How to start hair business in Nigeria — The Hair business is a lucrative one, it is among the fastest-growing industries in Nigeria as a lot of people are seeking hair grooming services and products daily, especially women. Starting a hair business can be profitable, especially in Nigeria, a country with a large and diverse population. In this article, we will provide a step-by-step guide on how to start hair business in Nigeria. Read on.
How To Start a Hair Business In Nigeria
Below is a comprehensive article to guide you through starting a successful hair business in Nigeria;
1. Conduct a thorough market survey
Before venturing into the hair business industry, you must conduct extensive research on the market. Conducting market research will help you understand the hair industry better, the target customers, your competitors, and more. For instance, by conducting good market research, you get to know the type of hair in trend, the most bought hair, and the ones women like.
Additionally, the hair industry is quite vast and thereby can be divided into different categories including hair products, hair extensions, hair salon services, etc. When you conduct market research, you get to understand these categories. You would also identify and choose the area to focus on in the industry.
2. Write a business plan
After successfully conducting your market survey/research and choosing your interests in the hair industry, the next step is to create a business plan. The business plan should clearly show the business model you intend to follow, your target customers, the marketing strategies you will adopt, your capital, and more. You should also decide on the different services you will be offering to generate revenue such as providing hair salon services, selling hair products, etc.
Additionally, a well-written business plan will project the outcome of the business in the future. It will give you an insight into how to make profits from the business.
3. Get the required capital
You require a considerable amount of money to successfully start a hair business in Nigeria. The exact amount you need depends mainly on the scale of the business. You can get funds for your hair business by using your savings, sourcing capital from family and friends, applying for loans and grants, seeking partners or investors, etc.
However, as a starter in the hair business, we strongly frown against borrowing money from microfinance banks or any other lending system to fund your business. This is because the interest rate might be too high, which might be bad for your new business. It is best to just use your savings, apply for grants, or seek funding from family and friends.
4. Obtain all the legal requirements
There are several necessary permits and licenses required to start a hair business in Nigeria. You should obtain all the legal documents from your local and state authorities. You also need to register your business with the Corporate Affairs Commission (CAC). It is also important that you follow all the tax requirements to avoid attracting any legal problems for your hair business going further.
5. Hire a shop or space
Renting a shop for your hair business is pivotal, except if you intend to offer online or in-house services. Meanwhile, if you are renting or buying a space or shop, it should be located in a populated location with less or no competition. The shop’s interior should also be well-designed and decorated to provide your customers with a welcoming and appealing environment.
6. Get the products necessary for the hair business
After renting or buying a shop at a strategic location, the next step is to identify and acquire the different hair products necessary for the business. You should carefully source and identify reliable suppliers of hair products. It is also vital that you analyze the quality of the hair products before choosing, this is to ensure that you get the best products.
Additionally, depending on your capital, you could acquire the hair products in bulk and negotiate the prices, this will help you have the best deals. Acquiring quality hair products is important, it would increase the reputation of your business and help you attract more customers.
7. Create an online presence for your store
As an entrepreneur, you would want to maximize profit. Ways to achieve that include establishing an online presence for your hair business. With an online presence and strategic marketing, your hair business would be able to attract clients from all parts of the country.
To establish an online presence, you should create business accounts on social media platforms such as Facebook, Instagram, etc. These platforms are perfect for marketing your hair services and products. If you strategically position your hair brand properly on these platforms, you will gain lots of clients and thereby make more profit. Additionally, you could create a website where you will advertise and market your hair products and services. Creating an online presence is a great way of establishing a successful hair business in today’s digital age.
8. Hiring employees
Another important process in establishing a successful hair business is to hire employees, especially if you intend to build a large hair business. You may need to hire employees if you are opening a large store that intends to provide services to a lot of people. The first step toward hiring employees is to determine the number of employees you need, this depends majorly on the scale of the hair business. Advertise job openings for the different roles available and schedule interviews. After the interviews, you can select the best candidates for the positions.
9. Marketing your hair business
After successfully establishing your hair business, the next step is to attract and maintain customers. To succeed, you need to design a marketing plan and follow strategic steps to promote your hair business to the target audience. Ways to promote your hair business include pay-per-click (PPC) advertising, radio advertising, the use of billboards, TV adverts, social media marketing, influencer marketing, and more. When you properly and strategically promote your hair business, you can create a successful and rewarding hair business in Nigeria.
Types Of Hair Business You Can Start In Nigeria
Below are the types of hair businesses you can start in Nigeria;
1. Hair Salon Business
The Hair Salon Business is one of the most popular types of hair salon business in Nigeria. It involves the provision of hair services including hairstyling, hair treatments, haircuts, hair coloring, and more.
2. Hair products retail business
A hair products retail business involves the selling of various types of hair products including hair care products, hair extensions, and hair accessories. This form of hair business can be done both online and offline.
3. Mobile Hair business
This is a type of hair business that entails offering hair services such as hairstyling and haircuts to clients or customers at their workplaces or homes.
4. Wig-making business
Wig making is another popular aspect of the hair business that involves making and selling different forms of wigs including synthetic wigs, human hair wigs, and lace wigs.
5. Hair care consulting business
A hair care consulting business implies offering guidance to customers on how to care for their hair properly. It also offers tips, tricks, and advice on how to groom our hair effectively. The hair care consulting business can be done both online and offline.
6. Hair braiding business
A hair braiding business is a type of hair business that offers different types of hair braiding services such as twists, box braids, cornrows, and more. This form of hair business requires expertise, physical location, and different other requirements.
There you have it! Above are some of the most popular hair businesses in Nigeria you should consider venturing into.
Starting a hair business in Nigeria can be profitable when done properly. You should conduct proper research, write a good business plan, acquire the required documents, and more. With hard work and perseverance, you can build a successful hair business in Nigeria.
Frequently Asked Questions
How much does it cost to start a hair business in Nigeria?
The exact cost of starting a hair business in Nigeria differs, depending on the size of the business. You should prepare a draft containing all the things you need to buy or invest in, such as hair products, equipment, rent a space, pay for advertising, etc. The cost might range from a few hundred thousand Naira to a million Naira.
How do I find reliable suppliers for my hair business in Nigeria?
You can find reliable suppliers by searching online directories, seeking recommendations from other hair business owners, attending hair industry events, and more.
How profitable is a hair business in Nigeria?
A hair business in Nigeria can be quite rewarding, especially when established in a strategic location with proper marketing. When done right, a hair business can generate a lot of income daily.
How do I choose a location for my hair business in Nigeria?
To choose a location for your hair business, ensure to select a location that is easily accessible to your customers. It should be a safe location with numerous foot activities. It should also have little or no competition.
How can I attract and retain customers for my hair business in Nigeria?
You can attract customers for your hair business by offering the best hair services, providing competitive prices, establishing a strong brand, providing excellent customer services, etc.
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