Many people have a dream of starting their own online hair business. They want to become their own boss and get a growing number of clients but the big issue is always where to begin.
How to make sure you have happy and loyal clients who return to their shop to buy new hair extensions, closures, and wigs repeatedly.
Having a dream is not enough to make your hair business succeed. Sometimes a dream can even be an obstacle to setting up your own business, especially if you keep on dreaming and not thinking of actualizing it.
Most of us who want to own businesses or who already own businesses have at one point been there. A business’s hardest part is always deciding when to get started. Well, this does not mean you just wake up and decide it’s today, you need to plan.
If you want to grow and succeed in your hair business, then planning is very vital. Hair Business is very lucrative in Nigeria one of the reasons being that Nigerian women love how easy it is to wear wigs. Due to the kinkiness of African hair, wigs make it easier for women since you can just wear them as a cap and still look stunning.
If you have doubts about whether the hair business is profitable, remember the saying that any product that is sold to women will sell massively. Women especially Nigerian like looking good and that’s why they like to spend money on Hair.
Another reason why the Hair business is profitable is the fact that it’s not a product they will buy once. Women are always buying Hair extensions and wigs. One Nigerian woman can own up to 10 hair extensions.
In this article, we will discuss how to start an online hair business in Nigeria in 10 simple steps. The steps are very simple making everything that seems complicated for beginners easy and accomplishable. In most cases starting an online business is combined with another job mostly a full-time job.
My advice is to not lose focus on your current job until your online hair business is up, running, and stable enough to pay you.
You wouldn’t want to risk your job for a dream that has to materialize into a successful eCommerce business.
STEP: #1 Analyze your Idea
Imagine having a dream that turns into a nightmare due to bad preparations. You need to analyze your thoughts and understand why you want to start a hair business in Nigeria.
If you’re going to start a hair business because you hate your 9 to 5 job or traffic jams in the morning hours then it would be a better idea to make sure your weekends are fun to let out all the stress from your work. Starting a hair business won’t be a solution to your issues.
Starting your hair business should be nurtured by a desire to help people succeed in finding the best hair extensions, wigs, or any other hair-related product in Nigeria. You should have a dream of starting your hair business because you are passionate about it not because you are running away from something.
If you are passionate about something, it’s easy to even work extra hours. Your clients will also notice your enthusiasm and this is can help sell your hair products with more persuasion.
Lastly, you should be sure that you have all the abilities needed to be your own boss which includes Knowledge, experience, and personal skills. You need to also be aware of the skills you need to learn before getting your hair business started such as the right way to handle clients, products, bookkeeping, and more.
STEP: #2 Do Research on Your Target Audience
Believing in yourself when it comes to your idea for a hair business is great, but knowing what your target audience needs or want is the key to the success of your business.
It is much easier to sell a product that your audience is looking for than trying to convince them to buy. But it is not easy to tell what your audience needs and that is why doing research on your target audience is important when starting your business.
Get to know what is available in the market and where the gap is in your target market. Yes, you can make a profit selling what others are selling but your business can really thrive from filling a gap in the market since you will have less competition which means more customers for your business.
This is a very important step in how to start an online hair business in Nigeria.
STEP: #3 Know What To Sell
Step #2 on how to start an online hair business will guide you to decide on what you need to sell in your hair business. After your research, you should be able to tell which hair products are marketable in Nigeria and which gaps in the market are yet to be filled.
Your decision on what to sell should be guided by the most marketable hair products and the needs of these customers which have not been met yet.
Knowing what you want to focus on in your hair business is like the light needed to get your business started. Once you know what you want it’s easy to take any other step needed to get your business up and running.
STEP: #4 Know Your Competitors
Before you start your business you will also need to know your competition. Understanding your competitors and their method of operating can help you come up with original ideas which have not been used in the hair business yet.
You can start by visiting online hair stores and Facebook business pages. See how your competitors are:
- Organizing their online hair store
- The hair products they have in stock and their prices
- Check whether they use social share buttons
- Check how the onsite search feature is working
- Check the payment options they offer to their Nigerian customers.
- Check their return policy
Check at least 10 or more websites or pages based in Nigeria and write down all your findings. Get to understand the differences in price, products, distribution method, and promotion.
Get answers to why they do business in a certain way. For instance, why a particular business does not have a return policy or why they do not sell specific hair types.
You can also try to learn more about your competitors by visiting a physical hair business. Get to know how they operate and how they connect with their customers.
Understanding your competitors helps you know how to treat customers better than them since you get to know both their strengths and weaknesses. Your competitors’ weaknesses can be a breakthrough for your business. This is because you will get more clients if your Unique Selling Point (UPS) outperforms theirs.
STEP: #5 Your Budget
You won’t have thought about how to start an online hair business in Nigeria if you didn’t have money.
Although money is not all you require to start your hair business, it is a very big determinant when starting any business.
First, let’s talk about where you can get money to fund your hair business idea. This can be done through savings, getting help from family members, getting a business loan, or government funding programs.
Once you have the money, you will have to do some budgeting. This involves allocating the money to several needs of the business such as stock, marketing, business licensing, and rent.
