Is The Wig Making Business Over Saturated? What You Need To Know When Starting A Wig/Hair Business

Is the wig business over saturated find the business that pays you do i need to spend thousands of dollars on here to get started. Hey, y'all, welcome and welcome back to my channel, it's light and i'm here with another video. If you're new, here - hey girl - hey, if you don't know who i am, my name is elisha, but i go by lei. I know my channel name may say: life is gabby. Gabby is short for my middle name, which is gabriella. So i know i got a lot of names going on. You can either call me gabby or like whichever one you feel best, but hey welcome to my channel y'all. I hope you guys are enjoying me being consistent with all this new content. I am happy to be back um, consistent and full time on youtube, so i hope you guys are enjoying this. If you guys have any video suggestions be sure to let them be sure to leave them down in the comment section below or you can hit me up on instagram, if you don't follow me, my instagram, my personal page is life as underscore gabby the same as My youtube name, my business page, is laid off collection. I will have all that listed down in the description box below if you guys are interested in following me, if you not already so, as you can tell by the title you already know what's going on in today's video, i am going to pretty much be doing A starting, a wishlist hair business and it's pretty much things that you need to know, and then i also want to discuss, is the wig business over saturated. So i know you guys see everybody starting with business. Now everybody want to be a wig maker and all this stuff. So i kind of want to talk about that in this video. I don't want to make it too long and kind of get straight to the point. Um anything i say in this video. Don'T take it personal if you take it personal, it is what it is all. This is pretty much my opinion and my opinion only and i'm not gon na change. My opinion for nobody, so y'all can feel how i feel i just want to put that out. There don't think, i'm you know going crazy or nothing, but i don't throw it out there. This is my thoughts and opinions on it. You may feel different if you feel different. That'S totally up to you. Everybody have the right to have their own opinion on things, which is totally fine. I'M not joining you, don't judge me, so i want to put that out there real quick before we get started, make sure um you go ahead and subscribe to my channel if you're not already y'all go ahead and enter back in the comment section below. If you have any opinions on anything that i'm saying or if you want to discuss something you want me to get my you want my feedback on it leave in the comment section below. I would definitely respond back to you guys. I want you guys to interact with this video. That was the purpose of me, filming it. So, let's get into this video. So if you guys see me looking down it's pretty much because i'm in my phone, i wrote down pretty much everything that i want to talk about in this video. So don't mind me looking down, but i'm trying to have eye to eye with y'all, because i want to talk about this for a little minute. But i just wanted to give it some time before i put it to my channel and make sure that i was being consistent. That way, i can keep you know going on and responding to you guys interacting as well. So first thing: first, we gon na start off with is the wig business oversaturated. So this is my opinion. You can feel how you feel, but i feel as though the weird business is not oversaturated. I feel like there is money out here for everybody who i may know you may not know who you may know. I may not know, and it just it it don't matter if y'all feel like it's over saturated and if it don't matter to you now so be it. But to me i don't care if y'all say it's over saturated over saturated, i'm still loving my money. Okay, i know how to target well. I know my target audience. I know how to get my customers to keep coming back and my money is my money. Your money is your money. So, yes, i do see it's a lot of people out here. That'S wig makers. Now um for essen, i teach classes so i've been teaching classes. There'S new week makers. That'S coming into this business. For me i don't care, i don't care, i don't care, i'm in my own lane, which is laid off collection lane lake lane life is gaby lane. I don't mind nobody else, business. I don't compare myself to nobody and i keep it pushing so. Yes, it is a lot of people that is wig makers. Y'All may think. Oh, it's oversaturated. There'S too many people out here, making weird there's so many people out here want to do this too many people, it's too many people in this world. It'S a lot of people in this world and we are going to do some of the same things as other people do and it don't matter. You got all these hairstyles everybody the same thing. You see anybody complaining yeah, they complain, but people don't still do what they want to do. There'S nothing that y'all can do there's nothing that we can do. All you have to do is just keep it pushing mind your business okay. So that's pretty much what i had to say because a lot of people ask me that question. How do i feel about teaching people and all these new people coming in? They ain't nothing to do with me. Okay, i'm on my business. I do what i got. Ta do for the sake of my business, which