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Hair extension business plan: blueprint for success, how to write a hair extension business plan.

Want to create a hair extension business plan but don't know where to start?

If you are really serious about selling hair extensions it should be something to consider. If you need an eyelash extension business plan this should help too!

You might think creating a well-crafted business plan can be time-consuming and a little daunting without some guidance. This can be true!

No worries, we are here to help!

Below is a step-by-step guide to what you will need to create a hair extension business plan for your new business or your current.

First, let's go over exactly what a business plan is and why you should have one.

Chapter #1: What is a Business Plan?

A business plan is a written document that highlights in detail how business, usually a new one is going to achieve its goals. It usually lays out a written plan from a financial, operational, and most importantly marketing point of view.

Sometimes a business plan is prepared for the companies which are working on reaching new horizons with their business.

It is important to have the ideas in written form so that they are executed with precision.

You may find it is also useful to demonstrate the feasibility of the prospective new business and to provide a map for its years of operation in the future.

Once the business is up and running, it will be a document you will consider looking at when you are struggling or have any doubts. This consultation can foresee whether you are on track or not; perhaps you have strayed from your initials and need to revert to the original ideas.

hair-extensions-business-plan

Why is a business plan important?

A business plan is necessary because of a number of reasons.

1. Clarify Directions

The primary purpose of a business plan is to explain what the business is or what it intends to achieve in the future. Clarifying the purpose of your business allows you to understand the direction of the forward movement. It may include a simple idea about your business, the product services, and the detailed description of what you expect from the customers as well.

2. To Obtain Financing

A business plan is always necessary if you wish to secure funding, whether you are operating a new plan or want to seek a bank loan or venture capital. But why do investors want to see your business plan? For understanding this, you have to look it through a different perspective.

Let’s suppose you are going to loan someone $1,000 or more for their business. With the hope of getting the money back and seeing a return on your investment, you would want to know exactly how the money would be used, who is going to be in charge, what makes them qualified to succeed, what are their valuable assets, liabilities, and profits look like? Of course, you would want to know the details.

3. To Maintain Your Organization

A business plan ensures that the organizational structure of your business is well developed.

It includes the entitlement of your directors, officers, and specific duties. Thus is can act as a management tool that can regularly be consulted to ensure the organization is on track and the goals are being pursued efficiently.

4. Vision for the Future

For most of the companies, business evolves over time, and factoring future growth into your business plan can prove very crucial to coping with the changes in the markets.

Thus it helps you to envision your future and things you can to safeguard it.

Planning for your Hair Extension Business Model

Congratulations if you have decided to write a hair extension business plan, and you are ready to get started.

The chances of success of your business venture have significantly increased, and before drafting your plan, you need to plan on how to do it. Whenever you are presenting your business model, the only factors that will determine its value shall be the projections and proposals. That’s even more relevant when you are seeking for finances for your company.

Learning how to sell hair extensions is going to be vital, and your hair extension business plan will be your lifeline.

However, you need to understand that the business plans are very complicated documents. As you are drafting your plan, you are making decisions on very crucial matters e.g. the strategy you will pursue. Considering these things in advance can save you a lot of time in the future.

The following are the strategies you should explore before starting a hair extension venture.

business-plan-quote

Determine Your Goals and Objectives

  • Where do you want your hair business to go?
  • Will your hair business be staying stagnant at that time?
  • Are you focused on a rapidly growing hair extension empire?

Answering these questions is imperative for building a successful hair extension business plan. Now is a good time to explore every avenue you’d like your business to go down. The best approach is to write an essay on your goals.

business-plan-checklist

Create a Checklist

  • How determined are you to see your hair venture succeed?
  • Are you willing to sacrifice your personal benefits for the future of your hair company?
  • What is going to be your approach if the venture fails?
  • How many dedicated people do you need for your hair business?
  • What is your goal in terms of revenues for the future?
  • What will the hair company's market share be in five years?
  • What are your plans for expansion? Are you going to keep your venture local, online, or would you go global?
  • Which department would you specifically work on in your venture?
  • If selling online, what type of hair extension website will you use?

Setting up your Financial Goals

Your business plan for hair extensions must have some financial goals. For running a business, you don’t need a lot of money to make a lot of money.

An optimistic approach to this is to leave everything on your sales. However, this may also create a problem for you because a business has some constraints.

You have to pay the suppliers first before you get paid by your customers. If this is an issue, you might want to consider Dropshipping Hair Extensions . This cash flow conundrum is the reason that companies have to resort to bank loans, borrowing money from family, or getting a small investor. Start by asking yourself these questions:

1. You must think about having a partner to help you with your hair business. An equal partner, naturally, shall demand higher power and control. Venture capitalists often require management decisions, just like having their say in your important decisions.

For most hair companies that are just starting out, you will not need to go the Venture Capital route unless you have a massive plan.

You don’t want any of these to happen. So the best partner for you is a bank. Banks will not bother you much until you make payments of principal and interest on time.

2. You should keep account of the money you wish to spend on your venture.

3. Anticipating the size of your needs, your spending, and financing, you should consider the running cost as well. If you are going to keep a lot of bundles in stock then what will be your holding inventory cost? These are things that are important to plan.

hair-business-plan

How Will You Use Your Hair Extension Business Plan?

It might sound a bit ambiguous to you, but a part of planning your business plan is to determine what you would do with it. Your plan of activities can reference to in many ways.

From monitoring your company’s road towards the success to alluring top employees, celebrities, or social influencers to join your venture. On the other hand, you can use a hair business plan as a marketing tool for consumers. This program will help you to create a test ensuring that your company stays credible in the hair extension market.

Marketing is Important for Your Hair Extension Business Plan

If you want to escape the cubicles and want to pursue your passion in the hair extension business, after a business plan you need to draft the key elements of your marketing strategy.

Hair extension marketing is critical to your success and separating you apart from the others in the industry.

The biggest problem with entrepreneurs is that most of them don’t have marketing experience.

No matter how great your hair extensions, no one is going to know if you don’t pitch it the right way. The Business plan for hair extension will be successful if you think about these agendas before writing it.

Who Is Your Target Audience?

Understanding your audience is vital. For a Hair Extensions venture, the target audience should be women, and you need to think about marketing your product in the right way so that more and more women are attracted to your company.

Are you going to be selling retail or wholesale? Is your price point going to be $150 a bundle and only market to the higher end crowd? There are many different aspects of your products and pricing to consider.

Most hair entrepreneurs will focus on the popular hair extensions that they know will sell in the market.

Knowing your target market will not only maximize profit but will also help you to cope up with the changing market.

What Marketing Strategy Do You Wish to Follow to Reach Your Audience?

Social media is a perfect place to market your products. Many hair companies just focus on growing their Instagram account. Focusing on just one platform that is not even your own can be dangerous if a platform like Instagram starts to lose popularity in the future.

Having a balanced but focused marketing strategy will set you up for hair sales success in the future.

Advertising your products in a newspaper might not just be an excellent idea because most of the people who read newspapers are above 55. Figure out what women usually watch more and customize your message using that medium.

Google Adwords can yield great results if done properly. Spending ad dollars on social media is proving to be one of the best ways to advertise to clients. Make sure to have this part of your plan and either become an expert or hire one.

marketing-strategy

Allotting a Separate Budget for Your Marketing

When you have given a thought to all these questions, you need to write down the magnitude of marketing for your product.

You might need professional help for marketing your product thus creating a budget beforehand is important.

How Long Should Your Business Plan Be?

For a real hair extensions business plan, you need to make it short and concise. You have to understand that it is not a doctoral thesis. It should have the easy to read format.

One should focus mostly on the fundamentals, robust analysis, and good projections. The following are the specifics you should work one.

  • Keep the wording straight and straightforward and avoid using fancy words.
  • Use short sentences as they are easy to read.
  • Bullet points are crucial as they help the readers to have the information quite quickly.
  • Keep the length of the plan very short. If your hair extension business plan is 40 pages, then you haven’t summarized it well.
  • Business charts are imperative as they can be used to display predicted growth, sales, margin, and net worth by the year.
  • Double-check the paper for any grammatical or spelling errors.

white-board-plan

Chapter #2: How to Write a Hair Extension Business Plan?

Now that you have spent enough time understanding the business plan and done your homework in collecting the necessary information, it’s time to roll up your sleeves and start writing your business plan for Hair Extensions.

Following are the components of a business plan:

Executive Summary

The executive summary is considered the most significant segment of your business plan. This section briefly explains to the reader that where your company is at the moment, what are your aims and ambitions, where you want to take your hair company, and why your business idea is going to be successful.

This can help you on two levels. If you are seeking for finances, the executive summary is the main highlight of your plan and can grab you a potential investor’s interest. On the other hand, it is the first step you lay down when you are starting a company and will determine the success of your hair business in the future.

The executive summary must highlight the strengths of your ideas. Preferably, it is the last section one should write, but it appears first in your hair extension business plan model.

What to include in your executive summary?

The following should be the highlights of your executive summary.

The Mission Statement

This statement explains what your business is about. It describes your business categorically and will give a prospect about your business to the readers.

It should point out straight about your products, the market you wish to enter, your target audience, and your company is or will be better than the others.

Are you going to carry sew-in extensions , closures , edge con t rol , and mink lashes ? Start coming up with a plan of what products you would like to offer at launch and others that you can provide as your hair extension business grows.

Company’s Information

This section will give the readers a closer look at when your business was formed, the name of their founders, their roles, your number of employees, and your location.

Financial Features

This section will highlight the economic points of your business. This section will also cover your financial needs and how do you want to spend the capital.

Significant Achievements

Points of interest are advancements inside the organization that is fundamental to the accomplishment of the business. Real accomplishments incorporate things like licenses, models, area of an office, any essential get that should be set up for item advancement, or results from any test advertising that has been directed.

If you are just starting a business, you won't have as much data as a built-up organization. Rather, concentrate on your experience and foundation and the choices that drove you to begin this specific endeavor.

Have you been a hairstylist for ten years and have clients always asking you for hair? You practically already have a market built. All you need to do now is set up your hair extension business to start getting sales.

Show that you have done a careful market investigation. Incorporate data about a need or service in your objective market, and how your specific arrangements can fill it.

Persuade the reader that you can prevail in your real market, then address your plans.

Business Description

The business description starts with a short depiction of the business. While depicting the business, talk about the present standpoint, and also future conceivable outcomes.

You ought to likewise give data on all the different markets inside the business, including any new items or improvements that will profit or antagonistically influence your business. Construct the majority of your perceptions on reliable information and make certain to commentary wellsprings of data as proper.

This is critical in case you're looking for financing; the reader will need to know exactly how tried and true your data is, and won't hazard cash on suspicions or guess.

Following are the things you need to include in your description:

  • Describe the nature of your business and enlist the commercial center needs that you are attempting to satisfy.
  • Clarify how your items and administrations address these needs.
  • List the particular customers and organizations that your business serves or will serve in the future.
  • Clarify the competitive advantages that you accept will make your business a win, for example, your area, workforce, efficient operations, or capacity to convey an incentive to your clients.

business-plan-marketing-analysis

Market Analysis

This section of the hair extension business plan must give a categorical analysis of your knowledge of the industry and the market as well as your research findings.

What to include in your Market Analysis?

