Are you about starting a business selling hair extensions? If YES, here is a sample hair extension retail business plan template & FREE feasibility report.
Okay, so we have considered all the requirements for starting a hair extension retail business. We also took it further by analyzing and drafting a sample hair extension sales marketing plan template backed up by actionable guerrilla marketing ideas for hair extension companies. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Hair Extension Selling Business?
- 2 A Sample Hair Extensions Retail Store Business Plan Template
- 3 Hair Extension Selling Business Plan – Executive Summary
- 4 Hair Extension Selling Business Plan – SWOT Analysis
- 5 Hair Extension Selling Business Plan – MARKET ANALYSIS
- 6 Hair Extension Selling Business Plan – SALES AND MARKETING STRATEGY
- 7 Hair Extension Selling Business Plan – Publicity and Advertising Strategy
- 8 Hair Extension Selling Business Plan – Sustainability and Expansion Strategy
Why Start a Hair Extension Selling Business?
There are businesses that someone with little education and no serious business background and training can start. One of such businesses is to open a hair extension retail store. The major things you need to succeed in this business is a good location, easy access to wholesale supply of quality hair extensions and good customer service skills.
The truth is that if your store is located in an area with good human and vehicular traffic, and you have quality hair extensions, wigs and related products from different brands, you may not have to struggle to get people to visit your store and make purchase.
So, if you have decided to open a hair extension retail store, then you should ensure that you carry out feasibility studies and market survey. Business plan is another very important business document that you should not take for granted when launching your own hair extensions retail store business.
Below is a sample hair extension retail store business plan template that can help you to successfully write your own.
A Sample Hair Extensions Retail Store Business Plan Template
- Business Overview
Hair extension retail stores are part of the Wig and Hairpiece Stores industry and players includes stores that mainly specialize in selling wigs, hairpieces and hair extensions for both aesthetic and medical purposes. Please note that this industry does not include retailers that primarily provide wigs and hairpieces via electronic mediums.
The Wig and Hairpiece Stores industry, just like most businesses in the retailing industry, depends on strong consumer spending to spur the demand for industry products. Over the last half decade, the economy has begun recovering from recessionary declines with both the Consumer Confidence Index and disposable income increasing. Going forward, as the economy of the United States continues to recover and consumers are expected to loosen their discretionary budgets, the industry is anticipated to thrive.
The Wig and Hairpiece Stores industry is indeed a major sector of the economy of the United States of America and they generate over $224 million annually from more than 696 wigs and hair extension retail outlets scattered all around the United States of America.
The industry is responsible for the employment over 1,997 people. Experts project that the industry will grow at a 4.0 percent annual rate. No player can boast of having a lion share of the available market in this industry.
A close study of the Wig and Hairpiece stores industry shows that the industry has low and steady barriers to entry. For instance, the capital requirements to open a store location are relatively low and primarily consist of leasing a commercial property and purchasing initial inventory.
Increased vacancies and lower leasing rates as a result of the recession have improved new entrants’ ability to find low-cost property in attractive locations over the past five years. However, high competition may deter potential new entrants.
It is important to note that the cost of purchasing initial inventory can vary considerably and is dependent upon hair extension retailers’ ability to work with manufacturers and suppliers. As a new market entrant in the industry, you have to establish relationships with suppliers and build a clientele base, which can act as a barrier to entry.
It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which the hair extension retail stores industry contributes greatly. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some retail stores.
Over and above, the wig and hair extension retail store industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner or you can chose to start on a large scale with several outlets in key cities through the United States of America.
Hair Extension Selling Business Plan – Executive Summary
Sharon & Anita Hair Extension Store®, Inc. is a registered hair extension retail store business that will be located in one of the busiest streets in Charleston – West Virginia. We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of hair extension retail store that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Charleston – West Virginia.
Sharon & Anita Hair Extension Store®, Inc. will retail synthetic hair wigs, human hair wigs, synthetic hairpieces, human hairpieces and toupees et al from different manufacturers from the United States and abroad. We are set to service a wide range of clientele in and around Charleston – West Virginia.
We are aware that there are several hair extension retail outlets all around Charleston – West Virginia, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to favorably compete with all our competitors. We have an online – service option for our customers, and our outlet has various payments of options.
Sharon & Anita Hair Extension Store®, Inc. will ensure that all our customers are given first class treatment whenever they visit our hair extension retail store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when making some business decisions.
Sharon & Anita Hair Extension Store®, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.