is lighthouse collection and doing what i do for myself. So that's me to hear right there next subject now we're going to talk about the things that you need to know in reference to starting a wig slash, hair business. I mainly want to talk about this because i always get comments um on some of my older videos like when i was talking about inventory and all that stuff, and then i get new people that come in every day. That would dm me on instagram asking certain questions, so i want to pretty much make this video that way everything is all together and i don't have to like. You know, keep going back and forth and responding to everybody. So first thing: first hair inventory people always ask: oh, when starting a business. How much do i need to buy and what all do i need do? I need to spend thousands of dollars on here to get started. The answer to that question is no. You do not now. What i will say is: if you find your vendor, you do need to test out the hair, don't be selling no hair. You did not sample, even if you bought a vendor list like myself. I bought in the list still test it for yourself, because what that person, who you would have been they may like it, but you may not, or you may get a different feel from it than what they have. So, even if you have another list make sure you still test out the vendor now when it comes to starting up, i started with three sets of three textures with a closure. No, but i did one of them so for me i had got me a bodyweight lace. Wig. I had got my mom three bundles in the closure wood. I think hers was body wave as well and then my sister did deep wave or did i do straight. I can't remember, but i pretty much did a body wave straight and deep wave as a sample we wore those and my mom ended up coloring hers. Once we were for a couple months. Everybody said their hair was good. I started selling now when i started selling. I accepted pre-orders, which is pretty much you're going to order before you get the item so pretty much all my site for pre-orders. They will pay up front once they pay. I will go and order their hair and then ship it like that. It'S going to take a little longer process, but that's pretty much how i got started and then once i made a profit from those orders, i kept the profit. I flipped it and then i gained hair on hand and started doing ready to ship, bundles and all that stuff. So the answer to do. I need to spend money instantly on hair for inventory. You don't have to you can, if you want to, but you do not have to question number two. This is in reference to wigs custom, pre-orders versus ready to ship again. Custom pre-orders is pretty much they're going to order before the item is here ready to ship, meaning that i'm spending my own money, business, money or personal money to buy the hair up front, make the units and then sell like that me personally. I love ready to ship because i have the freedom to pretty much do whatever i want to do. If i want a 613 black unit with curls, i'm gon na do that they may not want it, but it's what i want to do, and hopefully it sells um when they come to custom pre-orders they're ordering a wig exactly how they want it. If they want this 613 black wig, but she won 30 inches straight, then she ordering that wig exactly how she wanted. So that's how you have to make that wig, so custom pre-orders versus ready to ship. I like ready to ship because they give her freedom to do what you want, but i also like pre-orders, because i know just what she want. It shouldn't be no issues, because this is exactly what she want. So that's that question number three um. What do i use for shipping packaging orders and packaging all that stuff um? I'M not a girl. I like to spend money like that, i'm very on a budget but still make things look good and make sure that it still gets to my clients in the way that i shipped it so for shipping. I do not use usps anymore. I upgraded to the post office, not i do not use usps, which is the post office. I use ups um. The only reason why i switched over was because i was having a lot of issues when it came to usps, which was a post office um. Some of my items was coming missing. My clients never got their wigs, so i pretty much had to come out of pocket and redo things. It was just a headache, so i just upgraded spend more money, but i have not had any issues not going with ups. This far since i have changed now, it is more expensive. I can't say that so it's pretty much what you want to do. You want to keep going through stuff with usps, or you want to spend extra money and know that you won't have no headache. You choose so that's exactly what i did. I upgraded and maybe a little bit more money for my customers, but hey, i told them the scenario they understand. They'Re still shopping, so it just depends and what i can say is when i was shipping with usps. My shipping was i'm going to say 11 with ups. I only took it up to 14., so me out of pocket, i'm paying more money, but they only went up like my customers only had to pay like additional three dollars, but i'm actually paying more than what i'm charging them, because i add signature confirmation on there. I add extra insurance, so that is coming out of my pocket. That way, i don't have to worry anything but to save my clients or my customers, some extra money. I just took the fee up for extra three dollars, so i'm kind of taking a