HOW TO START WIG BUSINESS (HAIR) WITHOUT A DIME.

Start hair business with zero naira

Selling of hair (wig) is one of the most lucrative business nowadays.

There are people out there who are interested in starting a wig business, but due to lack of capital, they tend to give up not knowing that they can start the busy with zero capital by drop shipping.

Dropshipping is a form of order fulfillment that retail businesses use in getting products to their customers. Here, you link between the manufacturer/supplier and the customer.

You are not required to have the wigs in stock; your responsibility is to market and sell the wigs(hair).

 

Your profit is the difference between the wholesale price and the amount you decide to sell the product, including shipping. 

Advertise the wigss on your website and other social media platforms. You can also consider running paid ads to reach a wider audience. Once customers place their orders and make payments through predetermined means, do well to utilize a less complicated payment method since your customers can range from any age. You don’t want to lose any customers due to faults with payment processes. After, compile the orders and their shipment details. 

Be careful not to mix up customers’ orders in the process, forward the orders and shipment details of the customers to the manufacturer/supplier, who in turn ships the wigs directly to the customer.

Below are two major problems you are likely to encounter when dropshipping and how to solve them:

Low-profit margin: Because of the competitive nature of the wig business, you might need to lower your price to get more patronage. This is so because people compare prices before deciding whom to patronize. This will affect your profit and might be discouraging.

Solution: To boost your profit, work on your marketing and advertising strategy to get more patronage. The more customers you get, the higher your profit margin.

Inventory issues: Because you don’t keep the wigs in stock, it might be challenging to know the available and unavailable wigs, especially when you get hairs from multiple manufacturers.

Solution: To keep track of available hairs, you need to keep the communication lines open with the manufacturers to get regular updates. Once you are notified of the unavailability of a particular hair, remove it from your website’s catalog or simply tag it ‘out of stock.’

Starting Your Wig Business Through Pre-Ordering...

Unlike dropshipping, pre-ordering is when an order is placed for a wig that has yet to be available.

Accepting pre-orders help you in forecasting demands for your wig and inform you of the quantity of the wigs you should order.

 Here is a step-by-step process for pre-ordering.

Let people know pre-orders are open. You do this by advertising the wigs on your website and social media platforms for a speculated period. People will place their orders(which will be delivered when the products are available).You can charge the customer when the order is placed or once the hair is shipped to them. Then, you set up a payment method. There are many payment gateways you can pick from. However, go for an easy-to-use platform for people from all walks of life.Collate customers’ orders and get them ready from the manufacturer/supplier. Do well to cross-check and lodge complaints immediately if there are any.You might want to repackage the goods, so they bear your brand name.Deliver the wigs to the customer.

 Make sure the wigs get to the destination within the speculated period.

Endeavor to keep track and follow up on your customers. 

Try as much as possible to get reviews from them to improve your wig business and boost your brand credibility.

However, pre-ordering isn’t without problems. Here are two likely issues you might have and how to solve them.

Dependence on manufacturers: If you ask customers to pay upfront, the fate of your wig business lies in the hands of the manufacturer. So many things such as price increase, late delivery, low quality of products, etc., could go wrong that will make you lose customers.

Solution: To prevent these, get a tested and trusted manufacturer who can easily reach you should any negative contingency happen.

Limited products: Products available for pre-order are always limited; hence you have to be on the lookout and order from the supplier as soon as pre-ordering starts.

Solution: constantly interact with the manufacturer to be informed of changes within the stipulated period to release the product. This will guide you in making the right decisions.

Save, save, save the profits earned and use as a capital to begin buying, and stock them.