How to start a wig store business


How to start a Wig Store Business?

Are you interested in starting your own Wig Store Business?

If you're thinking about starting a wig store, there are a few things you should know. First, the wig business is booming. The global wig market is expected to reach $3
1.4 billion by 2024, according to a report by Grand View Research. There are many different types of wigs available on the market, from human hair to synthetic, and the options can be overwhelming for a first-time buyer. That's why it's important to have a knowledgeable staff who can help customers find the right wig for their needs. In addition to offering a wide selection of wigs, your store will also need to have a few other key components in order to be successful. Here are a few things to keep in mind as you start planning your wig store business:
1. Find the right location: Your store should be in a high-traffic area with good visibility. You'll also want to make sure you have enough space to accommodate your inventory and customers.
2. Create a strong branding strategy: Your store's branding should reflect the type of wigs you sell and the customers you want to attract.
Business Plan
When starting any business, it is important to have a clear plan laid out. This includes knowing what your start-up costs will be, what your target market is, and what your long-term goals are. The same is true for starting a wig store business. Before you can start selling wigs, you need to know where you will get your inventory. Will you buy from wig manufacturers or distributors? Will you make your own wigs? Once you know where you will get your wigs, you need to price them. Consider your target market and what they are willing to pay for a wig. You also need to factor in your own costs, such as the cost of materials and labor. Next, you need to decide on a location for your wig store. Will you have a physical storefront or an online store? If you have a physical location, you need to consider the cost of rent or mortgage, utilities, and other expenses. If you have an online store, you need to consider the cost of a domain name and hosting, as well as any advertising costs. Once you have a clear idea of your costs and your goals, you can start putting together a business plan. This should include
Target Market
The first step to starting a wig store business is to identify your target market. Who will you be selling wigs to? There are many different types of wigs on the market, so it's important to narrow down your target market to make sure you're providing the right type of product for them. One way to identify your target market is to think about who would benefit most from wearing a wig. For example, cancer patients or people suffering from hair loss due to medical conditions may be a good target market for your wig store. You could also focus on selling wigs for fashion purposes, targeting people who want to try out a new style or change their look without commitment. Once you've identified your target market, you can start researching the types of wigs that would be most appealing to them. What styles and colors are they looking for? What is their budget? Answering these questions will help you stock your store with the right products and ensure that your customers are happy with their purchase.
Business Model
There are a few different ways to go about starting a wig store business. The first is to sell wigs online through a website or an online marketplace such as Etsy. This option is great for those who want to have a global reach for their business or who don't have the space to open a brick-and-mortar store. Another option is to open a brick-and-mortar wig store. This option is great for those who want to have a physical presence for their business and who want to be able to offer services such as wig styling and fitting. No matter which option you choose, there are a few things you'll need to do in order to get your business up and running. First, you'll need to find a good supplier for wigs. There are many wig manufacturers out there, so it's important to do your research to find one that offers good quality wigs at a reasonable price. Next, you'll need to create a marketing plan. This will help you promote your business and attract customers. You can use online marketing techniques such as SEO and social media, or you can use more traditional marketing techniques such as print ads and flyers. Finally, you'll.
Competitive Landscape
The wig store business is a competitive landscape. There are many different wig store businesses out there vying for customers. It is important to understand the competition when starting a wig store business. One of the first things to consider is the location of the wig store. There are many wig stores located in malls and shopping centers. However, there are also many online wig stores. It is important to choose a location that is convenient for potential customers. Another important factor to consider is the type of wig store. There are many different types of wig stores, including full-service wig stores, discount wig stores, and online wig stores. It is important to choose a type of store that caters to the type of customer you want to attract. It is also important to consider the price of the wigs you will be selling. Wigs can range in price from a few hundred dollars to several thousand dollars. It is important to find a price point that is competitive with other wig stores in your area. Finally, it is important to consider the advertising and marketing of the wig store. There are many different ways to advertise and market a wig store. It is important to find a method that reaches potential customers and helps
Costs & Pricing Strategy
There are a few things to consider when it comes to setting the price for your wig store business. The first is the cost of goods sold, which includes the cost of the wigs themselves and any shipping or other associated costs. The second is the overhead costs of running your business, which can include everything from rent to marketing expenses. Finally, you'll need to consider your desired profit margin and set your prices accordingly. When it comes to the cost of goods sold, you'll need to do some research to find out how much similar wig stores are charging for their products. Once you have a good idea of the going rate, you can set your prices slightly below or at that level in order to be competitive. It's important to remember, though, that you need to make enough profit to cover your overhead costs and still earn a reasonable profit margin. Overhead costs can vary greatly depending on the size and location of your wig store. In general, though, you can expect to spend several thousand dollars on things like rent, utilities, insurance, and marketing each month. Again, you'll need to do some research to get a better idea of what these costs will be in your specific case. Once you
Forming a Legal Entity
If you want to start a Wig Store business, you will need to form a legal entity. This will protect you from personal liability and help you raise money for your business. You can choose to form a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of entity has its own pros and cons, so you will need to choose the one that is right for your business. If you are the only owner of your business, a sole proprietorship may be the best option. This type of business is easy to set up and you will not have to deal with much paperwork. However, sole proprietorships offer no personal liability protection, which means that you could be held responsible for debts incurred by your business. Partnerships are similar to sole proprietorships in that they are easy to set up and offer no personal liability protection. If you decide to form a partnership, you will need to choose a business partner who you can trust and who has complementary skills. It is important to have a written partnership agreement that outlines each partner's roles and responsibilities. A limited liability company (LLC) offers personal liability protection and is a good option for a small group of founders. div>
Opening a Business Bank Account
When you’re ready to start your Wig Store business, one of the first steps is to open a business bank account. This will help you keep your personal and business finances separate and will make it easier to track your expenses and income. To open a business bank account, you’ll need to have the following information and documents:
-Your business name and address
-Your Social Security number or Employer Identification Number (EIN)
-A list of the owners, officers, and directors of the company
-Articles of incorporation or a business license
-A voided check or deposit slip from the account you’ll be using for your business. 
Once you have all of the required information and documents, you can visit your local bank or credit union to open a business checking account.
Setting up Business Accounting
Setting up Business Insurance
As a business owner, it is important to protect your company with the proper insurance. When setting up a Wig Store business, you will need to consider the following types of insurance:
-Product liability insurance: This will protect you in the event that a product you designed and printed causes injury or damage.
-Professional liability insurance: This will protect you in the event that a client suffers damages as a result of your work.
-Business property insurance: This will protect your equipment and premises in the event of damage or theft.
-Business interruption insurance: This will protect you in the event that your business has to stop operations due to a covered event.
-Employee dishonesty insurance: This will protect you in the event that an employee steals from your business.
Speak with an insurance agent to determine which policies are right for your business
Setting up a Business Website
If you want to start a Wig Store business, one of the first things you need to do is set up a website. This will be your online home base, where potential customers can learn more about your business and what you have to offer. There are a few key things you need to include on your website:
-An About page: This is where you can tell your story and give potential customers a sense of who you are and what you stand for.
-A portfolio: Showcase your best version on your website so that potential clients can see your work.
-A contact page: Make it easy for people to get in touch with you by including your email address and/or social media links.
-Pricing information: Let visitors know how much you charge for your services.
By having a well-designed website, you’ll be able to attract more customers and grow your Wig Store business
Obtaining the Necessary Permits
In order to start a wig store business, you will need to obtain the necessary permits. Depending on your location, you may need a business license, a zoning permit, and/or a sales tax permit. You can usually obtain these permits from your local city or county government.
Setting up a Business Number or Appointment Setter
When you’re ready to start your Wig Store business, one of the first things you need to do is set up a business phone number or an appointment setter. You can use a service like Google Voice to set up a business phone number for your Wig Store business. Google Voice will give you a free business phone number that you can use to make and receive calls. Once you have a business phone number, you can start taking calls from potential customers. When you get a call, be sure to take down the customer’s name, contact information, and what they need. Once you have this information, you can give the customer a call back to discuss the project in more detail and give them a quote.
Assuming you have completed the previous sections on researching the wig industry, finding a niche, and building a website, it is now time to move on to the next steps in starting your wig store business. These include creating a marketing plan, sourcing products, and developing a sales strategy. With a well-executed business plan, you can confidently move forward with opening your wig store and making it a success.

