6 Key Steps You Should Do Before, During, and After You Launch Your Hair Business
Class is in session! Grab and pen and paper and take notes!
Launching your own hair extension business can be an exciting and fulfilling journey. However, before diving headfirst, it's crucial to lay a solid foundation to ensure your success. Here are 6 key steps you should take before, during, and after launching your business:
Before Launching:
🗒️ Trademark Search- Protect your brand identity by conducting a thorough trademark search to ensure your chosen business name isn't already in use. This prevents legal issues down the line and helps establish your brand recognition.
🗒️ Explore Legal Structure Options- Research different legal structures for your business, such as sole proprietorship, partnership, or Limited Liability Company (LLC). Each option offers advantages and disadvantages regarding liability, taxes, and management. Consulting a legal professional can help you choose the structure that best suits your needs.
During Launching:
🗒️ Research and Identify Your Ideal Customer: Who are you targeting with your hair extensions? Understanding their demographics, preferences, and hair needs is crucial for crafting an effective marketing strategy and developing products they desire. Conduct market research, analyze competitor offerings, and gather insights through surveys or focus groups.
🗒️ Identify and Analyze Your Competitors: Research and analyze your competition in the hair extension market. What are their strengths and weaknesses? What unique selling points can you offer to differentiate yourself? Studying your competitors allows you to develop a competitive edge and position your business strategically.
After Launching:
🗒️ Implement Sales Tracking Systems: From the beginning, establish systems to monitor your sales and analyze performance. This allows you to identify trends, understand customer preferences, and adjust your marketing strategies for optimal results. Utilize sales tracking software or create a well-organized system to monitor sales data.
🗒️ Implement Standard Operating Procedures (SOPs): Develop clear and documented procedures for various aspects of your business, such as inventory management, customer service, and order fulfillment. This ensures consistency, efficiency, and reduces the risk of errors. SOPs also serve as valuable training for when it is time to hire.
🔥 Bonus Tip:
Research Financial Professionals: Consider seeking the guidance of a Certified Public Accountant (CPA), bookkeeper, or accountant to manage your business finances. These professionals can assist with bookkeeping, tax preparation, and financial planning, ensuring your business operates smoothly and adheres to financial regulations.
Remember: Launching a successful hair extension business requires dedication, planning, and continuous learning. By following these key steps, you can build a strong foundation for your business and increase your chances of success.
But wait before I let you go I want you to know you DO NOT have to do this alone. I know all of this may be alot but that's what you have me for. If you are ready to take a chance on yourself and start your hair business, learn more about our mentorship program here and if you have any questions or want to set up a time to chat, email us at support@dreamlesshair.com
I know I will be hearing from you soon babe!
P.S. Grab our free hair business guide right now if you want access to the full checklist.