little bit more out of my pocket, but i'd rather be safe than sorry. Now, as far as my packaging, i didn't get any custom, wig boxes angle, i love them. They look real nice, but my pockets and me thinking of will people really keep the boxes. I was like no thank you. So pretty much went on amazon. I found me some all white boxes go on amazon, put nine by six by three or ten by eight by four. Whatever size box you want, and amazon got a whole lot of boxes. Now they may be playing so once they're playing. My package itself is going to be neat so um for my wigs, i put them inside of a hair net after i put them in the hair net. I package them up inside of my silk bags and then once i position my silk bags inside of the box, i will um add in like an extra gift like a wig cap or a um comb or a baby hair brush, and then i always include a Thank you card, a hair care card and a business card, and it pretty much makes it look as if hey i'm buying something real nice. They look real good, even though it's in the plain box, the inside looks amazing, so in another reason why i ship everything playing is because it falls back to usps when i had the pretty packaging they're recognizing exactly what i was doing, they were able to pull Up my business and see: oh, she over here selling a wig, so they would steal the packages, and that was pretty much why i felt like the packages would never get into my customs, because i'm pretty much showing it's my business, all you got ta do is My name and google on instagram and you see what i do so you assume that's what it is. So that's another reason why i went with the plain packages because it did not identify exactly what it was if that makes sense. So that is that, for that question, number four was pretty much. How do you find your target audience? So i don't really speak too much on this topic because i feel like it's not my lane. I did have somebody come in and help me as far as finding my target audience, even though i was kind of like doing certain things to kind of do it. So i don't want to you know, say some things, that's not too right, but as far as what i've done to find my target audience, i pretty much just based off my wigs and my page on who i want to attract um. Don'T take this the wrong way, but i'm not the girl. I want the girls that come in that want to get away for 250 you're, not the person that i want to sell to, because my wigs are not 250. My wigs are not worth 250., i'm aiming for the people that don't mind spending money to invest in a wig and know that hey once i spend 500 600. I know that i'm gon na have this wig for a little minute. As long as i take care of it right now, because i get my maintenance done and all that stuff, i know that that 500 600 was worth it so pretty much. All i did was i made my stuff look up to part. I promoted it as far as like how i want to wear it, even when i'm out on a daily basis, i make sure i'm up to par as far as my hair, even though this wig install is, is a little raggedy, but i'm my walking brand so Anytime i go out, and somebody asked me about my hair. You got to be the one to present it like. I was in sephora the other day literally in there spend the money. As i was walking out the store the girl said. Oh girl, i was waiting for you to come out. Who did your hair? I did my hair for real, so you have to pretty much make your brand come. How can i say it make your brand look up to part to who you want to attract? If you want to attract those lawyers, those rns those doctors, those surgeons show different ways of how your wigs or your hair would be convenient to them to invest into it. So that's all i'm going to say on that part. I don't really get too in-depth, because again i did have somebody come in and help me find my target audience and help me perfect stuff to get those target audience to come in, so i'm gon na leave that right there. The next question i have is pretty much: what do you need legally licensed documentations and all that stuff? So for me in the state of texas pretty much because weight makers don't need license anymore. I pretty much have my llc and i have a dba which is pretty much doing business as and then, of course, your llc is like your limited liability company. I believe i really can't remember what it stands for, but pretty much. The lc is that if something was to happen - and somebody was to try to sue me, they cannot sue me personally. They will sue my business, so it pretty much separates my identity from my business identity and that's pretty much all i needed now when it comes to pretty much doing hair and coloring you're supposed to have a cosmetology license within the state of texas. If you're getting, you know dead in depth when it comes to coloring, hair and doing natural hair and all that stuff, you're technically supposed to have a collagen license, but because i don't do that type of stuff - and i just pretty much mainly make wigs i'm good With what i have, which is my llc and my dba, so that's pretty much. What i need each state is different, so make sure you look up your state laws if you're in new york put in legal documentation, i need for business instead of new york, or you know just pretty much google. What you need within your state. Google will always help you if google don't help you try to find somebody that um is good in legal need. So pretty much for me. I just went to