Sharon & Anita Hair Extension Store®, Inc. is a family business that is owned by Sharon Williams and her immediate family members. Sharon Williams has a B.Sc. in Business Administration, with over 5 years’ experience in the retailing industry, working for some of the leading brand in the United States. Although the business is launching out with just one outlet in Charleston – West Virginia, but there is a plan to open other outlets all around major cities in the United States.
- Our Product Offering
Sharon & Anita Hair Extension Store®, Inc. is in the wigs and hair extension retail industry to service a wide range of clients and of course to make profits, which is why we will go all the way to make available a wide range of hair extensions from top manufacturing brands in the United States and other countries of the world.
We will ensure that we do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;
- Retailing synthetic hair wigs
- Retailing human hair wigs
- Retailing synthetic hairpieces
- Retailing human hairpieces
- Retailing toupees
Our Vision Statement
Our vision is to become one of the leading brands in the wig and hair extension retail stores industry in West Virginia and to establish a one stop hair extension retail store in Charleston – West Virginia and in other key cities in the United States of America and Canada.
- Our Mission Statement
Our mission is to establish a world – class hair extension retail business that will make available a wide range of hair extension products from top hair extension manufacturing brands at affordable prices to residents of Charleston – West Virginia and other key cities in the United States of America where we intend opening of chains of hair extension retail stores and franchise.
- Our Business Structure
Our intention of starting a hair extension retail store business is to build a standard and one stop hair extension retail store outlet in Charleston – West Virginia. Although our hair extension retail store business might not be as big as multi – million dollars hair extension stores, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.
In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Store Manager
- Human Resources and Admin Manager
- Merchandise Manager
- Sales and Marketing Manager
- Information Technologist
- Sales Agents/Customer Services Executive
Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization.
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
- Responsible for managing the daily activities in the store
- Ensures that proper records of wigs and hair extensions are kept and warehouse does not run out of products
- Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
- Interfaces with third – party suppliers (vendors)
- Controls hair extension distribution and supply inventory
- Supervises the workforce in the sales floor.
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure high quality hair extensions from different manufacturers are purchased and retailed in good price that will ensure profit
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Manages the organization’s website
- Handles eCommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages the organization’s CCTV
- Handles any other technological and IT related duties
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
- Responsible for financial forecasting and risks analysis
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
- makes suggestions and encourage purchase of products
- Provides information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
- Bags or packages purchases and gift wrap merchandise
- Ensures that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the store facility
- Handles any other duty as assigned by the store manager
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.
Hair Extension Selling Business Plan – MARKET ANALYSIS
- Market Trends
If you are conversant with the Wigs and Hair Extension Stores Industry, you will quite agree that the changes in disposable income, consumer sentiment, and ever – changing trends are major growth drivers for sales in this industry.
No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Wigs and Hair Extension Stores industry.
So also, the rising demand for trendy hair extension, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as hair extension stores keep prices low to attract more sales amid growing competition.
A close watch on the industry activities reveals that concentration has increased slightly over the past five years, as merger and acquisition activity has become more prominent. Additionally, companies that have enough funds to invest in multichannel operations have benefitted more than smaller operators with minimal resources.
As part of marketing strategies, hair extension retail stores engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.
Lastly, in recent time, the hair extension retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical hair extension retail store is located.
- Our Target Market
We are aware that loads of females make use of hair extensions and wigs. In view of that, we have positioned our hair extension retail store to service residents of Charleston – West Virginia and every other location where our hair extension stores will be located all over key cities in the United States of America. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.
We are in business to retail a wide range of hair extensions to females in and around the location where our hair extension stores will be located.
- Our Competitive Advantage
A close study of the wigs and hair extension retail stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.
We are aware of the stiff competition and we are well prepared to compete favorably with other leading hair extension retail stores in Charleston – West Virginia and throughout the United States and Canada.
Sharon & Anita Hair Extension Store®, Inc. is launching a standard one stop hair extension retail store that will become the preferred choice of residents of Charleston – West Virginia and every other location where our outlets will be opened. Our hair extension retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Charleston – West Virginia.
One thing is certain; we will ensure that we have a wide range of hair extension from leading manufacturers available in our store at all times. It will be difficult for customers to visit our hair extension store and not see the type of wig or hair extension products they are looking for.
One of our business goals is to make Sharon & Anita Hair Extension Store®, Inc. a one stop hair extension shop for all classes of customers. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
Hair Extension Selling Business Plan – SALES AND MARKETING STRATEGY
- Sources of Income
Sharon & Anita Hair Extension Store®, Inc. is in business to retail a wide range of wigs and hair extension. We are in the wigs and hair extension retail stores industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.
