Wig cap: Wig making takes a lot of time, but the results are worth it. While you can always buy a pre-made cap to sew or ventilate the fibers onto, there is no guarantee that it will fit you. Making your own wig cap will ensure that you have a good base that fits you perfectly. For that, however, you will either need a custom-sized wig head or modify an existing wig head to match your measurements. If you work off of a standard wig head, the wig cap (and resulting wig) may end up being too small!
Read on: 41 Things to Do for your Hair Where there is no Stylist
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Many people wear wigs to either make a fashion statement or replace hair they’ve lost due to a medical condition. Wig store businesses are where individuals can go to purchase the wigs they want. According to IBISWorld, the wig and hairpiece industry brings in $224 million annually, and there are under 700 businesses in the industry.
1. Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns.
2. What are the costs involved in opening a wig store?
The startup expenses for a wig business are relatively minimal. The two largest expenses are for a storefront (either online or physical) and inventory.
Regardless of whether they’re opening an online or physical store, business owners have ways to keep their storefront costs low. Owners who are starting up online stores can find a user-friendly platform that lets them design the store themselves at a relatively low cost.
Owners who are opening a physical store can choose a location in a low-rent area. There aren’t a lot of wig stores, and customers who want wigs will usually seek out actual stores. For this reason it’s not necessary to be in a high-traffic and high-rent area.
See also: 8 Tips to Get the Best Nail Care Treatment
3. Get business’ inventory costs
A business’ inventory costs depend directly on how many wigs the business owner wants to carry. Online store owners can limit how many wigs they keep on hand by finding a supplier who offers quick shipping and who is willing to sell only a few items per order. With such a supplier, a business can keep just a few wigs on hand and order more as wigs sell.
Owners of physical stores can limit the number of wigs they have in the store by offering custom wigs. When offering custom-made wigs, businesses just need enough to show customers the different options that are available, and then the final product can be ordered once the customer has made his or her selection.
4. Know the ongoing expenses for a wig store
The ongoing expenses for a wig store business include rent and utilities (for physical stores), website costs (for online stores), the price of additional inventory and any employee expenses.
5. Know the targeted market
A wig business’ ideal customer is someone who cares about their appearance, wants a different hairstyle and has discretionary income. Such as person not only is interested in wigs, but has money to either purchase one or more higher-quality products.
6. Know how wig store make money
A wig store makes money by selling wigs to customers. Wigs are typically sold on a per-piece basis.
Read also: 41 Things to Do for your Hair Where there is no Stylist
7. Know how much you can charge your customers
The price of wigs varies a lot. Trendy Hair Gallery, for example, charges around $40 for many of its fashion wigs. In contrast, medical wigs from Godiva’s Secret start at $149.
8. How much profit can a wig store make?
A wig store business’ profits depend on the price point of the wigs the business sells and it’s volume. On the high end, businesses selling custom medical wigs can bring in over $10,000 per month in revenue. Businesses selling $40 fashion wigs likely won’t have enough sales to make this much each month, but they can have a steady revenue—and they often see a significant bump in sales around Halloween.
9. Know how to make your business more profitable
A wig business can increase its average sale by upselling hair accessories to use with the wigs it sells. Businesses that sell high-end medical wigs may also offer to wash wigs, for which businesses often charge around $20.
10. What will you name your business?
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Wig Store Name Generator
If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.
When registering a business name, we recommend researching your business name by checking:
- Your state’s business records
- Federal and state trademark records
- Social media platforms
- Web domain availability.
It’s very important to secure your domain name before someone else does.
Read on: 17 Tips to Open a Profitable Hair and Nail Salon Business
11. Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business’s name (instead of yours), better interest rates, higher lines of credit, and more.
12. Get a business credit card
Getting a business credit card helps you:
- Separate personal and business expenses by putting your business’ expenses all in one place.
- Build your company’s credit history, which can be useful to raise money later on.