How to Open an Ethnic Hair Supply Store
Being an entrepreneur is an exciting and brave occupation that requires a little luck and lot of hard work. Working on a feasible business plan and following through, finding the funding and location, hiring employees and making the correct marketing contacts to open a successful ethnic hair supply store requires copious research, networking and perseverance.
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Things You'll Need
- Computer with internet connection
- Phonebook
- Business plan
- Funding
- Location
- Supplier
- Marketing plan
- Employees
Instructions
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How to Open an Ethnic Hair Supply Store
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The first step in opening a hair supply store is to do your research. Use the internet and phone book to ascertain if and/or where the other ethnic hair supply stores in your area are. Try to find out how many there are, and, if there are several, call each one and ask to whom and where do they cater-individuals, salons or a mix of both? Also ask what services they provide. You can then decide if you can open a store that competes with other stores in the area.
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If you decide that it is economically feasible to open a store in your area, begin by creating a business plan. Your business plan should outline not only your goals for your store, but a description of your business, marketing strategies, a competitive analysis, design and development plan, operations and management plan, and a financial analysis. There are several websites that have business plan templates, including the Small Business Association. Refer to them if you need help writing a business plan.
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Using your business plan as an action plan, start putting the pieces of your business together. First, if you don't have the financial means to start your store, take out a loan or find a business backer that will provide funding for you. Join your local Chamber of Commerce to network with individuals, some of whom may be interested in helping you financially.
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After securing the funding necessary to start your business, begin looking for a location and applying for the proper business permits and certifications. You may want to hire an accountant to begin keeping your business finances in order and to explain business taxes to you.
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Find suppliers. You can look online to find suppliers that sell products in bulk for reduced prices.
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If it looks like your store is actually going to open, start marketing. Some marketing techniques include handing out fliers, placing ads in the paper, featuring commercials on television, sponsoring local sports and charities, and making announcements at different community events. Any way you can, spread the word in a memorable way that will make people want to come to your store.
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Hire employees, specifically delineating tasks and responsibilities to specific individuals for a smooth-running and efficient store.
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Tips & Warnings
Use networks such as your local Chamber of Commerce, the Better Business Bureau and the national Small Business Administration not only to make connections, but to learn how to successfully run your own small business.
