Do you have passion for fashion? Why not consider trading in the beauty industry? The demand for hair extension in the Nigerian markets is sky-rocketing everyday. Therefore, hair extension business is a viable and lucrative business in Nigeria. One thing very good about hair extension business in Nigeria is that it requires little capital to start.And almost anyone can do it.
Most women today take extra measure to look good and are willing to spend even their last money to achieve this. One of the symbol of a woman’s beauty is her hair. To achieve good looks, women make their hair with all types of hair extension and they do it almost every week.
Another thing I like about hair extension business is that you can start it small from home without renting a shop, and your customers will still reach you on your mobile phone when the need arises. So, the business is quite simple and affordable.
Different Types Of Hair Extension
There are different types of hair extension available in the market, example; synthetic, human hair, European, Brazilian hair, Peruvian hair, Indian hair, expression attachments, wigs, amigos attachments etc. They come in different inches, colors, different makes, and their prices vary too.
Before you engage in hair extension business, you need to understand and get familiar with these different types of hair extension that are in the market. Some people may consider selling only human hair depending on who their customers are, while others may prefer to sell all products of hair extension. It is advisable to sell different types of hair extension because people are different so are taste and likes. Being known for different kinds of brands makes you earn more satisfied customers who in turn will help promote your business by word of mouth.
SEE ALSO: How To Start Fashion Business In Nigeria
If you are selling in a shop, you need to purchase the equipment for your shop. Another strategy is advertisement, this could be done through social media marketing, telling friends and family through word of mouth marketing, or showcasing your product at trade fair shows. As a business owner you need to practice what you preach. Use good hair extension products on your hair for people to see. You don’t need much to start this business. All you need is to rent a shop for about N100,000 depending on the location. Buy hair extension/attachment products worth about N500,000 or less depending on what you have, that’s all.
Other Strategies You Need In Hair Extension Business
This business is capable of making you N300,000 monthly if you take it serious and give your all to the marketing. To engage yourself in this type of business you need to put somethings into consideration to avoid any pitfall.
1. First Educate Yourself
Due to variety in brands of hair extension in the market, you need to know their names, inches, and where they are made in. Because you will have different customers asking for a particular brand of hair. More so, a new product can surface in the market that your customer may not be aware of, you can tell your customers more about it. This will go along way to demonstrate to your customers how knowledgeable and up to date you are in the business.
2. Write A Feasibility Study
Make a list on how you want your business to succeed at the beginning and in the future. Think of how you can compete with the existing competitors in this line of business. know how much you need to start up, and what the turnover would be. Also, find out where to buy your products, either from the distributors or manufacturers in order to get products at a reasonable and affordable price.
3. Capital Prospect
When you invest N 500,000 to buy different types of hair extension that pull traffic in the market such as, expression attachments, human hair, lace wig, and other related items to stock. You stand a chance of making N 300,000 returns from your investment.
3. Add Related Items To Stock
There are some other related products that are used to make hair such are; thread for weavon, needle, weavon glue, weavon oil, relaxers and all types of hair cream and anti-dandruff for hair. This does not only attract individuals but also call for attention of salon owners to patronize your business.
4. Sell At A Reasonable Rate
Have it in mind that there are many competitors in this line of business. Make sure your price is very reasonable and competitive enough. You do not have to make huge profit as a beginner, what you need first is to gain more customers. Providing them with the best quality at affordable rates will help you gain customers and keep them for a long time!
5. Get Goods Directly From Manufacturers
If you do not have enough financial capacity to import directly from China, you can consider purchasing from local manufacturers. Even so, you can get your product at a reasonable rate while being assured of good quality. In effect, you will be able to give your customers a reasonable discount on product purchase.
6. Attract Your Customers
While reasonable price will help you gain more customers, you can make them loyal by giving incentives on products purchased. This can come as gifts on products bought depending on the quantity. Sometimes, you can run a sales promo. Your customers want to be convinced that there is difference between you and other suppliers. Endeavor to stand out by treating them in such a way to show that they are kings.
I believe these steps above would give you an insight of how to start a successful hair extension business, and make you standout from existing competitors. If you have any comments or questions, please do not hesitate to do so below.