Experts say that this industry is expected reap in profits of up to 5% each year for several years to come.
At present, almost half of the hair care products on the market are being sold by major retailers. While the remaining half is divided among the independent businesses. Considering the brevity of this market, rest assured, a new player would find no trouble in finding a niche for himself. All he has to do is study the market and the potential clientele of the area.
This is encouraging news indeed especially if you have aspirations of building your very own hair care product empire. But how does one go about starting a business like this? Primarily, you have to choose what line/s or brand/s of hair care products to sell. Are they for women, men, or both? Are they for kids, adults, or both? Note too that geographic segmentation is a vital factor in the hair care business. You must identify which ethnic distribution is prevalent in your target market area. Subsequently, find out what ethnic specific product line would satisfy this groups hair care concerns.
The number of manufacturers remains wide and varied. The key here is to find distributors that offer products that best meet the needs of your target consumers. In selecting a supplier, make sure that the company is stable and its products have a good reputation.
In order to adequately market your products, you need to develop a distinct selling point. Spend some time analyzing what makes your products different from the others. Setting your product apart from the rest will give you an edge and will markedly increase your potential for success.
Promoting Hair Care ProductsThere are countless ways to promote your products. There is the direct mailing for one. Or if you have the funds, you can go for media advertising. But remember, you need to take into consideration, the lifestyle of the market that you wish to cater too. For example, if your target market is teenagers, placing an ad in a newspaper would a useless move since generally teenagers rarely read the papers.
Pricing Hair Care ProductsMake sure that you set an appropriate price for your product. If it is too expensive, chances are, you will lose a number of consumers. If on the other hand the price is too low, then you will limit the profit potential of your business.
Bottom Line AdviceAnd lastly, no matter how catchy your sales angle is or how extensive your promotional campaign has been; if you can’t get your products out on the racks, then your business is doomed to head south. Find stores and salons that you can team up with and that would let you sell your products on consignment basis. If your funds permit, you can rent a kiosk in the mall. Another option is the internet.
Hair News Network