  • Ensure that we have a wide range of wigs and hair extension from different brands at all times
  • Make use of attractive hand bills to create awareness and also to give direction to our hair extension store
  • Position our signage/flexi banners at strategic places around Charleston – West Virginia
  • Position our greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable us reward our regular customers
  • Engage in roadshows within our neighborhood to create awareness for our hair extension store.
  • List our business and products on yellow pages ads
  • Leverage on the internet to promote our business
  • Engage in direct marketing and sales
  • Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our hair extension store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our hair extension store.

Sharon & Anita Hair Extension Store®, Inc. has a long – term plan of opening outlets in various locations all around West Virginia and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Sharon & Anita Hair Extension Store®, Inc.;

  • Place adverts on community based newspapers, radio and TV stations
  • Encourage the use of word of mouth publicity from our loyal customers
  • Leverage on the internet and social media platforms to promote our business
  • Ensure that our we position our banners and billboards in strategic positions all around Charleston – West Virginia
  • Distribute our fliers and handbills in target areas in and around our neighborhood
  • Advertise our hair extension store business in our official website and employ strategies that will help us pull traffic to the site
  • Brand all our official cars and trucks and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to hair extension stores, it is normal for consumers to go to places where they can get hair extensions at cheaper price which is why big player in the wigs and hair extension stores industry will attract loads of corporate and individual clients.

We know we don’t have the capacity to compete with big players in the industry, but we will ensure that the prices and quality of all the hair extension products that are available in our stores are competitive with what is obtainable amongst hair extension stores within our level.

  • Payment Options

The payment policy adopted by Sharon & Anita Hair Extension Store®, Inc. is all inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulations of the United States of America. Here are the payment options that Sharon & Anita Hair Extension Store®, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards
  • Payment via check
  • Payment via mobile money transfer

In view of the above, we have chosen banking platforms that will enable our clients make payment for products purchased without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a hair extension retail store business; it might differ in other countries due to the value of their money. This is the key areas where we will spend our startup capital;

  • The total fee for registering the business in the Unites States of America – $750
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300
  • Marketing promotion expenses for the grand opening of Sharon & Anita Hair Extension Store®, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580
  • Cost for hiring Business Consultant – $2,500
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400 .
  • Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600 .
  • Cost for Shop remodeling (construction of racks and shelves) – $20,000
  • Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 )
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
  • The cost for Start-up inventory (stocking with a wide range of wigs and hair extensions from different brands) – $250,000
  • The cost for counter area equipment – $9,500
  • Cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • Cost of purchase and installation of CCTVs – $10,000
  • The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
  • The cost of launching a Website – $600
  • The cost for our opening party – $7,000
  • Miscellaneous – $10,000

We would need an estimate of $500,000 to successfully set up our hair extension retail store in Charleston – West Virginia.

Generating Startup Capital for Sharon & Anita Hair Extension Store®, Inc.

Sharon & Anita Hair Extension Store®, Inc. is a private registered business that is solely owned and financed by Sharon Williams and her immediate family members. They do not intend to welcome any external business partner which is why they decided to restrict the sourcing of the startup capital to 3 major sources.

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from the Bank

N.B: We have been able to generate about $150,000 ( Personal savings $100,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $350,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.

One of our major goals of starting Sharon & Anita Hair Extension Store®, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality hair extension a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Sharon & Anita Hair Extension Store®, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

  • Business Name Availability Check: Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the shop: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party planning: In Progress
  • Compilation of a list of products that will be available in our store: Completed
  • Establishing business relationship with suppliers of wigs and hair extensions: In Progress

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How to Start a Business Selling Human Hair for Weaving

  • Small Business
  • Running a Business
  • Sell a Business
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How to Sell Hair Products With a Cosmetology License

How to start a beauty supply business, how to sell your own lotion.

  • How to Start a Brownie Business
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Human hair is highly sought after for making extensions, braids, custom wigs and hair pieces. Because human hair is a coveted commodity with widespread usage, learning how to start a business selling human hair for weaving can be a profitable business. This type of hair is preferable to synthetic hair blends because it looks more natural and is more versatile, since it can be heat-styled without damage. If you want to become a supplier of human hair, there are several things you should consider before launching your business.

Research Your Products

Learn about weaving and the various types of human hair available as well as the differences between synthetic and human hair weaves, so that you can better serve your customers. If someone wants to buy a 16-inch weft of remy hair, you don't want to hand her an 18-inch bulk bag of European hair because you don't know the difference. You also need to be able to advise customers on which hair is best for different types of extensions, wigs and braids. Read cosmetology and hair-care books, consult with licensed hairstylists and browse Internet hair-care forums to find out all you can about the products you plan to sell.

Pick a Venue

You can open a brick-and-mortar retail store or e-commerce shop or become a flea-market vendor. If you will be an online business and do not plan to open a physical store, you will need to also secure storage space that is free of dirt, dust and pets. A warehouse or commercial storage facility are options, but you can also use inexpensive, air-tight storage containers in a spare garage or closet. Human hair can either be hung up or laid flat. As long as it is not bent or twisted, you will not ruin it.

Set Up Wholesale Accounts

Set up wholesale accounts with manufacturers and brands of human hair, such as Bohyme, Milkyway or Saga. To get the lowest prices, you will likely have to work directly with international manufacturers rather than buy from a distributor in the United States because most human hair for weaving is gathered and produced in Asia.

Provide Customer Incentives

There are thousands of beauty supply shops across the country that sell a wide range of human hair. You need to give people a reason to patronize your business as opposed to the competition.

Sell Accessory Supplies

Sell items that are typically needed to weave human hair, such as bonding glue, hair razors and weaving needles, to increase your profits. Odds are your customers will need to buy these items, so why miss out on the chance to make extra money? Many distributors of human hair also sell wholesale weaving supplies.

Offer Discounts to Repeat Customers

Offer discounts to salon professionals and cosmetology students to gain steady, repeat business. Such clients can be very valuable and you will make up the cost of the discount easily as they usually buy more hair at a time than regular customers. The discount you offer should be between 20 percent and 35 percent off retail price, depending on what is standard in your area.

Promote Your Business

If you have a physical store, get known in your community by producing or sponsoring a hair show, fashion show or related event. You can also donate hair or supplies to help make custom wigs for people who have lost their hair due to alopecia or cancer. Doing so will give a you a personal sense of satisfaction and may enable you to gain media coverage.

If you sell your human hair products online, set up and post frequently to social media accounts, start a blog that provides hair-styling tips or post ads on forums and websites frequented by your target customers.

  • Forbes: How To Quickly Master Social Media Marketing For Small Business
  • Little Princess Trust: Donate Hair

Melinda Gaines has been a freelance writer since 2006, with work appearing online for YellowPages and other websites. Her areas of expertise include business, beauty, fashion and sports. Gaines attended the University of Houston where she earned a Bachelor of Science in sport administration.

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Branded Hair Extensions

Make 6 Figures Selling Human Hair

  • Post category: Education / Hair Business

If there is an industry that’s secretly popping globally, it has to be the human hair extensions industry. Hair extensions used to be synthetic wigs from the local beauty supply store, but nowadays, it’s normal for beauty-conscious women to spend hundreds and thousands of dollars just to get some virgin human hair . So if you want to start a hair business and wonder how much money you can make, we will show you how to make 6-figure sales selling hair extensions.

You can make 6 figures selling human hair

The average amount for retail hair can cost $150 USD to $300 USD. If you only make 1 sale per day, you will make about $54,750 USD-$109,500 in gross sales in a year! The general profit margin for retail hair is about 50%-100%. So deducting the money you spend to get the hair, you will make a net profit somewhere between $27,375 USD to $54,750 USD. If you can make 2 sales per day, you will be making 6 figures net profit!

If you are a hairstylist, your income will only double because you can charge for services such as knots bleaching, custom colors , install and styling. On an average note, African American women are willing to spend $300-$500 just to get the hair and then about $100-$300 to get the hair installed and styled. If a client wants custom color or wig making, you can charge even more.

Start a hair business Branded Hair Extensions

sell hair extensions worldwide with a website

When you first start your hair business, it may take months, a year or even longer for you to generate revenue every day, especially if you don’t have a legitimate “business presence” such as a storefront. Imagine having a business but people don’t even know what you sell! That won’t help you make money.

Many hair businesses fail because the owners don’t recognize the importance of having a website . A well-designed website costs significantly less than a storefront but it can prove your hair company’s legitimacy to a potential customer. It also allows your customers to easily place orders at any time they want. With a speedy website , you can take orders and make money while you sleep! Branded Hair Extensions

Branded Hair Extensions used to take orders without a website. But the time and money we had to spend to manually take every order started really limiting our sales. But now with the help of our websites, customers can look for product descriptions themselves and place orders even during our non-business hours. We can wake up to thousands of dollars of sales and all we needed to do is to carefully prepare all the shipments.

Hair Website Design Free Hosting

Advertise your hair business on social media

Social media isn’t the best place to sell hair extensions, but it is definitely the best place to advertise your hair business ! More customers can discover your business on platforms such as Instagram, Facebook, and Youtube. With a little help from paid advertisements and influencer marketing, you will be able to build a community for your brand.

Having a great social presence for your hair business will also boost your sales. Customers will be able to see more photos of your hair and service. If you have a website linked in your social media accounts, your customers can just click on the link to shop their favorite bundles and wigs.

Advertise hair busiiness on Instagram Facebook

Good branding=higher hair prices

The general retail rule is 50%-100%. If a wholesale hair vendor charges $50 for a bundle, you can sell it at $75-$100+. You should be able to make 1/3 or double the original amount you paid for the hair.

If you want to learn how to calculate hair prices, click here .

One thing we want to point out is that high-quality branding and packaging can help you raise the prices of your hair.

Have you ever been pleasantly surprised by high quality packagings?

I’m sure you have.

Selling hair extensions is in the beauty industry. You are selling an idea of beauty, not just hair extensions. You want your customers to feel pampered and feel great about themselves when they wear your hair extensions. We have to say that branding and packaging are the best way to add points to their shopping experience with your brand. If you have nice branding and packaging for your hair brand, you can probably increase your prices for another 30%-50%.

Hair Brandiing

Price your hair fairly, don’t undercharge, EVER

It is true that there is a lot of competition in the hair business world. We know that some hair bosses think that they need to beat everyone’s prices in order to survive in this industry. That is the worst thing you can do to hurt your business.

You should price your products fairly based on what value you can offer to your customers. 50%-100% retail rule is just a general rule of thumb and not every company needs to follow that. For example, Beyonce’s hairstylist Alonzo Arnold charges $1500 for a wig while the average price for a wig is $200-$500, but here is his sales record.

View this post on Instagram I really appreciate everyone for their patience and their business. I will make it up to you all. Thank you A post shared by WIGALICIOUS (@wigggalicious) on Oct 28, 2019 at 8:06am PDT

We are not saying that you should charge $1500-$2000 for a wig, after all, not everyone is a celebrity hairstylist and can pre style the wigs. But there are plenty of brands that do charge over 200% for profit. But are people buying? Of course, they are!

Instead of worrying about your prices, think about what you can add to your brand that makes it unique. Branded Hair Extensions provides custom coloring and wig making to our wholesale clients at low prices so they can offer that to their customers too. This can add extra value to the hair that you are selling.

Starting a lucrative hair business

Now that you know how much money you can make from selling hair extensions. We are going to get the essential things that you should set up for your hair business to take off the right way, not the “DM to purchase” way.

1 Have a website

As we already mentioned, having a website is like having a storefront. Sometimes your customers don’t even know about hair that well. They’d rather have a place to browse the products that you offer.

2 Have social media for your company

Set up your Facebook, Instagram business account . We are talking about the actually approved business accounts on Instagram, not the ones where you turn your personal profile to a “business” profile.

3 Set up Google My Business

You don’t have to have a storefront to list your business on Google. Listing your company on Google without a storefront address can help you improve the SEO of your website, making your hair website show up first when your customers search your name.

4 Have branding and packaging for your hair business

You should put serious effort into designing your LOGO and your packaging. We recommend soft satin hair bags and bundle chokers . These are all great options for luxurious feeling packaging. You can also include a business brochure in your packages so your customers can learn more about your company.

5 Have a great images for your brand

What’s better than having a great campaign for product photos for your brand! Customers don’t have to ask you what your hair looks like. They can see for themselves! Branded Hair Extensions is offering campaign photos and product photos for purchase soon! Subscribe to our newsletters to stay tuned when we drop the photo packs.

Like our content? Subscribe to Hair Boss Seminar for updates whenever we publish a new blog! We will also send you useful information about the hair industry and alert you when we have sales!

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Hair extension business plan: blueprint for success, how to write a hair extension business plan.

Want to create a hair extension business plan but don't know where to start?

If you are really serious about selling hair extensions it should be something to consider. If you need an eyelash extension business plan this should help too!

You might think creating a well-crafted business plan can be time-consuming and a little daunting without some guidance. This can be true!

No worries, we are here to help!

Below is a step-by-step guide to what you will need to create a hair extension business plan for your new business or your current.

First, let's go over exactly what a business plan is and why you should have one.

Chapter #1: What is a Business Plan?

A business plan is a written document that highlights in detail how business, usually a new one is going to achieve its goals. It usually lays out a written plan from a financial, operational, and most importantly marketing point of view.

Sometimes a business plan is prepared for the companies which are working on reaching new horizons with their business.

It is important to have the ideas in written form so that they are executed with precision.

You may find it is also useful to demonstrate the feasibility of the prospective new business and to provide a map for its years of operation in the future.

Once the business is up and running, it will be a document you will consider looking at when you are struggling or have any doubts. This consultation can foresee whether you are on track or not; perhaps you have strayed from your initials and need to revert to the original ideas.

hair-extensions-business-plan

Why is a business plan important?

A business plan is necessary because of a number of reasons.

1. Clarify Directions

The primary purpose of a business plan is to explain what the business is or what it intends to achieve in the future. Clarifying the purpose of your business allows you to understand the direction of the forward movement. It may include a simple idea about your business, the product services, and the detailed description of what you expect from the customers as well.

2. To Obtain Financing

A business plan is always necessary if you wish to secure funding, whether you are operating a new plan or want to seek a bank loan or venture capital. But why do investors want to see your business plan? For understanding this, you have to look it through a different perspective.

Let’s suppose you are going to loan someone $1,000 or more for their business. With the hope of getting the money back and seeing a return on your investment, you would want to know exactly how the money would be used, who is going to be in charge, what makes them qualified to succeed, what are their valuable assets, liabilities, and profits look like? Of course, you would want to know the details.

3. To Maintain Your Organization

A business plan ensures that the organizational structure of your business is well developed.

It includes the entitlement of your directors, officers, and specific duties. Thus is can act as a management tool that can regularly be consulted to ensure the organization is on track and the goals are being pursued efficiently.

4. Vision for the Future

For most of the companies, business evolves over time, and factoring future growth into your business plan can prove very crucial to coping with the changes in the markets.

Thus it helps you to envision your future and things you can to safeguard it.

Planning for your Hair Extension Business Model

Congratulations if you have decided to write a hair extension business plan, and you are ready to get started.

The chances of success of your business venture have significantly increased, and before drafting your plan, you need to plan on how to do it. Whenever you are presenting your business model, the only factors that will determine its value shall be the projections and proposals. That’s even more relevant when you are seeking for finances for your company.

