How much money to start a Hair Business?

It is good to ask yourself the question on how much money you need to start a hair business, or any business. Because starting a business means you are willing to take risks. Not the risk to lose everything you care about, but calculated risks. For this risk and the investments needed, you should have enough money to start your business.

Take your savings and hair sales into account

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 calculate the capital required, you know how much you must set apart, or to earn with your first sales. When you want to know how much money you need, you also have to calculate how much money or profit you can make selling hair. The calculator on this site will help you.

It is about investing time and money

To start a hair business means you must invest two 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 for your hair store 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 advertisement.

What is needed for your hair business?

You like to have 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!

Dream Big!

You will dream about what you want to achieve, please do not allow room for limitations. Do not think what will be the cost to open a beauty supply store? Or how lucrative is weavon and attachment business? You have to dream as much as possible, because this is the creative stage that will give you hair business changing ideas. So instead of how much does it cost to sell hair, you dream of all the ladies or men you will make happy because you have the best hair solution of the world! Dream big!

This phase is full of energy and except for the investment in a bottle of Champagne that you only will open at 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 with 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 dreaming”.

The hair market

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 and how to tell the world I am selling hair? These and many more questions will pop up in your mind.

Invest time or money?

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 you do not care. This is the fun part because it will stimulate your brains with many more new ideas! Ideas on how you will be different from the rest. Different from the competition.

Hire a coach

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.

Training Market Survey

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.

Free market survey

The market survey has to show how big your niche, your special place on the hair market is. How many people use hair extensions and wigs in the region you focus? Facebook and Google Ads have tools to give you this insight for free. Before opening your hair store, you need to know for example the names of weavon and their prices.
To understand the market you need to know where can i buy bundles of hair to sell? Who are the hair vendors and are there wholesale hair vendors near me? What are their conditions on price, minimum order quantity and shipping?. Check the free 40 questions to ask your hair vendor to be sure you do not forget any important question.

The competition

You are not alone, so who else is selling hair, who is the competition? A simple search on social media, or on google will tell you the names of human hair retailers. Visit the hair store, mail them for information about prices and you have a good insight in the hair market possibilities.

Now you have a free first high level overview of the hair market, from client to products and competitors.

Analyze: $ 30 – $ 1,500

Now you have both the idea and the information about the hair market. It is time to start to analyze because the purpose of all this insight 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 still too early for the bottle of Champagne. The phase 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. .

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 mail these suppliers, test their communicational skills and client focus. Order samples or retail orders to test the hair.

Did I do the right thing?

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 maltreated hair, of which you do not even know if its human 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.

Hair Samples

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 custom duties.

It all depends on your desk research and if you manage to find the supplier who can deliver exactly the hair you need to know how much money you are going to need.

To safe you time, money and frustration I prepared the All-In-One Hair Business Package.

Spread the word: $50 – $ 1,500

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 and profit.

Your Domain Name

Invest time to find a good business name and benefit from the free domain name Bluehost offers you with their hosting package. For a few dollars 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 webstore from shopify to offer and sell your hair extensions( enjoy the 14 days trial to start selling without expenses). If you prepare yourself in advance, you can start selling hair at day one and have 14 long days you can sell hair without any charge for the store!

Find your clients and interact

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 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 swift.

Distributor

Consider to start as distributor and start selling without stock, this will reduce the risk for you but still gives you the possibility to start selling hair.

Now you can start selling, but before you open the bottle of Campaign, mail or app me the day you are going to open so I can do a big and warm shout out for you!