  • Industrial Outlook – Describe the hair extensions industry, including its current size, the trends, as well as other trends and characteristics that you foresee in the future.
  • Information about your target market – In this particular case, your target market is 99% women. You need to research the specific age group that would be interested in buying your hair extensions and will need to devise a strategy to target this particular group.
  • Distinguishing characters - What is the need of your potential customers? How can you fulfill these requirements?
  • Market Share – This section shall include the market share and profit you can gain in a particular geographical area.

Organization and Management

Organization and Management follow market Analysis. This section of your business plan for hair extensions ought to include: your organization's authoritative structure, insights about the responsibility for the organization, profiles of your administration group, and the capabilities of your governing body.

Who does what in your business?

What is their experience and why are you bringing them into the business as board individuals or representatives?

What are they in charge of?

These may appear like additional inquiries to reply in an individual association; however, the general population reading your marketing strategy needs to know who's in control, and so let them know. Give a point by point portrayal of every division or office and its capacity.

This area ought to incorporate who's on the board and how you expect to keep them there. What sort of pay and incentives do you have for your workers? What about the advancements? Promise your reader that the general population you have on staff are something beyond names on a letterhead.

Service or Product Line

For a successful business model for hair extensions, this part shall incorporate data about the particular advantages of your products – from your client's point of view.

You ought to likewise discuss your item or organization’s capacity to address customer issues, any favorable circumstances your item has over that of the opposition, and the modern advancement organize your item is in.

Sales and Marketing

Once you have studied the target market thoroughly, it should be additionally characterized to decide the total feasible market. Finding this financial number should be possible in a few ways; however, most expert organizers will portray the available market by focusing on product segmentation factors that may deliver gaps inside the market.

It's imperative to comprehend that the total possible market is the part of the market that you can reach given each condition inside the environment is favorable and there is next to no opposition. In many companies, this is not the situation.

Different components will influence the share of the available market a business can sensibly acquire. These variables are frequently fixing to the structure of the business, the effect of rivalry, techniques for market infiltration, and proceeded with development, and the measure of capital the company will spend so as to increase the market share.

For a successful business plan for hair extension, you need to focus on the following strategies.

  • A viable market penetration strategy
  • A growth strategy that will include an internal strategy that shall primarily focus on things such as increasing your human resources, an acquisition strategy for buying another business, and a franchise strategy to colonize the world.
  • A communication strategy on how you plan to reach your customers, the public platforms you’ll use to advertise, and your influence on social media.

Funding Requests

Consider that your hair extensions business ventures become exceedingly successful. Now you want to expand your horizons. From a small business setup, you need to make an entry in the big market. For that, you need some finances. You need some people to invest in your venture.

So, what would be your marketing strategy, you need to explain thoroughly in this. You have to outline the requirements of your enterprise, any future funding needs, and how do you plan on using these funds?

This section shall also analyze your strategic financial situation plans in the future. After you have done explaining all these parameters, you need to outline the amount you need right now and the amount you need in the future.

It is the most crucial part of your business plan for hair extension.

Provide the appendix to your reader on demand. Your hair extension business plan shall also have some relevant documents. This section should not be included in the main body as it contains confidential information about your company.

The Appendix will include:

  • Credit history (personal & business)
  • Product pictures
  • Letters of reference
  • Details of market studies
  • Relevant magazine articles or book references
  • Legal documents

How to Make Your Hair Extension Business Plan Stand Out?

Your business plan will eventually stand out if you determine your target market and research the audience quite well.

For instance, is the market you serve the best one for your item or administration? Are the advantages of managing your business transparent and would they say they are lined up with client needs? In case you're uncertain about the responses to any of these inquiries, make a stride back and return to the establishment of your strategy for success.

The accompanying tips can help you elucidate what your hair extension business brings to the table, distinguish the real target showcase for it, and fabricate a specialty for yourself.

Be clear about what you have to offer

Beyond essential items or administrations, what are you truly offering?

Consider this simple case that will help you to understand the situation: Your town presumably has a few restaurants all offering one essential item—food. Each of these restaurants is focused on the needs of the customers. One may be a drive-through fast-food restaurant, maybe another offers pizza in an original Italian kitchen, and possibly there's an excellent restaurant that serves fish that and has practical experience in wood-flame broiled admission. Every one of these eateries offers food. However, they pitch them to focused demographic searching for the one of a kind qualities each brings to the table. What they are truly offering is a combination of product, esteem, atmosphere, and brand experience.

When starting a hair extension business, make sure to comprehend what makes your hair extensions one of a kind. What needs does your item or administration satisfy? Document the advantages and differentiators that will help your business emerge from the group? Your hair extension business plan must show all of these attributes.

Avoid being the jack of all trades

It's imperative to characterize what you're offering unmistakably. You would prefer to become a jack of all trades and master of none since this can negatively affect the business development. As a smaller businessman, it's regularly a superior strategy to divide your items or business into sensible market specialties.

Little operations can then offer particular products and ventures that are alluring to a private gathering of planned purchasers. Thus focus mostly on hair extensions when you are starting your business model of hair extension.

Identify your niche

Making a specialty for your business is basic to achievement. Frequently, entrepreneurs can distinguish a specialty given their market learning. However, it can likewise be useful to lead a market study with potential clients to reveal undiscovered necessities.

hair-extensions-business

Enhancing Your Hair Extension Business Plan

Once you have successfully created a business plan for hair extensions, you cannot stop right there. You have to devise strategies to enhance your plan from time to time so that it may not die eventually. These enhancements are a critical thing to do because the market is always changing.

Say for the sake of an argument, that the hair extensions your company is offering were outshined by another company that is stronger and has a greater reach to the potential customers. Your business plan might have the solution to this problem, but you wrote it a while ago. The dynamics of the market, the balance, and the need for the product at that particular time were different.

So, with the evolution of the marketplace, enhancing your business plan is an excellent idea. At the end of the day, with the corrections and amendment to your working model, you will be able to create an ideal hair extension business plan. The benefits of which are already mentioned in the start of this article.

Business Plan Software

Let the software do the calculations.

With this software, your financial numbers and estimates will calculate when you plug in your numbers. The business Plan software gives you instant access to business planning calculations and an explanation of every financial term.

Planning Expert

This software comes with video courses from experts that can help you to draft a perfect hair extension business plan.

These courses are specifically generated for small business ventures and have all the tips and tricks to help you draft the business plan that can help you in achieving your goals.

Final Thoughts!

By following all these guidelines, we can ensure you that you can draft an ideal hair extension business plan. A program of activities provides that the organizational structure of your business is well developed.

It is always necessary if you wish to obtain financing, whether you are operating a new plan or want to seek a bank loan or venture capital.

You might need much investment in a hair extension venture, thus working hard on this plan can help you make a marketable draft which will bring you investments and profits. The chances of success of your business venture will significantly increase.

Don't hesitate to ask for help. Organizations like the Small Business Administration are available to help.

With your goals written on paper, you will have a clear idea of how well you are doing with this hair extension business and how far are you from achieving your goals. You will also have a detailed document on your organization's authoritative structure, insights about the responsibility for the organization, profiles of your administration group, and the capabilities of your governing body.

Thus in the future, you might not have to face any problems in distributing the workload and tasks to the people and they will have an idea of how things are done.

Private Label Extensions has helped launch hundreds of hair extension businesses. Always feel free to reach out to us for advice on getting started.

Lastly, even if it takes you days or weeks, you must focus on building a business plan for your hair extension. Once it is done, and the business is running, you’ll understand how well things are working.

Thank you so much the plan has really been of help to me

Thanks so much, I’m about to start a hair business and this has been so helpful on setting up a plan, I’m a novice but I know I can do it.

Business plans strategys are very necessary.

I would like your help to create my hair extensions business plan

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Hair Extensions Business Plan Sample

NOV.01, 2013

Hair Extensions Business Plan Sample

Hair Extensions Business plan for starting your own shop

Are you thinking about beginning your hair extensions commercial enterprise? If your solution is sure, there’s no better time than proper now. Why the capability is endless. You most effectively need to observe Instagram peers that the hair extensions enterprise plays an important function in this digital age.

Every technology is seeking perfection, whether it be for that each one-vital selfies for social media or the subsequent big circle of the relative’s wedding ceremony. The hair extensions have exploded during the last decade. Influencers have played an indispensable position in their hair extensions tutorials on YouTube, Instagram, Facebook, and Twitter. This isn’t always only a trend; this is here to stay.

There is lots of room for everyone inside the hair extensions world, moreover, within the hair extensions commercial enterprise. The hair extensions enterprise breaks through generational limitations because all people, young, and old want to look and feel accurate. The marketplace itself is tremendous, almost countless. This is due to the fact hair extensions aren’t only for the rich but additionally, all monetary wallet excessive and occasional.

Executive Summary

There is plenty of room for all and sundry within the hair extensions global, moreover, within the hair extensions business. The hair extensions industry breaks via generational boundaries due to the fact everybody, young and old, desires to appearance, and feels appropriate. The market itself is huge, nearly endless. This is because hair extensions are not just for the rich, but all financial pockets excessive and low.

How to start a business?

Starting your very own commercial enterprise usually begins with a great concept of a way to open hair extensions keep. You can also look for some sample of hair extension business plans. Once the seed is sown, pass on to marketplace research for your chosen business concept. You also can search for a pattern business plan for hair extensions shop. Knowing your market is prime to success. Once you have got set up your center market, you may want to ascertain your opening finances and stay with it. Where will your funds for your new venture come from? Locating the proper outlet/belongings is also key to the fulfillment of your investment business plan . The incorrect vicinity can be the demise of any enterprise.

What are the prices concerned in opening an enterprise?

The expenses of taking a walk your business enterprise range appreciably. This will all rely upon the place, hire/rent of assets/outlet, and the fee of preliminary stock. Then you need to don’t forget staffing fees, shipping import, and export expenses.

How to implement business management?

This critical vicinity is vitally vital for the fulfillment of any business. The right management could make an enterprise, and incorrect control can ruin it. Share your vision with your managers/workforce and make them sense part of something excellent. Show them that they may be valued, and you’ll acquire their loyalty. Make them feel crucial. A great supervisor will reap the willpower in their body of workers, consequently decreasing the personnel turnover rate in line with annum. The business can be more efficient, and economic rewards may be better.

What the target of this commercial enterprise?

The Hair extensions Business’s principal target is to deliver hair extensions products to shops huge and small nationally and across the world at a competitive rate offering discounts on standard bulk-buy orders. We wish to face out from the group and offer a wide range of products that exceed our competitors, hence making our commercial enterprise an appealing alternative.

Company Summary

Planning your business.

When you are all set to get into the hair extension business, it is essential to plan everything from skretch. When starting a hair extensions store, the business/startup, Hair extensions store, has engaged a consultant to help effect a business plan initially. Hair extensions store’s cost budget/funds for a startup will be coming from –inheritance and a business plan bank loan .

Define your brand

Hair extensions store’s measuring stick will be its unique approach on how to start a hair extensions store to customer satisfaction and individual personalization based on customer’s needs. No one customer is the same, and they will not be treated generically. We are not just another hair extensions company, we care about our clients, and they can choose tailor-made order strategies personal to their business. ‘Above and beyond’ is our companies’ motto.

How to Promote & Market a business

The promotion and marketing of the Hair extensions store will profoundly engage in social media marketing. Digital marketing is the heart of any successful business today. Instagram, Twitter, Facebook, and LinkedIn will be vital targeted areas. A full-time digital marketing professional will be hired to run this side of the business to maintain its presence online.