Learning how to sell hair extensions is going to be vital, and your hair extension business plan will be your lifeline.

However, you need to understand that the business plans are very complicated documents. As you are drafting your plan, you are making decisions on very crucial matters e.g. the strategy you will pursue. Considering these things in advance can save you a lot of time in the future.

The following are the strategies you should explore before starting a hair extension venture.

business-plan-quote

Determine Your Goals and Objectives

  • Where do you want your hair business to go?
  • Will your hair business be staying stagnant at that time?
  • Are you focused on a rapidly growing hair extension empire?

Answering these questions is imperative for building a successful hair extension business plan. Now is a good time to explore every avenue you’d like your business to go down. The best approach is to write an essay on your goals.

business-plan-checklist

Create a Checklist

  • How determined are you to see your hair venture succeed?
  • Are you willing to sacrifice your personal benefits for the future of your hair company?
  • What is going to be your approach if the venture fails?
  • How many dedicated people do you need for your hair business?
  • What is your goal in terms of revenues for the future?
  • What will the hair company's market share be in five years?
  • What are your plans for expansion? Are you going to keep your venture local, online, or would you go global?
  • Which department would you specifically work on in your venture?
  • If selling online, what type of hair extension website will you use?

Setting up your Financial Goals

Your business plan for hair extensions must have some financial goals. For running a business, you don’t need a lot of money to make a lot of money.

An optimistic approach to this is to leave everything on your sales. However, this may also create a problem for you because a business has some constraints.

You have to pay the suppliers first before you get paid by your customers. If this is an issue, you might want to consider Dropshipping Hair Extensions . This cash flow conundrum is the reason that companies have to resort to bank loans, borrowing money from family, or getting a small investor. Start by asking yourself these questions:

1. You must think about having a partner to help you with your hair business. An equal partner, naturally, shall demand higher power and control. Venture capitalists often require management decisions, just like having their say in your important decisions.

For most hair companies that are just starting out, you will not need to go the Venture Capital route unless you have a massive plan.

You don’t want any of these to happen. So the best partner for you is a bank. Banks will not bother you much until you make payments of principal and interest on time.

2. You should keep account of the money you wish to spend on your venture.

3. Anticipating the size of your needs, your spending, and financing, you should consider the running cost as well. If you are going to keep a lot of bundles in stock then what will be your holding inventory cost? These are things that are important to plan.

hair-business-plan

How Will You Use Your Hair Extension Business Plan?

It might sound a bit ambiguous to you, but a part of planning your business plan is to determine what you would do with it. Your plan of activities can reference to in many ways.

From monitoring your company’s road towards the success to alluring top employees, celebrities, or social influencers to join your venture. On the other hand, you can use a hair business plan as a marketing tool for consumers. This program will help you to create a test ensuring that your company stays credible in the hair extension market.

Marketing is Important for Your Hair Extension Business Plan

If you want to escape the cubicles and want to pursue your passion in the hair extension business, after a business plan you need to draft the key elements of your marketing strategy.

Hair extension marketing is critical to your success and separating you apart from the others in the industry.

The biggest problem with entrepreneurs is that most of them don’t have marketing experience.

No matter how great your hair extensions, no one is going to know if you don’t pitch it the right way. The Business plan for hair extension will be successful if you think about these agendas before writing it.

Who Is Your Target Audience?

Understanding your audience is vital. For a Hair Extensions venture, the target audience should be women, and you need to think about marketing your product in the right way so that more and more women are attracted to your company.

Are you going to be selling retail or wholesale? Is your price point going to be $150 a bundle and only market to the higher end crowd? There are many different aspects of your products and pricing to consider.

Most hair entrepreneurs will focus on the popular hair extensions that they know will sell in the market.

Knowing your target market will not only maximize profit but will also help you to cope up with the changing market.

What Marketing Strategy Do You Wish to Follow to Reach Your Audience?

Social media is a perfect place to market your products. Many hair companies just focus on growing their Instagram account. Focusing on just one platform that is not even your own can be dangerous if a platform like Instagram starts to lose popularity in the future.

Having a balanced but focused marketing strategy will set you up for hair sales success in the future.

Advertising your products in a newspaper might not just be an excellent idea because most of the people who read newspapers are above 55. Figure out what women usually watch more and customize your message using that medium.

Google Adwords can yield great results if done properly. Spending ad dollars on social media is proving to be one of the best ways to advertise to clients. Make sure to have this part of your plan and either become an expert or hire one.

marketing-strategy

Allotting a Separate Budget for Your Marketing

When you have given a thought to all these questions, you need to write down the magnitude of marketing for your product.

You might need professional help for marketing your product thus creating a budget beforehand is important.

How Long Should Your Business Plan Be?

For a real hair extensions business plan, you need to make it short and concise. You have to understand that it is not a doctoral thesis. It should have the easy to read format.

One should focus mostly on the fundamentals, robust analysis, and good projections. The following are the specifics you should work one.

  • Keep the wording straight and straightforward and avoid using fancy words.
  • Use short sentences as they are easy to read.
  • Bullet points are crucial as they help the readers to have the information quite quickly.
  • Keep the length of the plan very short. If your hair extension business plan is 40 pages, then you haven’t summarized it well.
  • Business charts are imperative as they can be used to display predicted growth, sales, margin, and net worth by the year.
  • Double-check the paper for any grammatical or spelling errors.

white-board-plan

Chapter #2: How to Write a Hair Extension Business Plan?

Now that you have spent enough time understanding the business plan and done your homework in collecting the necessary information, it’s time to roll up your sleeves and start writing your business plan for Hair Extensions.

Following are the components of a business plan:

Executive Summary

The executive summary is considered the most significant segment of your business plan. This section briefly explains to the reader that where your company is at the moment, what are your aims and ambitions, where you want to take your hair company, and why your business idea is going to be successful.

This can help you on two levels. If you are seeking for finances, the executive summary is the main highlight of your plan and can grab you a potential investor’s interest. On the other hand, it is the first step you lay down when you are starting a company and will determine the success of your hair business in the future.

The executive summary must highlight the strengths of your ideas. Preferably, it is the last section one should write, but it appears first in your hair extension business plan model.

What to include in your executive summary?

The following should be the highlights of your executive summary.

The Mission Statement

This statement explains what your business is about. It describes your business categorically and will give a prospect about your business to the readers.

It should point out straight about your products, the market you wish to enter, your target audience, and your company is or will be better than the others.

Are you going to carry sew-in extensions , closures , edge con t rol , and mink lashes ? Start coming up with a plan of what products you would like to offer at launch and others that you can provide as your hair extension business grows.

Company’s Information

This section will give the readers a closer look at when your business was formed, the name of their founders, their roles, your number of employees, and your location.

Financial Features

This section will highlight the economic points of your business. This section will also cover your financial needs and how do you want to spend the capital.

Significant Achievements

Points of interest are advancements inside the organization that is fundamental to the accomplishment of the business. Real accomplishments incorporate things like licenses, models, area of an office, any essential get that should be set up for item advancement, or results from any test advertising that has been directed.

If you are just starting a business, you won't have as much data as a built-up organization. Rather, concentrate on your experience and foundation and the choices that drove you to begin this specific endeavor.

Have you been a hairstylist for ten years and have clients always asking you for hair? You practically already have a market built. All you need to do now is set up your hair extension business to start getting sales.

Show that you have done a careful market investigation. Incorporate data about a need or service in your objective market, and how your specific arrangements can fill it.

Persuade the reader that you can prevail in your real market, then address your plans.

Business Description

The business description starts with a short depiction of the business. While depicting the business, talk about the present standpoint, and also future conceivable outcomes.

You ought to likewise give data on all the different markets inside the business, including any new items or improvements that will profit or antagonistically influence your business. Construct the majority of your perceptions on reliable information and make certain to commentary wellsprings of data as proper.

This is critical in case you're looking for financing; the reader will need to know exactly how tried and true your data is, and won't hazard cash on suspicions or guess.

Following are the things you need to include in your description:

  • Describe the nature of your business and enlist the commercial center needs that you are attempting to satisfy.
  • Clarify how your items and administrations address these needs.
  • List the particular customers and organizations that your business serves or will serve in the future.
  • Clarify the competitive advantages that you accept will make your business a win, for example, your area, workforce, efficient operations, or capacity to convey an incentive to your clients.

business-plan-marketing-analysis

Market Analysis

This section of the hair extension business plan must give a categorical analysis of your knowledge of the industry and the market as well as your research findings.

What to include in your Market Analysis?

  • Industrial Outlook – Describe the hair extensions industry, including its current size, the trends, as well as other trends and characteristics that you foresee in the future.
  • Information about your target market – In this particular case, your target market is 99% women. You need to research the specific age group that would be interested in buying your hair extensions and will need to devise a strategy to target this particular group.
  • Distinguishing characters - What is the need of your potential customers? How can you fulfill these requirements?
  • Market Share – This section shall include the market share and profit you can gain in a particular geographical area.

Organization and Management

Organization and Management follow market Analysis. This section of your business plan for hair extensions ought to include: your organization's authoritative structure, insights about the responsibility for the organization, profiles of your administration group, and the capabilities of your governing body.

Who does what in your business?

What is their experience and why are you bringing them into the business as board individuals or representatives?

What are they in charge of?

These may appear like additional inquiries to reply in an individual association; however, the general population reading your marketing strategy needs to know who's in control, and so let them know. Give a point by point portrayal of every division or office and its capacity.

This area ought to incorporate who's on the board and how you expect to keep them there. What sort of pay and incentives do you have for your workers? What about the advancements? Promise your reader that the general population you have on staff are something beyond names on a letterhead.

Service or Product Line

For a successful business model for hair extensions, this part shall incorporate data about the particular advantages of your products – from your client's point of view.

You ought to likewise discuss your item or organization’s capacity to address customer issues, any favorable circumstances your item has over that of the opposition, and the modern advancement organize your item is in.

Sales and Marketing

Once you have studied the target market thoroughly, it should be additionally characterized to decide the total feasible market. Finding this financial number should be possible in a few ways; however, most expert organizers will portray the available market by focusing on product segmentation factors that may deliver gaps inside the market.

It's imperative to comprehend that the total possible market is the part of the market that you can reach given each condition inside the environment is favorable and there is next to no opposition. In many companies, this is not the situation.

Different components will influence the share of the available market a business can sensibly acquire. These variables are frequently fixing to the structure of the business, the effect of rivalry, techniques for market infiltration, and proceeded with development, and the measure of capital the company will spend so as to increase the market share.

For a successful business plan for hair extension, you need to focus on the following strategies.

  • A viable market penetration strategy
  • A growth strategy that will include an internal strategy that shall primarily focus on things such as increasing your human resources, an acquisition strategy for buying another business, and a franchise strategy to colonize the world.
  • A communication strategy on how you plan to reach your customers, the public platforms you’ll use to advertise, and your influence on social media.

Funding Requests

Consider that your hair extensions business ventures become exceedingly successful. Now you want to expand your horizons. From a small business setup, you need to make an entry in the big market. For that, you need some finances. You need some people to invest in your venture.

So, what would be your marketing strategy, you need to explain thoroughly in this. You have to outline the requirements of your enterprise, any future funding needs, and how do you plan on using these funds?

This section shall also analyze your strategic financial situation plans in the future. After you have done explaining all these parameters, you need to outline the amount you need right now and the amount you need in the future.

It is the most crucial part of your business plan for hair extension.

Provide the appendix to your reader on demand. Your hair extension business plan shall also have some relevant documents. This section should not be included in the main body as it contains confidential information about your company.

The Appendix will include:

  • Credit history (personal & business)
  • Product pictures
  • Letters of reference
  • Details of market studies
  • Relevant magazine articles or book references
  • Legal documents

How to Make Your Hair Extension Business Plan Stand Out?

Your business plan will eventually stand out if you determine your target market and research the audience quite well.

For instance, is the market you serve the best one for your item or administration? Are the advantages of managing your business transparent and would they say they are lined up with client needs? In case you're uncertain about the responses to any of these inquiries, make a stride back and return to the establishment of your strategy for success.

The accompanying tips can help you elucidate what your hair extension business brings to the table, distinguish the real target showcase for it, and fabricate a specialty for yourself.

Be clear about what you have to offer

Beyond essential items or administrations, what are you truly offering?

Consider this simple case that will help you to understand the situation: Your town presumably has a few restaurants all offering one essential item—food. Each of these restaurants is focused on the needs of the customers. One may be a drive-through fast-food restaurant, maybe another offers pizza in an original Italian kitchen, and possibly there's an excellent restaurant that serves fish that and has practical experience in wood-flame broiled admission. Every one of these eateries offers food. However, they pitch them to focused demographic searching for the one of a kind qualities each brings to the table. What they are truly offering is a combination of product, esteem, atmosphere, and brand experience.

When starting a hair extension business, make sure to comprehend what makes your hair extensions one of a kind. What needs does your item or administration satisfy? Document the advantages and differentiators that will help your business emerge from the group? Your hair extension business plan must show all of these attributes.

Avoid being the jack of all trades

It's imperative to characterize what you're offering unmistakably. You would prefer to become a jack of all trades and master of none since this can negatively affect the business development. As a smaller businessman, it's regularly a superior strategy to divide your items or business into sensible market specialties.

Little operations can then offer particular products and ventures that are alluring to a private gathering of planned purchasers. Thus focus mostly on hair extensions when you are starting your business model of hair extension.

Identify your niche

Making a specialty for your business is basic to achievement. Frequently, entrepreneurs can distinguish a specialty given their market learning. However, it can likewise be useful to lead a market study with potential clients to reveal undiscovered necessities.

hair-extensions-business

Enhancing Your Hair Extension Business Plan

Once you have successfully created a business plan for hair extensions, you cannot stop right there. You have to devise strategies to enhance your plan from time to time so that it may not die eventually. These enhancements are a critical thing to do because the market is always changing.

Say for the sake of an argument, that the hair extensions your company is offering were outshined by another company that is stronger and has a greater reach to the potential customers. Your business plan might have the solution to this problem, but you wrote it a while ago. The dynamics of the market, the balance, and the need for the product at that particular time were different.

So, with the evolution of the marketplace, enhancing your business plan is an excellent idea. At the end of the day, with the corrections and amendment to your working model, you will be able to create an ideal hair extension business plan. The benefits of which are already mentioned in the start of this article.

Business Plan Software

Let the software do the calculations.

With this software, your financial numbers and estimates will calculate when you plug in your numbers. The business Plan software gives you instant access to business planning calculations and an explanation of every financial term.

Planning Expert

This software comes with video courses from experts that can help you to draft a perfect hair extension business plan.

These courses are specifically generated for small business ventures and have all the tips and tricks to help you draft the business plan that can help you in achieving your goals.

Final Thoughts!

By following all these guidelines, we can ensure you that you can draft an ideal hair extension business plan. A program of activities provides that the organizational structure of your business is well developed.

It is always necessary if you wish to obtain financing, whether you are operating a new plan or want to seek a bank loan or venture capital.

You might need much investment in a hair extension venture, thus working hard on this plan can help you make a marketable draft which will bring you investments and profits. The chances of success of your business venture will significantly increase.

Don't hesitate to ask for help. Organizations like the Small Business Administration are available to help.

