Inside the $10 Billion Hair Wigs & Weave Industry + 10 Tips To Start Your Business
- Black Pepper Magazine
- Jan 23, 2020
- 4 min read
Updated: Jun 21, 2022
Bundles, Bundles, Bundles ! “A woman who is about to get her Hair bundled, is about to slay the game ” - Black Pepper Magazine
One thing all women can agree on is that hair is one of the most precious beauty assets we have. No matter the style, we rock it all ! From long, short, bald, wavy, straight, wash-and-go’s or an afro. Versatility is our second name.
Today we will take a look in to the wigs and weave extension empire. It is confirmed in a Nielson Report that black women spend nine times more on beauty products than other ethnicities. The increase in hair care for black men is also contributing to the global wigs and extension market. This is not a joke but facts. Men who have problems to grow their hair are opting more and more for the so called “man-weave“ . Nonetheless our buying habits continues to top the charts by spending billions annually. According to Global Outlook & Forecast Report , the global hair wigs and extension market is estimated to reach more than $10 billion by 2023.
The growing demand for high-end human-hair extensions and ultra-high-quality synthetic wigs across the European region will create new opportunities for leading manufacturers in the global market. The increase in per capita income and spending power among consumers will boost the revenues in the market
What does it mean ? It means that there is enough room for more vendors globally and the options for the customers are multiple. The focus on product innovations will help vendors attract new consumers and gain a larger market share. The gradual shift to African regions and business expansion to other regions will drive the growth of the global market.
The top 5 market segments geographically are :
1. North America
2. United States
3. Canada
4. Europe
5. United Kingdom
All in all it can be said that ”there’s power in the black dollar”(Nielson Report) . It would be even more exciting , if this money is circulating within our community, right ? Therefore supporting the black woman weaves and wigs business is crucial to build generational wealth and unity.
How to Start A Business
Here are 10 quick tips on how to start your business successfully.
1. Pick a niche you're really passionated about
2. Find that one problem competitors are missing to do it right
3. Create your unique solution (your product) to close that gap
4. Think about an iconic name and base your brand slogan and message around your solution (product)
5. Visuals that correspond to your brand name and colors
6. Create your brand as if it was a ''person''. What character traits should your brand (''the person'') have? Rebellious for (the customer) those who lives carefree and are bold enough to speak out their mind? Or more of ''The Girl Next Door'' to be relatable for the nice and simple woman?
7. Keep pushin'. Don't give up, even when there are zero sales in the first 6 months. Remember why you've started.
8. Think about ways to market your product. Make it easy for your desired customers to find you. One of the most important marketing tactics is Email marketing.
I know how hard it can be to design a compelling and effective email, especially at the beginning, that's why there are tons of apps and tools to make this journey easier for you. I would recommend Mailchimp, because it is really easy to start (for free) and design without coding (pre-designed templates). Click the picture below to sign up today and start building your email list.
9. Create your social media tactics to attract potential customers. Use TikTok, Instagram Reel and Pinterest to your advantage. Create informative, funny and promotional 15 seconds videos related to your brand and desired customers. It's weird, I know, but that is the future (video marketing). Gather yourself, look cute and have fun with it!
10. Last but not least, bring your products to life. Make it a lifestyle (necessary). Eat with it, place it in your home somewhere cute, review it on your skin etc. Paint the picture for your ideal customer, so that they can envision themselves with your product in their mind first.
Interview
With that being said, it is our pleasure to introduce to you Alayzia K. aka Nakia the CEO & Founder of Nakiellexo www.nakiellexo.com
What does “Nakiellexo” sell ?
It is an online women’s boutique for luxury hair extensions, clothing and accessories.
BPMAG: How did you find out about your passion for beauty?
NAKIA : Through watching my younger family members dress up and do their own makeup ,watching youtube videos and social media
BPMAG: What does beauty mean to you?
NAKIA: Beauty means CONFIDENCE for me
BPMAG: Please describe your brand in 3 words
NAKIA :
Bossy
Personality
Boujie
BPMAG: What piece of advice would you give younger girls about beauty perception on social media?
NAKIA: Look at yourself in the mirror , before you compare yourself to someone else through a phone screen
Website : www.nakiellexo.com
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