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A wig shop can be an exciting and profitable venture, especially for someone who loves to work with hair. Wig shops cater to a variety of customers, including those who want to have a different look without changing their current hair styles, those who have lost hair due to medical conditions, and those who have thinning hair or a receding hairline. To open and run a successful wig shop, you will require proper planning, creativity, good marketing skills and commitment.
Register Your Business
After conceptualizing your idea, the first step is to register your business name with your nearest county clerk’s office. Also, contact the Internal Revenue Service to register for a Federal Tax Identification Number, which enables the government to track revenues for taxation purposes. Depending on the laws of your state, you might need to register with a state agency. In addition, trademark any names, symbols or shapes that distinguish your wig store from others to give you legal ownership.
Write A Business Plan
A wig shop can be a fun and profitable venture if you plan well. Before you begin your operations, you will need to lay down your objectives, business strategy and financial needs in a business plan. Conduct comprehensive research about running a wig shop: distributors, market and competitors. Also, identify the strengths, weaknesses and business patterns in the industry. For example, women prefer lightweight wigs during summer to avoid sweating. Outline your business management structure, target market, sales and marketing strategy, source of capital and financial projections.
Find A Shop
The location of your wig shop determines the number of people that view your products. Look for a commercial retail space in a place that has high foot traffic. Make sure that the location also has enough parking spaces for your customers. Your space should be big enough to allow display and storage of a large variety of wigs. Also, ensure that it allows your customers enough space to try the wigs out. You can use a commercial real estate agent to find a space that fits your needs.
Research what your clients prefer. There are a variety of wigs such as those made from wool, feathers, synthetic materials and human, horse or buffalo hair. Secure a reliable wholesale supplier and negotiate the best prices to maximize your profits. Establish networks with hospitals and medical centers in your area so that they can refer patients who have lost their hair to your shop. Market your shop and set up a website to reach more customers online.
Joseph Petrick has been a writer and editor since 2003. He writes career, business and education articles. His work has appeared in several online publications including Career Today. Petrick holds a Master of Arts in philosophy/economic anthropology from Pennsylvania State University.