like a courthouse and pretty much asked the courthouse exactly what i need um. I did have somebody out here that i knew legally that knew legal stuff like that, so i also went to him to kind of access some stuff and then also my accountant helped me as well with some of the stuff that i need. So that's pretty much that we have two more, which is pretty much separating your business and personal. I don't know if that's like life, wise or if it means money wise, so i'mma talk about money because that's pretty much what this video is about, so pretty much. How to separate your business and personal money, you need to have two different accounts. You need to have a business account. You need to have a personal account if you're like for me. My money go into my business account and i pay myself as if i was a regular worker, which i would transfer over to my personal account. Now, when it comes to taxes, you will need to separate it for sure that way, it's easier on you when it comes to filing your taxes and showing what all your transactions and stuff mean. So pretty much when i go to file my texas, i just use my business bank statement. I also have quickbooks will pretty much categorize all my transactions, if i'm out in the store, if i'm in walmart and i'm buying some personal stuff - and i end up picking up some hair dye, i'm going to break them transaction in half. That way. I have that receipt just for that hair dye outside my personal stuff, so you need to make sure you're keeping track of your expenses and what you're doing and you need to separate them. I know it may be hard but get to it. I promise y'all when they come to final taxes. I'Ve been there. I don't file texas what four years now in each year, because i've separated everything these last two years have been amazing, because i've been separating everything to make my life easier, especially by having a separate business account. So you definitely need to separate your business and personal. I promise it will help you when it comes to filio texas. Now, when they kind of follow your taxes, girl, don't ask me, i pay somebody, i got accounted that helped me pretty much. Do everything i need to do help me, keep track of all my expenses and my money that i'm making and all that stuff and once that time come, i just gave him my login information to my quickbooks and he handled that for me and that's how that Go now i can ensure that um, i do pay quarterly taxes throughout the year. So i don't really know the exact months, but i think it's like every three to four months. You will pay a quarterly payment that pretty much would go towards the end of the year. So by the time you go to foul texas and let's say you owe six thousand dollars, you will subtract those monthly payments that you made throughout the year from that six thousand and if you have anything left over, that's what you will pay whenever you go to File taxes, so i'm not getting to a depth of that, because i don't really know too much about it. I pay somebody to handle it that way. I can make sure it's done correctly. So last of the topic that we're going to talk about is pretty much pricing. She put price points, but we'll talk about pricing in general um i do have an ebook on my website was pretty much how i priced all my units and my models and stuff like that. It has a pretty much in-depth breakdown of how i do it pretty much. My pricing is based upon how how i'm living i do not do anything outside of youtube in my hair business, so i still have a cardinal got car insurance. I got an apartment that got rent. I got windows insurance from my apartment, still got, ta buy, groceries, got ta live my everyday life. As far as like personal items, personal hygiene, i got phone bills, gas um, sweet brand. I got wi-fi in here. I got security cameras, so i pretty much priced my units, my hair, to pretty much accommodate how i live. So if i have monthly bills, i will make sure that each week that i have, if i'm trying to sell at least five weeks within a week, it needs to kind of equal out to at least that week works of what i have as far as my Bills, so i don't want to confuse you guys when it comes to that i do have an ebook that kind of explains it and that's more in depth. For that part to kind of help you out, but because i am a self-employed, i don't have no other income outside of my business and youtube. I have to price my stuff to accommodate that lifestyle. Now, if i had a nine-to-five or a regular job outside of this or additional job and i'm having a combination of different incomes, then i could be able to lower some of my wig prices, but even now, at this day and age of the world that we're In with the covet happening, the monkey, pockets and stuff, even though monkey pots have really you know, affected hair business but definitely covered prices have went up so before i first started, i could celebrate for 250 because of how things change and prices went up. I can't sell my weight for 250, no more, because the hair itself was not even 250., so you pretty much just have to go in and sit down and actually write things out on your pricing and put the price of hair. Put the shipping that you're going to pay think about the product that you have to buy: wig caps, bleaching powder, bleaching, developer, hairstylist, stuff tools, packaging. You have to think of all that stuff and consider a percentage