Starting a hair business checklist

You want to starting your own hair store, but you think it is too difficult? No need to worry, I made a hair business checklist for you. Now you can work towards your own hair store, step by step. Every step of this hair business checklist has also a link to relevant postings.

1. Why do you want to start hair business

The first question of the hair business checklist is about you. What is the reason you want to become a entrepreneur, selling hair. What is it that made you decide to say, yes, I want to have my own business? You need the money to pay the bills and your food, or you want to get some extra money for a special project, like holiday or new house? Or you just love to talk about beauty and hair all day, and you know the difference between Raw hair and Virgin hair just by a look at the extensions?

The answer is the start of your mission statement, why are you on the hair market and what is your goal. This mission statement will help you to focus on your marketing messages, financial goals and exit strategy.

2. Are you an entrepreneur?

For this question you must be very honest. Check the small list with entrepreneurial skills

Business management skills

This is about answering a phone call and checking an order for a client at the same time, to delegate the inventory list of the hair to one of your staff members without checking her all the time and feel secure enough to make business decisions.

Critical thinking skills

When there is a problem, like disappointing hair sales, you should be able to look at the problem from different angles. A different perspective can bring light to an issue you haven’t seen before.

Teamwork and leadership skills

To make your hair store grow you need to work together with many people. Suppliers, staff members, a freelance photographer and others. Sometimes you are the boss, and sometimes you are part of a team. Can you perform well in these different roles?

Communication and listening

To sell your hair you need to be able to listen very well, what is the intent of your client? But you also need to keep your elevator pitch, to explain, in not too many words, why your business offer is unique.

Financial skills

You need to be able to understand the figures that are the result of your sales and purchases. What are the tax implications and how to discuss a capital injection for your hair business through a loan or equity

Strategic thinking and planning skills

How about your skills to find a solution to beat a new competitor in your market. Or how to implement effective strategies to reach your business goals. That requires some thinking and planning without having all information on the table.

Understand the hair industry

Of course, you need to understand everything that happens in the hair industry. New trends, bonding methods en be able to recommend the best hair for the needs of your client.

Time management and organizational skills

Being your own boss means you are responsible for how you put the priorities and how to organize things. Keep a focus on the business goals you want to achieve in the long term. Manage your daily activities in line with these long term goals.

Well, did you pass all the questions above? If not, do not worry for most of these skills you can train yourself. But it helps when you have some of the skills by birth.

How is the market

It is not enough when your friends ask you for tips about hair and want to buy from you. Unless you have a very extensive group of friends, you really need a larger audience to offer your hair. Who else is selling hair to your potential clients, what do you know about their hair offer, client reviews (check their social media), marketing strategy and prices.

Who is interested to buy hair, and at what conditions? Where do they get their information from that helps them to make the decision to buy the hair. What marketing channels do you need to use?

How to be different

You might have noticed you are not the only one selling hair, there are many online and walk in stores selling hair extensions and wigs. But they all are different, perhaps not at first sight but they all serve another client group. All these clients have different needs. Based upon the needs of your potential clients and the offer of the competition you should work out a different offer. For example another hair type, or a different price range, another service model or a combination with another retailer. Anything that will make your hair offer fit with the needs of your client.

Set goals

Before you invest money in buying hair, renting a store, or start an online hair store, you need to to set goals. What do you want to achieve and when. Selling 25 bundles of hair a day in the first year and 75 bundles the next year. Or getting 1 new client every day. These goals are your guideline and when you fail to comply with your goals you need to adapt your strategy. Or decide to stop the business when the results stay behind expectation.

Find hair suppliers

With all the insight of the clients’ needs, the offer from the competition and your goals you can safely start to buy hair. You know exactly what you can sell to your clients. You will not run the risk to have bought hair nobody wants to buy.

Your own online hair store

You do not only know exactly what kind of products your clients want, you also know how they like to shop. You can now rent a walk in store, or design your own online store. Design your store in line with the decision process your clients go through. Help them with every single step towards your ultimate goals a successful sale!

Monitor your business

Having your own business means you are never done. Every day you need to monitor your business. Did you get customer complaints, what can you do to improve your offer using the feedback from this unhappy client. What are the sales figures this month? Are they in line with your financial goals? If not, save cost or improve your marketing messages. What does Google Analytics tell you about the behavior of visitors of your online store? From what pages do they bounce away, and what are the landing pages that lead to the highest conversions or sales?

Start working with a hair business checklist

This hair business checklist will help you to get an organized and well-planned start of a successful business. Are you ready to start selling? Let me know in the comments below