Since the advancement of fashion, wigs and weaves have become a trend that has women across all age groups rocking the look. And it has even become a more lucrative business idea since many women wish to have changeable looks now and then. If you are looking for business ideas you can start off with low capital, in this blog I will law out all the steps you need to start. Weaves are hair extensions that women fix on their heads either by sewing or gluing, while wigs are already styled weaves that women wear like a cap on their heads.
Like the popular saying goes; “looking good is good business” wigs and weaves business is a very lucrative business as all women use them across all age groups and all works of life. From the many beauty business ideas out there, wig and weave is an idea you can start with about 70k Naira. But maybe you do not have any capital whatsoever. here is a quick tip on how to start this business idea without cash in hand.
How to start with no money
With no money, it simply takes having a supplier that trusts you enough to give you the products before payment is made. Or you do drop shipping. Drop shipping strategy allows you to take customers orders and they pay before delivery. Then you pay the supplier. Thus you gets the money and buys from the supplier while keeping her own profit.
So if the supplier sells to the person at 15k, the person tells the customer 25k and 2k delivery, when the customer pays the seller buys it 15k from the supplier, keeps their 10k and delivers with the 2k, The downside though is that not everyone will be willing to pay before delivery. More on drop shipping in another blog. Now let us get back to our initial blog idea.
Steps to start a wig and weave business – business ideas startup step-by-step
- Step 1: Research – Research to understand the market, trend, pricing.
- Step 2: Product clarity – Learn about the product – weaves & wigs.
- Step 3: Stocking product – Contact Manufacturers/wholesalers to purchase your first stock.
- Step 5: Presentation cost – Find ways to showcase.
- Step 4: Delivery & logistics – Decide how to deliver.
- Step 6: Promotion – Reach your potential customer.
Step 1: Research
Market research is always the first step before you start up with any business ideas. Believe me, if you want to fast track your way to become successful, you need to know what the other competitors or people offering the same or similar product are up to. You can carry out a market research by reading magazines about retailing wigs and weaves, watching adverts related to wigs and weaves, by attending beauty fairs, by studying the competitors, by actually talking to your friends and colleagues who love wigs and weaves.
Look for blog articles in the beauty industry. Know who your key competitors are. Outline your own key findings so that you have a broad view about the market. Your key findings should cover the trends, the competitors listings, the prices wigs and weaves are sold, who the potential customers are and what kind of product they like. So you to do action under this step to come up with your key findings. I have a video coming up on my YouTube channel about how to do the market research as part of the free business training program called the 6 KEY. So not to miss out, make sure to subscribe.
- To do – come up with your key findings.
Step 1: Product clarity
Wigs and weaves can be differentiated by various factors ranging from colour, to length, to texture and also the materials used ( i.e human hair, kanekalon, synthetic etc.) as this will determine the price of the wigs and weaves. Your next step of action now after having a good overview of the market is to decide what kind of wigs and weaves you would like to start off with.
Find out what people want, what prices they are willing to pay for it, the different kinds of weaves and wigs, the differences between them, the lengths and also how to care for each type of hair as you need to be able to teach your customers. Your reach should also include where to get these products at a very cheap rate. All that you have found out should be listed down to create a potential product list to start with. Include the prices and where to get these products.
- To do – Make your own product list.
Step 3: Stocking product
After you have a list of products you want to sell, it is important that you make that move to contact the suppliers or manufacturers. No matter how lucrative your business ideas might seem, you have to take some logical actions like actually reaching out to partners. You need to source for wholesalers or manufacturers who are willing to sell to you at discounted prices as this will enable you to realize your own profits. Your discounted price must give you at least 40% margin to converse all your cost and make room for profit.
Be careful to rely on suppliers online as you can not know the exact quality of the wig or weave. If you feel you can get the product cheaper online, maybe from Aliexpress or a shop in china, here is what you can do. Go to your wholesale market on the Island and check the products there. If you find what you like, note the name, make, brand features. Go back online and request the supplier to get you this exact piece. Still there is the risk that it might be fake. So to start, i suggest you make a good rapport with a local supplier who has a shop where you can actually feel the quality and texture of the wig.
Get good quality weaves worth about 60k so that customers that want them on that same day can easily get from you. You can go to markets like Yaba and Aspamda( trade fair at Ojoo) as you are likely to be able to purchase these products at affordable prices there. It is important to make special arrangements with wholesalers or manufacturers that allow you to return the product if not sold within a time and exchange for another product. In this case, if one product does not sell after a while, you can get a more trendy product.
- To do – Stock 60K worth of wig or if you are starting cashless, get 60k worth of wigs based on arrangement with the supplier/manufacturer.