With your goals written on paper, you will have a clear idea of how well you are doing with this hair extension business and how far are you from achieving your goals. You will also have a detailed document on your organization's authoritative structure, insights about the responsibility for the organization, profiles of your administration group, and the capabilities of your governing body.

Thus in the future, you might not have to face any problems in distributing the workload and tasks to the people and they will have an idea of how things are done.

Private Label Extensions has helped launch hundreds of hair extension businesses. Always feel free to reach out to us for advice on getting started.

Lastly, even if it takes you days or weeks, you must focus on building a business plan for your hair extension. Once it is done, and the business is running, you’ll understand how well things are working.

Thank you so much the plan has really been of help to me

Thanks so much, I’m about to start a hair business and this has been so helpful on setting up a plan, I’m a novice but I know I can do it.

Business plans strategys are very necessary.

I would like your help to create my hair extensions business plan

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The ultimate guide to selling hair bundles: learn everything you need to know.

You’ve always had a passion for beauty, fashion, and styling. You see people walking around with perfectly styled hair, and you think to yourself, “Why not try selling bundles of hair to make some money?” After all, there is no shortage of people looking for quality hair extensions. You can build a profitable business selling hair bundles with the right strategies.

One of the biggest challenges people face when selling hair bundles is finding a reliable vendor. Poor quality products can lead to unhappy customers, which could damage your reputation and negatively impact sales.

We know that starting a business to sell hair extensions is not easy, but it can be rewarding. With the right knowledge and strategies, you can create a successful business that meets the needs of customers.

This guide will provide you with all the information you need to get started on your journey to selling hair bundles like a pro!

Things To Consider Before Selling Hair Bundles

Hair bundle selling is a popular and profitable business opportunity. Let’s explore just what it takes to start your own hair business and whether it is worth the effort. 

The first thing to understand is that there are several different types of hair bundles you can sell. For example, some people specialize in human hair bundles, while others prefer synthetic bundles for their customers’ needs. Both have advantages and disadvantages when it comes to price points and longevity.

As a result, it’s important to do your research before deciding which type of bundles you want to offer your customers. Additionally, you should consider factors such as your target market and local competition when choosing which type of bundle to sell. 

Another factor to consider is pricing. The cost of bundles can vary significantly depending on hair quality and source. Human hair bundles tend to be more expensive than synthetic ones, but they also last longer and look more natural.

On the other hand, synthetic bundles are usually cheaper but can be easily damaged by heat or other environmental factors. Ultimately, it’s up to you to decide which type of bundle fits best with your budget and target market. 

Finally, don’t forget about marketing! If no one knows about your hair business, then no one will buy your products! If you want to sell hair bundles profitably, it’s important to invest time in coming up with an effective marketing strategy that will help reach potential customers and build brand recognition over time.

Social media platforms such as Instagram are a great way to connect with potential customers while showcasing your products at the same time!

Additionally, teaming up with influencers or bloggers in the beauty space can also help spread word-of-mouth about your business more efficiently than traditional methods like flyers or radio ads would allow for! 

Hair Bundle Selling Techniques That Will Make You More Profit

If you’re in the business of selling hair extensions, you know that the competition is fierce. To make sure your hair bundles stand out and you get the most bang for your buck, here are some tips to help your make more profits 

Work With Quality Vendors 

One of the best ways to make sure your bundles stand out is by working with high-quality vendors who provide quality products. It’s easy enough to find a vendor who will offer cheap prices, but that doesn’t mean they provide good quality.

When choosing a vendor, look for one that offers a wide selection of colors and textures so you can be sure to have something for everyone. Additionally, researching customer reviews can give you an idea of which vendors have the best quality and reliability. 

Be Creative with Packaging 

When it comes to packaging, presentation is key. Investing in custom packaging can help set your bundles apart from competitors. You can add custom labels or ribbons with your logo or branding elements on them; this will not only make them unique but also help build brand recognition among your customers.

Additionally, adding care instructions can help make sure customers know how to properly take care of their bundles and keep them looking beautiful for longer. 

Free Samples 

Offering free samples is another great way to draw attention to your hair bundles and encourage potential customers to buy from you.

Free samples don’t have to be large amounts—even a small sample goes a long way in enticing customers and making them more likely to purchase bundles from you rather than someone else.

Plus, it allows them to try out the product before they commit, which increases their confidence in making an informed purchase decision.  

How To Sell Bundles Of Hair – Steps To Follow

If you’re looking to hit the ground running in your hair bundle business, the following steps will put you on the right track.

Identify Your Target Market 

The first step in starting your hair business is identifying who you want to sell to. This is even more important with hair bundles because there are so many different styles and textures that appeal to different audiences.

Think about who would be interested in buying the type of hair bundles you want to offer and make sure that your target audience has enough money or credit available to make purchases.

Additionally, consider trends in the hair industry relevant to your target audience; this will help ensure that you have a long-term customer base. 

Choose The Right Hair Vendor 

Once you know who would be interested in purchasing from you, it’s time for arguably the most important part of setting up your hair business—choosing the right vendor for your hair bundles!

When selecting a vendor, look for one with experience selling similar products and who can provide quality assurance guarantees on their product.

Additionally, pay attention to price points so that you can determine which vendors offer the best value for money while still providing quality products at prices that appeal to your target customers. If you’re looking for a reputable hair vendor, try Wealthyhair.com. This hair vendor offers high-quality hair extensions that are made from 100% human hair.

Create An Effective Pricing Plan 

When deciding how much to charge for each bundle of hair extensions or wigs, it’s important to think strategically about how much profit potential each sale holds and what prices will attract customers without eating into all of your profits.

When you want to sell hair bundles expertly, consider factors such as the cost of materials plus overhead costs like shipping as well as potential discounts or promotions before settling on a final price point.

It may also be beneficial to compare prices with similar businesses whose customer base overlaps with yours so that you can get an idea of what people in your market are willing (and able) to pay for such services/products.  

Market Those Bundles! 

Now that everything is set up and ready for launch, it’s time for marketing! Start by creating content related specifically to natural hair care or extensions/wigs – this will help introduce potential customers who may not yet be familiar with such products but could benefit from them down the line.

Additionally, use social media platforms like Instagram & YouTube as well as paid ads on popular sites like Facebook & Google Ads – this ensures maximum reach while also making sure only those most likely interested in purchasing from you are seeing what’s being advertised.

Lastly, don’t forget about word-of-mouth advertising – happy customers are often willing to spread the good news about great products and experiences! 

Maintaining Customer Relationships 

The key to any successful business is customer service; this is especially true in the world of hair bundles. You need to make sure that you are providing quality products and responding promptly to any customer inquiries or issues.

If you want your customers to keep coming back, you must build relationships with them by offering discounts, rewards programs, and other incentives. Additionally, keep up with trends and stay on top of new product releases so that your customers always have access to the latest styles and products. 

Improving Product Offerings 

Once you have established a solid customer base to sell hair bundles, it’s time to start thinking about expanding your product offerings. Think about what type of hair bundles would be most attractive to your target market, and then work on creating those specific products.

Evaluating Success 

To gauge how well you are doing in terms of sales and customer satisfaction, you must regularly evaluate your success as a hair business owner. Track everything from website analytics to social media metrics to get a better understanding of how people are engaging with your brand. Use this data to make adjustments where needed for your hair business to continue growing and succeeding long-term.  

Adjusting strategies 

When you want to sell hair bundles, you must adjust strategies as necessary based on changes within the industry or shifts in consumer demand for certain types of hair bundles. For example, if there is an influx in demand for virgin hair extensions rather than synthetic hair extensions, make sure that you adjust accordingly by adding these types of bundles into your inventory mix or updating existing ones with synthetic options as well.

Hair bundles business is an exciting venture that requires a lot of foresight and planning. To ensure success, it is important to set a competitive price point, market your product effectively, maintain customer relationships, and improve upon offerings.

Additionally, make sure to evaluate success regularly and adjust strategies when necessary. By following these steps, you can have a successful business selling hair bundles in no time!  ​

FAQs On How To Sell Hair Bundles

Q: what are the different types of human hair extensions.

A: There are many different types of hair bundles, including synthetic, human hair, and virgin hair extensions. Additionally, there may be various styles, such as straight, wavy, curly, or weave human hair.

Q: How do I sell hair bundles online?

A: The best way to sell hair bundles online is to create a website or online store, market your product through social media and paid ads, and maintain customer relationships by offering discounts and rewards.

Q: How do I market my product effectively?

A: Utilize social media platforms such as Instagram & YouTube, as well as paid ads on popular sites like Facebook & Google Ads.

Additionally, don’t forget about word-of-mouth advertising – happy customers can spread the good news about great products and experiences!

Q: How do I evaluate success?

A: Track website analytics as well as social media metrics to get a better understanding of how people are engaging with your brand. Use this data to make adjustments where needed for your hair business to continue growing and succeeding long-term.

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Hair Extension Business Plan

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High demand, low startup costs, and a recurring revenue model make starting a hair extension business a lucrative and rewarding profession.

Anyone can start a new business, but you need a detailed business plan when it comes to raising funding, applying for loans, and scaling it like a pro!

Need help writing a business plan for your hair extension business? You’re at the right place. Our hair extension business plan template will help you get started.

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Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

  • Fill in the blanks – Outline
  • Financial Tables

How to Write A Hair Extension Business Plan?

Writing a hair extension business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your Business:

Start your executive summary by briefly introducing your business to your readers.

Market Opportunity:

Products and services:.

Highlight the hair extension products & services you offer your clients. The USPs and differentiators you offer are always a plus.

Marketing & Sales Strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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selling human hair business plan

2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business Description:

Describe your business in this section by providing all the basic information:

Describe what kind of hair extension company you run and the name of it. You may specialize in one of the following hair extension businesses:

  • Retail hair extension store
  • Online hair extension store
  • Wholesale hair extension store
  • Mobile hair extension service
  • Hair extension subscription box
  • Describe the legal structure of your hair extension company, whether it is a sole proprietorship, LLC, partnership, or others.Explain where your business is located and why you selected the place.

Mission Statement:

Business history:, future goals.

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Market size and growth potential:

Describe your market size and growth potential and whether you will target a niche or a much broader market.

Competitive Analysis:

Market trends:.

Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.

Regulatory Environment:

Here are a few tips for writing the market analysis section of your hair extension business plan:

  • Conduct market research, industry reports, and surveys to gather data.
  • Provide specific and detailed information whenever possible.
  • Illustrate your points with charts and graphs.
  • Write your business plan keeping your target audience in mind.

4. Products of Your Bicycle Shop

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe your products & services:

Mention the hair extension products & services your business will offer. This list may include

  • THair extension
  • Hair extension accessories
  • Styling products
  • Hair extension installation
  • Hair extension maintenance & removal
  • Customization & color matching
  • Hair extension consultation

Describe each service:

Provide a detailed description of each service you provide, including the process involved.

Quality measures

: This section should explain how you maintain quality standards and consistently provide the highest quality service.

Additional Services

In short, this section of your hair extension plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique Selling Proposition (USP):

Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.

Pricing Strategy:

Marketing strategies:, sales strategies:, customer retention:.

Overall, this section of your hair extension business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your hair extension business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, equipment & machinery:.

Include the list of equipment and machinery required for hair extension, such as styling tools, application tools, cutting & shaping tools, etc.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your hair extension business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO:

Key managers:.

Introduce your management and key members of your team, and explain their roles and responsibilities.

Organizational structure:

Compensation plan:, advisors/consultants:.

Mentioning advisors or consultants in your business plans adds credibility to your business idea.

This section should describe the key personnel for your hair extension services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Financing Needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

  • Add a table of contents for the appendix section to help readers easily find specific information or sections.
  • In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
  • Provide data derived from market research, including stats about the industry, user demographics, and industry trends.
  • Include any legal documents such as permits, licenses, and contracts.
  • Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your hair extension selling business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

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This s ample hair extension business plan will provide an idea for writing a successful hair extension plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our hair extension business plan pdf .

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Frequently asked questions, why do you need a hair extension business plan.

A business plan is an essential tool for anyone looking to start or run a successful hair extension business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your hair extension company.

Where to find business plan writers for your hair extension business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your hair extension business plan and outline your vision as you have in your mind.

What is the easiest way to write your hair extension business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any hair extension business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

How do I write a good market analysis in a hair extension business plan?

Market analysis is one of the key components of your business plan that requires deep research and a thorough understanding of your industry. We can categorize the process of writing a good market analysis section into the following steps:

  • Stating the objective of your market analysis—e.g., investor funding.
  • Industry study—market size, growth potential, market trends, etc.
  • Identifying target market—based on user behavior and demographics.
  • Analyzing direct and indirect competitors.
  • Calculating market share—understanding TAM, SAM, and SOM.
  • Knowing regulations and restrictions
  • Organizing data and writing the first draft.

Writing a marketing analysis section can be overwhelming, but using ChatGPT for market research can make things easier.

How detailed should the financial projections be in my hair extension business plan?

The level of detail of the financial projections of your hair extension business may vary considering various business aspects like direct and indirect competition, pricing, and operational efficiency. However, your financial projections must be comprehensive enough to demonstrate a complete view of your financial performance.

Generally, the statements included in a business plan offer financial projections for at least the first three or five years of business operations.

What's the importance of a marketing strategy in a hair extension business plan?

Marketing strategy is a key component of your hair extension business plan. Whether it is about achieving certain business goals or helping your investors understand your plan to maximize their return on investment—an impactful marketing strategy is the way to do it!

Here are a few pointers to help you understand the importance of having an impactful marketing strategy:

  • It provides your business an edge over your competitors.
  • It helps investors better understand your business and growth potential.
  • It helps you develop products with the best profit potential.
  • It helps you set accurate pricing for your products or services.

About the Author

selling human hair business plan

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Download Hair Extension Business Plan

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Hair Extensions Business Plan Template

Written by Dave Lavinsky

Hair Extensions Business Plan

You’ve come to the right place to create your Hair Extensions business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Hair Extensions businesses.

Below is a template to help you create each section of your Hair Extensions business plan.

Executive Summary

Business overview.

Hairapy Extensions is a new hair extensions shop located in the heart of Los Angeles, California. Our mission is to make every customer feel empowered and beautiful by providing them with the perfect hair extensions and hair care products. We do this by offering every style and color imaginable so that every customer can find exactly what they want to feel and look their best. With our amazing customer service and enormous selection, we hope to be the most popular hair extensions store in the city in the next few years.

Hairapy Extensions is founded by Angelina Matthews, who has been a hairstylist for five years. Throughout her career, he has sold and inserted hair extensions for hundreds of customers and has found it to be the most enjoyable part of her job. As such, she has extensive knowledge of hair extensions and how to insert and care for them. Her experience and expertise will be the company’s most valuable asset.

Product Offering

Hairapy Extensions will showcase a wide variety of hair extensions throughout our store. Our hair extensions will come in all colors, from natural hair colors to fun dyed colors like pink or blue. We guarantee that every customer will find the perfect hair extensions that fit their style and budget. We also sell hair care supplies and accessories to ensure that our customers’ new hair extensions last as long as possible.

Customer Focus

Hairapy Extensions will serve the community residents of Los Angeles, California, and its surrounding areas. We will primarily target female and female-identifying people, as this group is traditionally the most likely to buy hair extensions and hair care products. We also expect most of our clientele to be in the age range of 20-40, as young women are much more likely to get hair extensions than women in other age ranges.