Establish a web presence

A brand new website is currently under construction to engage a highly effective web presence. This will engage customers and garner new ones. Customers will be able to order online as well as walking into the store. Thus, attracting a more extensive customer base. Keeping up to date with Google analytics will also be essential to maintain a high search position.

Company Owner

The owner of the hair extensions store is a young woman who studied the industry at University. She comes from a family who has been in the hair extensions industry for two generations and dreamed of one day owning her own hair extensions business. Her knowledge of the hair extensions industry is vast and will compliment her venture much.

Why he/she started the business

Coming from a long line of family business owners, she always knew that she wanted to make her mark on life, be her boss, and create her own brand new company from scratch. With this in mind, the University was her starting point. They need to gain as much knowledge in addition to what she already had to ensure the success of her business.

How the business started

A fortuitous inheritance enables the birth of Hair extensions store along with a small business loan. In addition, with a business partner, consultant, and help from family business owners. The business was enabled.

Hair Extensions Business Plan - Startup Cost

Products you may get into the hair weave industry, hair vendor are-

  • A wide range of skincare products will be available, including vegan selections.
  • Various and trusted brands of aromatherapy body oils from leading and well-known brands
  • Body lotion for all skin types for both men and women (vegan selections available)
  • Specialist foot products for the removal of hard skin.
  • Derma wands for anti-aging skin
  • Retinal serums
  • False eyelashes (stick on and semi-permanent)
  • Micro-blading equipment/products
  • Hair products, hair dye/bleach/micro rings/micro loops/ hair extensions and wigs
  • Hair extensions tools, makeup brushes/hairbrushes/tweezers/hair masks/dye mixing bowls/whisks/microbeads/loops/extension hair tape/wig tape/nail drying gadgets/foot spas/nail polish remover/hair clips/hairbands/trays/trolleys/makeup boxes/ nail boxes/

Marketing Analysis of Hair Extensions Store

Market trends.

The observation of market trends is key to the Hair extensions Shop. Using search engines such as Google and Google insights. Twitter trends will also play a key role.

Monitoring online trends in the hair extensions world will be important to the business. What is trending in 2020 in business of selling hair? What is trending amongst influencers on social media such as Instagram and YouTube? Market trends are continually changing and evolving, and the monitoring of these trends to ensure we stay ahead of the rest will be paramount.

Marketing Segmentation

Grouping customers into regular, occasional, and potential divides will help Hair extensions store to keep on top of analytics that is core to current and future Business. Thus, enabling the business to effect a change of direction when needed. It is important to keep up with consumer demands as this affects the products we stock over time.

Hair Extensions Business Plan - Market Segmentation

Business Target

Hair Extensions business’s main targets are hair extensions salons, hairdressers, spas, hotels, and the general public. The aim is to provide everything that a hair/hair extensions salon needs to run their business and to offer all the brands required. The choice for our clients will be a key factor. Limited stock will not be an option if we are to set our business apart from the rest.

Hair Extensions Business Plan - 3 Years Profit Forecast

What is the critical Target Market?

Hair extensions stores’ key target market is as follows: Hair extensions salons/hair extensions spas/Hotels and the crucial Demographic 16/55, although the general demographic will be much broader. Hair extensions are ageless, and everyone wants to look beautiful.

How to keep customers coming back

Repeat customers will be at the heart of the Hair extensions store. The most important thing for the success of any business is customer service. To ensure customers keep returning, they will be awarded a bonus card. The more they spend, the more points they receive. These points can be converted to free products and extra discounts off bulk-buys when the points build up. There will be a range of personal delivery options (an area that often fails many customers). Friendly staff and advisors will be on hand for our clients online and instore.

What will be the average receipt of the business?

The average customer receipt will be between $100 and $1000, of course, this depends on the size of the business ordering the goods. Bulk-buy goods would expect an average receipt of $1000

Marketing Strategy

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With our online presence in the form of a professional website that is compatible with mobile phones will increase our marketing online. We will drive traffic through our site by using/offering an affiliate program to customers. Producing natural hair extensions-focused content with keywords that are guaranteed to rank high on search engines will be necessary. Offering incentives on our Social media platforms such as our Facebook page to engage our followers and get them buying and clicking through to our website. Using Facebook and Instagram ads for businesses to promote our products will be an area that we shall implement at the offset.

Competitive Analysis

While preparing the Hair Extensions Business plan, competitive analysis is an essential part to consider. We are in the market when there are numerous other hair extensions organizations inside a mile span. There is an uncertainty that the business will confront the stiff challenge from built-up industry players.

In any case, the business has recognized the key factors that are long accepted to profit the intensity of different hair extensions product organizations. Putting resources into critical areas, with praiseworthy client assistance, latest management technology, and superb cordial staff, will bring us into the challenge.

Sales Strategy

The accompanying techniques will be produced for our store to get more client base:-

  • Showcase our products to corporate customers that are associated with numerous downtown foundations.
  • Extraordinary offers, especially convincing, and adjustable bundles that give high motivating forces to draw in clients.
  • Thorough is showcasing efforts and utilization of both nearby media just as advanced channels to spread business.
  • Offer periodic offers and limits to faithful clients to keep utilizing our products.
  • Ensure that every client gets singular regard for their needs and to get the help they need.

Sales Monthly

The business of the store might not be able to pick up the profitability baseline in the first month, but our plan is made in such a way so that we can quickly mitigate that possibility. Although, when it comes to sales, we expect an exponential increment in the first four weeks of the store.

Hair Extensions Business Plan - Sales Monthly

Sales Yearly

As already mentioned, the business of the store might not be able to pick up the profitability baseline in the first month. Still, it will become sufficiently profitable in the first quarter of the first year. We expect that we will reach our full potential of sales under the given capacity in the first year.

Hair Extensions Business Plan - Sales Yearly

Sales Forecast

During the first 12 months: We expect to make a reasonable marginal profit as setup costs will affect the profit margin significantly as with any business plan in its infancy. However, our sales forecast for the first month is expected to be $40,000 due to clients we have attained initially with potential orders already exceeding our expectations. Our target sales for the first 12 months is expected to be a conservative $250,000

Hair Extensions Business Plan - Unit Sales

Charges For Opening Store

The fees for opening the Hair extensions store will include the following: Lease/rent costs, staffing costs, stock cost, electricity, water, business rates, telephone, and WiFi.

Personnel plan

The beilow mentioned staff is required while starting a hair business-

Company Staff

  • Chief Executive Officer
  • Quality Assurance Manager
  • Human Resources and Admin Manager
  • Sales and Marketing Team
  • Purchasing Manager
  • Store Manager
  • Delivery Driver
  • Customer Service Executives
  • Security Guard

Average Salary of Employees

To starting a hair business.the following table describes the average annual salary of each employee and total payroll for the next 3 years –

Financial Plan

We have built up a thorough financial arrangement that will completely bolster our business while preparing the business plan for a hair extensions store. Our business will give monetary help with a variety of different speculators. Accessible subsidizing will be accessed and enhanced by an advance that the business means to debit inside the initial three years of opening.

If you are thinking about how to begin a hair extensions store, do not stress as we can assist you with setting up a point by point budgetary plan.

Important Assumptions

We assume that our client base will grow linearly, and the economy will remain strong. Our services might be disrupted due to natural factors, but we will take the top care to make sure that the services remain stable under human conditions.

Brake-even Analysis

We expect that the hair extension store will break even within the first quarter of the first year of opening.

Hair Extensions Business Plan - Brake-even Analysis

Projected Profit And Loss

We might run into a loss for the first month of operations, but we expect to touch the profit baseline within three months of operations.

Profit Monthly

The monthly profit we will reach will be able to sustain all our operations and will us enough dividends to invest in the future growth of the business.

Hair Extensions Business Plan - Profit Monthly

Profit Yearly

As already mentioned, we might run into a loss for the first month of operations. Still, we expect to touch the profit baseline within three months of operations, and therefore, our yearly profits will be able to pay back all the credit.

Hair Extensions Business Plan - Profit Yearly

Gross Margin Monthly

In the first few months, the margins will remain negative, but when the profitability picks up, we expect a solid margin baseline.

Hair Extensions Business Plan - Gross Margin Monthly

Gross Margin Yearly

Yearly margins will be great and will make us able to expand our business and reach out to a larger customer base.

Hair Extensions Business Plan - Gross Margin Yearly

Projected Cash Flow

In the initial months, we will be running on credit, but soon we will become cash-flow positive.

Hair Extensions Business Plan - Projected Cash Flow

Projected Balance Sheet

Balance sheets will be outsourced but monitored. Management will make sure it will stay positive.

Business Ratios

The business rations have been calibrated to be perfect in the long term.

Hair Extensions Business Plan Sample in PDF

OGS capital professional writers specialized also in themes such as barbers business plan , business plan for hair salon , laser hair removal business plan , lash business plan , reiki business plan , soap manufacturing business plan and many other business plans.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Hair Extension Business Plan Template & Guidebook

Starting a hair extensions business can be intimidating, especially if you’re a first-time entrepreneur. But with the right plan and strategy, you can launch a successful business and achieve your goals. The #1 Hair Extension Business Plan Template & Guidebook offers a comprehensive overview to help you get started--from finding the perfect location and developing your team, to understanding the licensing and financial requirements. The guidebook also provides simple yet powerful strategies for marketing, building customer relationships, and scaling as your business grows. Dive in to learn how to get started today!

Nick

Get worry-free services and support to launch your business starting at $0 plus state fees.

  • How to Start a Profitable Hair Extension Business [11 Steps]

How to Write a Hair Extension Business Plan in 7 Steps:

1. describe the purpose of your hair extension business..

The first step to writing your business plan is to describe the purpose of your hair extension business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a hair extension business:

Our mission at [company name] is to provide the highest quality hair extensions and styling solutions to enhance our customers' beauty and confidence. We strive to provide our products with excellent customer service, competitive pricing, and a commitment to customer satisfaction.

Image of Zenbusiness business formation

2. Products & Services Offered by Your Hair Extension Business.

The next step is to outline your products and services for your hair extension business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

  • What is my business?
  • What are the products and/or services that I offer?
  • Why am I offering these particular products and/or services?
  • How do I differentiate myself from competitors with similar offerings?
  • How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

Image of Zenbusiness business formation

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your hair extension business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your hair extension business includes the following elements:

Target market

  • Who is your target market?
  • What do these customers have in common?
  • How many of them are there?
  • How can you best reach them with your message or product?

Customer base 

  • Who are your current customers? 
  • Where did they come from (i.e., referrals)?
  • How can their experience with your hair extension business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

  • How does it work, what features does it have, and what are its benefits?
  • Can anyone use this product or service regardless of age or gender?
  • Can anyone visually see themselves using this product or service?
  • How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

  • Which companies are competing with yours today (and why)? 
  • Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
  • What specific advantages does each competitor offer over yours currently?

Marketing channels

  • Which marketing channel do you intend to leverage to attract new customers?
  • What is your estimated marketing budget needed?
  • What is the projected cost to acquire a new customer?
  • How many of your customers do you instead will return?

Form an LLC in your state!

human hair business plan pdf

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

  • The equipment and facilities needed
  • Who will be involved in the business (employees, contractors)
  • Financial requirements for each step
  • Milestones & KPIs
  • Location of your business
  • Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a hair extension business?

