How to Start a Wig Business

Business Overview:

Learning how to start a wig business is a great way to keep up with fashion trends as well as help those who have lost their hair due to illness. Wigs are not just a costume accessory anymore; wigs are high fashion and are used openly by celebrities and non-celebrities alike. The quality of wigs has also come a long way making them virtually undetectable. Lace wigs are typically made with real human hair and are hand-sewn to a lace backing which makes them look very natural. When you look into how to start a lace wig business, you’ll see that they come in a full wig or a lace front wig which just has the lace work at the front of the wig at the hairline. Lace wigs are the most expensive type of wig because they are the highest quality and the most natural looking. A lace front wig sells for around $100 USD while a full lace wig can sell for upwards of $700 USD. As you can see, with a little wig knowledge, this is one of the most unique business ideas there is. Even better is that you have the choice of operating your store online or in a shop. Both have their advantages. Having an online only business allows you the freedom to make your own hours and not have to lease a physical space for your wigs, other than a small climate-controlled storage space. Operating a physical storefront will allow customers to see and try on wigs before purchasing them. Once you decide what type of store you will open, you need to look at all the different lines of wigs and determine what your niche will be. You could focus on different ethnicities like African-American, Caucasian and Latino or you could market your business to individuals who have lost their hair due to illness. In this case, you would need to carry a few types of each wig and perhaps add a few more types for the elderly. You could go even further and even carry children’s wigs. If you operate online, it’s important that you offer tips on how to determine what length, texture and color your customers should order. Include a detailed FAQ section and be sure to have an easy-to-use customer support system whether it be phone support or email. If you have experience in a hair salon or operate your own home salon, you no doubt have experience fitting and attaching wigs. This would be the perfect online business idea that you could run alongside your salon business. To increase your sales, you should also offer items like wig caps, adhesives and hair accessories (headbands, ponytail holders, etc.). A little expertise, high quality wigs and excellent customer service will be all you need to run a successful wig business.

A Day in the Life of a Lace Wig Business Owner:

If you operate a physical store, your day will begin by making sure your wigs are neatly displayed before opening your store. You will likely have a small staff helping you throughout the day as you assist customers in finding the perfect wig for their needs. If you operate exclusively online, you will begin your day by checking any questions from potential customers and quickly responding to them. You will check any new orders and get wigs boxed and ready to ship out to your customers. You will spend a portion of your day marketing your business – if you only sell locally, you will need to establish a relationship with hospitals and ask them to refer clients to you who are having hair loss issues due to illness. You’ll also want to leave fliers in local boutiques, wedding shops and other fashion stores. If your business is online only, you will place ads on sites frequented by your target market.

About Your Customers:

Your customers will be individuals who need high quality wigs for fashion or those who have lost their hair due to illness.

What You Need to Start:

• Knowledge of wigs and how to fit them
• Inventory of wigs
• Storefront or website
• Wig displays for physical store (Styrofoam or plastic mannequin heads)
• Website for online only store
• Wig and hair accessories (wig caps, barrettes, etc.)
• Computer with finance software

The Good:

• The popularity and acceptance of wigs is on the rise.
• The start-up investment is relatively low.
• Customers will pay incredibly high mark-up for top quality wigs.
• Excellent customer service will keep customers returning.
• You can run this business either online or from a physical store.
• Franchises are available to help you get started.

The Bad:

• This industry is highly competitive and without a well-defined niche, your business can flounder.
• You must have experience with wigs and be able to help customers of all “experience” levels find just the right item.

Resources:

• Hairdressing and Beauty Industry Authority
• American Hair Loss Association
• Bureau of Labor Statistics on Hairdressers, Hairstylists and Cosmetologists
• Wikipedia on Lace Wigs

About The Author

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