Management Team

Hairapy Extensions is led by Angelina Matthews, an experienced hairstylist and salon manager with over five years of experience. Throughout her career, she found inserting hair extensions to be the most enjoyable aspect of her job and wanted to build a company that solely focuses on hair extensions. After years of planning, she is finally ready to start her business. Her extensive knowledge of hair extensions and the industry will be the company’s most valuable asset.

Success Factors

Hairapy Extensions is primed for success by offering the following competitive advantages:

  • Friendly and attentive staff who will go out of their way to find the perfect hair extensions for each customer.
  • Comprehensive supply of hair extensions that includes every color and texture imaginable.
  • Cost-effective pricing that rivals the competition without sacrificing service or quality.

Financial Highlights

Hairapy Extensions is currently seeking $280,000 to launch. The funding will be dedicated to the store design and buildout, working capital, overhead, supplies, and marketing costs. The breakout of the funding is below:

  • Store design/build: $150,000
  • Initial inventory, supplies, and technology: $50,000
  • Payroll, rent, and overhead costs (3 months): $30,000
  • Working capital: $25,000
  • Marketing expenses: $25,000

The following graph below outlines the pro forma financial projections for Hairapy Extensions.

Hairapy Extensions Pro Forma Financial Projections

Company Overview

Who is hairapy extensions.

Hairapy Extensions is a new hair extensions shop located in the heart of Los Angeles, California. We provide an enormous selection of hair extensions to choose from, with every style and color imaginable. Customers can get natural colors to match their natural hair, such as blond, brunette, or red. They can also get dyed hair extensions if they want to add some color to their hair, such as blue, purple, pink, or green. Customers can expect to find the perfect hair extensions that fit their style and budget when shopping with Hairapy Extensions.

  Our store will be located in downtown Los Angeles, nearby fashion stores, hair salons, and other hair care stores. We will also have an online shop for those who don’t live in Los Angeles or can’t make it to our location to make a purchase in person.

Hairapy Extensions’ History

Angelina Matthews incorporated Hairapy Extensions as an S-Corporation on August 1st, 2023. Angelina has identified a potential retail location and is in the process of negotiating a lease. The company is currently being run out of her home but will move to the retail space once the lease is finalized.

Since its incorporation, Hairapy Extensions has achieved the following milestones:

  • Found a retail space and signed a Letter of Intent to purchase it
  • Developed the company’s name, logo, and website
  • Determined equipment and inventory requirements
  • Begun recruiting key employees with previous experience in the beauty/hair care industries

Hairapy Extensions’ Services

Hairapy Extensions will sell a wide variety of hair extensions online and in our store. We will offer several styles and every color imaginable, including numerous shades of blond, brown, red, pink, purple, and blue. Whether a customer wants longer hair, a style change, or a little bit of color without dye, we can find the perfect extension to fit their needs and budget. We also sell hair care products that ensure the extensions last as long as possible.

Industry Analysis

Hair extensions have been a part of style and fashion for centuries. In the past, hair extensions exemplified power and position and created lasting fashion trends. They were used to thicken and lengthen hair as well as to maintain a youthful appearance. It is believed that many powerful figures used hair extensions, including Cleopatra and Queen Elizabeth I.

The current hair extension industry is a thriving industry that helps many people show off their unique style and feel more comfortable in their bodies. Many people purchase hair extensions when they want to try a certain hairstyle but can’t pull it off naturally. Hair extensions are also popular amongst people who want to color their hair without destroying it with dye and bleach. Finally, hair extensions help many people suffering from thinning hair due to age or illness.

According to Future Market Insights, the current hair extensions industry was valued at $2.38 billion last year and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from now until 2032. The industry is positively affected by the rise in disposable income as well as beauty trends created and spread by social media. These trends are expected to continue, and the hair extensions industry is expected to thrive for the foreseeable future.

Customer Analysis

Demographic profile of target market, customer segmentation.

Hairapy Extensions will primarily target the following customer profiles:

  • Women/female-identifying people
  • Young adults
  • People with conditions that affect their hair

Competitive Analysis

Direct and indirect competitors.

Hairapy Extensions will face competition from other businesses with a similar company profile. A summary of the competitor companies is below.

Hair Heaven

Hair Heaven is a major online warehouse that sells wigs and hair extensions. They have every color and style imaginable, which makes them an incredibly popular hair extensions supplier nationwide. They are particularly popular with beauty supply stores as they can sell their products wholesale. Though Hair Heaven is a popular source of hair extensions, it is a completely online store. Customers who want to talk with a professional and purchase hair extensions in person will be more inclined to come to Hairapy.

Lanie’s Wig & Hair Supply

Lanie’s Wig & Hair Supply is a small, locally-owned supplier of all things hair care. This includes organic shampoos, hair extensions, wigs, and accessories. They offer many colors and styles of wigs and hair extensions to choose from, and many customers report being satisfied with their products. The store also has a few hair stylists on standby who can help them clean and style their hair extensions and wigs as needed. Though Lanie’s will continue to thrive, their selection is much smaller than ours. Our inventory will be far more enticing, and we will be able to find hair extensions for far more customers than Lanie’s can.

Sally’s Salon

Sally’s Salon is a popular and hip hair salon business located in downtown Los Angeles, California. People all over the city come here to get their hair cut and styled to keep up with current fashion and trends. In addition to providing hair styling services, Sally’s sells a large assortment of wigs, hair extensions, and hair care accessories. Customers can choose some hair extensions and have a stylist insert and style them all in the same appointment. Since Sally’s is such a popular salon, we expect them to be our biggest direct competitor.

Competitive Advantage

Hairapy Extensions will be able to offer the following competitive advantages over their competition:

  • Management : Our management team has years of experience in the hair care industry, which allows us to sell to and serve customers in a much more sophisticated manner than our competitors.
  • Friendly Staff : Our staff understands that buying hair extensions can be a stressful and difficult process, especially for those who need them to hide their thin or damaged hair. Hairapy Extensions only hires the friendliest staff who can work with these customers in a compassionate manner.
  • Inventory : Hairapy Extensions aims to own the largest and most diverse collection of hair extensions that can be found anywhere in Los Angeles, California.

Marketing Plan

Brand & value proposition.

Hairapy Extensions will offer a unique value proposition to its clientele:

  • Friendly and helpful staff
  • Affordable pricing on all products
  • A large inventory of unique and stylish hair extensions that include every color and style imaginable

Promotions Strategy

The promotions strategy for Hairapy Extensions is as follows:

Influencer Marketing

Hairapy Extensions will partner with local beauty influencers to spread the word about the company. The company will offer discount codes to the influencers’ audiences to entice them to shop our products.

Angelina Matthews will invest in appealing billboards and marketing techniques for the company. The billboards will be located in highly trafficked areas of Los Angeles where the visibility is highest.

Social Media

Hairapy Extensions will have Instagram and Facebook business profiles where Angelina will post professional and appealing pictures that will draw in anyone looking for hair extensions. The posts will be able to show the beautifully designed store as well as satisfied customers with their new hair extensions. Angelina will also post upcoming specials and special offerings.

Website & SEO Marketing

The marketing assistant will design and manage a comprehensive and attractive website for Hairapy Extensions. The website will be easy to navigate and include pictures of our products, pricing, contact information, and location. The SEO will also be managed to ensure that anyone searching “hair extensions near me” or “hair extensions Los Angeles” will see Hairapy Extensions listed at the top of the Bing or Google search engine.

The pricing of Hairapy Extensions will be moderate and on par with competitors so customers feel they receive value when buying our hair extensions.

Operations Plan

The following will be the operations plan of Hairapy Extensions. Operation Functions:

  • Angelina Matthews will be the Owner and President of the company. She will oversee the general operations of the store as well as provide customer services and sales. Angelina will spend the next several months hiring the following staff:
  • Several associates who will provide customer service, sell products, and help insert hair extensions for customers.
  • An Accountant who will manage all client invoicing, billing, and payables.
  • A Marketing Assistant who will run all the marketing and promotions campaigns.

Milestones:

Hairapy Extensions will have the following milestones completed in the next six months.

  • 9/1/202X – Finalize lease agreement
  • 9/15/202X – Begin build out and design
  • 10/1/202X – Begin hiring essential staff
  • 10/15/202X – Finish build out and design; final walk-through of store
  • 11/1/202X – Begin marketing campaign
  • 11/15/202X – Grand opening of Hairapy Extensions

Though Angelina has never run a business herself, she has been in the industry long enough to have an in-depth knowledge of the operations and marketing sides of the business. She will also hire other professionals who can help with the other aspects of the business she is unfamiliar with.

Financial Plan

Key revenue & costs.

The revenue drivers for Hairapy Extensions will be the sales of our hair extensions and other hair products.

The major costs for the company will include the costs of inventory, payroll, and overhead. In the initial years, the company’s marketing spending will be high as it establishes itself in the market.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

  • Average number of daily customers: 50
  • Average product price: $250
  • Annual Lease: $50,000

Financial Projections

Income statement, balance sheet, cash flow statement, hair extensions business plan faqs, what is a hair extensions business plan.

A hair extensions business plan is a plan to start and/or grow your hair extensions business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Hair Extensions business plan using our Hair Extensions Business Plan Template here .

What are the Main Types of Hair Extensions Businesses? 

There are a number of different kinds of hair extensions businesses , some examples include: Hair extension services, Hair extension stores, and Online hair extension sales.

How Do You Get Funding for Your Hair Extensions Business Plan?

Hair Extensions businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Hair Extensions Business?

Starting a hair extensions business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Hair Extensions Business Plan - The first step in starting a business is to create a detailed hair extensions business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your hair extensions business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your hair extensions business is in compliance with local laws.

3. Register Your Hair Extensions Business - Once you have chosen a legal structure, the next step is to register your hair extensions business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your hair extensions business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Hair Extensions Equipment & Supplies - In order to start your hair extensions business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your hair extensions business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

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How can I Start My Business by Selling Hair Extensions?

  • by Blackshowhair vendor
  • December 13, 2018

How can I Start My Business by Selling Hair Extensions?

There is no denying that selling hair extensions has become one of the most lucrative businesses in the past few decades. More and more entrepreneurs are considering entering the world of hair extension, especially after seeing an exponential rise in this resilient fashion accessory of the modern century.

Hair extension is now an accepted norm that people like to use on not only special occasions, but as an everyday wear. Unlike in the past, wearing weaves is not a stigma now; rather, it is considered a pure fashion solution for women who face hair thinning or hair growth issues.

With that change in approach, people have come to realize how hair extensions can address serious hair concerns and help women enhance their looks. That means if you are considering becoming a part of this million dollar industry, it definitely will pay you in the long run.

At the same time, to be a successful entrepreneur, it is substantially important that you explore the industry before you get your business up and running.  A thorough market analysis will not only help you position your business in the mainstream market, but also maintain a good profit margin in the future.

If you are a newbie and want to convert your dream of operating a hair extension business into a reality, here we have outlined some great tips to lead you in the right direction.

How can You Start a Hair Extension Business?

Step-1: explore various aspects of hair extension business.

The work starts at your home. That means before you plunge into buying or selling hair extension, you must do some homework to learn the current statistics and market demand for your product. Leading a successful business is not possible until you analyze the target market for your product. That is when you get familiar with the existing dynamics and business intricacies.

It helps you connect with the right suppliers and appropriate extension products. Getting to know the potential suppliers at the primary stage of your business can be tremendously advantageous in terms of grabbing some of the best hair extension deals.

Step-2: Formulate a Business Plan

Devising a business plan in initial stages may serve you as a great guide and is categorically important to avoid the teething trouble of a startup business. It significantly helps you face a number of technicalities that many new business owners are not aware of. Successful marketers consider a good business plan as a roadmap that helps in every aspect of establishing a business.

From market research to invested finances, a business plan for hair extension business can incorporate everything. Detailing and achieving your business objectives takes marketing skills. Moreover, when formulating a business plan, make sure you identify you stakeholders, investors, and target customers. You need to consider the needs and reasons behind why customers wear extensions and what business strategies can help you target your potential customers.

Choose business solutions and marketing strategies you will employ to maintain the viability of your hair extension business.

Step-3: Choose a Suitable Business Operation

The next step is to determine an appropriate business operation for your hair extension startup. Here is when you might need the advice of a professional business marketer. Together you can decide whether your business will be operated from a retail outlet or will you sell the products online. Although you will not get a comparative advantage from both the options, your choice depends on your business objectives, start-up capital, personal preferences, and target market.

If you want to begin selling extension from your home, you can join an affiliate program or reseller program. Not only this, in case you want to operate your business as a distributor or wholesaler, you need to have enough substantial capital to invest in the business.

Step-4: Marketing Strategies for promoting Your Product

Regardless of what business you operate, marketing strategies play a vital role in creating your market presence. No business excels without implementing persuasive marketing strategies. It helps marketers capture the attention of potential customers and also target the right buyers.

The significance of product marketing increases, especially if you are into hair business. It is extremely important that you get noticed by your prospective customers.

Once you find a distributor for your hair extension business, promoting your products is the next important step. You can use the website as a marketing tool by making it informative, bold and catchy to sell your product.

Make sure your hair extension marketing is unique and addresses the major concerns of your customers. With the power of ubiquitous social media, you can conveniently promote your hair extension products.

According to the latest statistics, social networking has great potential when it comes to advertising your brand. Using it, you can convince customers why they should choose your hair extensions over others. Post features of your product on social networking websites to make the most of advertising opportunities. Once your product gets the right exposure, your sales will increase.

Step-5: Take Help from E-Commerce Website

E-commerce websites have set a new online shopping trend. You can spend hours shopping without getting stuck in the crowds or getting physically exhausted if you use an e-commerce website. If you are committed to starting and expanding your business or customer base, creating a website with relevant hair extension details and images may give you a good head-start.

Focus on images, content, and the whole layout. They should not only be aesthetically pleasing, but also showcase the quality and types of hair extensions you sell.

Some Good Options for Successful Business Startup

If you are a startup or have never been into a business like this, it will be better to learn the craft of hair extension trading as a retailer first. You can opt for traditional business operations by establishing a retail outlet or setting up an e-commerce store. Once you explore the market demand or have sufficient finance to launch your product in the hair extension industry, you can begin with minimal capital startup requirement.

As mentioned earlier, approaching trustworthy suppliers in the hair extension business is of paramount importance. You can only be competitive when you are linked with reliable and reputable suppliers, offering you reasonable deals.

Many startups maintain their supply agreement with reputed brands and companies, such as Bohyne, Saga, and Milky Way. It is one of the best ways to maintain a good profit margin. This way, you directly get the merchandise from different companies and extension manufacturers while getting exposure to global operations. It is also because a majority of human hair suppliers work in Asian countries.

It will be best if you find suppliers who can give you drop shipping service. Not only will it allow you to focus on the quality of the products, but also save you a lot of time. There is no doubt that selling hair extensions becomes much easier and hassle free when you work with a reliable and honest supplier. Thus, when you figure out how to establish hair extensions business with an expert team, things become easier.

Final Thoughts

All in all, whether it is hair extensions business or an electronic appliance shop, starting a business can be a daunting process. However, with the help of the right business plan and strategies as mentioned above, you can excel in every domain. Looking for wholesale hair vendor ? Grow your hair business with Black Show Hair now!

