If you are
starting a wig or hair goods business here is some of the
information you need to get started and to help you make great
profits.
Retail sales of
wigs and hair goods can be a lucrative business venture.
A
retail wigs, hair and hair goods business can be very lucrative and
many people are starting a local shop, expanding their hair
salons, getting into the medical wig business or opening up
internet businesses selling wigs, hair pieces, lace wigs or hair
replacements and other wig and hair products. The wig and hair
business has been rapidly expanding since the 1960 and had
become a billion dollar industry[1]
Although the
wig and hair industry experienced a lose of sales during the
recent economic downturn - the recession - it is already
starting to rebound. The idea of looking good and having great
hair has not lost it's charm with consumers and, because more
people are unemployed they are seeking new opportunities in this
industry. As the economy turns around more wig and hair industry
retailer will be enjoying the benefits of more sales and better
incomes.
If you are
not already in the wig and hair business but are
thinking about getting into it, you will want to have as much information about
the business as you can get your hands on.
Some of the
common questions people ask is,
"What it takes to
get into the business." and "How much does it cost to start up."
Do you need to
buy thousand or 10s of thousands of dollars in inventory. And, most people thinking of getting into it want
catalogs and wholesale pricing from suppliers so they know what they can sell
and what they will pay for the products. You may have more questions about the
business and if you do you will have a opportunity to ask them later in this
article.
For now we will try to answer those
specific question that always seen to come up and tell you
what you will need to do to get catalogs and prices from suppliers including wig
and hair manufacturers, distributors, and wholesalers.
Who can
get into the wig and hair goods business?
To get into the wig and hair business as a retailer you
should “ideally” have experience with hair as a cosmetologist and already have a
clientele that is both requesting hair pieces and wigs from you or a clientele
that would be interested in buying the products if you carried them. Beauty supply store are a natural for hair and wigs products,
both on a retail and wholesale lever, because they
cater to a group of people who would indeed buy these hair accessories. People
who work with chemotherapy patients also can increase their incomes or even
change careers by providing medical wigs for these patients. Internet
entrepreneurs have also gotten into the wig and hair piece business. All That
being said; Many wigs are ready to wear out of the box so it doesn’t take
a wig expert or
cosmetologist to sell them to the public. Practically anyone with good people
skills can do it.
For an entrepreneur it
only takes internet marketing savvy to build a clientele that keeps coming back
and buying more and more product while new customers come onboard buying for the
first time. Wholesalers of other related products may want to wholesale wigs and
hair pieces as well and it's very lucrative to do so. Beauty Salons, women's
dress shops, bridal shops and many other business that cater to women might find
that their sales jump when they add hair products. With ready to wear,
most any one who is customer oriented can open a local wig or hair piece
shops or salons and get sales from the products. In other words there is ample
opportunity for most anyone to get involved and do well potentially.
Essentially, most anyone can get into the business with a
little knowledge. With some training and more knowledge one can build a large
business selling custom hair pieces and wigs at a considerable profit. If you
have good people skills this is a great business to be in. Whether you sell ready to
wear or custom wigs, hair pieces, hair replacements or hair extensions will
depend your current experience, continued education, knowledge and skill level.
There are many suppliers who are willing to educate you further to so you can
get into the more profitable products like hair replacements, medical wigs, and
custom wigs and hair pieces.
The
bottom line: Profit
The main question is of course
is "Can you make any money
in the business?" Again this is dependent on you - the reseller of the product
and the manager of your business. No-one can predict how well you will do. It is
dependent on what you do, where you do it and how you do it as well as what
product or products you carry.
But,
generally speaking is there money to be made in the wig
and hair business? Certainly, and lots of it. The profit margin with wig and
hair products including extensions is high. Just how high is dependent on a
number of factors. Most often it is at least 100% profit if you are buying
correctly from the real suppliers – as opposed to discounters who claim to sell
wholesale. Often is can be much more. 400% to 500% is not unheard of on some
salons.
