HOW MUCH MONEY TO START A HAIR BUSINESS
Starting a business means you are willing to take risks. Not the risk to lose everything you care about, but calculated risks.
If you want to start a hair extensions business you take a risk, and from some of you, I receive the question how much money do I need to start. In other words, how much do I have to invest? If you know this amount, you know how much you must set apart, or to earn with your first sales.
To start a hair business means you must invest 2 things, time and money. These two are very closely related. For example, because sometimes if you do not have the money to hire a marketing consultant or web designer you can decide to invest time to learn and do it yourself. If you have money you can build up brand name recognition by spending big bucks on the advertisement.
You like to hold a list of steps with the investment needed to start a hair business, please continue reading.
DREAM $ 85
Every great journey starts with a dream, the beautiful eureka moment at night or sometimes even at day time. The moment everything comes together and you realize the reason of your existence, you want to start selling hair! Now you will notice your senses pick up every information about hair and beauty, about business opportunities and business cards designs. It’s like everybody suddenly talks hair! This phase is full of energy and except for the investment in a bottle of Champaign that you only will open on the day of the launch of your hair business you only should invest time.
A lot of time but you will not care, enjoy this phase, Breath the air full of ambition and passion.
THINK $ 20 – $ 1,500
When you are ready for it, and everybody has her or his own enough is enough moment, you should stop dreaming. Will you make your dream work for you, or will you keep your dream to escape from the 9 to 5 job you have?
Of course, you preferred to make the dream work for you, otherwise, you would have googled other search terms. Instead of “how to start a hair business” you would have googled “Business day day dreaming”.
Now you start to analyze the hair market, who is selling hair, where to buy hair, what is wholesale, who wants the hair I will be selling, how to tell the world I am selling hair. These and many more questions.
This is the first time you must decide if you want to invest money or time. You can hire a company to do the research for you, and leave this fun part to others. Or you can start to google hair stores, hair suppliers, and perform a market survey. You will have to invest more time to talk hair with a lot of different people, but hey. This is the fun part because it will stimulate your dreaming brains with many more new ideas. Ideas on how you will be different from the rest.
To hire a consultancy firm to gather the information about the hair market will cost you at least $ 1,000 to $1,500. Some have the information on the shelf and others will collect the data for you.
If you prefer to do it yourself, you can decide to go for a training about a market survey for a couple of dollars. You must invest the time but you will not put your savings at risk.
ANALYSE $ 30 – $ 1,500
Now you have both the idea and the information about the hair market, time to analyze because the purpose of all this is to be different from the current stores in the hair business.
This is the phase to brainstorm, to take that nice drink, but wait it’s too early for the bottle of Champaign. And to see a pattern, what is everybody doing in this business but not matching with the client’s needs? What do the clients need but is nobody offering now?
Easier said than done, but take your time, talk with people and challenge your ideas.
Again, you can hire a consultant or accountant, be ready to invest another $1,500. Or you can also give me a call for only $ 1 per minute, 30 minutes long.
TESTING $ 1,000 – $ 2,000
Now, this is the time to test the hair, use google to find suppliers, start with a long list to end up with a short list. Call or email these suppliers, test their communicational skills and client focus. Order samples or retail orders to test the hair.
This is the phase with mixed feelings, the first time you will have doubts if all this was a smart thing to do. Suppliers who do not respond, samples to pay and smelly packages to open. The hair you will receive will surprise if you feel the hair slip through your fingers, so soft. Or it will hurt why you paid so much for a retail order of mal treated hair, of which you do not even know if it's human or synthetic hair. (The simplest method of distinguishing real hair or synthetic hair)
This phase does not only give you the highest level of stress, it will also cost you a lot of money if you do not manage to find the proper supplier.
If you are not going to travel to countries famous of their export of human hair, you still should put $ 1,000 to $ 2,000 aside for this phase. You must pay for samples or the retail orders and if you find a supplier who is willing to invest in you too, you still should pay for the expenses of third parties, like shipping, payment or customs duties.
It all depends on your desk research and of you manage to find the supplier who can deliver exactly the hair you need how much money you are going to spend.
SPREAD THE WORD $50 – $ 1,500
Now, yes now you can start to tell the world you are in business, you know how to be different, where to get your hair from and where your clients are. All the ingredients to steam up for success.
Invest time to find a good business name and benefit from the free domain name Bluehost offers you with their hosting package. For $ 3,95 or less a month you can have your own brand name, domain, hosting package and 24/7 support.
You can start with a full fledge website or use Shopify to offer and sell your hair extensions.
To interact with your ideal clients, you start a Facebook page, Pinterest, and Instagram or snapchat. The exact mix of social media depends on your ideal clients. Be there where they are. Limit yourself to 3 platforms to start. You must interact with your followers and this is the time you must invest. Social media is free, but cost you a lot of you free time too!
NOW YOU ARE IN BUSINESS
Be smart if you invest in stock, limit the money and select a hair supplier who can deliver the hair very swiftly.
Consider to start as a distributor and start selling without stock, this will reduce the risk for you but still give you the possibility to start selling hair.