5 Responses

Foos

August 30, 2021

I’m planing to start a women hair artificial bussiness selling online and I need a know how to start please

Yolanda Whote

Yolanda Whote

March 10, 2021

Wants samples Want to purchase hair

Bridget Brown

Bridget Brown

May 24, 2020

Interested in wanting to sell hair extentions

Theresa Hargrove

Theresa Hargrove

April 26, 2020

Keyshala Wooden

Keyshala Wooden

February 16, 2020

Looking to start my hair extension business within the next 6 months so I’m looking forward to learning more information about the industry and what knowledge I need to get started.

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Hair Extensions Business Plan Template

Written by Dave Lavinsky

hair extensions business plan template

Hair Extension Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create professional plans to start and grow their hair extension companies. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a hair extension business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your hair extensions company as it stands today, and lays out your future growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a hair extension business, or grow your existing company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your hair extension business in order to improve your chances of success. Your hair extension business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Hair Extension Companies

With regards to funding, the main sources of funding for a hair extension company are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for hair extension companies.

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How to write a business plan for a hair extensions company.

If you want to start a hair extension business or expand your current one, you need a business plan. Below we detail how to write each essential component of your business plan:

Executive Summary

Your executive summary provides an introduction to your hair extension business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of hair extension company you are operating and its status. For example, are you a startup, do you have a hair extension company that you would like to grow, or are you operating a chain of hair extension companies?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the hair extensions industry. Discuss the type of hair extension company you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing strategy. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of hair extension company you are operating.

For example, you might operate one of the following types of hair extension companies:

  • Hair extension services : this type of hair extension company provides placement of clip-in and glued-in extensions, or weaving.
  • Hair extension stores: this type of business retails hair extensions, but does not provide placement services.
  • Online hair extension sales: this type of business retails wigs and hairpieces, exclusively online.

In addition to explaining the type of hair extension company you will operate, the Company Analysis section of your hair extension business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of extensions sold, number of positive reviews, number of repeat customers, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the hair extension industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the hair extension industry educates you. It helps you understand the hair extension market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

  • How big is the hair extension industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your hair extension company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: Gen Z, Millennials, Gen X, and Baby Boomers.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of hair extension company you operate. Clearly, teenagers would respond to different marketing promotions than Baby Boomers, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most hair extension companies primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other hair extension businesses.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes mass merchandisers and beauty supply stores. You need to mention such competition as well.

With regards to direct competition, you want to describe the other hair extension companies with which you compete. Most likely, your direct competitors will be other hair extension companies in your area.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • What types of hair extension do they offer (human hair, synthetic, etc.)?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide a broader range of hair extensions, like virgin hair, Remy hair, more colors, etc.?
  • Will you provide specialty techniques that your competitors don’t offer?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a hair extension company, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of hair extension company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to clip in and tape in hair extension, will you also offer sew in or weaving?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the products and services you offer and their prices.

Place : Place refers to the location of your hair extension company. Document your location and mention how the location will impact your success. For example, is your hair extension company located in a busy retail district or shopping plaza, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your hair extension marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Reaching out to local websites
  • Social media marketing
  • Local radio advertising

Operations Plan

While the earlier sections of your hair extension business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your hair extension company, including sourcing and ordering extensions, placing the extensions, marketing, and providing consultations for potential customers.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your 1,000 th product, or when you hope to reach $X in revenue. It could also be when you expect to expand your business to a new location.  

Management Team

To demonstrate your hair extension company’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing beauty businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in placing hair extensions or successfully running beauty product retail businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you place 5 sets of extensions each week, or sell 100 pieces per month? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your hair extension company, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a hair extension company:

  • Location build-out including design fees, construction, etc.
  • Cost of equipment and supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store / salon location lease or a product list, or any celebrity endorsements you may have received.  

Putting together a well-crafted business plan for your hair extension company is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the hair extension industry, your competition, and your customers. You will have developed a marketing strategy and will really understand what it takes to launch and grow a successful business.  

Hair Extension Business Plan FAQs

What is the easiest way to complete my hair extension company business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your business plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of hair extension company you are operating and the status; for example, are you a startup, do you have a hair extension company that you would like to grow, or are you operating a chain of hair extension companies?

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How to Start a Hair Extension and Wig Business

If you're wondering how to start a hair extension and wig business of your own, this guide on starting a hair extension and wig business is best for you.

Wig and Hairpiece Stores have become a niche retailer within the hair care industry. In this sector, there are two distinct consumer groups:

  • Those who buy wigs and hairpieces primarily for aesthetic reasons
  • And those who buy cranial prosthesis wigs, which are for those who have lost their hair for medical reasons.

IBISWorld reports that the wig and hairpiece industry brings in $358 million annually, and there are under 923 companies in this sector.

Industry revenue is projected to grow at an annualized rate of 1.3% to reach $383.0 million by 2026.

Are you still asking “How to start a hair or wig business in 2023”? So you are at the right place. Wise business plans , with a wealth of experience in the hair industry, will show you how to start a hair extension and wig business easily.

How to Start and Hair extension and Wig Business

Step 1. Understanding the market, trends, and pricing.

Research the competition online and in local brick-and-mortar stores. Find out which wig website is the most popular at Alexa.com. Alexa ranks websites by popularity. Write down what you like about these websites.

Any business idea should always start with market research. If you want a fast track to success, you must know what your competitors or those who offer a similar product are doing.

In order to conduct market research, you can:

  • Read magazines about wigs and weaves
  • Watch ads related to wigs and Hair Extensions,
  • Attend beauty fairs
  • Study your competitors, and even talk to your friends and colleagues about wigs and weaves.
  • Search for beauty-related blog articles.

Outline your own key findings so you have a broad understanding of the market. It’s important to note that your findings should include the trends, the competitors’ listings, the prices wigs and weaves are sold at , who the potential customers are, and what kind of product they prefer. You must take action to come up with your key findings under this step.

Step 2: Find a niche. get to know the product

Various factors, such as color, length, texture, and also the materials used (e.g., human hair, synthetic, etc.) can make wigs and hair extensions differ in price. The next step after getting a good grasp of the market is to decide what kind of wigs and hair extensions you would like to start with.

Find out what people want, what price they are willing to pay. You should also learn about the different types of hair extensions and wigs, the differences between them, as well as the lengths and how to care for each type.

Make sure you know where to find these products at very low prices. All the information you have gathered should be written down to create a possible product list. Be sure to include prices and where you can purchase these products.

Step 3: Find a hair extensions and wigs supplier

You should make contact with suppliers and manufacturers after you have a list of products you want to sell. Whatever your business ideas might seem like, you need to take some logical steps like contacting potential partners.

The best way to make profits is to find wholesalers or manufacturers who are willing to sell at discounted prices to you. In order to make profits, your discounted price must leave you with a margin of at least 40%.

Do not rely on suppliers online since you cannot determine the exact quality of the wig. You can try to find the product cheaper online, possibly on Aliexpress or through a Chinese retailer.

Check your local wholesale market to see what products are available. Once you find what you like, note the brand, name, and features. Return to the supplier and request the exact piece. There is still a possibility that it might be a fake. Therefore, I suggest you first establish a good relationship with a local supplier who has a store where you can actually feel the quality and texture of the wig.

You need to set up special arrangements with wholesalers or manufacturers that will allow you to return the product if it is not sold within a time period and exchange it for another. As a result, if a product does not sell, you can get a more trendy one.

Step 4. Analyze your company's expenses & income potential

The cost of running a wig business is lower than many other beauty businesses, especially if the salon is small or even home-based. According to Entrepreneur magazine, you should have a startup amount between $2,000 and $10,000 , with higher costs if you rent a commercial space or buy expensive products.

Business owners can keep storefront costs low whether they’re opening an online or physical store. Online store owners can find an affordable platform that allows them to design their store themselves and is user-friendly.

Store owners can choose a low-rent area for their physical store. Physically wig stores are low in numbers and many people who want wigs usually go to actual stores instead of online ones. Hence, it isn’t necessary to be in a high-traffic or high-rent area.

Start-up costs may be low or high, depending on the size of your business and your goals for your hair business. Those who operate their store from home will incur fewer expenses than those who lease a facility.

A detailed cost breakdown for starting a hair extension and wig business is as follows:

  • Cost of registering a business
  • Expenses for business license permits and accounting services
  • Costs associated with launching a website
  • Renting a store costs
  • Equipment costs such as computers, phones, mannequins, and display units for a store
  • Marketing costs
  • Small business Insurance costs
  • Employer expenses
  • Additional expenditures such as signage, business cards, and advertising

Retailing wigs, hairpieces, and hair extensions for an affordable price should be the company’s source of income. Having a store stocked with various types of hair extension products and centrally located will help you attract customers and increase sales.

Step 5. Give your new business a name

Business names may seem easy, but they aren’t. Your business name should not only reflect what you are selling. The name should also reflect your brand’s attitude.

If you don’t already have a business name in mind, check out our guide on how to name your business.

In order to register a business name, we recommend checking :

  • Records of your state’s businesses
  • Federal and state trademark records
  • Social media platforms

It is also important to secure your domain name before someone else does.

Looking for someone to write a Business Plan

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Step 6. Create a legal entity

Find out how to form an llc yourself.

Learn about llc formation, including information on registered agents, naming rules, business licenses, and more.

Choose Your State to Learn How to Form an LLC There

  • Alabama LLC
  • Arizona LLC
  • Arkansas LLC
  • California LLC
  • Colorado LLC
  • Connecticut LLC
  • Delaware LLC
  • Florida LLC
  • Georgia LLC
  • Illinois LLC
  • Indiana LLC
  • Kentucky LLC
  • Louisiana LLC
  • Maryland LLC
  • Massachusetts LLC
  • Michigan LLC
  • Minnesota LLC
  • Mississippi LLC
  • Missouri LLC
  • Montana LLC
  • Nebraska LLC
  • New Hampshire LLC
  • New Jersey LLC
  • New Mexico LLC
  • New York LLC
  • North Carolina LLC
  • North Dakota LLC
  • Oklahoma LLC
  • Pennsylvania LLC
  • Rhode Island LLC
  • South Carolina LLC
  • South Dakota LLC
  • Tennessee LLC
  • Vermont LLC
  • Virginia LLC
  • Washington LLC
  • West Virginia LLC
  • Wisconsin LLC
  • Wyoming LLC

Or Make your life easier with Wise Business Plans

Get the easiest and fastest LLC formation online with worry-free services and support. 

Step 7. Register for taxes

Before you can open for business, you must register for a variety of state and federal taxes. To register for taxes, you will need an EIN. It’s free and easy!

Obtaining your EIN for free is possible through the IRS’s website, by fax, or by mail. Find out what an EIN is and how it can benefit your LLC by reading our article, What is an EIN? .

Step 8. Obtain all required permits and licenses

Obtain a cosmetology license before opening a hair extension and wig shop. A background in cosmetology is critical for providing the best kind of customer service and imparting useful knowledge about hair texture, styles, and color.

A cosmetology license may also keep you on the right side of authorities who may view your wig business as cosmetology rather than merely a fashion outlet. Since wig salons actually fit, cut, and customize wigs, a license may be necessary.

Additionally, certain local licensing or regulatory requirements may apply. Here is more information about local licenses and permits:

  • Consult your town, city, or county clerk
  • Consult one of the local associations listed in US Small Business Associations’ directory of local business resources.

Occupancy Certificate

Wig stores are generally run from wig stores. Businesses with a physical location typically need a Certificate of Occupancy (CO) . The CO confirms that all government regulations, building codes, and zoning laws have been met.

If you plan to lease a space:

  • A CO is usually the landlord’s responsibility.
  • Ensure your landlord has a valid CO that is applicable to wig stores before leasing.
  • It is common to need a new CO following a major renovation. It’s a good idea to include a clause in your lease agreement stating that payments won’t begin until your business has a valid certificate of occupancy.

If you plan to buy or build a location:

  • You must obtain a valid CO from a local government authority.
  • Your wig store must comply with all building codes and zoning requirements to obtain a certificate of occupancy.

Step 9: Make your brand stand out with beautiful packaging

  In order to succeed in the wigs and hair extension industry, you need to brand your business. The way you brand and package your hair extensions is also crucial to the success of your business.

When you ship out your product to your customer, your package is free advertising for you. When it’s delivered, the box may be visible to your customer’s friends, and you want to make your brand known to potential clients as much as you can.

You must spend extra time on your packaging to make sure it represents your company and your reputation. Make sure your packaging contains these details:

The brand’s information

And contact information

Physical address

These things can help you retain customers and also help you gain new ones.

Explore how Logo Designer at Wise Business Plans can create strong brand identities, manage effective branding collateral, and tell your brand’s story with consistent branding.

Step 10. Protect your business with insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of small business insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers’ Compensation Coverage.

Ready to Protect Your Wig and Hair Extension Business

Let us help you with your business insurance needs.

  • General business liability insurance
  • Medical insurance
  • Term life insurance
  • Workers’ Comp
  • Surety bonds
  • Commercial auto

Step 11. Make your business website

The next step after defining your brand and designing your logo is to create a website for your business. There are several reasons why you should not delay building your website:

  • All legitimate businesses have websites. It doesn’t matter what size or industry your business is, you can get online.
  • A Facebook page or LinkedIn profile is not a replacement for a business website.
  • A basic website can be easily created with tools like the GoDaddy Website Builder. but, If you want a professional website, you will absolutely need to hire a professional business website design agency.

Step 12: Install your business phone system

One of the best ways to keep your personal life and business life separate is to set up a business phone. Furthermore, it can help you make your business more automated, give it legitimacy, and make it easier for potential customers to find and contact you.

wig business

4 Key Success Factors of the Wig and Hairpiece Stores

wig business

Despite the challenges of the Wig and Hairpiece Stores, we found four key factors that will boost your profitability, efficiency, and ultimately success.

  • Ability to adapt product mix based on market conditions: To adapt to local market conditions and changing consumer tastes, industry stores must constantly adapt their product mix and pricing strategy.
  • Good relationships with suppliers: To meet consumer demand, industry stores must negotiate favorable contracts with wholesalers and manufacturers.
  • An experienced workforce: Having experienced staff familiar with products and fashion trends is essential for industry stores to provide consumers with the right wig or hairpiece.
  • The ability to control stock availability: Like most retail industries, industry stores should ensure that they have adequate stock controls to reduce inventory costs and increase stock turnover.

Want to Get Top-Quality Hair Extension Business Plan?

Need help with your business plan? We are the largest and most reputable  business plan writing company  in the US. Providing high-quality, beautifully designed and highly detailed business plans at reasonable prices is our specialty.

Over 3,000 projects have been completed in almost every industry. Our business plans are used for strategic planning, internal planning, investor fundraising, and bank financing. In the past year, we have assisted 3,000+ companies across 150 industries obtain debt and equity funding totaling $1 billion.

The Highlights Of Our Recently Hair Extension Business Plan

Market analysis summary: hair extension business plan.

Wig and Hairpiece Stores are a niche product retailer within the hair care industry. During the five years to 2021, industry revenue is projected to decrease by 0.9% annually to $358.6 million, including an increase of 3.3% in 2021 alone.

