Are you about writing a hair extension selling business plan? If YES, here is a sample SWOT analysis for a hair extension retail company to help you form a competitive strategy.
Hair Extension Selling Business Plan – Economic Analysis
Even though the hair extension selling business is a huge one, it doesn’t mean there aren’t businesses that are failing, which is why it is necessary for you to carry out a thorough research before going into this business. One key component to becoming a success in this business is not only to have the necessary financing needed, but to also have an updated knowledge about the hair industry.
Customers need to sometimes be advised on what hair extensions to get and so would be confident in your choices, if they know that you are knowledgeable about hair extensions. The industry which is part of the fashion industry is one that is recession proof as people especially women want to be able to look good always as well as be able to change their looks whenever they want.
Other two important aspects about the hair extension industry is pricing and location. In setting a price for your hair extensions, you will need to be practical as your business is intended to make profit. You will need to factor in your overhead and operational cost as well as what your competitors are currently offering.
Also, location for your hair extension selling business is very important, as it must be convenient for your customers to get to. To be truly successful, you would need to combine selling both online via your website, forums and e-commerce sites with your physical store.
A Sample Hair Extension Selling Business Plan SWOT Analysis
Our intention of starting just one outlet of our hair extension retail store in Charleston – West Virginia is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in West Virginia and key cities in the United States and Canada.
We are aware that there are several hair extension retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Sharon & Anita Hair Extension Store®, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Sharon & Anita Hair Extension Store®, Inc.
Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of wigs and hair extension and our excellent customer service culture will definitely count as a strong strength for Sharon & Anita Hair Extension Store®, Inc. So also, our team of highly qualify staff members is also a plus for us.
A major weakness that may count against us is the fact that we are a new hair extension retail store outlet in Charleston – West Virginia and we don’t have the financial capacity to compete with multi – million dollars hair extension retail stores when it comes to retailing our products at rock bottom prices.
The fact that we are going to be operating our hair extension retail store in one of the busiest streets in Charleston – West Virginia provides us with unlimited opportunities to sell our wigs and hair extension to a large number of individuals and corporate organizations. We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our hair extension outlets.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new hair extension retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.