Equipment needed to run a Hair Extension business includes:

  • Mannequin heads with adjustable stands
  • Hair extensions
  • Brushes, combs, and other styling tools
  • Glue gun, hair glue, and other adhesives
  • Scissors and shears
  • Hair clips and hair ties

Supplies needed to run a Hair Extension business include:

  • Weaving thread, tape-in extensions, and other extensions supplies
  • Shampoo, conditioner, and other styling products.
  • Wax or pomade for styling.

Permits may be required in order to operate a Hair Extension business. It is important to check with local authorities regarding permit requirements in your area.

5. Management & Organization of Your Hair Extension Business.

The second part of your hair extension business plan is to develop a management and organization section.

This section will cover all of the following:

  • How many employees you need in order to run your hair extension business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
  • The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
  • How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Hair Extension Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a hair extension business varies based on many different variables, but below are a few different types of startup costs for a hair extension business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your hair extension business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your hair extension business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your hair extension business plan:

  • Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
  • Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
  • Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
  • Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
  • Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
  • Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

human hair business plan pdf

Frequently Asked Questions About Hair Extension Business Plans:

Why do you need a business plan for a hair extension business.

A business plan for a hair extension business is important to help ensure the success of the venture. It helps to set out the business's goals and objectives, as well as how it will be funded, what services and products it will offer, and how it will reach its target market. Additionally, a business plan provides a roadmap for navigating the legal requirements and regulations specific to the industry, and helps identify potential risks and opportunities associated with starting a hair extension business so that owners can plan accordingly.

Who should you ask for help with your hair extension business plan?

Depending on the specifics of your business plan, you may want to consult a variety of experts. This could include a business and financial advisor, a lawyer to help draft important contracts, an accountant to help manage your finances, and other industry professionals who specialize in hair extension businesses.

Can you write a hair extension business plan yourself?

Yes, you can write a hair extension business plan yourself. Writing a business plan can help you develop a roadmap for your business and measure performance as you go. It will provide potential investors and stakeholders an understanding of the market opportunity, financial projections, competitive analysis, and more. The process of writing a business plan can be a valuable exercise for refining your thoughts about your new venture and taking a good look at the potential risks and rewards. Before you start writing, it’s important to do research on the industry, target market, competitors, and other related topics to help you develop realistic financial projections and strategies. Additionally, it’s recommended to consult with an expert or mentor to ensure that you've explored all of the elements of your plan thoroughly.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

Human Hair Business Plan Sample PDF Example | Free Download Presented by BizMove

Free business plan PDF download

Watch This Video Before Starting Your Human Hair Business Plan PDF!

Checklist for Starting a Human Hair Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a Human Hair business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

For more insightful videos visit our Small Business and Management Skills YouTube Chanel .

Here’s Your Free Human Hair Business Plan DOC

Free book for you: how to start a business from scratch (pdf).

Copy the following link to your browser and save the file to your PC:

https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf

How to Choose a Successor

Succession is the transferring of leadership to the next generation. It is a process rather than an event. While there is a time frame within which the transition will occur, the actual amount of time taken for the process is arbitrary. It will depend on you, your family and the type of family business you are in. This is a difficult process for most family businesses. The failure to face and plan for succession has been termed the "succession conspiracy" by Ivan Landsberg. He cites a number of forces that act against succession planning:

Fear of death.

Reluctance to let go of power and control.

Personal loss of identity.

Fear of losing work activity.

Feelings of jealousy and rivalry toward successor.

Founder's spouse's reluctance to let go of role in firm.

Norms against discussing family's future beyond lifetime of parents.

Norms against "favoring" siblings.

Fear of parental death.

Reluctance to let go of personal relationship with founder.

Fears of differentiating among key managers.

Reluctance to establish formal controls.

Fear of change

Environmental

Founder's colleagues and friends continue to work.

Dependence of clients on founder.

Cultural values that discourage succession planning.

Overcoming the forces against succession planning requires the commitment of the family and employees of the business.

Succession occurs in four phases: initiation, selection, education and transition. A discussion of each phase follows.

The initiation phase is that period of time when the children learn about the family business. It occurs from the time the children are born. A child can receive either a positive or a negative impression of the family business. If parents bring home the negative aspects of the business, complaining about it and about employees and relatives, the children will view the business in a very poor light. Other ways to destroy children's interest in the business is to be secretive about it or to convey an unwelcome or a hands-off attitude. There are families in which children are welcome to join the family business, but no one has told them so.

Owners are often cautious about systematically conditioning their children to enter the family business, an attitude that stems primarily from their awareness of individual differences and their belief that their children should be free to select a career path. If you do want your children to enter the business, or at least have that as a career alternative, there are some steps you can take to initiate them into the firm. The first step in motivating your children is to be certain that is what you want. Your lack of conviction about their involvement will be communicated to them. This may be interpreted as doubt about their ability, about the viability of the business or about the potential of the parent-child relationship to survive the strain of succession. Any of these situations can cause your child to lose interest in the business.

Assuming your children know that you want them to enter the business, you should talk with them often and openly about it. Be realistic, but stress the positive aspects. Your business provides you with many positive experiences to share with your children. Your children should learn what values the business represents, what the business culture represents and where the business is headed.

Selection is the process of choosing who will be the firm's leader in the next generation. Of the entire transition process, this can be the most difficult step, especially if you must choose among a number of children. Selecting a successor may be viewed by siblings as favoring one child over the others, a perception that can be disastrous to family well-being and sibling harmony. Owners select successors on the basis of age, sex, qualifications or performance. Because of the potential for emotional upheaval, some owners avoid the issue entirely, adopting an attitude of "Let them figure it out when I'm gone."

Nevertheless, there are several solutions to this dilemma. Assuming you have more than one child who is or can become qualified for the position of president, you can select your successor based on age. For example, the oldest child becomes the successor. Unfortunately, the oldest may not be the best qualified. Placing age or sex restrictions on succession is not a good idea.

Alternatively, you could have a "horse race." Let the candidates fight it out, and the "best person" wins. While this is the style in some major corporations, it is not the best option for all family businesses.

Family business owners may want to take advantage of a successor selection model developed for corporate executive succession. In this model, family members, using the strategic business plan , develop specific company objectives and goals for the future president or chief executive officer. The job description includes the requirements for the position--such as skills, experience and possibly personality attributes. For example, if a firm plans to pursue growth in the next five years, the potential successor would be required to have a thorough understanding of business valuations and financial statements, the ability to negotiate and a good relationship with local financial institutions.

Designing such job descriptions provides a number of benefits. First, it removes the emotional aspect from successor selection. If necessary, the successor can acquire any special training the job description outlines. Second, it provides the business with a set of future goals and objectives that have been developed by the whole family. Finally, the founder may feel more comfortable knowing objectives are in place that will ensure a growing, healthy business.

If you have an outside board of directors, you may want to solicit their input regarding successor selection.

Training or educating the successor in the firm is a delicate process. Many times a parent finds it difficult to train a child to be successor. If so, an alternative trainer may be found within the firm. A successful trainer will be logical, committed to the task, credible and action oriented. These attributes, when tied into a program that is mission aligned, results oriented, reality-driven, learner centered and risk sensitive, will produce a well-trained beneficiary. All of this, of course, is easier stated than accomplished.

Why do some Business managers reach the profit target more frequently than others? They do it because they keep their operation pointed in this direction - management of profit earning. They never drop sight of this goal - to complete the year with a profit. This guide Gives suggestions that should help an owner-manager to zero in on profit earning. It points out that you have to stay informed, make timely decisions, and take effective action. In effect you must control the actions of your company instead of being controlled by them. Topnotch Functionality in golf, shootingfishing demands understanding, practice, and perseverance. Likewise in Small businesses, year-end profit comes to the owner-manager who tries for topnotch performance. You achieve profit making targets by understanding your performance, by practicing the craft of making timely, balanced decisions and by controlling the organization's actions. Adapt the Suggestions in this manual to your situation. They ought to help you predict the shots to keep your company headed in the ideal direction - toward profit making. First Rule of Profit Making: Know Your Business. The Time-honored truth"Knowledge is power" is especially pertinent to this owner-manager of a small business. To keep your business pointed toward profit you need to keep yourself well informed about it. You must know how the organization is doing before you can enhance its operation. You have to know its weak points before you can correct them. Some of the information you require you pick up from day-to-day personal observation, but documents should be your principal source of information about gains, costs, and earnings. Know Your Gain. The profit and loss statement (or income Statement) prepared frequently each month or each quarter from your accountant is one of the most essential indicators of your company's value and wellbeing. You should be sure that this statement contains all of the facts you will need for evaluating your profit. This announcement must pinpoint each earnings and price area. For example, it should demonstrate the gain and loss for each of your products and product lines in addition to the profit and loss for your entire operation. It's a good Thought to have your own profit and loss statement prepared that it shows each product for the current period, for the identical period this past year, and also for the current year-to-date. For example, a P&L announcement for the month of November would reveal income and expenses for the current month, for November last year, and totals for the eleven months of this present year. Many corporations publish their annual reports with a few previous decades therefore stockholders can compare earnings. Comparison is The key to using your P&L statement. If your accountant isn't already supplying figures which you may compare, you need to discuss the possibility of having them provided. Financial Ratios out of your balance sheet also allow you to understand if your gain is what it should be. As an instance, the ratio of net worth (return on investment ratio) reveals what the business brought on the equity capital invested. Know Your Costs. An owner-manager should know costs in detail. Then, you can compare your cost figures as a percentage of earnings (operating ratio). Be certain that your prices are itemized so that you can put your fingers on the ones that seem to be rising or decreasing according to your experience and the cost figures of your industry. When costs are itemized, you are able to spot the offender once the overall figure is higher than what you had budgeted. Take advertising costs for example. You can grab the offender if you break out your advertising expenses by product lines and from media. In addition, a thorough check of question yields from advertising will help avoid unsuccessful books. In understanding your Costs, remember that the formulation for profit is: Gain equals Earnings minus Costs. Know Your Product Markup. Be certain The pricing of your goods provides a markup adequate for the kind of profit you expect to attain. You have to keep constantly educated on pricing since you have to adjust for increasing costs and at the exact same time keep costs competitive. Knowledge on your markup also can help you to run workouts with your eyes open. Continuing to make something which just a few clients want is an effective merchandising tool only when you use it on goal - for example, to hold or draw buyers for other high markup products. Do not be afraid to shed a loser out of your line. Garbage-In, Garbage-Out. An Owner-manager shouldn't fudge the documents. The acronym GIGO that the computer industry uses is true with manually stored records in addition to with machine-processed ones. When an owner-manager allows"garbage" to go into the records, the reports will contain"garbage" Reports do not need to be extensive but they need to be accurate. Search For Trends. Try not to look at one month's earnings or Profit image by itself. The figures on your working statements are significant only when you set the picture in the right frame - that is, take a look in the figures from the context of what's happened and what's very likely to happen. In that manner, you grab a downward trend before it gets out of hand. You should also Concern yourself with all the figures behind the dollars - for instance, the number Of units offered or the number of orders. Insist on cost-per-unit statistics. The Fluctuation of the cost-per-unit can be more meaningful than just looking At the dollar figures alone. Another idea would be to display these comparative Figures on charts so that significant trends can be viewed easily.

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How to write a business plan for your hair salon.

business plan for a hair salon

Starting a hair salon is a great way to be your own boss and make a living doing something you love.

