The popular saying is that looking good is an expensive business for anyone who desires to.
No matter the age and gender, humans invest in how they look, with a lot of attention given to their hair which helps enhance their appearance for events or even the day-to-day appearance in society.
According to Fortune Business Insights statistics, “The global human hair extension market was valued at $4.45 billion in 2023 and is projected to be worth $4.88 billion in 2024 and reach USD 10.78 billion by 2032, exhibiting a CAGR of 10.41% during the forecast period.”
Being a lucrative business, Nigerians are not left out of the hair business as young, savvy ladies and guys, and older adults are into the hair products business.
As a means of survival, thousands of people have keenly embraced either the selling of hair products or hair making/styling, as they can fend for themselves and their families at large by running the business.
Hence, for any prospective business person who wants to delve into the hair industry, there exists a ready market for these products to fly, as they can easily make their profit from the hair extension, crochets, and wigs business.
In a chat with a hair stylist, who also sells hair extensions, Fejiro Daniel disclosed that, proper research needs to be conducted by anyone interested in the hair extension, crochets, and wigs business.
She stated that, “In the time past, people just started businesses based on what they heard or saw without proper research on their part. So, I will advise a thorough market research is done to understand the demand for hair extensions, wigs, and crochet products in Nigeria.
“Identify the target market, their preferences, and the competition. While also monitoring trends, pricing, quality, and customer needs to determine the viability of the business.”
From analysis and information gathered, it is vital to note that hair extensions are sold for their quality and inch, as this plays a part in the pricing of the products.
The hair product seller cum stylist stressed that the present economic situation has resulted in change in the prices of hair extensions. “For instance, Small attachment, as of January was sold for N2,500 but presently goes for N3,100 while a big attachment sold between N4,000 and N5,000 earlier is now being sold for N6,500 even as the Kinky extension as of January, was N2,000 and presently N3,500.
Speaking further, she said: “Some imported synthetic hair extension products could cost between N50,000 to N70,000 while locally-made hair extensions cost about N3,500 upward depending on the quality and brand.
Similarly, establishing partnerships with suppliers who can consistently provide products that meet quality standards will work as well.
Business Capital
This business can be kick started with a budget of N250,000 or more while big-time investors could start with N5 million or more.
The business owner is advised to ensure to calculate the profit margin and make pricing decisions accordingly.
In an era where cutting costs is part of any small business owner’s blueprint, if there is not much funding to set up a physical store, partnering with existing retail outlets, or operating an online store is a way to go.
Fejiro added that, “Keeping up with the hair fashion and trends in the market and regularly updating product range to include new styles, colors, and textures that are in demand, and attending hair and beauty expos to network industry professionals will ensure more visibility of the business.”
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