Are you thinking of starting a hair extension business in Nigeria? Or you may be the kind of hair business idea you are looking at is wig business. Read this article to the end, in this article, I am going to teach you how to start and run a profitable hair extension business or wig business in Nigeria.
In this article, I am going to let you know the start-up cost for the hair extension business, how to make profits from the hair business, and other hair business ideas you can do along with your hair extension business or wig business in Nigeria. Are you ready?
Alright, let us start. Before I go into the article deeply, there are some things I want you to understand first. And this is the difference between hair extensions, wigs, weave on, and attachments. Hair extensions, wigs, weave on, and attachments are not the same but many people usually confuse them with each other. First, you need to know that wigs, weave on, and attachments are all types of hair extensions.
Secondly, the sales of wig (wig-making business) are lucrative in Nigeria and this is because wigs are easy to wear and most times cheaper than other types of hair extensions. So if you are going into the hair extension business in Nigeria this simply means you are going to sell all these types of hair extensions which are wigs, weave on, attachments, and more.
Is Hair Extension Business Profitable?
There are many reasons why the wig-making business is lucrative in Nigeria. One of the reasons why it is profitable is because women love how easy it is to wear wigs. Because of how the wig is made you can wear it like a cap and dress it to a particular style and your look to go out is perfect. So women buy wigs because of these reasons.
Asides from this, women also prefer wigs to any other hair extension because it is cheaper and faster to use. In fact, a Nigerian woman will like to go for a wig for hairdressing instead of any other type of hair extension. So just in case, you are not sure wig business is a lucrative business in Nigeria. Is Hair Extension Business Profitable?
The hair extension business is also a profitable business in Nigeria for these three main reasons. The first reason why it is profitable is that the products are for women. There is a saying that any product that is sold to women will sell massively. This is true especially when it comes to fashionable items. Women like to dress well and they like to look good.
For this reason, women like to spend money on their hair. Another reason why the hair extensions business is profitable is that women buy plenty of them. Unlike some products or items where only one is needed per person, up to 10 hair extensions can be owned by one woman. The third reason why the hair extension business in Nigeria is lucrative is that hair extensions are also used by babies, teens, and adolescents. Yes, not only women or ladies wear hair extensions children now also wear them thus making the market a very large market in Nigeria.
Capital Needed to Start Hair Extension Business
To start a hair extension business in Nigeria you need capital and the capital needed depends on whether you want to start a small-scale hair extension business, a medium-scale hair extension business, or a large-scale hair extension business. The start-up cost for a hair extension business in Nigeria can range from N300,000 – N5,000,000. The lowest capital I mentioned can be used to start a small-scale hair extension business while the highest capital can be used to start a large-scale hair extension business in Nigeria.
How to Start Hair Extension Business in Nigeria
How to start a profitable hair extension business in Nigeria. The step-by-step guide.
1. Do your Market Survey
You need to do a market survey for your hair extension business except you want to start your hair business with no money. Your market survey helps you to understand your product and it also helps you to understand the buyers of the product. For example, your market survey helps you understand the type of hair extensions that are in trend, the ones women like, and the types that are bought the most.
The market survey helps you to understand how women really choose the hair extension they choose as regards the area they stay. Read our guide on how to conduct market research for new and old businesses for more details on this.
2. Write your Business Plan
A hair extension business plan is also important aside from your market survey as it will contain details of the things you need to start a hair business in Nigeria. With precise capital, your hair extension business plan will inform you of the equipment you need and the kind of shop needed for your hair extension business.
Lastly, a hair extension business plan will also help you know how much profit you are to expect from your hair extension business. It projects what is likely to happen to the business in the nearest future. A business plan is very important except you are doing the business for a short while or you are starting your hair business with no money.
If you are planning to go into wig business in Nigeria solely you will need a wig business plan. The wig business plan will assist you with everything you need to know about your wig business. It will guide you on tips and tricks on how to make profits from the business. A wig business plan is very important especially if you are also planning on going to the wig business for more than 5 years.
Reach out to us via firstname.lastname@example.org if you want us to hire us to write your business plan for you.