It also offers potential for growth and diversification, allowing you to add additional services or products to your business.

But, before launching anything, make sure you have a business plan in place.

A business plan is an essential tool for any new project, and a hair salon is no exception. Writing a business plan will help to ensure that the project is well-thought-out and has a clear roadmap for success.

In short, a thorough business plan will help make sure your hair salon is profitable .

What should you consider when writing a business plan for a hair salon? What should be the main focus areas? What are the important financial ratios to consider? How can I speed up the process of developing an efficient business plan?

Please, find comprehensive answers to all these questions below.

Additionally, it's worth noting that you have the option to avoid starting your business plan from scratch.

Instead, you can download our business plan for a hair salon and adapt it to your project.

business plan beauty salon

Creating a business plan for a hair salon

Will a business plan be beneficial for your hair salon.

Yes, you should create a business plan to ensure the success of your hair salon.

Developing a robust business plan will enable you to:

  • learn about the hair salon market
  • be aware of new consumertrends and apply them to your project
  • identify factors for viability in a hair salon
  • understand the latest hair trends, styling preferences, and customer expectations in salon services
  • find a great unique value proposition for your hairstyling salon
  • investigate competitor customer retention strategies
  • find competitive advantages for your hair salon
  • find a business model that delivers consistent positive financial outcomes
  • establish and execute a solid and strategic action plan for long-term success
  • evaluate potential risks specific to a hair salon, including customer satisfaction, employee training, and product safety

Our team has drafted a business plan for a hair salon that is designed to make it easier for you to achieve all the elements listed.

How to outline a business plan for a hair salon?

Your business plan will include a wide range of numbers and valuable information. It must be presented in a structured format, to make easy to read and digest.

When we built our business plan for a hair salon , we took care to arrange it appropriately.

There are 5 parts within the business plan.

1. Market Opportunity

The introductory section has been named "Market Opportunity".

Our team has gathered essential information and metrics about the hair salon, providing valuable insights for entrepreneurs in this industry.

The data here is always kept current; we update it biannually.

2. Project Presentation

The "Project" section provides an opportunity to describe your hair salon, specifying the range of hair services you offer (cut, color, styling), specialized treatments, talented stylists, haircare products, salon ambiance, and the unique value proposition that guarantees exceptional hairstyling and customer satisfaction.

Remember to introduce yourself at the end of this section.

Discuss your passion for hairstyling, your expertise in hair trends and techniques, and how you plan to create a personalized and transformative hair salon experience for clients. Highlight your range of services, your skilled stylists, and your dedication to providing individualized consultations and exceptional customer service that leaves clients feeling confident, stylish, and satisfied at your hair salon.

We prepared text in our business plan. Customize it to suit your idea.

3. Market Research

Moving on, there's the "Market Research" section.

In this section, you will find a market segmentation analysis for your hair salon.

It includes a study of other hair salons in the area that will be competing with you. Your salon's unique hair services and competitive advantages are also highlighted. A customized SWOT analysis is included.

4. Strategy

The "Strategy" section outlines a comprehensive 3-year action plan, detailing the initiatives and steps needed to transform your hair salon into a highly profitable endeavor.

Furthermore, this section encompasses a comprehensive marketing plan, a strategy to mitigate risks, and a completed Business Model Canvas.

5. Finances

In the end, the section titled "Finances" is where you can present the financial plan and breakdown for your project.

business plan hair salon

How to write the Executive Summary for a hair salon?

The Executive Summary gives a summarized glimpse into the business plan of your hair salon.

Keep it brief, not going over 2 pages. Highlight the essential points.

When you share your business plan with an investor, this is the part they will read at the beginning. It should grab their interest and make them want to read the rest of the plan.

In the Executive Summary of your hair salon, address the following queries: what services does your hair salon offer? who is your target audience? are there other hair salons in the area? what makes your salon unique? what funding do you need?

How to do the market analysis for a hair salon?

Analyzing the market for your hair salon allows you to gain insights into factors such as customer preferences for hairstyling and haircare services, competition from other salons, and emerging trends in hair fashion.

By conducting a comprehensive market study, a hair salon can identify customer preferences, offer a range of hair services, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased appointments, and a prominent position in the local hair care industry.

Here's what we've incorporated into the "Market Research" section of our business plan for a hair salon :

  • fresh and updated data and statistics about the hair salon industry, including popular hairstyles, hair care trends, and customer preferences
  • a list of potential market segments for a hair salon
  • the competitor analysis
  • the competitive advantages to target for a hair salon

business plan hair salon

The key points of the business plan for a hair salon

What's the business model of a hair salon, business model of a hair salon.

A hair salon's model revolves around providing various hair care services, including haircuts, styling, coloring, or treatments. Revenue is generated through service fees, potentially offering retail hair products or additional beauty services.

The business model focuses on employing skilled hair stylists, providing personalized consultations, using quality hair products, creating a welcoming and trendy salon environment, and building strong client relationships through exceptional service and hairstyling expertise.

Success depends on stylists' talent and creativity, effective marketing to target individuals seeking hair services, maintaining industry trends and techniques, fostering positive client reviews and referrals, and providing a satisfying and rejuvenating salon experience.

Business model ≠ Business plan

Be clear on the distinction between "business plan" and "business model."

A business model is a blueprint for how a company operates and makes money.

In a business plan, you use the Business Model Canvas as a visual aid to explain the inner workings of your business.

Rest assured, there is a Business Model Canvas (already completed) in our business plan for a hair salon .

How do you identify the market segments of a hair salon?

Market segmentation for your hair salon involves dividing your potential customers into different groups based on their haircare needs, preferences, and demographics.

These categories may include factors such as haircuts and styling, coloring and highlights, extensions, or customers seeking specific hair treatments (e.g., keratin treatments, scalp treatments).

By segmenting your market, you can offer a range of hair services and solutions that cater to each segment's specific requirements. For example, you might provide a variety of haircut and styling options for customers seeking trendy or classic looks, offer professional hair coloring and highlighting services for customers looking to enhance their hair color, specialize in hair extensions and volumizing treatments, or provide specialized treatments for customers with specific hair concerns such as damaged hair, dry scalp, or frizz control.

Market segmentation allows you to effectively target your marketing efforts, showcase your hairstyling expertise, and deliver personalized and satisfying hair services that meet the unique needs and preferences of each customer segment.

In the business plan for a hair salon , you will get a detailed market segmentation, helping you understand your target audiences and their needs.

How to conduct a competitor analysis for a hair salon?

Without surprise, you won't be the only hair salon in your city. There will be other establishments offering hair styling, cutting, and coloring services to customers.

Your business plan must incorporate a thorough examination of your competitors, including their characteristics, strengths, and weaknesses.

Pay attention to their weaknesses (such as inexperienced stylists, lack of trending hairstyles, or poor customer satisfaction).

Why is it crucial to notice these aspects? Because these weaknesses can impact the client experience at hair salons. By addressing these elements, you can provide a wide range of hair services and treatments, offer skilled and creative stylists, and create a welcoming and stylish salon environment, establishing your hair salon as a preferred choice for hair care and styling needs.

It's what we call competitive advantages—work on developing them for a distinct business identity.

Here are some examples of competitive advantages for a beauty salon: skilled and experienced stylists, wide range of beauty services, relaxing and luxurious ambiance.

How to draft a SWOT analysis for a beauty salon?

A SWOT analysis can help identify potential strengths, weaknesses, opportunities, and threats that may affect the success of a hair salon.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a hair salon

The strengths for a hair salon

The letter "S" in SWOT signifies Strengths, highlighting the project's internal advantages or positive features.

For a hair salon, potential strengths include excellent customer service, a wide range of services, experienced staff, and attractive pricing.

The weaknesses for a hair salon

The "W" stands for Weaknesses, referring to the areas or aspects of the project that need to be addressed.

For a hair salon, potential weaknesses could include lack of repeat customers, limited marketing budget, lack of online presence, and lack of staff training.

The opportunities for a hair salon

O represents Opportunities in SWOT, referring to the external factors or conditions that can create opportunities for the project's advancement.

In the case of a hair salon, potential opportunities may include offering online booking services, expanding into new markets, providing additional services such as cosmetics and nail care, and advertising on social media.

The threats for a hair salon

The "T" in SWOT stands for Threats, which are external factors that may pose risks or challenges to the project's success.

How to outline a marketing strategy for a beauty salon?

A marketing strategy is a vital element of a business plan as it details how a business will attract customers and generate business.

A hair salon can attract clients in need of professional and trendy hairstyling services by implementing a targeted marketing plan that highlights the salon's skilled stylists and personalized approach.

Clients won't choose your beauty salon without effective marketing; showcasing your range of services, talented stylists, and relaxing atmosphere is crucial.

Are you implementing effective marketing strategies for your hair salon? Consider offering first-time client discounts or referral programs, showcasing trendy hairstyles or transformations on social media, and partnering with local fashion influencers for endorsements.

Don't fret if you lack ideas for your project's marketing strategy.

How to build a solid financial plan for a beauty salon?

A successful business plan must include detailed financial information, such as income and expense projections, cash flow statements, and a break-even analysis.

As you outline your business plan, you should include revenue projections for your hair salon.

The inclusion of a relevant and credible revenue forecast in your business plan adds credibility and enhances appeal to banks or investors.

Our financial plan for a hair salon is straightforward and equipped with automated checks, enabling you to validate and adjust your assumptions easily. This way, we make sure you're building solid financial projections.

Without a doubt, you'll need to come up with a basic budget for starting your hair salon. Make certain to include all expenses without exception - you can find them all listed in our financial plan!

The break-even analysis is a crucial tool in your financial plan, providing insight into whether your hair salon will become a profitable company or not.

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Sample Hair Related Venture Business Plan

Do you need help starting a weave and hair extension shop? If YES, here is a sample hair extension Business Plan.

Sale of hair extensions is part of a booming beauty product industry. There is tremendous potential for entrepreneurs considering this area of business. If you are one of such persons, this article is written with you in mind.

This hair extension business plan example seeks to help you write your unique plan easily.

Most times, new entrepreneurs are faced with the daunting challenge of how to put their plan together.

WEAVE-ON AND HAIR EXTENSION BUSINESS PLAN PDF SAMPLE

Are you looking forward to starting a hair extension business? Are you a person that loves noticing people’s hair and also touching it? Do you have joy in making hair looks neat and beautiful? Why not start a hair extension business?

Actually I will tell you why you need to.

Firstly, starting a hair extension business is no rocket science. Most persons are scared of starting a business because of the risks involved. However, there are a number of gimmicks that would smoothen your path through the business if you are adequately guided.

READ:  40 BUSINESS IDEAS FOR WOMEN

You must realize that every venture comes with its packaged set of challenges. But if equipped with the right tools, we are simply going to be the potter that has no clay too hard to bend.

Let us kick off by noting that there are a number of hair extensions and its affiliated products in the market. From Brazilian, synthetic, human hair, Peruvian hair, Indian hair, amigos attachment, expression attachment, and wigs.

We should know as well that the costs of procuring these extensions come in a stratified way.

Then to top it off, there can as well be an extension to the hair extension business, in the sense that you could also include the products for hair maintenance as well.

Without further ado, I will look directly at the guaranteed steps for a successful start of hair extension business; steps that are certain to guarantee you security from being swallowed by any risks.

Here is a business plan for selling hair extensions.