of how much you spend to add that on to how much you will celebrate that way: you're not going into negatives but you're, actually standing positive, which is making a profit you do not want to Over or under estimate how much money you make, i know we all want to keep being affordable for the girls, but the girls have to realize that we got ta survive to y'all, especially if this is your full-time job. Like me so um, i do have an e-book again if you guys are interested in and if you guys are interested in that, i will have it in the description box below it has a more in-depth breakdown on how exactly i do it and what all i Include in my pricing and what i think of so, i just always say how you live baby. Do you have a full-time job or do you have a part-time job and you have a part-time business? If so, if your part-time business only paying you let's say hundred dollars a month, but you still got rented car note, your rent is dang on a thousand dollars. You got ta you got ta make your business meet the end of what your job is not paying. So you guys pretty much just you need to sit down like, especially for all the new people that's coming in. I know when we first started. We want to be affordable. That way, we not pretty much matching somebody to somebody prices who been in the game logan at us, but you got to do what you got. Ta do baby, i'm sorry um the 250 wigs. If you sell the wigs for 250, i don't see how you doing it, because i have not done a price for at least 250, which is a bob, and what now going on three years, two and a half years now, hair has changed so much before you Probably get three bundles of 20 inch with a closure for maybe 170 160. now i'm paying like to almost 220 and 2 30. For that, if you want to be honest, i may be off a little bit, but you can't get here for the prices that we used to back. Then things have changed so much y'all like it have changed. So that's why i'm saying like if you're new to this world and you're new to the entrepreneur stuff in the wig and hair business, make sure you are doing what you need to do in reference to your research. Y'All can always reach out to me um. I try to share as much as i can without giving too much, because again i do you know charge for certain things and stuff like that. So if i can help you in any way, i surely will, if you guys want to have like a little small consultation with me, i'm open to that. I am looking into doing mentorship and all that stuff really soon. In reference to help. You guys start up certain things and tell you guys how i started certain things so just stay on the lookout for that. Hopefully i will have that stuff available, maybe by the end of this year, the beginning of next year to help you guys - because i have - i haven't - been the game that long, but i have started. I started my business in 2018 so now we're at 19. 20. 21. 22. We almost going on five years in business and since i've been here so much stuff has changed from when i first started to now, and i have changed doing different things when i first started, i was just telling her in general, i was, i wasn't making wigs, But then, eventually i started hand sewing wigs in 2019, which was almost a year in business selling hair, and then i ventured on to making wigs right now i don't even sell hair individually. I just only provided for my wigs, so i have transitioned since i started my business into doing different things to make things work for me, because i know this is my now. This is my only income. When i first started. I was working a regular 905, like i told you guys. I was working at walmart and dominoes and stuff like that to kind of put money into my business for me to do this full-time, like don't get me wrong. I love a 9-5, but i have. I won't say i'm like, but i have that leadership part of me to where i like, to kind of take over and guide people through, and i kind of felt like what what i was doing and while i was working out, i was kind of stepping on People'S toes, so that's why i went up my own business. That way, i can do my own thing, so that's pretty much it that's all! I have for you guys today, if you guys have any other questions or anything like that, be sure to leave in the comment section below, and i will answer them for you guys, um, if you guys have any video suggestions. Please please please, let me know in the comment section below i want to stay active and keep bringing you guys different things. I also hope you guys are enjoying the weekly vlogs. I think the weekly balls are helping me stay consistent with posting and filming every day and showing you guys my daily life. So again, if you guys have any video suggestions, please leave them down in the comment section below if you're new and you made it to the end. Thank you so much for saying to the end, if you feel like you, like my vibe, and you like what i do go ahead and hit the subscribe button before you go comment down below. Let me know your new subscriber, because i would like to thank you for joining and you know liking my content and stuff like that. But that is it you guys. I will see you guys in the next video again i'm working on like two different vlogs throughout this one. So if you see the same outfit and stuff in another video just know, i've been working and doing different things at one time. So i will see you guys in the next video and i love you guys, you