Generally, the wig industry caters to two distinct groups of consumers: those who use wigs and hairpieces for cosmetic reasons, and those who use cranial prosthesis wigs to replace hair if they have lost it due to a medical condition or treatment.

Since the economy has improved for most of the period, rising disposable income has prompted consumers to invest in discretionary goods, which in turn has boosted the demand for aesthetic wigs. Despite this, the COVID-19 pandemic (coronavirus) forced many industry operators to temporarily close their stores, which limited industry demand in 2020.

As a result, industry revenue is expected to decrease by 5.9% in 2020. Over the past five years, profit margins have increased due to a strong economy for the majority of the period.

Stat of hair extension and wig business

Product and Services

The Wig and Hairpiece Stores industry is primarily focused on selling two types of products: synthetic products and those made from human hair. In addition to these two categories, there are a wide range of key differences in style, color, durability, and price.

In the last five years, consumer demand for new wigs and hairpieces to keep up with cultural and fashion trends has kept product innovation at the manufacturing level moderate, resulting in a consistent mix of new products for industry stores.

Almost three-fourths of wigs and hairpieces sold in the United States are synthetic, but human-hair products retail at a higher price, which is why they account for a higher share of revenue than unit sales.

Moreover, outlets selling wigs and hairpieces cater primarily to everyday wig buyers, who are more likely to spend more money on wigs made of human hair.

Product and Service Segmentation

People who enjoy interacting with people and are passionate about hairstyles are well-suited to running a wig store. Businesses often work directly with customers who want wigs, so business owners need to know current hairstyles.

Business owners can run wig stores while working full-time at another job. You can’t run a physical retail store while working another job, but you can start an online store or offer in-home consultations. Both of these models can be managed at night and on weekends.

If you have good ideas, the time to work, and money to invest, it is a profitable business.

Beauty has become more popular in today’s society. Everyone here values their beauty more than their health. And this trend will not change.

Therefore, if one wishes to become an entrepreneur, one can open a hair extension business without any fear.

It is profitable because hair has no expiration date, so the value of the hair has never been lowered, and we do not have to worry about the storage process because the hair will never decay.

A wig store business’ profits are dependent on the sale price and the volume of wigs it offers. On the high end, businesses selling custom medical wigs can bring in over $10,000 per month.

The Wig & Hairpiece Stores industry in the US is labor-intensive, which means businesses rely more on labor than capital. The Wig & Hairpiece Stores industry in the US has the highest percentage of revenue spent on Wages (13.8%), Purchases (48.1%), and Rent & Utilities (6.2%).

A wig business can increase its average sale by upselling hair accessories to go with its wigs. Businesses that sell high-end medical wigs may also offer to wash wigs, usually for a fee of around $20.

As of 2023, there are 949 Wig & Hairpiece Stores businesses operating in the US, an increase of 1.1% from 2022.

This is possible, but business consultants and writers are experts at this. Using a variety of valuation metrics, they understand what goals you should set for your wig and Hairpiece Stores business. Through them, you can set timelines for reaching those goals. You’ll benefit from their expertise in marketing tactics, financials, and customer acquisition strategies while saving time so you can focus on other aspects of your business.

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Any Ideas On Selling Hair Extensions Business Plan? Read This!

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Human hair extensions now are the best-hunted item for women as they help wearers achieve gorgeous hair instantly. There is a wide range of extensions available on the market, choosing clip-ins, bundles, or closures, it’s all up to you. Because human hair is flexible, durable, and looks more natural, it is preferred than the synthetic hair ones. If you are looking to start a business to make extra money, consider selling human hair extensions. Before taking this business, you need to have a selling hair extensions business plan . Here they are: 

Selling hair extensions business plan

Determine the direction your hair company will go for.

Bear in mind that a company could not survive for a long time if it did not have a target and mission. It means that before starting your hair extension entrepreneur, create a plan that indicates how you operate and a simple idea about your business. It is necessary to determine the types of hair extensions you sell and service you are going to provide. Give a detailed description of customers who you want to aim for. Even a careful plan can estimate how much money can you make selling hair extensions . You should enhance the hair extensions marketing plan and increase the quality of goods if you want to export hair. 

Any Ideas On Selling Hair Extensions Business Plan? Read This!

To learn the basics about hair extensions, you need to read books on cosmetology and hair care tips. Or join several hair care forums on Google and consult licensed hairdressers to learn about real human hair systems. Let’s take Layla wholesale hair vendor for example. While Brazillian and Indian hair are taking clients by storm, they sell Vietnamese and Cambodian hair of good quality at affordable prices. Hence, please discuss the orientation carefully in your selling hair extensions business plan .

About financial

Remember that you are planning to sell hair extensions, so fund-raising is inevitable. It comes to the question “how much money do you need to start your business?” It depends on you and your budget. You can seek a bank loan or find grants for hair extension business to secure funds. Make sure that you know how to allocate that money properly.  

Before investing in hair extension business for sale , you must study the places providing hair. It is it far from your area? How much it will cost to deliver human hair extensions? Also, you must try to find and figure out how much human hair extensions will cost you to buy. Are you ready to face these challenges when starting your hair business? 

Any Ideas On Selling Hair Extensions Business Plan? Read This!

Choose sales medium

A good selling hair extensions business plan includes a venue and sales medium that your company offers. Would you sell hair online or plan open a brick-and-mortar hair shop? Decide what suits you best. 

You still need to find a venue to store the hair if you are planning to open an e-commerce hair store. Where is the secure storage space to maintain the hair? You can rent a warehouse or commercial storage facility that is near your address and smooth traffic. Let human hair extensions lay flat on the surface or hang it up, avoid bending or twisting them. Try not to ruin the hair. 

How to attract customers

Any Ideas On Selling Hair Extensions Business Plan? Read This!

Prepare a selling plan that provides incentives and discounts for consumers to shop with you. Already, there are thousands of hair retailers providing different types of human hair systems, so you will have a hard time when breaking into the market the first time. Have some discounting policies and endow for customers to compete with other sellers. 

Your written business plan should have a part of how to sell hair extensions online pdf . Find out and indicate the customers’ demand for hair extensions in your area. It’s vital to study whether people are willing to purchase human hair replacement systems. Figure out the type of hair your potential clients prefer. Then taking photos and post regularly on your social media accounts, like Facebook, Instagram, Twitter, and more. We are sure that nice pictures and high-quality hair are a powerful weapon to attract followers.

In addition, a selling hair extensions business plan should include hair vendors, human resources, and how to operate. You should invest your time and money if you are going to plan start hair business. 

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Why you need a business plan?  

Hair extensions are a new and hot field in many countries; hence, if you don’t prepare yourself, you may get lost in the maze of hair. Even you are at risk of bankruptcy if you don’t have a detailed plan. 

Any Ideas On Selling Hair Extensions Business Plan? Read This!

No matter which types of hair extensions you are focusing on and planning to sell, ensure that you spend time on writing a detailed selling plan. You have to sketch a plan for selling hair extensions. Having a vision statement for hair extension company is vital as it helps you try to achieve the target. There are many things into consideration when it comes to hair systems. 

In conclusion

We want to state that selling human hair extensions is a very profitable business that does not require much working capital. You can start from a small seller and then develo p as a wholesale retailer. Don’t forget to prepare a detailed selling hair extensions business plan if you want to make a side business to make extra money. Also, consult other experts and hairstylists to learn more about the business and hair extensions before launching your business.

Now, it’s time for you to practice and write a business plan. If you have not found any hair vendors, don’t hesitate to contact us . Layla Hair company has many years and experiences in this field and only sell human hair products. We provide an array of human hair extensions, including hot fusion, hair weaves, hair bundles, and so on. Trust us – our human hair replacement systems at the top-notch quality will satisfy you as well as your customers. Don’t buy hair from unreliable sellers as they give you poor-quality hair products and your customers will never back with you. Remember that be a wiser seller when you start your hair business. 

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Hair Extensions Business Plan Sample

NOV.01, 2013

Hair Extensions Business Plan Sample

Hair Extensions Business plan for starting your own shop

Are you thinking about beginning your hair extensions commercial enterprise? If your solution is sure, there’s no better time than proper now. Why the capability is endless. You most effectively need to observe Instagram peers that the hair extensions enterprise plays an important function in this digital age.

Every technology is seeking perfection, whether it be for that each one-vital selfies for social media or the subsequent big circle of the relative’s wedding ceremony. The hair extensions have exploded during the last decade. Influencers have played an indispensable position in their hair extensions tutorials on YouTube, Instagram, Facebook, and Twitter. This isn’t always only a trend; this is here to stay.

There is lots of room for everyone inside the hair extensions world, moreover, within the hair extensions commercial enterprise. The hair extensions enterprise breaks through generational limitations because all people, young, and old want to look and feel accurate. The marketplace itself is tremendous, almost countless. This is due to the fact hair extensions aren’t only for the rich but additionally, all monetary wallet excessive and occasional.

Executive Summary

There is plenty of room for all and sundry within the hair extensions global, moreover, within the hair extensions business. The hair extensions industry breaks via generational boundaries due to the fact everybody, young and old, desires to appearance, and feels appropriate. The market itself is huge, nearly endless. This is because hair extensions are not just for the rich, but all financial pockets excessive and low.

How to start a business?

Starting your very own commercial enterprise usually begins with a great concept of a way to open hair extensions keep. You can also look for some sample of hair extension business plans. Once the seed is sown, pass on to marketplace research for your chosen business concept. You also can search for a pattern business plan for hair extensions shop. Knowing your market is prime to success. Once you have got set up your center market, you may want to ascertain your opening finances and stay with it. Where will your funds for your new venture come from? Locating the proper outlet/belongings is also key to the fulfillment of your investment business plan . The incorrect vicinity can be the demise of any enterprise.

What are the prices concerned in opening an enterprise?

The expenses of taking a walk your business enterprise range appreciably. This will all rely upon the place, hire/rent of assets/outlet, and the fee of preliminary stock. Then you need to don’t forget staffing fees, shipping import, and export expenses.

How to implement business management?

This critical vicinity is vitally vital for the fulfillment of any business. The right management could make an enterprise, and incorrect control can ruin it. Share your vision with your managers/workforce and make them sense part of something excellent. Show them that they may be valued, and you’ll acquire their loyalty. Make them feel crucial. A great supervisor will reap the willpower in their body of workers, consequently decreasing the personnel turnover rate in line with annum. The business can be more efficient, and economic rewards may be better.

What the target of this commercial enterprise?

The Hair extensions Business’s principal target is to deliver hair extensions products to shops huge and small nationally and across the world at a competitive rate offering discounts on standard bulk-buy orders. We wish to face out from the group and offer a wide range of products that exceed our competitors, hence making our commercial enterprise an appealing alternative.

Company Summary

Planning your business.

When you are all set to get into the hair extension business, it is essential to plan everything from skretch. When starting a hair extensions store, the business/startup, Hair extensions store, has engaged a consultant to help effect a business plan initially. Hair extensions store’s cost budget/funds for a startup will be coming from –inheritance and a business plan bank loan .

Define your brand

Hair extensions store’s measuring stick will be its unique approach on how to start a hair extensions store to customer satisfaction and individual personalization based on customer’s needs. No one customer is the same, and they will not be treated generically. We are not just another hair extensions company, we care about our clients, and they can choose tailor-made order strategies personal to their business. ‘Above and beyond’ is our companies’ motto.

How to Promote & Market a business

The promotion and marketing of the Hair extensions store will profoundly engage in social media marketing. Digital marketing is the heart of any successful business today. Instagram, Twitter, Facebook, and LinkedIn will be vital targeted areas. A full-time digital marketing professional will be hired to run this side of the business to maintain its presence online.

Establish a web presence

A brand new website is currently under construction to engage a highly effective web presence. This will engage customers and garner new ones. Customers will be able to order online as well as walking into the store. Thus, attracting a more extensive customer base. Keeping up to date with Google analytics will also be essential to maintain a high search position.

Company Owner

The owner of the hair extensions store is a young woman who studied the industry at University. She comes from a family who has been in the hair extensions industry for two generations and dreamed of one day owning her own hair extensions business. Her knowledge of the hair extensions industry is vast and will compliment her venture much.

Why he/she started the business

Coming from a long line of family business owners, she always knew that she wanted to make her mark on life, be her boss, and create her own brand new company from scratch. With this in mind, the University was her starting point. They need to gain as much knowledge in addition to what she already had to ensure the success of her business.

How the business started

A fortuitous inheritance enables the birth of Hair extensions store along with a small business loan. In addition, with a business partner, consultant, and help from family business owners. The business was enabled.

Hair Extensions Business Plan - Startup Cost

Products you may get into the hair weave industry, hair vendor are-

  • A wide range of skincare products will be available, including vegan selections.
  • Various and trusted brands of aromatherapy body oils from leading and well-known brands
  • Body lotion for all skin types for both men and women (vegan selections available)
  • Specialist foot products for the removal of hard skin.
  • Derma wands for anti-aging skin
  • Retinal serums
  • False eyelashes (stick on and semi-permanent)
  • Micro-blading equipment/products
  • Hair products, hair dye/bleach/micro rings/micro loops/ hair extensions and wigs
  • Hair extensions tools, makeup brushes/hairbrushes/tweezers/hair masks/dye mixing bowls/whisks/microbeads/loops/extension hair tape/wig tape/nail drying gadgets/foot spas/nail polish remover/hair clips/hairbands/trays/trolleys/makeup boxes/ nail boxes/

Marketing Analysis of Hair Extensions Store

Market trends.

The observation of market trends is key to the Hair extensions Shop. Using search engines such as Google and Google insights. Twitter trends will also play a key role.

Monitoring online trends in the hair extensions world will be important to the business. What is trending in 2020 in business of selling hair? What is trending amongst influencers on social media such as Instagram and YouTube? Market trends are continually changing and evolving, and the monitoring of these trends to ensure we stay ahead of the rest will be paramount.

Marketing Segmentation

Grouping customers into regular, occasional, and potential divides will help Hair extensions store to keep on top of analytics that is core to current and future Business. Thus, enabling the business to effect a change of direction when needed. It is important to keep up with consumer demands as this affects the products we stock over time.

Hair Extensions Business Plan - Market Segmentation

Business Target

Hair Extensions business’s main targets are hair extensions salons, hairdressers, spas, hotels, and the general public. The aim is to provide everything that a hair/hair extensions salon needs to run their business and to offer all the brands required. The choice for our clients will be a key factor. Limited stock will not be an option if we are to set our business apart from the rest.

Hair Extensions Business Plan - 3 Years Profit Forecast

What is the critical Target Market?

Hair extensions stores’ key target market is as follows: Hair extensions salons/hair extensions spas/Hotels and the crucial Demographic 16/55, although the general demographic will be much broader. Hair extensions are ageless, and everyone wants to look beautiful.

How to keep customers coming back

Repeat customers will be at the heart of the Hair extensions store. The most important thing for the success of any business is customer service. To ensure customers keep returning, they will be awarded a bonus card. The more they spend, the more points they receive. These points can be converted to free products and extra discounts off bulk-buys when the points build up. There will be a range of personal delivery options (an area that often fails many customers). Friendly staff and advisors will be on hand for our clients online and instore.

What will be the average receipt of the business?

