Are you going to write a hair extension business plan? ? here is a sample SWOT analysis for a hair extension retailer to help you develop a competitive strategy.
Economic analysis of the hair extensions business plan
Even though the hair extensions industry is huge, it doesn’t mean that there aren’t any businesses that fail, so you should do your research before starting this business. One of the key elements of being successful in this business is not only having the necessary funding, but also having up-to-date knowledge of the hair industry.
Sometimes clients need advice on what type of hair extensions to get. and therefore would be confident in your choice if they knew you are good at hair extensions. The industry, which is part of the fashion industry, protects against recession as people, especially women, always want to be able to look good and change their appearance at any time.
The other two important aspects of the hair extension industry are price and location. When setting a price for hair extensions, you have to be practical because your business is designed to make a profit. You will need to consider your general and operating expenses, as well as what your competition is currently offering.
In addition, the location of your hair extension business is very important as your clients need to be comfortable accessing it. To be successful, you need to combine online sales on your website, forums, and eCommerce sites with your physical store.
Hair Extension Business Plan SWOT Analysis Example
We plan to open a single point of sale in our hair extensions retail store in Charleston, West Virginia, and test it over 2-5 years to see if we invest more. money, grow the business, and then open all the other locations. over major cities in West Virginia and major cities in the United States and Canada.
We are aware that there are several hair extension retail stores in Charleston, and even the same location where we will find ours, that is why we go through the proper business start-up process.
We know that if a proper SWOT analysis is performed for our business, we will be able to position our business to maximize our strength, seize the opportunities available to us, minimize our risks and be prepared to counter our threats.
Sharon Anita Hair Extension Store®, Inc. We hired the services of an experienced HR and Business Analyst with a retail bias to help us conduct an in-depth SWOT analysis and help us create a business model that will help achieve our business goals and objectives. This is a summary of the SWOT analysis that was performed for Sharon Anita Hair Extension Store®, Inc.
Our location, the business model we will be working with in both cases (physical store and online store), various payment options, a wide range of wigs and hair extensions, and a great customer service culture will certainly be the key. strong point of Sharon Anita. Hair Extension Store®, Inc. In addition, our team of highly qualified employees is also a plus for us.
The main weakness that you might think against us is the fact that we are a new hair extensions retail store in Charleston, West Virginia and do not have the financial capacity to compete with the retailers of ‘multi-million dollar hair extensions in retail. our products at the lowest prices.
The fact that we are about to operate our hair extensions retail store on one of the busiest streets in Charleston – West Virginia gives us unlimited opportunities to sell our wigs and hair extensions. to a large number of people and businesses. We were able to conduct a comprehensive feasibility study and market research and we know what our potential customers will be looking for when they visit our hair extensions.
As with any business, one of the biggest threats we are likely to face is the economic downturn. It is a fact that the economic recession affects purchasing power / purchasing power. Another threat we may face is the emergence of a new hair extensions retail outlet in the same location as ours. In addition, unfavorable government policies can also pose a threat to companies like ours.