Why write a business plan?

A business plan is a critical tool for businesses and startups for a number of reasons:
  • Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
  • Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
  • Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
  • Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
  • Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
  • Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
  • Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
  • Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
  • Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
  • Business plans allow you to position your brand by understanding your company’s role in the marketplace.
  • Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
  • Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.

Business Plan Content


Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:
  1. Executive Summary
  2. Company Overview
  3. Industry Analysis
  4. Consumer Analysis
  5. Competitor Analysis & Advantages
  6. Marketing Strategies & Plan
  7. Plan of Action
  8. Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.

Instructions for the Business Plan Template

To complete your perfect Wig Store business plan, fill out the form below and download our Wig Store business plan template. The template is a word document that can be edited to include information about your Wig Store business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

Ongoing Business Planning


With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.


Want a Bespoke Business Plan for your Wig Store Business?

Our Expertise


Avvale Consulting has extensive experience working with companies in many sectors including the Wig Store industry. You can avail a free 30-minute business consultation to ask any questions you have about starting your Wig Store business. We would also be happy to create a bespoke Wig Store business plan for your Wig Store business including a 5-year financial forecast to ensure the success of your Wig Store business and raise capital from investors to start your Wig Store business. This will include high-value consulting hours with our consultants and multiple value-added products such as investor lists and Angel Investor introductions.


About Us


Avvale Consulting is a leading startup business consulting firm based in London, United Kingdom. Our consultants have years of experience working with startups and have worked with over 300 startups from all around the world. Our team has thousands of business plans, pitch decks and other investment documents for startups leading to over $100 Million raised from various sources. Our business plan templates are the combination of years of startup fundraising and operational experience and can be easily completed by a business owner regardless of their business stage or expertise. So, whether you are a budding entrepreneur or a veteran businessman, download our business plan template and get started on your business growth journey today.