  • Gain Thorough Knowledge

As important as it sounds, it is the primary key that would open your success doors in the fashion industry. You must be as vast as possible. I’m not saying you should begin to study the history of the House of Worth where serious fashion began, but the rudiments of hair extensions would do.

You must answer questions such as: how many variants of hair extensions are there? Which hair extensions are of good quality? Where are the locations to purchase the hair extensions? Upon arming yourself with the answers to these questions, then you are in position for the next step.

  • Conduct a Feasibility Study

This part is as crucial as the first. It is the wind vane the determine the direction of the wind of investment as you launch your business. You must find out what styles of hair extensions appeal to prospective customers, and what range of quality they are capable of affording.

You must also find out the location where you intend to site your business, and what income grade of people stay there. It is madness to start up a hair extension business in a monastery, so look out carefully for your location, and draft up a sample plan.

  • Get a location and Purchase Some of the Items

How much is a carton of expression attachment  in Nigeria 2020?  Now you are taking the first practical step. You could budget probably between 60, 000 to 100, 000 naira for getting a beauty shop depending on the location. Then go on to invest possibly a capital of between ₦400,000 to ₦600,000 in the business.

Take this from me: with the right dedication, you could be making over 25% of this investment capital on a monthly basis. So it’s worth it.

  • Establish Relationship with a Manufacturer

Indeed this also dictates the extent of success of any business. Choose a manufacturer to deliver wholesale quantity of the products to you, as this would ensure quality as well as reduce cost.

This is very important. Some business owners make orders directly from China and India where these products are manufactured, but if your means can not afford that, then you could simply connections with local weavon and attachment distributors ; in the given time, you would scale to higher levels.

  • Adopt Strategic Pricing

You must choose prices that would make sense to your client’s pockets as well as yours. The economists would call this ‘equilibrium price’. As a business starting up, you need to command the market, you need to twist the competition in your favor, and what is a better way of doing so than using the tool of pricing?

Adopt a suitable price for your hair extensions and associated products such that you are making profits, and your customers are comfortable. Again, you must not compromise on quality.

  • Advertisements

As part of the backbones of any business venture, the need to promote the business is chief. You must take advantage of platforms like Facebook, Twitter, LinkedIn, and other social media to advance your business beyond the frontiers of your immediate location.

Friends can even place orders through to you over the internet. Mouth-to-mouth information is as well another key; an indispensable one at that. Even using the hair extensions on its own is another way of advertisement that fosters sales.

Creativity is another key player in the fashion kingdom; it determines to what extent you would penetrate the market. All in all, the formula is simply: good plan plus dedication plus knowledge equals financial success.

How to Start a Business Selling Human Hair and Weaves

With the widespread in the usage of weave around the world, this is the best time to start a business selling hair weave. This is a billion-dollar business in case you don’t know. How much can you make selling weave?

Selling of weave extensions online is not just a business for the ladies alone. If you are a male and you would love to venture into the business, there is room for you.

Weave is a highly demand hair product that anyone can leverage on and cash huge amount of money from it. There are hundreds of thousands of hair salons around the globe that you can sell your weaves to.

Aside selling to hair salons, individuals also demand for weave directly from sellers either online or in person without going to hair salons.

Weave is a kind of hair product that is desirable based on the fact that it looks more regular and is more flexible since it can be warm-styled without harm.

So, to help you get started and help you consider if to venture into the business, I am sharing with you on this post how you can start selling weave and become a boss of your own. It is a lucrative business you should not just throw off without great amount of consideration.

Starting a Business Selling Hair Weaves – Checklist

  • Conduct a Market Research

This is the first step you must take before venturing into the business so you don’t regret later along the way. You will need to conduct a market research to find out the different kinds of weave that is of high demand in the market.

You don’t want to a situation where after you have spent your hard-earned money buying certain kind of weaves you then realized that no one is demanding for them.

Conduct a market research and find out the kinds of weaves that are selling. Look at weaves worn by celebrities and find out if people are demanding for it. You will need to study the market and ask friends, family members that wear weaves to tell you what is trending.

If you are a girl that wear weaves, it will be an advantage to you as you will have a good idea of what is trending. Go to popular hair salon in your city and ask the owners the weave that is of high demand so you know which and which to buy.

  • Find a Trusted Supplier

There are many suppliers and companies who pose as hair product suppliers. You must be very careful in picking a supplier for your product so as not to disappoint your customers when they demand for your products.

Find a supplier with a good track record. Alieexpress is a good place to source for suppliers and their reviews. One other best way to do this is by asking other weave sellers to refer you to their supplier or any supplier they trust.

  • Place your Order

After you must have secured a trusted supplier, it is time to place your order. No matter your budget, do not place a huge order as you are not certain of the supplier yet as one can’t trust reviews these days. Some companies pay people to write a good review for them.

Just place a few order to test the supplier and see if your goods will be delivered on time. If the supplier delivers on time, then you can be assured of placing a large order next time.

  • Get a Location

Though this is optional, but if you have the budget and have the vision of going large-scale, it is also good. You can choose to open a physical retail shop or an ecommerce shop where you will be selling your weave to potential customers.

You can also choose to stock your products at home and be doing delivery when customers order for them. Ps time gets better, you can then get a location and site your shop there for people to come in and place order.

  • Wholesale Account

Set up discount accounts with producers and brands of human hair, for example, Bohyme, Milkyway or Saga. To get the least costs, you will probably need to work specifically with universal makers instead of purchase from a wholesaler in the United States in light of the fact that most human hair for weaving is accumulated and delivered in Asia.

  • Great Marketing

For you to make good money, your business must be known to potential customers. Word of mouth is not enough.

Social media is one platform with the potential to turn your business into a 6 figure business within a month if you know how to use it to market your business. Great platforms like Facebook, Pinterest and Instagram will be a great tool for this kind of business.

Advertise your weaves on fashion magazines too. This is one way to let weave lovers and salon owners that you exist and how you can be reached. Your marketing is going to be crucial for success in this business as it is a crowded market.

You may not see result at first, but rather with predictable exertion, you will have the capacity to push toward starting a successful weave business .

HAIR EXTENSION BUSINESS PLAN EXAMPLE

Using this sample, you do not need to worry as it gives you a template you can easily work with. Although this is the case, you need to have a thorough understanding of this line of business before venturing out. If you have, then this is your next step;

  • Executive Summary

Beauty Care LLC is a business that specializes in the provision of a wide variety of hair extension products. Located in Richmond, Virginia, we seek to expand to cover more locations within the state of Virginia. However, our sights are set on breaking into the top tier of hair extension business. This will require tremendous work and dedication on our side. The good part is that we are fully prepared to take on this challenge.

We have set a structure in place that will become beneficial for all players. This includes our workforce, our clients and business owners. There is something for everyone. Our customer care service is top notch! We ensure that all clients are treated on individual basis and given the very best. This is done in order to build our reputation as a reliable name when it comes to quality and service delivery.

  • Products and Services

We sell a variety of hair products from premium to exotic brands. This is in addition to our skillfully crafted and customizable hair extensions.

Our products will include both natural and synthetic hair. Apart from sale of high quality hair extensions, we also offer training and consultancy services. This presents an avenue to share our expertise with persons or aspiring entrepreneurs willing to learn.

  • Vision Statement

We seek to create a reputable brand known only for quality and affordability. We are leaving no stone unturned in attaining these lofty ideals. Our vision for Beauty Care LLC is to be among the top 10 hair extension businesses in America within a decade from the time of take off.

  • Mission Statement

As the desire to look good increases, so does the need for quality products. We are well suited to meet these needs through the sale of high quality hair products from reputable brands. This will be in addition to the crafting our beautiful hair extensions. As a business, we seek to be driven by innovation in developing new styles of hair extensions in addition to the sale of those made by well-known brands.

  • SWOT Analysis

We consider this a measure of our competitiveness in the hair extension industry. This analyzes our strengths, weaknesses, opportunities and threats. To do this, we have contracted a major firm with expertise in the provision of a variety of business solutions.

The findings have been revealing and will enable us streamline our efforts into achieving our desired goals.

One of the major areas of strength for our hair extension business is the quality and depth of our workforce. These have acquired significant experience and training in the craft. Apart from selling top hair extension brands, we will make our customized extension products as well. These are as good as some of well known brands in the industry.

We are constrained financially. This has limited the scale of our business. However, this is only a temporary setback as we intend to start where we are to achieve our aims. There are also major players in the hair extension business.

These exert a tremendous amount of influence too. Operating alongside these formidable competitors can be challenging but we will maintain a positive outlook.

  • Opportunities

The hair extension sector of the beauty industry experiences one of the highest patronages. This is driven by innovation as more natural and synthetic hair variants become available. We are encouraged by such opportunities and seek to contribute to this innovation too.

Clients are always available to buy new hair products. We are seizing this opportunity to build a thriving business.

As there are opportunities, there are also threats. These are in the form of an economic recession. Under such situations, every industry is affected. The beauty industry is one of the hardest hit because the stream of disposable income has ceased.

  • Target Market

People buy hair extensions for different reasons. For some, they may need to change their looks.  For others, having a hair loss may be a major reason. Still yet, others will buy hair extensions for a host of reasons. Whatever these reasons are, the fact remains that it is a booming industry. Demand is driven by women. Hence, they are our main target market.

Others include cancer patients, celebrities, movie stars, hair stylists, tourists, and fashion designers. Our marketing activities will focus on this category of clients because they have a major influence on demand.

  • Sales Projection

Increased sales translate to increased profits. To have an idea of the extent of demand, we have used current market data to arrive at a sales projection covering a three year period. This projection has revealed positive growth in generated revenue as shown below;

  • First Financial Year $200,000.00
  • Second Financial Year $550,000.00
  • Third Financial Year $990,000.00
  • Competitive Advantage

An advantage we have is the making of our own unique and beautiful hair extension products. This is in addition to the sale of other brands. While purchasing these hair extensions, it becomes easier to sell our own because they are qualitative as other popular brands.

We also have a great work environment where our staffs are encouraged to give in their best. All types assignments are incentivized to serve as a boost to the general work atmosphere.

  • Marketing and Sales Strategies

To attract sales, we have partnered with celebrities to don our hair extensions. This is in addition to our foray into fashion shows where we work with the show organizers and major fashion designers. Our hair extensions are worn by these models and showcased to the world. This strategy has been successful in attracting increased demand for our products.

Our marketing team has designed various ads that will be marketed on social media, our website and on electronic as well as print media.

This hair extension business plan sample has been written with the would-be entrepreneur in mind. It offers you a wealth of perspective on what a good plan should consist of. After successfully writing your plan, implementing it is also as critical. It is only through a thorough implementation that the benefits can be felt and seen in the business.

Related posts:

  • Sample Hair Salon Business Plan Executive Summary
  • Sample Venture Capital Firm Business Plan
  • How To Produce Your Own Hair Cream

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Hair Bow Production Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Fashion Industry » Hair Bow Line

Do you want to start a hair bow production company? If YES, here is a detailed sample hair bow production business plan template & FREE feasibility report.

If you are interested in producing beauty accessories especially for women, then you should consider settling for a niche idea such as hair bow production. The truth is that there is a huge market for hair bow, but you must be ready to come up with unique designs, trust me, if you are able to carve a niche for yourself in this line of business, then you will be able to penetrate not just the market in the united states, but the global market.

A Sample Hair Bow Production Business Plan Template

1. industry overview.

