There is a growing trend for upscale hair products in high-end retail stores, spas and salons, making it a good time to start your own business. According to the website Mintel.com, there is plenty of growth, especially in the natural hair care product market. All-natural-based products are a segment of the beauty care market suspected to grow 20 per cent in 2010 to 2012. Having the right ingredients and distributor can dictate how successful your business becomes.
- Skill level:
- Moderately Challenging
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Hire an attorney to register your business with your secretary of state's office. Starting a new business requires that you register an unique business name and file articles of incorporation. If you plan on having your own store with staff, apply for an Employer Identification Number (EIN) from the IRS. In addition, an attorney can advise you on protecting your intellectual property rights. He may suggest you file a trademark application to protect your original brand and logo.
Identify your target costumiers. Your hair product may be aimed at a specific ethnic group, age or even hair type. Research your potential consumers and find out what their needs are regarding hair care products.
Review the Food and Drug Administration (FDA) regulations for hair products. The FDA has rules that regulate the labelling, production and storage of beauty products.
Contact a chemical engineer. Consult a professional about shelf life and product safety, even if you plan on selling a natural hair product. A chemical engineer can create different formulas of hair products and develop a special scent. They can refine existing products to better suit your needs.
Price your hair care products appropriately. Customers may be willing to pay more for a high-quality product, like an all-natural shampoo. However, very expensive hair products automatically limits the amount of consumers who can purchase it. Compare your prices to the competition already on the market to set a price point where you can make a solid profit.
Find a distributor for your hair product line. The most successful hair care products are all carried by major retailers. A new hair product business may find success through salons and private business sales. Start-up Biz Hub suggests finding a distributor that meets your consumer's needs. Work with salon owners and boutique stores to consign your products. Consider selling your items in a mall kiosk or an online store.
Tips and warnings
- Advertise your product. Take samples of your hair products to local salons to try to attract new customers.
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