With an increased interest in hair extension products, the market is currently estimated to be worth over 6 billion dollars and is expected to reach 10 billion in the near future.
From looking at the numbers, it seems as though the virgin hair extension market is a highly competitive market to step into. Although it certainly is, the virgin hair market is a very specific aspect of the hair industry that can become a very lucrative idea. With proper execution, your virgin hair business could have the potential to evolve into a highly successful business.
And while the demand and sellers are increasing proportionally, it seems as though consumers are still struggling to find a reliable seller to buy 100% virgin hair from.
Use this information to your advantage and follow the steps below to get yourself ready to launch a successful virgin hair business that will be profitable for you and reliable to your customers.
Find the Right Hair Supplier
Finding a reliable wholesale hair vendor supplier of virgin hair is where you want to start, as it can be a daunting task. You may also face problems with suppliers that don’t deliver the quality they promise, and more importantly, you need to make sure that the hair you receive is truly virgin hair.
If you have previous experience with hair extensions or hair extension business, you might find it easy to assess if the hair is virgin or not. However, with so many advanced chemicals and treatments, you might find yourself fooled and you certainly do not want to offer your customers a product that is not 100% virgin, if advertised as such.
It’s highly recommended that you find several wholesale hair vendors with a good reputation and purchase samples and try them out yourself. When it comes to hair extensions, you shouldn’t be using your customers as test dummies.
Before you decide on your supplier and sell the chosen product to your customers, make sure you have tested it with your own hair.
You can also ask your friends and family to help you test the products, as they will have different preferences and can provide constructive criticism. This way, you can find out which sample is evaluated as the best choice and establish a relationship with your chosen supplier.
Another very important factor that will determine the right wholesaler, is whether they are able to fulfill your orders at all times. Being that your product is real human hair, some suppliers may have difficulties with sufficient supply at times.
Make sure you do good research on your options and choose a supplier that has enough inventory of the product you need.
Know Your Product
It’s important to understand that when dealing with virgin hair, you can never expect a flawless product. At the end of the day, we all know that natural hair can be problematic in many ways. You might find that the hair is dry and requires regular moisturizing treatments or it might be thin and hard to comb.
You should educate your customers about the pros and cons of purchasing virgin hair and give them proper advice on how to take care of the product so they are happy with their purchase and have realistic expectations.
Selling a poor quality virgin hair extension can tear your reputation down faster than you can build it. Today, word travels fast, so make sure you avoid gaining a bad reputation through word of mouth. Take your time when looking for the perfect product!
Know Your Target Customer
The demand for virgin hair extensions is growing rapidly, and although you’ll be facing some tough competition, you can soon position your company among those that enjoy high profits with a proper strategy and the right business choices.
Your starting point is to determine your target consumer/persona.
You should know the specifics when it comes to your target persona, from their style preferences to their budget. Let’s take a look at one example:
Target Customer Persona: A young trendy woman, approximately 23-36 years old that follows the latest trends and enjoys looking stylish. She is a businesswoman who makes between 35k – 45k dollars per year. She loves to read fashion magazines, enjoys coffee and dinner with her girlfriends on the weekend, and lives with her boyfriend/husband, etc.
In most cases, you should be able to have an in-depth overview of the persona, narrowing down to every detail of their life and personality.
The deeper you get into details about the customer persona, the better the results you will reap. This will help you target the right audience and convert them into consumers. Having a detailed customer persona description will also help launch successful marketing campaigns that won’t end up costing a fortune.
This does not mean that you won’t have other types of customers that do not fit your specific target market. However, most of your income will be from the type you are targeting.
As time goes by and your business grows, you’ll likely have a bigger budget for marketing and wider product offerings which will grow your target audience. It’s always better to start small and take things one step at a time, to avoid spending more than you earn.
* You can also think about diversifying your business by crossing over into other fields, such as selling virgin hair to people in need and not solely for beauty purposes. There are a lot of people in need of good quality hair. In most cases, these consumers suffer from hair loss and severe hair issues due to different illnesses.
Your Name + Branding
Now that you have found the right product to sell and have matched your product with the right audience, you need to make sure that your target market will notice you.
To get your targeted audience’s attention in a sea of competitors, you should use all the things you know about them to help you come up with the perfect brand and product name and execute the whole branding process around that.
Establishing a new brand requires attention to detail. This includes choosing a proper name, creating a suitable logo that will grab the attention of the right customers, formulating a brand manifesto, and experimenting with a color scheme and packaging types for shipping.
There are a lot of details that make a brand unique, which should, of course, be your goal.
Set Up a Website!
If you are planning to sell as a brick-and-mortar retailer, then you should find a place to set up your store. If you are planning on launching an online business, then you should look into an e-commerce store. In both cases, it’s important to set up a website as it is a crucial element for marketing.
You should aim for an attractive looking website and establishing an e-commerce platform that offers a simple and fast way to purchase. Investing in good design with professional product photos and user functionality is of utmost importance in order to provide hassle-free shopping.
Many people give up on purchasing from a website because they find the purchase process confusing or because there aren’t enough payment options.
Once your website is created and features the products you offer along with detailed descriptions, decide on what the best payment method is for you and your customers. Be sure to always get customer review and feedback on their online shopping experience and use it to improve your business.
Advertising
Advertising is the most important precursor to business growth and becoming profitable. You should invest money in strategic advertising as advertising will put you on the map. When executed right, it will help your business boom and boost sales in no time.
Proper marketing execution means you should have a solid marketing strategy and marketing campaigns that covers all aspects of modern and digital advertising. It’s recommended that you learn about SEO marketing, social media marketing (Instagram, Facebook, YouTube), and email marketing. It’s best to hire experts in the field to boost brand awareness and help launch your business on the market the right way.
Is it influencer marketing that makes the most money for your competitors? Hand your product over to a Youtube star that fits your target persona and they can present it to a wide audience.
Never miss an opportunity to advertise your product to the right audience and boost sales by using the latest trends in marketing by advertising or any other professional marketing platform.
Master Your Craft
Becoming a business owner in this industry is a big deal. Not only do you need to constantly learn about business and finances, but you must be informed on every aspect of the beauty and hair industry. To be able to launch a successful and lucrative business that grows, you need to personally grow and learn day by day. Here are a few important tips to remember.
Study Your Competitors
Always be aware of your competition. Comprise a list of all the companies that are your direct competitors, especially those that are performing exceptionally. You may also want to take a look at those that are struggling.
By looking at their products, customer reviews, and marketing strategies, you can find a way to get ahead of them and make your product/service more appealing. You can always study other successful businesses out of your niche to help you learn and grow your own.
Follow Trends
Make sure you are regularly updated on the trends of the hair industry. Keep up with the hottest trends in the beauty industry and increase your product offerings with hair accessories and hair care products to appeal to customers.
When it comes to trends, be mindful of all trends in e-commerce and advertising to help increase your sales. Utilize social media platforms, such as instagram to help showcase your hair extension business.
Show beautiful photos, and even professional photos of your products on customers. You an also leverage customer reviews and feedback to reach potential clients and grow your virgin hair business.
Get a Mentor
It’s highly recommended to find yourself a mentor that is experienced in launching beauty businesses to get you started. They can answer all your questions on how to start a virgin hair business, how to get to the top, and stay there.
The reality is this. Business, especially the beauty business is cutthroat. Get all the resources you need to start a profitable business with an actionable business model.
Sign up for a course and let a highly successful professional lead you. Study relevant books, pick up information from relevant sources online, and never miss a chance to improve your business.