The average customer receipt will be between $100 and $1000, of course, this depends on the size of the business ordering the goods. Bulk-buy goods would expect an average receipt of $1000

Marketing Strategy

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With our online presence in the form of a professional website that is compatible with mobile phones will increase our marketing online. We will drive traffic through our site by using/offering an affiliate program to customers. Producing natural hair extensions-focused content with keywords that are guaranteed to rank high on search engines will be necessary. Offering incentives on our Social media platforms such as our Facebook page to engage our followers and get them buying and clicking through to our website. Using Facebook and Instagram ads for businesses to promote our products will be an area that we shall implement at the offset.

Competitive Analysis

While preparing the Hair Extensions Business plan, competitive analysis is an essential part to consider. We are in the market when there are numerous other hair extensions organizations inside a mile span. There is an uncertainty that the business will confront the stiff challenge from built-up industry players.

In any case, the business has recognized the key factors that are long accepted to profit the intensity of different hair extensions product organizations. Putting resources into critical areas, with praiseworthy client assistance, latest management technology, and superb cordial staff, will bring us into the challenge.

Sales Strategy

The accompanying techniques will be produced for our store to get more client base:-

  • Showcase our products to corporate customers that are associated with numerous downtown foundations.
  • Extraordinary offers, especially convincing, and adjustable bundles that give high motivating forces to draw in clients.
  • Thorough is showcasing efforts and utilization of both nearby media just as advanced channels to spread business.
  • Offer periodic offers and limits to faithful clients to keep utilizing our products.
  • Ensure that every client gets singular regard for their needs and to get the help they need.

Sales Monthly

The business of the store might not be able to pick up the profitability baseline in the first month, but our plan is made in such a way so that we can quickly mitigate that possibility. Although, when it comes to sales, we expect an exponential increment in the first four weeks of the store.

Hair Extensions Business Plan - Sales Monthly

Sales Yearly

As already mentioned, the business of the store might not be able to pick up the profitability baseline in the first month. Still, it will become sufficiently profitable in the first quarter of the first year. We expect that we will reach our full potential of sales under the given capacity in the first year.

Hair Extensions Business Plan - Sales Yearly

Sales Forecast

During the first 12 months: We expect to make a reasonable marginal profit as setup costs will affect the profit margin significantly as with any business plan in its infancy. However, our sales forecast for the first month is expected to be $40,000 due to clients we have attained initially with potential orders already exceeding our expectations. Our target sales for the first 12 months is expected to be a conservative $250,000

Hair Extensions Business Plan - Unit Sales

Charges For Opening Store

The fees for opening the Hair extensions store will include the following: Lease/rent costs, staffing costs, stock cost, electricity, water, business rates, telephone, and WiFi.

Personnel plan

The beilow mentioned staff is required while starting a hair business-

Company Staff

  • Chief Executive Officer
  • Quality Assurance Manager
  • Human Resources and Admin Manager
  • Sales and Marketing Team
  • Purchasing Manager
  • Store Manager
  • Delivery Driver
  • Customer Service Executives
  • Security Guard

Average Salary of Employees

To starting a hair business.the following table describes the average annual salary of each employee and total payroll for the next 3 years –

Financial Plan

We have built up a thorough financial arrangement that will completely bolster our business while preparing the business plan for a hair extensions store. Our business will give monetary help with a variety of different speculators. Accessible subsidizing will be accessed and enhanced by an advance that the business means to debit inside the initial three years of opening.

If you are thinking about how to begin a hair extensions store, do not stress as we can assist you with setting up a point by point budgetary plan.

Important Assumptions

We assume that our client base will grow linearly, and the economy will remain strong. Our services might be disrupted due to natural factors, but we will take the top care to make sure that the services remain stable under human conditions.

Brake-even Analysis

We expect that the hair extension store will break even within the first quarter of the first year of opening.

Hair Extensions Business Plan - Brake-even Analysis

Projected Profit And Loss

We might run into a loss for the first month of operations, but we expect to touch the profit baseline within three months of operations.

Profit Monthly

The monthly profit we will reach will be able to sustain all our operations and will us enough dividends to invest in the future growth of the business.

Hair Extensions Business Plan - Profit Monthly

Profit Yearly

As already mentioned, we might run into a loss for the first month of operations. Still, we expect to touch the profit baseline within three months of operations, and therefore, our yearly profits will be able to pay back all the credit.

Hair Extensions Business Plan - Profit Yearly

Gross Margin Monthly

In the first few months, the margins will remain negative, but when the profitability picks up, we expect a solid margin baseline.

Hair Extensions Business Plan - Gross Margin Monthly

Gross Margin Yearly

Yearly margins will be great and will make us able to expand our business and reach out to a larger customer base.

Hair Extensions Business Plan - Gross Margin Yearly

Projected Cash Flow

In the initial months, we will be running on credit, but soon we will become cash-flow positive.

Hair Extensions Business Plan - Projected Cash Flow

Projected Balance Sheet

Balance sheets will be outsourced but monitored. Management will make sure it will stay positive.

Business Ratios

The business rations have been calibrated to be perfect in the long term.

Hair Extensions Business Plan Sample in PDF

OGS capital professional writers specialized also in themes such as barbers business plan , business plan for hair salon , laser hair removal business plan , lash business plan , reiki business plan , soap manufacturing business plan and many other business plans.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

selling human hair business plan

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Sample Hair Related Venture Business Plan

Do you need help starting a weave and hair extension shop? If YES, here is a sample hair extension Business Plan.

Sale of hair extensions is part of a booming beauty product industry. There is tremendous potential for entrepreneurs considering this area of business. If you are one of such persons, this article is written with you in mind.

This hair extension business plan example seeks to help you write your unique plan easily.

Most times, new entrepreneurs are faced with the daunting challenge of how to put their plan together.

WEAVE-ON AND HAIR EXTENSION BUSINESS PLAN PDF SAMPLE

Are you looking forward to starting a hair extension business? Are you a person that loves noticing people’s hair and also touching it? Do you have joy in making hair looks neat and beautiful? Why not start a hair extension business?

Actually I will tell you why you need to.

Firstly, starting a hair extension business is no rocket science. Most persons are scared of starting a business because of the risks involved. However, there are a number of gimmicks that would smoothen your path through the business if you are adequately guided.

READ:  40 BUSINESS IDEAS FOR WOMEN

You must realize that every venture comes with its packaged set of challenges. But if equipped with the right tools, we are simply going to be the potter that has no clay too hard to bend.

Let us kick off by noting that there are a number of hair extensions and its affiliated products in the market. From Brazilian, synthetic, human hair, Peruvian hair, Indian hair, amigos attachment, expression attachment, and wigs.

We should know as well that the costs of procuring these extensions come in a stratified way.

Then to top it off, there can as well be an extension to the hair extension business, in the sense that you could also include the products for hair maintenance as well.

Without further ado, I will look directly at the guaranteed steps for a successful start of hair extension business; steps that are certain to guarantee you security from being swallowed by any risks.

Here is a business plan for selling hair extensions.

  • Gain Thorough Knowledge

As important as it sounds, it is the primary key that would open your success doors in the fashion industry. You must be as vast as possible. I’m not saying you should begin to study the history of the House of Worth where serious fashion began, but the rudiments of hair extensions would do.

You must answer questions such as: how many variants of hair extensions are there? Which hair extensions are of good quality? Where are the locations to purchase the hair extensions? Upon arming yourself with the answers to these questions, then you are in position for the next step.

  • Conduct a Feasibility Study

This part is as crucial as the first. It is the wind vane the determine the direction of the wind of investment as you launch your business. You must find out what styles of hair extensions appeal to prospective customers, and what range of quality they are capable of affording.

You must also find out the location where you intend to site your business, and what income grade of people stay there. It is madness to start up a hair extension business in a monastery, so look out carefully for your location, and draft up a sample plan.

  • Get a location and Purchase Some of the Items

How much is a carton of expression attachment  in Nigeria 2020?  Now you are taking the first practical step. You could budget probably between 60, 000 to 100, 000 naira for getting a beauty shop depending on the location. Then go on to invest possibly a capital of between ₦400,000 to ₦600,000 in the business.

Take this from me: with the right dedication, you could be making over 25% of this investment capital on a monthly basis. So it’s worth it.

  • Establish Relationship with a Manufacturer

Indeed this also dictates the extent of success of any business. Choose a manufacturer to deliver wholesale quantity of the products to you, as this would ensure quality as well as reduce cost.

This is very important. Some business owners make orders directly from China and India where these products are manufactured, but if your means can not afford that, then you could simply connections with local weavon and attachment distributors ; in the given time, you would scale to higher levels.

  • Adopt Strategic Pricing

You must choose prices that would make sense to your client’s pockets as well as yours. The economists would call this ‘equilibrium price’. As a business starting up, you need to command the market, you need to twist the competition in your favor, and what is a better way of doing so than using the tool of pricing?

Adopt a suitable price for your hair extensions and associated products such that you are making profits, and your customers are comfortable. Again, you must not compromise on quality.

  • Advertisements

As part of the backbones of any business venture, the need to promote the business is chief. You must take advantage of platforms like Facebook, Twitter, LinkedIn, and other social media to advance your business beyond the frontiers of your immediate location.

Friends can even place orders through to you over the internet. Mouth-to-mouth information is as well another key; an indispensable one at that. Even using the hair extensions on its own is another way of advertisement that fosters sales.

Creativity is another key player in the fashion kingdom; it determines to what extent you would penetrate the market. All in all, the formula is simply: good plan plus dedication plus knowledge equals financial success.

How to Start a Business Selling Human Hair and Weaves

With the widespread in the usage of weave around the world, this is the best time to start a business selling hair weave. This is a billion-dollar business in case you don’t know. How much can you make selling weave?

Selling of weave extensions online is not just a business for the ladies alone. If you are a male and you would love to venture into the business, there is room for you.

Weave is a highly demand hair product that anyone can leverage on and cash huge amount of money from it. There are hundreds of thousands of hair salons around the globe that you can sell your weaves to.

Aside selling to hair salons, individuals also demand for weave directly from sellers either online or in person without going to hair salons.

Weave is a kind of hair product that is desirable based on the fact that it looks more regular and is more flexible since it can be warm-styled without harm.

So, to help you get started and help you consider if to venture into the business, I am sharing with you on this post how you can start selling weave and become a boss of your own. It is a lucrative business you should not just throw off without great amount of consideration.

Starting a Business Selling Hair Weaves – Checklist

  • Conduct a Market Research

This is the first step you must take before venturing into the business so you don’t regret later along the way. You will need to conduct a market research to find out the different kinds of weave that is of high demand in the market.

You don’t want to a situation where after you have spent your hard-earned money buying certain kind of weaves you then realized that no one is demanding for them.

Conduct a market research and find out the kinds of weaves that are selling. Look at weaves worn by celebrities and find out if people are demanding for it. You will need to study the market and ask friends, family members that wear weaves to tell you what is trending.

If you are a girl that wear weaves, it will be an advantage to you as you will have a good idea of what is trending. Go to popular hair salon in your city and ask the owners the weave that is of high demand so you know which and which to buy.

  • Find a Trusted Supplier

There are many suppliers and companies who pose as hair product suppliers. You must be very careful in picking a supplier for your product so as not to disappoint your customers when they demand for your products.

Find a supplier with a good track record. Alieexpress is a good place to source for suppliers and their reviews. One other best way to do this is by asking other weave sellers to refer you to their supplier or any supplier they trust.

  • Place your Order

After you must have secured a trusted supplier, it is time to place your order. No matter your budget, do not place a huge order as you are not certain of the supplier yet as one can’t trust reviews these days. Some companies pay people to write a good review for them.

Just place a few order to test the supplier and see if your goods will be delivered on time. If the supplier delivers on time, then you can be assured of placing a large order next time.

  • Get a Location

Though this is optional, but if you have the budget and have the vision of going large-scale, it is also good. You can choose to open a physical retail shop or an ecommerce shop where you will be selling your weave to potential customers.

You can also choose to stock your products at home and be doing delivery when customers order for them. Ps time gets better, you can then get a location and site your shop there for people to come in and place order.

  • Wholesale Account

Set up discount accounts with producers and brands of human hair, for example, Bohyme, Milkyway or Saga. To get the least costs, you will probably need to work specifically with universal makers instead of purchase from a wholesaler in the United States in light of the fact that most human hair for weaving is accumulated and delivered in Asia.

  • Great Marketing

For you to make good money, your business must be known to potential customers. Word of mouth is not enough.

Social media is one platform with the potential to turn your business into a 6 figure business within a month if you know how to use it to market your business. Great platforms like Facebook, Pinterest and Instagram will be a great tool for this kind of business.

Advertise your weaves on fashion magazines too. This is one way to let weave lovers and salon owners that you exist and how you can be reached. Your marketing is going to be crucial for success in this business as it is a crowded market.

You may not see result at first, but rather with predictable exertion, you will have the capacity to push toward starting a successful weave business .

HAIR EXTENSION BUSINESS PLAN EXAMPLE

Using this sample, you do not need to worry as it gives you a template you can easily work with. Although this is the case, you need to have a thorough understanding of this line of business before venturing out. If you have, then this is your next step;

  • Executive Summary

Beauty Care LLC is a business that specializes in the provision of a wide variety of hair extension products. Located in Richmond, Virginia, we seek to expand to cover more locations within the state of Virginia. However, our sights are set on breaking into the top tier of hair extension business. This will require tremendous work and dedication on our side. The good part is that we are fully prepared to take on this challenge.

We have set a structure in place that will become beneficial for all players. This includes our workforce, our clients and business owners. There is something for everyone. Our customer care service is top notch! We ensure that all clients are treated on individual basis and given the very best. This is done in order to build our reputation as a reliable name when it comes to quality and service delivery.

  • Products and Services

We sell a variety of hair products from premium to exotic brands. This is in addition to our skillfully crafted and customizable hair extensions.

Our products will include both natural and synthetic hair. Apart from sale of high quality hair extensions, we also offer training and consultancy services. This presents an avenue to share our expertise with persons or aspiring entrepreneurs willing to learn.

  • Vision Statement

We seek to create a reputable brand known only for quality and affordability. We are leaving no stone unturned in attaining these lofty ideals. Our vision for Beauty Care LLC is to be among the top 10 hair extension businesses in America within a decade from the time of take off.

  • Mission Statement

As the desire to look good increases, so does the need for quality products. We are well suited to meet these needs through the sale of high quality hair products from reputable brands. This will be in addition to the crafting our beautiful hair extensions. As a business, we seek to be driven by innovation in developing new styles of hair extensions in addition to the sale of those made by well-known brands.

  • SWOT Analysis

We consider this a measure of our competitiveness in the hair extension industry. This analyzes our strengths, weaknesses, opportunities and threats. To do this, we have contracted a major firm with expertise in the provision of a variety of business solutions.

The findings have been revealing and will enable us streamline our efforts into achieving our desired goals.

One of the major areas of strength for our hair extension business is the quality and depth of our workforce. These have acquired significant experience and training in the craft. Apart from selling top hair extension brands, we will make our customized extension products as well. These are as good as some of well known brands in the industry.

We are constrained financially. This has limited the scale of our business. However, this is only a temporary setback as we intend to start where we are to achieve our aims. There are also major players in the hair extension business.

These exert a tremendous amount of influence too. Operating alongside these formidable competitors can be challenging but we will maintain a positive outlook.

