We are officially in the age of glam. Everyone wants to look as fabulous and glamorous as they can afford to. And to make it even more desirable social media has made it very possible to ensure that thousands of friends, enemies, and total strangers can see you look absolutely amazing and express their approval. The most important part of the glam is the hair. A look simply isn’t perfect without good hair. This trend has made the hair business a very profitable one. The hair industry is currently estimated to be worth six billion dollars and growing! Of course, you want to invest in the hair business.
Investing in a hair business is a wise financial decision considering the high demand for the product. However, just like investing in any other area, investing in a hair business should be a carefully thought out move. A lot of factors have to be considered before you make your investment.
The type of hair business to be invested in is the primary factor to look at. A hair business could be the manufacturing or distribution of dry hair (hairpieces, extensions, wigs), or a hair salon business that could combine the distribution of hair and hair products with styling and general hair care. The type of business determines the volume of investment to be made and other factors to be considered.
Distribution of Hairpieces/Wigs/Extensions
To invest in a hair business that involves the distribution of dry hair the first thing is to learn about hair. You should know what you’re investing your money or time in. The demand for human hair has tripled over the years and has made synthetic hair almost a thing of the past so focus on human hair might be more profitable. The hair should be bought from a wholesaler with favorable deals to maximize profit (opening a wholesale tab with one is a good idea). Vigorous testing should be done on anything you decide to put your name on. To also profit from your investment, make sure that digital marketing is used to promote and sell the hair. A lot of human hair is bought online and creating a social media presence and an online store for your hair business would cause a good return on your investment. Lastly, ensure enough focus is placed on branding. When branding is properly done clientele far and wide would be attracted to using your products.
Hair Salon Business
Investing in a hair salon is also a profitable venture if rightly done. The high number of salons spread in every location is a sign that it is a sought after service. To invest in a hair salon, the first thing to consider is the location of the salon. The location of a hair salon is an important determinant of whether it will succeed or fail. To ensure that your investment is a wise one, the location of the salon should be one with high visibility, traffic, and the target demography.
To properly invest in a hair salon also try to understand the prospective clientele of that salon and ensure the salon is designed to attract them. Ensure that staff employed in the salon are highly skilled at hair making and customer service. Providing products that complement the hair business (like hair products, tools, or hair accessories) and give your clientele more reasons to come back would be a good move too.
A hair salon with proper marketing strategies would have a wider and increasing customer base. Digital marketing is also a great way to go here. Opening social media accounts for the hair salon showcasing pictures of hairstyles is a way to invite clients that would normally not have come across the hair salon.