Insiders’ Guide To Hair Business Plan – Understanding The Basics
Every entrepreneur needs to be knowledgeable about the market and business-related issues before publishing a well-made plan. And the hair business plan is not an exception.
It’s a truth universally that a company can never operate well without a deep understanding of everything occurring in the business. The things are the same with hair extension business.
To be specific, it is essential for the founders to come up with a strategic business plan, which could then support the vendors in every step of building brands and attracting customers.
Therefore, we are publishing this post with a hope that Layla Hair could somehow help newcomers in hair business wrap a broad image of how to start a new hairline.
Followings are the very first steps that you need to take in your start-up plan.
The Basics of Building A Hair Business Plan
Main of Contents
The excitement of founding a new hairline can be overwhelming, but don’t forget that there are still lots of things to care about. It’s critical to prepare everything well in advance. Of course, there are tons of things to carry out, so you need to stay focused.
No matter how busy you are, remember to accomplish the following tasks:
Determine your target market
Starting a business is not as simple as preparing things and then sell them out to clients. It has much to do. As your hairline will be a long-term business, be sure to determine who you are exactly targeting to.
There are more than 7 billion people in this world, but not all of them need hair extensions. Only a small proportion of this number have the demand of using wigs. Therefore, you need to conduct serious market research to find out the main markets of your business as well as understand their specific needs.
For example, some needs hair extensions due to baldness. Some others, in contrast, only want to wear wigs to change their looks temporarily.
Furthermore, a deep understanding of customer behavior is significant so that your sales staff could then know how to communicate with them effectively. Some markets are very easy-going, but some are exceptionally difficult to work with.
Find a reliable hair supplier
Unless you are planning to open a big business with your own factory, you need to import the goods from another bigger hair supplier.
In other words, you buy virgin hair or hair extensions from them with a wholesale price, then sell it again to your clients.
If you are looking for Vietnamese or Cambodian hair, try contacting Layla. Layla Hair takes pride in being the leading distributor of virgin hair collected from Vietnamese and Cambodian donors. This vendor has their own hair-manufacturing factories, also.
As far as we are concerned, Layla Hair is now the most reputable brand that offers high-qualified virgin hairpieces at a really nice rate. Aside from selling products at wholesale prices, Layla Hair also expresses their goodwill by setting a membership reward program for friendly clients and partners.
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.
The 4P – 04 factors you need to clarify in your hair business plan are:
It is essential to make your products different from the vast number of hair businesses. Whether you are about to sell synthetic or virgin hair extensions, Vietnamese hair or Cambodian hair, you must have a clear grasp of what you are selling, what makes it unique, and how it does clients good.
Even when you are focusing on the quality more than the price, it still influences clients’ decisions enormously. In other words, in the early stages, do not require too much about the profits. Benefit your clients, instead.
We are not saying you need to sell hair without getting any money back, but it shouldn’t be too much. Offering clients excellent wigs at a good rate, and they would come back again. It’s a long-term campaign, so keep calm.
Once you have got the products and set the price list, it’s time to promote it. Promotion happens in different forms: advertising, public relations, marketing via social networking sites, email marketing, etc.
Marketers should make every attempt to build up a well-positioned image for your brands, thus gaining customer’s interest and loyalty.
The last P in this model is the place – you need to put your product in the right place. As mentioned in the market research above, it’s important to know where could be the best places to sell your product.
Of course, in today’s digital world, this P has become far easier as the potential clients tend to be engaged and converted online.
Think about a post-launch strategy.
Your hair extension business plan does not end here. You need to prepare a post-launch plan, also.
A post-launch plan is to get your company ready for any before and after sale problems. Additional to the customer support before selling any products, your system should be in place to deal with any complaints and concerns any time.
Forming solid policies and conditions is also vital as it could support a lot when dealing with clients.
Work on your hair business plan
It’s never a waste of time to work on a detailed hair business plan. Outline your main points and make sure you have got a clear objective and target customer for your products.
Establishing a new brand is never a piece of cake, but it can be enjoyable in some ways.
Layla Hair has successfully made it. How about you? It’s time for you to start!