  • Opportunities

The hair extension sector of the beauty industry experiences one of the highest patronages. This is driven by innovation as more natural and synthetic hair variants become available. We are encouraged by such opportunities and seek to contribute to this innovation too.

Clients are always available to buy new hair products. We are seizing this opportunity to build a thriving business.

As there are opportunities, there are also threats. These are in the form of an economic recession. Under such situations, every industry is affected. The beauty industry is one of the hardest hit because the stream of disposable income has ceased.

  • Target Market

People buy hair extensions for different reasons. For some, they may need to change their looks.  For others, having a hair loss may be a major reason. Still yet, others will buy hair extensions for a host of reasons. Whatever these reasons are, the fact remains that it is a booming industry. Demand is driven by women. Hence, they are our main target market.

Others include cancer patients, celebrities, movie stars, hair stylists, tourists, and fashion designers. Our marketing activities will focus on this category of clients because they have a major influence on demand.

  • Sales Projection

Increased sales translate to increased profits. To have an idea of the extent of demand, we have used current market data to arrive at a sales projection covering a three year period. This projection has revealed positive growth in generated revenue as shown below;

  • First Financial Year $200,000.00
  • Second Financial Year $550,000.00
  • Third Financial Year $990,000.00
  • Competitive Advantage

An advantage we have is the making of our own unique and beautiful hair extension products. This is in addition to the sale of other brands. While purchasing these hair extensions, it becomes easier to sell our own because they are qualitative as other popular brands.

We also have a great work environment where our staffs are encouraged to give in their best. All types assignments are incentivized to serve as a boost to the general work atmosphere.

  • Marketing and Sales Strategies

To attract sales, we have partnered with celebrities to don our hair extensions. This is in addition to our foray into fashion shows where we work with the show organizers and major fashion designers. Our hair extensions are worn by these models and showcased to the world. This strategy has been successful in attracting increased demand for our products.

Our marketing team has designed various ads that will be marketed on social media, our website and on electronic as well as print media.

This hair extension business plan sample has been written with the would-be entrepreneur in mind. It offers you a wealth of perspective on what a good plan should consist of. After successfully writing your plan, implementing it is also as critical. It is only through a thorough implementation that the benefits can be felt and seen in the business.

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A Blueprint To Succeed: Selling Hair Extensions Business Plan

Are you going to invest a lot of money in your newly founded company? Are you dreaming of the glorious days to come? As a newcomer in the hair industry, you are expecting that much for sure and you all have the right to nourish the big thing. However, to succeed in realizing the dream, you had better keep track with selling hair extensions business plan .

If you claim that you have finished all the funding needed from your circle of networks and your business plan seems to be useless from then on, you are making a big mistake. Hair extensions business plan is much more than a fund-raising tool as it can facilitate progress, hold yourself countable, and know who you are as well.

Therefore, do not underestimate the effects of writing a selling hair extensions business plan, especially if you are living in a harsh market. To gain competitive advantages, you need to be a pioneer in everything!

MAIN CONTENTS

What Is A Selling Hair Business Plan?

To create a standard selling hair extensions business plan, you need to have a sound grasp of what a business plan is. Simply speaking, it is nothing different from your notes when you are going somewhere for traveling or on your daily to-do list.

Selling Hair Extensions Business Plan

The term ‘business plan’ refers to a written document highlighting the details that your new business is going to follow to achieve the final goals. As you can see in the picture, a plan often lays out a written schedule including financial, operational, and most importantly marketing approaches.

Sometimes, you do not head towards your sketches but believe it or not, it does help you to reach new horizons with the business. Scientifically, having the ideas in form of notes enables you to execute the operation with precision.

Do not forget that in a selling hair extensions business plan, the feasibility should be demonstrated. For instance, it is not good if you conservatively stick to a less profitable type of hair integration.

Why Is A Hair Business Plan A Must?

No matter which line of product you are focusing on, make sure that you spend adequate time writing a detailed plan. When it comes to hair extensions, you should take lots of things into consideration.

You must choose if you start selling hair extensions to individuals, opening a wholesale hair vendor or hair export company. After that, it is time for you to sketch significant bullets in a selling hair extensions business plan.

selling hair extensions business plan

So, why do these few sketches matter? Why do most speakers mention it when they are asked to share secrets to success? A business plan is a must for some reasons and it should be repeatedly named.

One small note: hair extensions can be regarded as a new field in some countries; therefore, without an appropriate selling hair extensions business plan, you will easily get lost in the maze and be susceptible to bankruptcy.

To clarify directions

A company could not survive for a long time if it were not for a mission. My mission means what the business is or what it intends to achieve in the future. For example, a selling hair extensions business plan should indicate how far a certain hair vendor expects to go, such as ranking number 1 in the list of Vietnamese distributors.

In this very first step, it is necessary to include a simple idea about your company, the line of product/service you are going to provide, and a detailed description of your customer persona. If you aim at exporting strands, you should enhance the marketing campaign and increase the quality of products.

selling hair extensions business plan

Let’s take Ivirgo hair company for example. While Indian and Brazilian hair is taking customers by storm, instead of going with the flow, they introduce Vietnamese hair of good quality and reasonable price. Therefore, they make themselves a pioneer in this type and this orientation must be carefully discussed in their selling hair extensions business plan.

To obtain financing

selling hair extensions business plan

Repeat that you are selling hair extensions and fund-raising is inevitable. No matter what you intend to do – either to operate a new plan or to seek bank loans and venture capital, a selling hair extensions business plan is always vital to secure funds.

Supposing you are going to get a $1000 or more loan. To see the return on your investment, you need to know how you are going to allocate that money, who is in charge of each stage, what qualifications they need, and estimated assets, liabilities, and profits. You just cannot keep that much data in the head.

To maintain the operation

selling hair extensions business plan

As for an organization, as a leader, you should pay much attention to human resources. It determines how well-developed the organizational structure of your business will become. Therefore, in your detailed selling hair extensions business plan, you should specify the entitlement of your directors, officers, and their duties.

For example, your type of business is a wholesale hair vendor. This means there are quite a few lines of products. In addition to departments related to marketing and IT, you should divide the staff into groups like the Vietnamese hair team and Malaysian hair team. Each will be in charge of providing customer service to a certain customer persona.

A vision for the future

An organization is similar to a living body. It evolves and factoring in future development in your selling hair extensions business plan proves crucial to facing up to fluctuations in the market.

selling hair extensions business plan

Sometimes, you should anticipate the worst situations as in business, everything can happen.

A Selling Hair Extensions Business Plan Template

Gain business overview.

You cannot jump into the hair extension industry without being equipped with basic foundations, let alone the process of creating a selling hair extensions business plan. As a leader, you are not supposed to be ignorant. However, this does not mean Wholesale Hair Vendors ask you to study the history of the House of Worth.

Before writing your selling hair extension business plan, try to think of the following prospects: how many variants of hair integrations are there? which one is of good quality and worth your investment? where are the potential locations to sell? To answer these questions is to seek fundamental insights.

Executive summary

selling hair extensions business plan

Depending on each hair vendor’s owner, the executive summary may vary from one to another. However, in general, they still mention the very basic thing of a company. You can look at this executive summary model to see how it works in real life.

“Sharon & Anita Hair Extension Store®, Inc. is a family business owned by Sharon Williams and her immediate family members. Sharon Williams has a B.Sc. in Business Administration, with over 5 years of experience in the retailing industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in Charleston – West Virginia, there is a plan to open other outlets all around major cities in the United States” – extracted from Sharon & Anita’s speech.

Market analysis

You cannot win others if you do not thoroughly understand a targeted market and potential competitors. Therefore, it is vital to add data and domains of these in your selling hair extensions business plan.

selling hair extensions business plan

Through market research, you can determine the wind vane and your direction of investment. You must figure out which styles of hair integrations customers may be attracted to and what range of quality they can afford.

Additionally, defining your competitors with detailed strengths and weaknesses helps you to gain a competitive advantage. From that point, let’s think about a feature that makes you outstanding!

Human resources

In every organization, human beings play an inevitable role in encouraging business growth. Therefore, it is suggested that you should invest more time and money in this factor. On your selling hair extensions business plan, you are required to list out the necessary departments for the business to start.

selling hair extensions business plan

Normally, a company includes 9 departments which are CEO, admin and HR, store, merchandise, sales and marketing, IT, accountant, client service, and cleaners. However, if your business is a startup, you can reduce the number of staff provided that do not put yourself into an understaffed situation.

Vendors/ Suppliers/ Sources

Indeed, this also dictates how far your business could go in the field. Only by establishing a good relationship with a manufacturer could you protect your brand appearance. If you are a wholesale vendor, you need to find a way to ensure quality as well as to reduce costs. As a retailer, similar desires are achieved.

Marketing plan

In the 4.0 society, the key to opening the success door is a powerful marketing plan. Your selling hair extensions business plan will become useless note without a brilliant marketing approach. In other articles, they even consider it as the backbone of any business venture.

selling hair extensions business plan

Do not forget any such platforms as Facebook, Twitter, LinkedIn, Whatsapp, Skype, and so on. Thanks to these, you can advance your business beyond the frontiers of your immediate location.

In this stage, you should think about how you are going to run the business. No matter which manner you are going for, it should be effective both in productivity and business culture. This determines the most efficient way to get the job done.

Final projections

The last thing you should dictate in your selling hair extensions business plan is final projections. You must anticipate how much money you need to run the business. After estimation, you have to start your fundraising campaign or just find a way to convince investors.

These are all the things that you may be aware of before writing your own selling hair extensions business plan . Now, it is time for you to practice, and do not hesitate to contact us if you have questions.

Thomas Taw - Hair Care Expert

I am Thomas Taw, the CEO of CITIZENSNIPS. I have experience in hair product development and chemical research, as well as sustainable resource engineering. In 2009, I co-created Sunsilk, one of the world's leading haircare brands. More recently, I was the CEO of SMOKINGPANDA LTD. I am a professional with a strong track record in delivering tangible results.

  • Thomas Taw https://www.wholesalehairvendors.com/author/thomastaw Is The Head And Shoulders Bad For Your Hair? The Detailed Answer
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COMMENTS

  1. How to Start a Profitable Hair Business [11 Steps]

    1. Perform market analysis. Before launching your hair business, it is crucial to gain a deep understanding of the market. A thorough market analysis will help you identify your target customers, understand your competition, and position your product or service effectively. Here are some key points to consider:

  2. Hair Extension Selling Business Plan [Sample Template]

    1. Industry Overview Hair extension retail stores are part of the Wig and Hairpiece Stores industry and players includes stores that mainly specialize in selling wigs, hairpieces and hair extensions for both aesthetic and medical purposes.

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    You can make 6 figures selling human hair The average amount for retail hair can cost $150 USD to $300 USD. If you only make 1 sale per day, you will make about $54,750 USD-$109,500 in gross sales in a year! The general profit margin for retail hair is about 50%-100%.

  6. Hair Extension Business Plan: Blueprint for Success

    If you are really serious about selling hair extensions it should be something to consider. If you need an eyelash extension business plan this should help too! You might think creating a well-crafted business plan can be time-consuming and a little daunting without some guidance. This can be true! No worries, we are here to help!

  7. The Ultimate Guide To Selling Hair Bundles: Learn ...

    You can build a profitable business selling hair bundles with the right strategies. One of the biggest challenges people face when selling hair bundles is finding a reliable vendor. Poor quality products can lead to unhappy customers, which could damage your reputation and negatively impact sales.

  8. The Ultimate Guide To Starting A Virgin Hair Business

    Step One: Write A Business Plan A Business plan is a blueprint for your business plans. Your virgin hair business plan will help you to focus on your strategy, manage your milestones, assign and track responsibilities. Your business plan also will help you to manaage money using projections for sales, costs, your expenses, and cash.

  9. Hair Extension Business Plan [Free Template

    Download Template. Create a Business Plan. High demand, low startup costs, and a recurring revenue model make starting a hair extension business a lucrative and rewarding profession. Anyone can start a new business, but you need a detailed business plan when it comes to raising funding, applying for loans, and scaling it like a pro!

  10. How To Start A Hair Business

    The first and important step on how to start your own virgin hair business is finding out about the items which you want to sell. Learn about human hair and various kinds of human hair available on the market now. Search on the Internet or read hair care books to know what a hair bundle is, how many types of wigs, and more.

  11. Hair Extensions Business Plan Template (2024)

    Hairapy Extensions is currently seeking $280,000 to launch. The funding will be dedicated to the store design and buildout, working capital, overhead, supplies, and marketing costs. The breakout of the funding is below: The following graph below outlines the pro forma financial projections for Hairapy Extensions.

  12. How can I Start My Business by Selling Hair Extensions?

    Step-3: Choose a Suitable Business Operation. The next step is to determine an appropriate business operation for your hair extension startup. Here is when you might need the advice of a professional business marketer. Together you can decide whether your business will be operated from a retail outlet or will you sell the products online.

  13. Hair Extensions Business 101: Full Guide (2024)

    By Sam Fisher Published January 18, 2024 29 Min Read Get 10% Off Our Extensions The content below is from the upcoming book about nothing but a hair extension business. Quick Access - Finding Best Hair Extensions Suppliers - Dropshipping Extensions vs. Inventory Stocking - How to Write a Hair Extensions Business Plan?

  14. Insiders' Guide To Hair Business Plan

    Plan a specific marketing strategy - the 4P Model. A Marketing Mix is essential for entrepreneurs to capture their unique selling points and then promote them so that your brand and products could stand out amidst the market. Don't copy any hair extension business plan sample, you need to build up your own instead.

  15. Hair Extensions Business Plan Template + How-To Guide [Updated 2024]

    Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a hair extension company, your marketing plan should include the following: Product: In the product section, you should reiterate the type of hair extension company that you documented in your Company Analysis.

  16. How to Sell Hair extensions Online

    It's easy to get started selling hair extensions online. You can sell your own hair extensions or other brands through your own ecommerce website.Shopify's 80+ website templates and themes allow you to set up your own store within minutes and upload product listings, photos, descriptions, and connect your store to your social media accounts. Shopify's SEO and marketing tools can help you reach ...

  17. 12 Steps to Start a Hair Extension and Wig Business

    Step 8. Obtain all required permits and licenses. Obtain a cosmetology license before opening a hair extension and wig shop. A background in cosmetology is critical for providing the best kind of customer service and imparting useful knowledge about hair texture, styles, and color.

  18. Any Ideas On Selling Hair Extensions Business Plan? Read This!

    5/5 - (1 vote) Human hair extensions now are the best-hunted item for women as they help wearers achieve gorgeous hair instantly. There is a wide range of extensions available on the market, choosing clip-ins, bundles, or closures, it's all up to you.

  19. The essential guide on how to make good selling hair extensions

    A sample of selling hair extensions business plan for you. How to make a good selling hair extensions business plan (Source: Internet) - 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.

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    Gain Thorough Knowledge As important as it sounds, it is the primary key that would open your success doors in the fashion industry. You must be as vast as possible. I'm not saying you should begin to study the history of the House of Worth where serious fashion began, but the rudiments of hair extensions would do.

  23. Selling Hair Extensions Business Plan

    Repeat that you are selling hair extensions and fund-raising is inevitable. No matter what you intend to do - either to operate a new plan or to seek bank loans and venture capital, a selling hair extensions business plan is always vital to secure funds. Supposing you are going to get a $1000 or more loan.