But since we are talking of an online hair business then there will be no need for rent money since you can run the business from the comfort of your home.
STEP: #6 Choose a Suitable Time To Start
Let me take you back to when Facebook and youtube were launched. That was the perfect time for the two platforms to enter the market since technology and smartphones were on the rise.
The same applies to starting an online hair business in Nigeria. The Period you start your business decides up to 70% of the success of the business. Think of times like festive seasons like Christmas when everyone wants to look smart and where demand is very high. This would be a perfect time to start a successful hair business.
If you were to start your hair business in a difficult time like a world pandemic (coronavirus), drought seasons, or outbreaks, the demand for hair products would be low.
During such periods people are more concerned about their well-being than luxury things like buying hair extensions.
STEP: #7 Choose Your Brand Name and Logo
Having a Brand Name for your hair business is crucial since that’s how customers can differentiate your products from those of your competitors.
For your brand to be recognizable, you have to make sure that you have an impressive brand name and a logo that stands out from the rest. Your brand name and logo should be able to tell what your business is about. In this case, your logo should tell that it’s a hair-related business or even more.
You have to keep your brand name as simple as possible. This will make it easier for customers to memorize and even remember your brand name when they come back online looking for your products again.
It is also important to ensure your logo is unique and eye-catching so that it can be easy for customers to notice your brand even from afar.
Choosing a theme for your brand is also as important as choosing the brand name and the logo when starting an online hair business in Nigeria.
STEP: #8 Choose a Reliable Factory Vendor
Finding a reliable factory vendor is very crucial when it comes to starting your hair business. A reliable Factory Vendor would provide the right quality and on time at an affordable price.
Since you are just getting started, you might also want to consider a Vendor who is willing to grow with you which means they should be able to provide you with the right quality of hair products and quantity at the right time.
Remember for you to be able to stand out from your competitors you will have to offer better quality at an affordable price. The vendor you choose plays a major role in the success of your business since the profit margins in your business will be determined by how much you are paying for the hair products from your vendor.
Therefore, choose your vendor carefully when starting an online hair business in Nigeria. Do research on the most reliable factory vendors in Nigeria to make sure you get the best.
STEP: #9 Start with a Super Sale Promotion
One of the best ways to enter the market is through supersale promotion. Everyone in Nigeria and the world, in general, loves sale deals. Starting a hair business in Nigeria with a super sale promotion can bring about many potential customers who can turn out to be your regular customers for your hair business.
You can start by selling at a cheap price first to get customers’ feedback and then increase the price to a rate that brings about benefits to your hair business.
However, keep in mind that price is just the temporary attraction of starting a hair business. The most important factor when starting a hair business for long-term sales is the quality of your hair products and the customer services offered.
With that in mind, when starting your hair business, do not chase the short-term benefits and ignore the important long-term benefits for your hair business.
STEP: #10 Advertise Your Business Through Social Media
Your hair products won’t sell themselves. Fortunately, there are many ways of marketing your business through social media.
The average person spends about 147 minutes a day on social media. This means you can never go wrong when it comes to advertising your online hair business through social media.
You can also use paid promotions on Facebook and Instagram to get your hair products to reach more potential customers in Nigeria.
How to start a wig business in Nigeria
Here are some tips on how to start a wig business in Nigeria:
- Do your research. This includes understanding the Nigerian wig market, the different types of wigs available, and the target market you want to cater to. You should also research your competitors and identify their strengths and weaknesses.
- Write a business plan. This will help you to define your business goals, strategies, and financial projections. Your business plan should also include a marketing plan that outlines how you will reach your target market and promote your wig business.
- Secure funding. You will need to secure funding to cover the costs of starting your wig business, including the cost of inventory, marketing, and other overhead expenses. There are a number of ways to secure funding, such as personal savings, loans, and investors.
- Find a supplier. You will need to find a supplier of high-quality wigs at competitive prices. You can find suppliers online or at trade shows.
- Set up your business. This includes choosing a business name, registering your business, and opening a business bank account. You will also need to find a suitable location for your wig business.
- Market your business. Once your business is set up, you need to start marketing it to your target market. You can market your business through a variety of channels, such as online advertising, social media, and print advertising.
- Provide excellent customer service. This is essential for any business, but it is especially important for a wig business. You need to make sure that your customers are satisfied with their purchase and that they have a positive experience with your business.
Here are some additional tips that may be helpful for starting a wig business in Nigeria:
- Focus on a niche market. This will help you to differentiate yourself from the competition and attract a loyal customer base. For example, you could focus on selling wigs for a specific age group, hair type, or occasion.
- Offer a variety of wigs. This will give your customers more options to choose from. You may also want to offer custom-made wigs to meet the individual needs of your customers.
- Provide competitive prices. It is important to price your wigs competitively in order to attract customers. You can do this by negotiating with your supplier and by offering discounts to loyal customers.
- Offer excellent customer service. This is essential for any business, but it is especially important for a wig business. You need to make sure that your customers are satisfied with their purchase and that they have a positive experience with your business.
By following these tips, you can increase your chances of success in starting a wig business in Nigeria.