Naturally, if you are selling ready to wear
wigs or hair pieces over the internet your
profit per item might be lower because of all the competition, but the number of sales,
if you can market your website well, could well make it a very
profitable venture with high over all profits.
Your over head is much lower as well. If you are running a store or salon with
high overhead and lot’s of personal customer service you will be charging more
for the product. Your sales might be fewer than an internet companies might be
but your over all profit for each sale will be much higher.
The amount of profit is quite variable because of many
factors which we don’t have room to go over in this report. If someone were to
ask me what is the average profit in the industry I would say on the average
200- 300%. The “Confidential
Report “ covers the details about how to buy well to make the best profits [4]
Cost of
getting into the wig and hair goods business.
This is a
hard question to answer because there are so many variables. Do
you already have an existing business - a shop location or
internet site? If you do a lot of your costs are already
accounted for. If you don't, you will need to determine what it
will cost you to set up a location for a business or an internet
site. We won't get into that here in this article. But, to
really get into this business plan to spend a minimum of $1000
to $2000 dollars. Yes, you can do it for less and
many people have done so.
The cost of
purchasing products for your business can be vary considerably
and is dependent on which suppliers you work with. Some want you
to spend $1000 to $10,000 as your minimum first order but (don't
stop reading yet.) that is the exception and not the rule. There
are over 35 suppliers in the Industry directory who will let you
open up a wholesale account with under $200 dollars as your
initial purchase.
The average
first time purchase from a supplier will be between $500 - $1000
dollars. If you have a shop already you can figure that you
initial initial investment can be as low as $500 but to
get the best prices you will want to make a higher investment of
$2000 to $5000 to get the best deals. If you are not ready to
spend that much at first don't worry. Buy less, make your profit
and negotiate a better deal later. Don't continue buying at the
price you are used to paying if you are making a larger
investment in a particular product. When you have more
money to spend as for a better deal - Negotiate. It's your money
and you are in charge. Money talks. [4]
The nice thing about the industry is that most
suppliers will let you order 1 or 2 products at time "after your
initial purchase," which sets your wholesale price. If your customer wants something you
don't have on hand, but you do have in your catalog, you can
place the order for it at your wholesale price. The company
ships it to you within a few days and you have made your profit.
Drop
Shipping.
There are
also 23 companies in the industry directory who will drop ship
directly to your customers for you for a small fee that you can
charge to your customers. This is "great" for internet
businesses. Once you establish yourself with a company you can
sell your heart out and have the supplier directly to your
customer.
Hopefully,
that answers some of your basic questions, given you some food
for thought, or at least has dispelled any rumors you may have
heard. To get more specific you need to work with a supplier of
suppliers to get their specific details on all of the above and
to set up your business plan. How do you do that?
Which wig and hair companies should you do
business with?
Generally speaking, You should do
business with reputable companies that have been in business for
some time and have a good reputation in the business. You should
try to avoid, if at all possible, wig discounters, often found
on the Internet, that call themselves wholesalers but are what
one might call self interested income producers. They sell
you products at a discount over retail because you are buying
more than one. But you may easily find that they are selling the
same product for less then you paid them for it when they run a
sale. They do "not" really sell wholesale.
You want to do business with the
real suppliers - manufacturers, distributors and wholesalers in
the industry. You can find over 150 real suppliers of over 550
well known brands and over 50 unbranded products at
www.hairgoodswholesale.com This is the
Wig & Hair Products Industry Directory of
Manufacturers, Distributors & Wholesalers
Continue to Page
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1.
Report: Data Line August 2009 What is happening in
the wigs and hair goods industry.
Back
2.
Wholesale Wig and Hair
Wholesale Application Form
3.
Secret, simple reliable way to get catalogs
and wholesale pricing streaming to you door in a few days.
4.
"Confidential Report"
...The
Ins and Outs of Buying & Selling Wigs Hair Products for Profit
You can get
access to it
Here after paying a small fee
or receive it free as an InsidersClub™
Member.
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