3. Get the Capital Needed
I have already talked about the start-up cost for hair extension business in Nigeria. Now, let us talk about how you can get this capital to start the business. To get the capital needed to start your hair extension business you can either save up the capital or borrow it from family and friends to return the money in installments.
I strongly advise against borrowing money from microfinance banks or any money lending organization as the interest rate will be too much as time goes by. Asides from this, because you are not sure of how the business might turn out it is always safe to start your hair extension business with your own money so that you can sleep with your two eyes closed.
4. Rent a Shop for the Business
Renting a shop for your hair extension business in Nigeria is very important except you want to sell your hair extensions online using social media apps like Instagram. When it comes to a business like this, you can rent a shop, container, or space in a shopping mall. It all depends on you and how much you can afford from your capital to rent a shop.
When it comes to renting a shop for your hair extension business there are a few points you need to note. These factors will increase your profits easily as they will attract customers to your business. The first thing you need to consider when it comes to renting a shop for your hair extension business is to make sure you rent a shop in the right area.
Yes, you need to rent a shop where your customers (women) can easily locate you. This could be a popular area or popular spots like roundabouts, bus-stop, t-junctions, or more. Another thing you need to consider is the size of the shop and how much you will be paying there yearly. You do not want to rent a shop where it will be difficult for you to renew the rent the following year.
And you do not want to rent a shop that is too small. In as much as you might not be starting big, you need to rent a shop that is manageable for you just in case you want to increase your goods at any time. Those are the two major factors you should carefully consider to increase sales and profits easily at the start of your hair extension business.
5. Buy your Extension Products Wholesale
After renting a shop for your hair extension business the next step will be to go and buy your hair extensions. Depending on the capital you have you can either buy your hair extensions from the market or buy directly from the hair extension producers. If you are starting your hair extension business in Nigeria from a large-scale point you can be a distributor for the hair extension companies in Nigeria.
There are different types of hair extension companies in Nigeria you can be a distributor to one or be a distributor to all of them it all depends on you. As a hair extension distributor in Nigeria, you can be selling hair extensions to other hair extension sellers in your local area. However, if you cannot afford to be a distributor you can simply start by just being a small-scale seller and as time goes by become a distributor.
6. Profits in Hair Extension Business
If you are not starting your hair business with no money it will be easy for you to make money from your hair extension business easily and fast. But asides from this, there are other factors you need to consider to make big profits from your hair business despite being new to the business. Some of these I have mentioned earlier but I will still like to explain more about them for deeper understanding and core remembrance.
The first factor that I mentioned is to make sure your shop is located in the right area. The second factor I mentioned is that you should also make sure that the rent you are paying for the shop is not much and is renewable. The third factor I mentioned is that you should make sure you are buying your hair extensions at the right place.
In other words, depending on the capital you have to buy your hair extension from the cheapest seller closer to you (a distributor or wholesaler). If you have put all these into consideration you will surely make profits from your hair extension business. But to triple your profits you can also go into other hair businesses alongside your hair extension business. This is called diversifying.
Hair Business Ideas to Start in Nigeria
There are many hair business ideas in Nigeria for you that you can also go into asides hair extension business. These are:
A. Wig Business
I talked about the earlier. The wig business can be explored alongside your hair extension business. It is either you buy your wigs already made, or you produce them yourself using a wig-making machine. You can buy this wig-making machine fairly-used or new. It depends on you.
B. Hair Accessories Business
Asides from the wig business, you can also go into the hair accessories business alongside your hair extension business. All you need to do is to buy show glasses and buy these hair accessories to display in your shop to sell. Examples of hair accessories you can sell are combs, hair creams, gels, hair ribbons, mannequins, and more.
C. Hair Salon Business
If you have some money left you can also start a hair salon business alongside your hair extension business. You just need to buy some hair salon equipment to start. Read our article on how to start hair salon business in Nigeria.
The hair extension business is a lucrative business in Nigeria as long as you take your time to do your market survey and write your hair extension business plan. Also, a hair extension business can be started and run by a man or woman. Gender does not really matter in the business. What matters is the ability to learn and explore the business.