Hair bow production business is part of The Wig and Hairpiece manufacturing industry and players includes production companies that mainly specialize in manufacturing wigs, hairpieces and hair extensions for both aesthetic and medical purposes .

The Wig and Hairpiece manufacturing industry, just like most businesses in the manufacturing industry, depends on strong consumer spending to spur the demand for industry products. Over the last half a decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing.

Going forward, as the economy of the United States continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to thrive.

The Wig and Hairpiece manufacturing industry is indeed a major sector of the economy of the United States of America and they generate a whooping sum of well over 1 million annually from more than 61 wigs and hairpiece manufacturers scattered all around the United States of America.

The industry is responsible for the employment of well over 1,107 people. Experts project that the industry will grow at a 4.0 percent annual rate. No player can boast of having a lion share of the available market in this industry.

A recent report published by IBISWorld shows that while the Wig and Hairpiece Manufacturing industry has grown over the five years to 2018, it has experienced volatile conditions. As the US economy continued to improve, higher employment and an improving financial outlook caused both disposable income and consumer confidence to increase.

Furthermore, increased health expenditure and an aging population helped fuel demand for industry products. Typically, older citizens are more likely to experience balding, while increased health expenditure may imply more cases of sicknesses that induce hair loss.

However, the trade-weighted index, which measures the strength of the US dollar, is expected to increase during the five-year period, making domestic goods less desirable to consumers. The number of industry manufacturers has also increased slightly over the five years to 2018 due to a rise in demand for wigs and hairpieces, driven by the aging populace.

Over the five years to 2023, the industry is expected to continue growing at an accelerated pace, due largely to a decline in total import values. Overall, import competition will remain intense and limit overall growth. Domestic demand will continue to be satiated by the import of Chinese and Indonesian wigs and hairpieces, which are more affordable.

Over and above, the wig and hairpiece manufacturing industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale manufacturing only on demand customized hair bows or you can chose to start on a large scale with world class production factories and distribution outlets in key cities through the United States of America and Canada

2. Executive Summary

Zoe & Zara® Hair Bow Productions, Inc. is a standard and registered hair bow and accessories production company that will be located in one of the largest industrial estates in Charleston – West Virginia.

We have been able to lease a facility that is big enough (a 25 thousand square foot facility) to fit into the design of the kind of standard hair bow and accessories production company that we intend launching and we have been able to secure all the relevant permits and license to operate in the city.

Zoe & Zara® Hair Bow Productions, Inc. will be involved in the production of different designs and types of hair bows and related hair accessories for both babies, children and adults that will be retailed in the United States and abroad.

We are aware that there are several large and small hair bow and accessories production companies all around Charleston – West Virginia, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.

We have an online – service option for our customers, and our outlet is well secured with various payments of options. Zoe & Zara® Hair Bow Productions, Inc. will ensure that all our customers are given first class treatment whenever they visit our hair bow and accessories production company.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to.

We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions. Zoe & Zara® Hair Bow Productions, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.

Zoe & Zara® Hair Bow Productions, Inc. is a family business that is owned by Mary Adolphus and her immediate family members. Mary Adolphus has a B.Sc. in Business Administration, with well over 5 years of experience in the wigs and hairpiece manufacturing industry, working for some of the leading brand in the United States.

Although the business is launching out with the aim of producing hair bows and order hair accessories for customers in Charleston – West Virginia, but there is a plan to open our distribution outlets all around major cities in the United States and Canada.

3. Our Products and Services

Zoe & Zara® Hair Bow Productions, Inc. is in the wigs and hair bow and accessories production industry to service a wide range of clients and of course to make profits and we will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business.

Our product offerings are listed below;

  • Mass – producing different designs and types of hair bows
  • Production of customized hair bows
  • Production of other related hair accessories

4. Our Mission and Vision Statement

  • Our vision is to become one of the leading brands in the hair bow and accessories production industry in West Virginia and to establish a one stop hair bow and accessories production company in Charleston – West Virginia with distribution outlets in other key cities in the United States of America and Canada.
  • Our mission is to establish a world – class hair bow and accessories production company that will manufacture different types and designs of hair bows and other related hair accessories at affordable prices to the residence of Charleston – West Virginia and other key cities in the United States of America and Canada where we intend opening of chains of distribution outlets.

Our Business Structure

Zoe & Zara® Hair Bow Productions, Inc. do not intend to start a hair bow and accessories production company like the usual mom and pop business around the street corner; our intention of starting a hair bow and accessories production company is to build a standard and one stop hair bow and accessories production company in Charleston – West Virginia.

Although our hair bow and accessories production company might not be as big as multi – million dollars wigs and hairpiece manufacturing companies, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer (Owner)
  • Factory Manager
  • Human Resources and Amin Manager

Merchandize Manager

Sales and Marketing Manager

  • Hair bow and hair accessories Designers and Makers
  • Accountants / Cashiers
  • Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Reports to the board.

Admin and HR Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Oversees the smooth running of the daily office activities.

Factory Manager:

  • Responsible for managing the daily activities in the hair bow and hair accessories manufacturing factory
  • Ensures that proper records of raw materials and hair bow and hair accessories are kept and warehouse does not run out of finished products
  • Ensures that the factory is in tip top shape and easy to locate
  • Interfaces with third – party suppliers (vendors) of raw materials
  • Controls hair bow and hair accessories distribution and supply inventory
  • Supervises the workforce in the hair bow and hair accessories manufacturing factory.
  • Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure consistent quality of hair bow and hair accessories making raw materials are purchased and used
  • Responsible for the purchase of hair bow and hair accessories raw material for the organizations
  • Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
  • Ensures that the organization operates within stipulated budget.
  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer purchases
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps increase sales and growth for the company

Hair Bow and Hair Accessories Designers and Makers

  • Responsible for designing and manufacturing customized hair bow and hair accessories
  • Responsible for designing and mass – producing hair bow and hair accessories

Accountant / Cashier:

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the organization
  • Serves as internal auditor for the organization

Client Service Executive

  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
  • Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries.

6. SWOT Analysis

Our intention of starting our hair bow and accessories production company in Charleston – West Virginia is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open distribution outlets all over major towns in West Virginia and key cities in the United States and Canada.

We are quite aware that there are several hair bow and accessories production companies all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Zoe & Zara® Hair Bow Productions, Inc. employed the services of an expert HR and Business Analyst with bias in manufacturing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Zoe & Zara® Hair Bow Productions, Inc.;

Our main strength lies in the high quality of our finished hair bows and hair accessories, the power of our team and the state of the art and well – equipped hair bow manufacturing factory that we own. We have a team of highly trained and experienced hair bow and hair accessories designers and makers and support staff members that can go all the way to produce top notch and durable hair bows and hair accessories.

We are well positioned in the heart of Charleston – West Virginia and close to source of raw materials and we know we will attract loads of clients (distributors) from the first day we open our factory.

A major weakness that may count against us is the fact that we are a new hair bow and accessories production company outlet in Charleston – West Virginia and we don’t have the financial capacity to compete with multi – million dollars hair bow and accessories production companies when it comes to retailing at a rock bottom prices for all their hair bows and other hair accessories.

  • Opportunities:

The fact that we are going to be operating our hair bow and accessories production company in one of the largest industrial estates in Charleston – West Virginia provides us with unlimited opportunities to sell our hair bows and other hair accessories to a large number of individuals and retailers.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our hair bows and other hair accessories outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power.

Another threat that may likely confront us is the arrival of a new hair bows and other hair accessories production company in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

  • Market Trends

If you are conversant with the Wigs and Hairpiece Manufacturing industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever – changing trends are major growth drivers for sales in this industry.

No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Wigs and Hairpiece Manufacturing industry.

So also, the rising demand for trendy hair bows and hair accessories, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as hair bows and hair accessories production factories keep prices low to attract more sales amid growing competition.

A close watch on the industry activities reveals that, concentration has increased slightly over the past five years, as merger and acquisition activity has become more prominent. Additionally, companies that have enough funds to invest in multichannel operations have benefitted more than smaller operators with minimal resources.

As part of marketing strategies, hair bow and accessories production companies engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

Lastly, the Wig and Hairpiece Manufacturing industry is projected to continue its trajectory of growth at an accelerated pace. Economic conditions are expected to remain positive and will encourage consumers to spend more on discretionary cosmetic items, including wigs and hairpieces.

Furthermore, higher incomes will enable consumers to invest more in domestically manufactured, custom wigs and hairpieces with a higher price tag.

Moreover, a continuation in the aging of the US population and rise in health expenditure is expected to further increase the pool of potential industry customers. However, import competition is expected to remain fierce, particularly from China and Indonesia.

8. Our Target Market

We are aware that loads of females (babies, children and adults) make use of hair bows and hair accessories. In view of that, we have positioned our hair bow and accessories production company to service the residence of Charleston – West Virginia and every other location where franchise cum distribution outlets will be located all over key cities in the United States of America and Canada.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to manufacture different types and designs of hair bows and hair accessories for females in and around the location where our hair bows and hair accessories will be distributed and retailed.

Our Competitive Advantage

A close study of the wigs and hair bow and accessories production industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiffer competition and we are well prepared to compete favorably with other leading hair bow and accessories production companies in Charleston – West Virginia and throughout the United States and Canada.

Zoe & Zara® Hair Bow Productions, Inc. is launching a standard one stop hair bow and accessories production company that will indeed become the preferred choice of residence of Charleston – West Virginia and every other location where our distribution outlets will be opened.

Our hair bow and accessories production company is located in a corner piece property on a busy road directly opposite one of the largest industrial estates in Charleston – West Virginia. We have enough parking spaces that can accommodate well over 30 cars per time.

One thing is certain; we will ensure that we produce a wide range of hair bows and hair accessories at all times. It will be difficult for customers to visit our hair bows and hair accessories production factory and not see the type of hair bows and hair accessories products they are looking for.

One of our business goals is to make Zoe & Zara® Hair Bow Productions, Inc. a one stop hair bows and hair accessories production company for all class of customers. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups hair bow and accessories production companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Zoe & Zara® Hair Bow Productions, Inc. is in business to manufacture different designs and types of hair bows and hair accessories for the residence of Charleston – West Virginia. We are in the hair bow and accessories production industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.

In essence, our source of income will be the supplying and retailing of a wide range of hair bows and hair accessories at affordable prices. Zoe & Zara® Hair Bow Productions, Inc. will generate income by;

  • Retailing different designs and types of hair bows
  • Retailing of customized hair bows
  • Retailing of other related hair accessories

10. Sales Forecast

One thing is certain when it comes to hair bow and accessories production business, if you are into the production of different designs and types of hair bows and hair accessories and your outlet facility is centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Charleston – West Virginia and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the hair bow and accessories production industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – West Virginia.

Below is the sales projection for Zoe & Zara® Hair Bow Productions, Inc. it is based on the location of our business and other factors as it relates to hair bow and accessories production business start – ups in the United States;

  • First Fiscal Year (FY1): $150,000
  • Second Fiscal Year (FY2): $250,000
  • Third Fiscal Year (FY3): $450,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor manufacturing same designs and types of hair bows and hair accessories and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Before choosing a location for Zoe & Zara® Hair Bow Productions, Inc. we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Charleston – West Virginia.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the hair bow and accessories production industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – West Virginia.

