How much money is required to start a hair extensions business – Prarvi Hair

How much money is required to start a hair extensions business

A lot of folks want to start a small hair extension business of their own. One of the most important questions which I get asked is - What is the money required, and how should I spend it. Should I spend the money on purchasing hair extensions stock, testing hair samples (how many samples should I test), or build hair boxes, or print cards or launch a marketing campaign. My basic advice to all of them is - What you are comfortable with risking. Business has risks, and doing business requires you to be taking that risks. If you cannot risk that money, start small, don't spend money on fancy marketing campaigns but spend it on meeting customers. If you can risk money, spend it in identifying the right vendors and building your customer connects / brands. Don't overspend your money in building the fanciest online store. If you are new, you need to first build your experience by meeting customers physically and then move to the electronic channel. If you are a salon and hair stylists, focus on your clients and see what they need. Another very important element is how much inventory should you keep. Firstly, you need to have a good vendor connect who is willing to help you a little bit if you have unsold inventory in particular textures or types. If not, you will be stuck with the inventory in not moving products very soon. And that discovery can be very expensive. So focus on getting the right vendor. Importing cheapest from Alibaba or from some unknown vendor may look like a great business decision, it is also a very risky one as you can get stuck in expensive hair inventories. In Summary, only invest as much as you are comfortable, build test markets fasts, and follow success. 

Comments

My challenge is finding information that’s credible and reliable. For example I am finding it difficult to meet and network with entrepreneurs who are already in the line of this business and the right source of supplies..

Any idea on how to sort this out will be greatly appreciated

BTW, Thanks so much for this great piece

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