Are you thinking of starting up a wig business? The wig shop business is actually quite a revenue-producing pursuit and in the US, you can make a net profit between $27,000 USD to $54,000 USD. So, what's stopping you? Here are some tips that will help you open up your wig business.
The Starting Point
Compared to the many industries in the world, a wig business is quite inexpensive. However, no matter what business you're going to start, you need to have startup capital. This cost will be the sum amount you're going to invest in starting your business. In the wig shop business, the lump sum amount you're going to require is between $5,000 to $10,000 with many additional costs like the renting fare or product prices.
Depending on the type of wigs you're going to sell, the wig shop business can be quite profitable. From high-end feminine wigs to medical wigs, they all have a different selling price point. The businesses that sell custom-made medical wigs can make over $10,000 per month in revenue.
License to Get Going
So, whether you're going to start an online wig business, start up a home-based business, or open up a store, you need to select the sole owner and proprietor. After that, like all businesses, you need to get your business registered and acquire a General Business License.
Next, if you're going to sell medical wigs as well, you'll need to get medical wig approval. To get a medical wig covered by insurance, you'll have to get a doctor’s prescription and then purchase medical wigs. Following that, you can file an insurance claim.
Get Supplies that Ensure the Initiation of Business
First and foremost, you need to set up the wig shop. You’ve decided upon a place, now you need supplies that will help you make the wigs. If you're going for human hair wigs, you need to find the right vendors who sell human virgin hairs in bulk and extensions. Now the supplies that you're going to require in your shop are:
*Mannequin heads to adjust all your wigs
*Lace for lace front and closure wigs
*Needles and thread
*Pins to hold the caps
*Hair shampoos and loads of hair conditioners
At Beautyforever, we have been in the wig shop business for a while. If you're looking for some quality 100% human hair wigs, then you're at the right place!