In other to continue to be in business and grow, we must continue to sell the hair bows and hair accessories that we produce which is why we will go all out to empower or sales and marketing team to deliver. In summary, Zoe & Zara® Hair Bow Productions, Inc. will adopt the following sales and marketing approach to win customers over;

  • Open our hair bows and hair accessories production factory in a grand style with a party for all
  • Introduce our hair bows and hair accessories brand by sending introductory letters alongside our brochure to beauty and hair accessories retailers and merchant, households and key stake holders in and around Charleston – West Virginia
  • Make use of attractive handbills to create awareness and also to give direction to our hair bows and hair accessories retail outlets
  • Position our signage / flexi banners at strategic places around Charleston – West Virginia
  • Position our greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable us reward our regular customers
  • Engage on roadshows within our neighborhood to create awareness for our hair bows and hair accessories brand
  • List our business and products on yellow pages ads (local directories)
  • Leverage on the internet to promote our business
  • Engage in direct marketing and sales
  • Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our hair bows and hair accessories production factory is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our hair bows and hair accessories brand.

Zoe & Zara® Hair Bow Productions, Inc. has a long – term plan of opening distribution outlets in various locations all around West Virginia and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Zoe & Zara® Hair Bow Productions, Inc.;

  • Place adverts on community based newspapers, radio stations and TV stations.
  • Encourage the use of word of mouth publicity from our loyal customers
  • Leverage on the internet and social media platforms other platforms to promote our business.
  • Ensure that our we position our banners and billboards in strategic positions all around Charleston – West Virginia
  • Distribute our fliers and handbills in target areas in and around our neighborhood
  • Advertise our hair bows and hair accessories production business in our official website and employ strategies that will help us pull traffic to the site
  • Brand all our official cars and distribution trucks and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to hair bows and hair accessories production business, it is normal for consumers to go to places (hair bows and hair accessories retail outlets) where they can get hair bows and hair accessories at cheaper price which is why big player in the Wigs and Hairpiece Manufacturing industry will attract loads of corporate and individual clients.

We know we don’t have the capacity to compete with big players in the industry, but we will ensure that the prices and quality of all the hair bows and hair accessories products that are available in our distribution outlets are competitive with what is obtainable amongst hair bows and hair accessories production businesses within our level.

  • Payment Options

The payment policy adopted by Zoe & Zara® Hair Bow Productions, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Zoe & Zara® Hair Bow Productions, Inc. will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via credit cards / Point of Sale Machines (POS Machines)
  • Payment via online bank transfer
  • Payment via check
  • Payment via mobile money transfer
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for the purchase of hair bows and hair accessories without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a hair bow and accessories production company; it might differ in other countries due to the value of their money. In view of that, here are the key areas where we will spend our start – up capital;

  • The total fee for registering the business in the Unites States of America – $750.
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
  • Marketing promotion expenses for the grand opening of Zoe & Zara® Hair Bow Productions, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • The cost for hiring Business Consultant – $2,500.
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
  • The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $55,600.
  • The cost for remodeling and equipping the factory with the needed production equipment and machines- $80,000.
  • Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
  • The cost for Start-up inventory (stocking with raw materials for the production of hair bows and hair accessories) – $150,000
  • The cost for counter area equipment – $9,500
  • The cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • The cost of purchase and installation of CCTVs – $10,000
  • The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
  • The cost of launching a Website – $600
  • The cost for the purchase of distribution vans – $20,000
  • The cost for our opening party – $7,000
  • Miscellaneous – $10,000

We would need an estimate of three hundred and fifty thousand dollars ($350,000) to successfully set up our hair bow and accessories production company in Charleston – West Virginia. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funds / Startup Capital for Zoe & Zara® Hair Bow Productions, Inc.

Zoe & Zara® Hair Bow Productions, Inc. is a private registered business that is solely owned and financed by Mrs. Mary Adolphus and her immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

Part of the plans we have in place to sustain Zoe & Zara® Hair Bow Productions, Inc. is to ensure that we continue to manufacture different types and designs of quality hair bow and other hair accessories, improvise on how to do things faster and cheaper.

We are not going to relent in providing conducive environment for our workers and also the required trainings that will help them deliver excellent services at all times.

From our findings, another factor that kills new business is financial leakages. In order to plug financial leakages, the management of Zoe & Zara® Hair Bow Productions, Inc. adopt the use of payment machine and accounting software to run the business.

We are quite aware that our customers are key component to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better. We will not waste time in adopting new technology, best practices and diversifying our services; expand our product and service offerings once the need arises.

Our key sustainability and expansion strategy as a business is to ensure that we only hire competent and technically sound employees, create a conducive working environment and employee benefits for all our staff members. We know that if we implement our business strategies, we will grow our hair bow and hair accessories production company beyond Charleston – West Virginia to other states in the U.S in record time.

Check List / Milestone

  • Business Name Availability Check:>Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID : In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the production factory: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the needed production machines and equipment, furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Establishing business relationship with vendors – manufacturers and suppliers of hair bows and other hair accessories: In Progress

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How to Write a Hair and Eyelash Extension Business Plan

The hair and eyelash extension industry has been growing at a rapid pace across the US in the last several years for so many different reasons, which continually drives up demand for hair and eyelash extensions business plans, hair and eyelash extensions business plan templates, and hair and eyelash extensions proform financial projections.

Numerous reasons exist explaining the escalating demand for hair and eyelash extensions business plans across the United States.  Initially, the surge in popularity of hair and eyelash extensions can be attributed to influential figures in pop culture, as well as the prevalence of social media platforms like TikTok.  These influencers and performers on TikTok consistently employ hair extensions and eyelash extensions in inventive and imaginative ways, fueling the demand for these products and services.  Additionally, the industry witnesses a constant influx of pioneering hair and eyelash extensions.  These innovative developments enable customers to creatively incorporate the latest trends into their personal style.

Irrespective of the factors driving the growth of the hair and eyelash extension sector, preparing a meticulously crafted hair and eyelash extension business plan has become nearly customary.  Consequently, our hair and eyelash extension business plan writer has formulated some valuable recommendations for entrepreneurs to consider when composing their own hair and eyelash extension business plan, utilizing a business plan template, or creating pro forma financial projections (10/23).

CHECK OUT OUR HAIR AND EYELASH EXTENSION BUSINESS PLAN TEMPLATE!!!

Executive Summary for a Hair and Eyelash Extension Business Plan.

The executive summary section of a hair and eyelash extension business plan necessitates a concise depiction of both the internal and external facets of the business.  For instance, when our business plan writer drafts a business plan for a hair and eyelash extension enterprise, we directly extract segments from the actual business plan for inclusion in the summary.  Subsequently, we eliminate extraneous details from the extracted portions.  For instance, in the case of hair extension services, we may exclude specific details about the range of hair colors the business offers.  By adhering to this approach, the business plan writer not only conveys a succinct description of the services but also preserves the comprehensive details of the entire business plan.

Company Information and Location for a Hair and Eyelash Extension Business.

The section containing company information for a hair and eyelash extension business should commence by providing a concise overview of critical business elements.  For example, our business plan writer often initiates this section by introducing the company's name and legal business structure, summarizing the services offered, and outlining its competitive advantage, all within the initial paragraph.  Following this structure, the business owner can capture the reader's attention and offer a broad understanding of the business's objectives and operational approach before delving into specific details.  Essentially, it serves as a condensed version of the executive summary, focusing on company particulars.

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Product Description  and Competitive Advantages for a Hair and Eyelash Extension Business

The product description section for this particular business should be notably comprehensive.  Within this section, proprietors of hair and eyelash extension establishments should elaborate on the varieties and hues of eyelashes and hair extensions available through their business.  Furthermore, business proprietors should elucidate the reasons behind the superiority of their hair extensions or eyelashes when juxtaposed with other local establishments.  An illustrative instance of this would be that hair extension installers possess substantial training or employ state-of-the-art products.  By establishing a distinguishing factor in this section, business owners can demonstrate to readers the presence of a distinctive market opportunity.

Target Market for a Hair and Eyelash Extension Business

In the past few years, identifying the target market for a hair and eyelash extension business was relatively straightforward.  It primarily comprised women seeking to elongate their eyelashes or attain lengthy hair.  However, owing to recent technological advancements and societal shifts, the target market for this industry has broadened to encompass men of all age groups.  Not only has long hair for men made a resurgence in style, but innovations in hair extensions have also aided older gentlemen in avoiding using wigs.

Industry Research for a Hair and Eyelash Extension Business Plan

Conducting industry research for the hair and eyelash extension sector can pose challenges for particular business proprietors.  This is primarily due to the fact that third-party information gatherers often neglect this industry due to its highly specialized nature.  Fortunately, there are dependable websites and enterprises that provide valuable industry research for the hair and eyelash industry.  BrandonGaille's website, for instance, offers comprehensive industry statistics that can be utilized.  For instance, the website projects that the eyelash and hair extension industry is poised to surpass $1.5 billion in annual sales in the coming years.  Another reliable source of information can be found on Grandviewresearch.  On this platform, researchers have indicated that the eyelash extension industry alone is experiencing a robust annual growth rate of approximately 5.4%.  This clearly demonstrates that the industry is expanding at an above-average pace in comparison to other segments within the realm of hair styling and hair care.

Owner and Management Section of a Hair and Eyelash Extension Business Plan

The owner and management section of a hair and eyelash extension business plan should primarily emphasize the owner's educational background and professional experience.  Education holds significance as clients seek assurance that eyelash and hair extension technicians have undergone adequate training to ensure the durability of the products.  Moreover, experience plays a vital role because an extensive tenure in the industry implies a loyal clientele and a track record of delivering satisfactory results, which can instill confidence in potential customers.

Funding Request for a Hair and Eyelash Extension Business Plan

Embarking on the journey of establishing a hair and eyelash extension business invariably necessitates securing financial resources.  Primarily, business proprietors typically explore options such as attracting investors or seeking bank loans.  The funding required for establishing a physical storefront operation can easily exceed $250,000 or even more.  Nevertheless, some business owners opt for a modest start.  These entrepreneurs may operate from the comfort of their homes or rent a booth within a pre-existing storefront operated by a hairstylist.  Irrespective of the chosen startup approach, it is imperative for a business owner to possess a clear vision regarding the trajectory they intend to pursue within the hair extension and eyelash extension business.  Once this vision has been documented, the subsequent step is to outline the necessary actions and funding required to realize this vision.

Financials for a Daycare Hair and Eyelash Extension Plan.

When formulating the financials for a hair and eyelash extension business, it is crucial to determine the pricing structure for each service.  Subsequently, undertake comprehensive research to ascertain the costs associated with individual eyelash extensions and hair extensions.  Once these cost components have been identified, proceed to estimate the daily client intake desired for both hair extensions and eyelash extensions.  Upon gathering this pertinent information, calculate the total revenue generated from each hair extension client by multiplying it by the service price and subsequently subtracting the associated variable costs for the service.  Next, repeat this process for eyelash extensions.  Upon completion, sum up the profits derived from hair and eyelash extensions.  This cumulative figure represents the gross profits anticipated for your proposed venture.

Hopefully, these insightful tips and tricks for writing a business plan were helpful.  As always, if you need help with a business plan or financial projections, send us an email or give us a call. 

Author: Paul Borosky, Doctoral Candidate, MBA., Author

Owner of: Quality Business Plan  and  Quality Business Consultant.

Date: 10/20/2023

IMAGES

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