Our source of income will be the retailing of a wide range of wigs and hair extension at affordable prices. Sharon & Anita Hair Extension Store®, Inc. will generate income by;
- Retailing synthetic hair wigs
- Retailing human hair wigs
- Retailing synthetic hairpieces
- Retailing human hairpieces
- Retailing toupees
One thing is certain when it comes to hair extension retail stores, if your store is stocked with various types of wigs and hair extensions and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Charleston – West Virginia and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.
We have been able to critically examine the wigs and hair extension retail stores industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Charleston – West Virginia.
- First Fiscal Year: $250,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $750,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same wigs and hair extension brands as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Sharon & Anita Hair Extension Store®, Inc. we conducted a thorough market survey and feasibility studies to enable us penetrate the available market and become the preferred choice in the market. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want.
We hired experts who have good understanding of the wigs and hair extension retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Charleston – West Virginia.
In other to continue to be in business and grow, we must continue to sell the hair extension that are available in our store which is why we will go all out to empower our sales and marketing team to deliver. In summary, Sharon & Anita Hair Extension Store®, Inc. will adopt the following sales and marketing approach to win customers over;
- Open our hair extension store in a grand style with a party for all
- Introduce our hair extension store by sending introductory letters alongside our brochure to organizations, households and key stake holders in Charleston – West Virginia
- Ensure that we have a wide range of wigs and hair extension from different brands at all times
- Make use of attractive hand bills to create awareness and also to give direction to our hair extension store
- Position our signage/flexi banners at strategic places around Charleston – West Virginia
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage in roadshows within our neighborhood to create awareness for our hair extension store.
- List our business and products on yellow pages ads
- Leverage on the internet to promote our business
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
Hair Extension Selling Business Plan – Publicity and Advertising Strategy
Despite the fact that our hair extension store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our hair extension store.
Sharon & Anita Hair Extension Store®, Inc. has a long – term plan of opening outlets in various locations all around West Virginia and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Charleston before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Sharon & Anita Hair Extension Store®, Inc.;
- Place adverts on community based newspapers, radio and TV stations
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms to promote our business
- Ensure that our we position our banners and billboards in strategic positions all around Charleston – West Virginia
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Advertise our hair extension store business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and trucks and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals
Our Pricing Strategy
Aside from quality, pricing is one of the key factors that gives leverage to hair extension stores, it is normal for consumers to go to places where they can get hair extensions at cheaper price which is why big player in the wigs and hair extension stores industry will attract loads of corporate and individual clients.
We know we don’t have the capacity to compete with big players in the industry, but we will ensure that the prices and quality of all the hair extension products that are available in our stores are competitive with what is obtainable amongst hair extension stores within our level.
- Payment Options
The payment policy adopted by Sharon & Anita Hair Extension Store®, Inc. is all inclusive because we are aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulations of the United States of America.
Here are the payment options that Sharon & Anita Hair Extension Store®, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for products purchased without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
- Start-up Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a hair extension retail store business; it might differ in other countries due to the value of their money.
This is the key areas where we will spend our startup capital;
- The total fee for registering the business in the Unites States of America – $750
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300
- Marketing promotion expenses for the grand opening of Sharon & Anita Hair Extension Store®, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580
- Cost for hiring Business Consultant – $2,500
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- Cost for Shop remodeling (construction of racks and shelves) – $20,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500)
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for Start-up inventory (stocking with a wide range of wigs and hair extensions from different brands) – $250,000
- The cost for counter area equipment – $9,500
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase and installation of CCTVs – $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a Website – $600
- The cost for our opening party – $7,000
- Miscellaneous – $10,000
We would need an estimate of $500,000 to successfully set up our hair extension retail store in Charleston – West Virginia.
Generating Startup Capital for Sharon & Anita Hair Extension Store®, Inc.
Sharon & Anita Hair Extension Store®, Inc. is a private registered business that is solely owned and financed by Sharon Williams and her immediate family members. They do not intend to welcome any external business partner which is why they decided to restrict the sourcing of the startup capital to 3 major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the Bank
N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $350,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
Hair Extension Selling Business Plan – Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Sharon & Anita Hair Extension Store®, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality hair extension a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Sharon & Anita Hair Extension Store®, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party planning: In Progress
- Compilation of a list of products that will be available in our store: Completed
- Establishing business relationship with suppliers of wigs and hair extensions: In Progress
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