A blueprint to succeed: selling hair extensions business plan
Are you going to invest a lot of money in your newly founded company? Are you dreaming of its glorious days to come? As a new comer in the hair industry, you are expecting that much for sure and you all have the right to nourish the big thing. However, to succeed in realizing the dream, you had better keep track with selling hair extensions business plan.
If you claim that you have finished all the funding needed from your circle of network and business plan seems to be useless from then on, you are making a big mistake. Hair extensions business plan is much more than a fund-raising tool as it can facilitate the progress, hold yourself countable and know who you are as well.
Therefore, do not underestimate the effects of writing selling hair extensions business plan, especially you are living in the harsh market. To gain competitive advantages, you need to be a pioneer in everything!
Main content to read
- 1 What is a business plan?
- 2 Why is a business plan a must?
- 3 A selling hair extensions business plan template
What is a business plan?
In order to create a standard selling hair extensions business plan, you need to have a sound grasp of what a business plan is. Simply speaking, it is nothing different from your notes when you are going to somewhere for traveling or your daily to-do list.
The term ‘business plan’ refers to a written document highlighting the details in which your new business is going to follow to achieve the final goals. As you can see in the picture, a plan often lays out a written schedule including financial, operational and most importantly marketing approaches.
Sometimes, you do not head towards your sketches but believe it or not, it does help you to reach new horizons with the business. Scientifically, to have the ideas in form of notes enables you to execute the operation with precision. Do not forget that in a selling hair extensions business plan, the feasibility should be demonstrated. For instance, it is not good if you conservatively stick to a less profitable type of hair integrations.
Why is a business plan a must?
No matter which line of product you are focusing on, make sure that you spend adequate time on writing a detailed plan. When it comes to hair extensions, you should take lots of things into consideration. You must choose if you start selling hair extensions to individuals, opening a wholesale hair vendor or hair export company. After that, it is time for you to sketch significant bullets in a selling hair extensions business plan.
So, why do these few sketches matter? Why do most speakers mention about it when they are asked to share secrets to success? A business plan is a must for a number of reasons and it should be repeatedly named.
One small note: hair extensions can be regarded as a new field in some countries; therefore, without appropriate selling hair extensions business plan, you will easily get lost in the maze and be susceptible to bankruptcy.
To clarify directions
A company could not survive for a long time if it were not for a mission. By mission, we mean what the business is or what it intends to achieve in the future. For example, a selling hair extensions business plan should indicate how far a certain hair vendor expect to go, such as ranking number 1 in the list of Vietnamese distributors.
In this very first step, it is necessary to include a simple idea about your company, line of product/service you are going to provide and detail description of customer persona. If you aim at exporting strands, you should enhance the marketing campaign and increase the quality of products.
Let’s take Ivirgo hair company for example. While Indian and Brazilian hair are taking customers by storm, instead of going with the flow, they introduce Vietnamese hair of good quality and reasonable price. Therefore, they make themselves as a pioneer in this type and this orientation must be carefully discussed in their selling hair extensions business plan.
To obtain financing
Repeat that you are selling hair extensions and fund-raising is inevitable. No matter what you intend to do – either to operate a new plan or to seek bank loan and venture capital, a selling hair extensions business plan is always vital to secure funds.
Supposing you are going to get a $1000 or more loan. To see the return on your investment, you need to know how you are going to allocate that money, who is in charge of each stage, what qualifications they need, estimated assets, liabilities and profits. You just cannot keep that much data in the head.
To maintain the operation
As for an organization, as a leader, you should pay much attention to human resources. It determines how well developed the organizational structure of your business will become. Therefore, in your detailed selling hair extensions business plan, you should specify the entitlement of your directors, officers, and their duties.
For example, your type of business is a wholesale hair vendor. This means there are quite a few lines of products. In addition to departments related to marketing and IT, you should divide the staff into groups like Vietnamese hair team and Malaysian hair team. Each will be in charge of providing customer service to a certain customer persona.
A vision for the future
An organization is similar to a living body. It evolves over time and factoring future development in your selling hair extensions business plan proves crucial to facing up to fluctuations in the market.
Sometimes, you should anticipate the worst situations as in business, everything can happen.
A selling hair extensions business plan template
Gain business overview
You cannot jump into the hair extension industry without being equipped with basic foundations, let alone the process of creating a selling hair extensions business plan. As a leader, you are not supposed to be ignorant. However, this does not mean we ask you to study the history of the House of Worth.
Before writing your selling hair extension business plan, try to think the following prospects: how many variants of hair integrations are there? which one is of good quality and worth your investment? where are the potential locations to sell? To answer these questions is to seek for fundamental insights.
Depending on each hair vendor’s owner, the executive summary may vary from one to another. However, in general, they still mention the very basic thing of a company. You can look at this executive summary model to see how it works in real life.
“Sharon & Anita Hair Extension Store®, Inc. is a family business owned by Sharon Williams and her immediate family members. Sharon Williams has a B.Sc. in Business Administration, with over 5 years’ experience in the retailing industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in Charleston – West Virginia, there is a plan to open other outlets all around major cities in the United States” – extracted from Sharon & Anita’s speech.
You cannot win others if you do not thoroughly understand a targeted market and potential competitors. Therefore, it is vital to add data and domains of these in your selling hair extensions business plan.
By market researching, you can determine the wind vane and your direction of investment. You must figure out which styles of hair integrations customers may be attracted and what range of quality they can afford.
Additionally, defining your competitors with detailed strengths and weaknesses helps you to gain a competitive advantage. From that point, let’s think about a feature that makes you outstanding!
In every organization, human beings play an inevitable role in encouraging business growth. Therefore, it is suggested that you should invest more time and money on this factor. On your selling hair extensions business plan, you are required to list out necessary departments in order for the business to start.
Normally, a company includes 9 departments which are CEO, admin and HR, store, merchandize, sales and marketing, IT, accountant, client service, and cleaners. However, if your business is a startup, you can reduce the number of staff provided that do not put yourself into the understaffed situation.
Indeed, this also dictates how far your business could go in the field. Only by establishing a good relationship with a manufacturer could you protect your brand appearance. If you are a wholesale vendor, you need to find a way to ensure quality as well as to reduce cost. As a retailer, similar desires are achieved.
In the 4.0 society, the key to opening the success door is a powerful marketing plan. You selling hair extensions business plan will become a useless note without a brilliant marketing approach. In other articles, they even consider it as the backbone of any business venture.
Do not forget any of such platforms as Facebook, Twitter, LinkedIn, Whatsapp, Skype and so on. Thanks to these, you can advance your business beyond the frontiers of your immediate location.
In this stage, you should think about how you are going to run the business. No matter which manner you are going for, it should be effective both in productivity and business culture. This determines the most efficient way to get the job done.
The last thing you should dictate in your selling hair extensions business plan is final projections. You must anticipate how much money you need to run the business. After estimation, you have to start your fundraising campaign or just find a way to convince investors.
This is all the things that you may be aware of before writing your own selling hair extensions business plan. Now, it is time for you to practice and do not hesitate to contact us if you have questions.