Starting a hair extension business here in Nigeria is very good and applaudable because of the tremendous rise in fashion in this century. Statistics has it that 4 out of 5 ladies usually go for a new hair every month, probably less and that’s enough evidence to purport how lucrative this venture is.
This hair extension business is not capital-intensive nor does it need any technical skill or training. With some basic knowledge about the business, you’re sure of doing fine and making mouth-watering amount monthly.
This business is very flexible. You can sell virtually anywhere.. Online, in a shop, even at home. Before you start this business, you’ll need some basic knowledge like the different types of hairs you can go for. There are tons of them, like:
• Synthetic Hairs
• Human Hair
Both of them are very good to start with. The synthetic hair is cheaper than the human hair, but the human hair is higher in demand due to its natural look and feel. Human hairs like Brazilian Hair once caused a buzz in Nigeria and virtually every lady was doing everything possible to join the league. Major suppliers and manufacturers made so much money that their fat neck couldn’t hide it. There are other numerous human hairs like;
• European Hair
• Indian Hair
• Peruvian Hair
• Malaysia Hair etc..
HOW TO START A HAIR PRODUCT BUSINESS
1. STUDY THE BUSINESS
You need to know everything about this business, ranging from the prices, colours and the sizes they come in. Knowing their names and its difference with other brands is also something you need to take note of. If possible, met someone who is into this business. Buy him or her a drink and have them tell you some relevant tips about the business. They might help you out, like teaching you how to distinguish between a fake and original hair extension.
The mistake you should never make is dissatisfy your customers by selling fake products due to your negligence or ignorance. Make this mistake and they will never return.
2. CONDUCT A FEASIBILITY STUDY
This will help you know which hair is trending, its potential customers and their location. Making an intensive research will further expose you on who your customers are likely to be. Their income and their product preference.
Get a well detailed business plan cause it will help you beyond words. It gives you an overview of how the business will take shape, even a hint of your location.
3. CAPITAL FOR THE BUSINESS
Like every business, you need capital to start. The prices of these hair extension and the quantity you want to begin with will determine how much you will need to kick off. The prices might vary from state to state, but the gap isn’t quite bad. By now, you must have known their prices.
When considering how much to begin with, also take note the cost of your shop. You can get a space for an low as N120,000. The capital to start might look huge, but the money you’ll be able to make after a month is enormous. That’s the more reason why you should start this business despite all odds. For example, if you can start this business with at least N250,000, there’s a possibility of making over N100,000 in a month.
4. GETTING A MANUFACTURER
In this business, you’ll either order directly from China, India or other destination. if you don’t have such means, then it’s best you connect with a manufacturer here in Nigeria. They are the ones that import into the country and sell to wholesalers.
Some wholesalers do order hair extensions from business to business sites like Alibaba, aliexpress, Amazon etc.. Perhaps you will consider such a route in this business.
This depends on what your visions are. Do you intend to be a supplier that sales to wholesalers? This will require having a warehouse free from dust or rodents. But if you want to sell to retailers, getting a shop will be your best option. It’s very important that you get a shop that’s in a strategic location and close to potential customers. A good location ensure you sell off your product faster.
6. ATTRACTING CUSTOMERS
There are lots of ways to attract customers into buying your hair extension. After getting a good and strategic location for your shop, furnish your shop to modern standard. Having an air conditioner will be you best bait. Depending on how buoyant you are, getting a wall television might not be a bad idea.
Also, stocking up your shop with other related products like hair creams, shampoo etc will keep those customers coming and contented. Not having most of these important products might keep potential customers away. They’d prefer a place where they will get everything they need at once; not having to move from one shop to the other.
Like every other business, you’ll need to create awareness for your product to increase sales and reach out to other potential customers. Take advantage of social media like facebook, twitter, LinkedIn..even forums. You need to heavily advertise your product. As time goes on, you’ll get the exposure you need and won’t have to struggle again.
This business has bought cars and build houses to so many individuals and the success stories is on the increase. All it takes to succeed is hard work, determination and the urge to make it despite all odds. If you have any question about this business, comment and I will respond immediately.