4 Things You Need To Have Before Starting A Wig Business In 2021|| Must Watch || Entrepreneur Life

The business is not easy, it's not for your meat or week and it will eat you up a lot all right, let's jump right in so i have my notes here, because i don't want to forget anything or skip over anything at all. So the first thing that you need to focus on before starting a wig or hair business in 2021 is your mindset. So with what that means, is you have to have the mindset to know that you're gon na succeed, you're gon na, have to know that things are gon na get hard? Things are not gon na go your way. Things are not gon na happen as fast as you would want them to would like them to also understand overnight. Success is not necessarily a theme; it is more likely for you to get in a car accident than it is likely for you for your business. To take off make a hundred thousand dollar a year in your first year of business, don't get into the business. If you plan on getting rich quick like the i made a hundred thousand or i made five hundred thousand dollars and blah blah blah years, i don't know don't expect to make any real money in your business until you're. Three, the end of year, three, beginning of year: four. Actually, the irs gives you three years for you to make a profit in your business. If the irs knows that you need at least three years to make one dollar of profit in your business, don't expect to make all this money as soon as you start, because it's not going to happen like that, and you don't want to disappoint yourself. Thinking that you're going to get rich quick, it doesn't work like that business. It'S all about strategy, marketing, branding and executing those are all different topics in business that you kind of have to learn and figure out and kind of master. Before you start, making expand on mindset be sure that you're passionate about beauty, business, wigs hair just make sure you're passionate about it, because you're going to get into it and realize that it is so much work and it's so much work. It'S so much. How to explain downs that come with the ups of course, but you have to be sure that you're passionate enough to know that you have to work through these negative things in business for them to work. If that makes sense so on days, where you're, not you might go a month without making no sales, are you going to quit? After that you might get a negative customer experience? Are you going to say, effort or and cuss your client out and just say, f the business or you know what i'm saying so you got to make sure that you're super passionate about it, because it's going to be days where you're just going to be like Man - i don't know about that, but you have already invested all this money into it and you know you don't necessarily want to take a loss in that way. So just make sure it's something that you like and if you do, try it and it's not your stilo, don't be afraid to let go and try something else. At least you try, you figured it's not for you move on to the next thing. So don't worry about that. Also in mindset believe that you can do it, so you made your mind up that you want to get into a business. You made your mind up that you want to do wigs and um sell hair, go into it with the mindset that you can do it and that you can succeed and you will succeed. I have a theory if you don't quit. If you take the quit out of the equation, you're guaranteed to succeed, you don't know when you don't know how, but as long as you don't give up you're going to succeed, if you quit, you 100 won't succeed. If that makes sense, if you see what i'm saying all entrepreneurs all business - people that are very successful in their ventures, they one thing they have in common: they did not quit if they would have quit, they wouldn't have made it to where they've been so go Into this, knowing that you can do it and it is possible, don't worry about whoever else. Whatever else is going on in the world, who has this many amount of followers who's making this money at the end of the year everybody's, showing they shopify stuff? Don'T worry about that stuff just know that you one day will reach all your goals and you will make it and say it every day in your head or if you have to write it down on a piece of paper and post it on your mirror, where You brush your teeth in the morning. I can do it. My business will be successful. Even i believe that i have them the skills and the mindset to do this so before my second topic that i want to touch on with starting a business. A wig in here in 2021 is the education, so i know a lot of. I see a lot of people online that are trying to start businesses do business and don't have the education or the knowledge to do any of it, and i'm not saying that. No, i'm i actually. I am saying that you need to be educated on business um. For me, i have a formal education. I have i'm about to be done with my associates in business administration. I have a technical certificate of entrepreneurship and i do have experience in business now. I'Ve been in business in business for three years now: styling the box rebranded. If you didn't see my rebrand video started back in october 2020, so styling, the box itself is new, but actual business. I'Ve been doing for three years and studying it and trying to manage research. So people are starting llc's. You need ein numbers, you need business name, you need branding marketing education. Just take your time. It'S no rush. Trust me um. There are people out there that need your business, but what people are not going to spend money on is businesses that look like they're thrown together, not thought about just trying to get money quick and not built up correctly. So take the time to get the education that you need. Actually, i'm planning on starting like a mentorship program to help young women start their businesses, their hair beauty, businesses, and do it the right way, not just you out here, spending random monies wasting money on extra things that you don't need or marketing companies. You know just trying to suck you in and take all your money before you even need to so stay on and watch out for that. So yeah do your research also, if you're going to be making wigs themselves, you need to perfect your technique. Perfect! Your technique. Perfect your technique. Nobody wants to have eight wigs. Nobody wants nothing. That'S gon na fall apart, don't look good, not great quality, so perfect, your technique as best as you can before you start um start somewhere, but always look to perfect your technique technique. You got ta each wig, you make it needs to be better each time. I don't care. If the way you curl the way your knots are bleached. The way your baby hair is lit. The way how flat it is your styling colors. Each time you make a unit, it needs to get better so make sure you invest in your technique. Technique technique the best in branding education, marketing education as much as education, as you can make sure you invest in that before you dive in, because what i've realized, if you do not, you wind up, wasting more money than you would of than if you would have Just went straight to somebody to help you start, you know see if that makes sense. So, instead of trying to do it yourself just go ahead and save your money invest into a coach or somebody that can help you with your business and go from there because trust me you're, going to wind up wasting more money doing it yourself than you would Have by just jump going ahead and getting you a cover. First thing on my list is funding funding, funding, funding i've seen so many i'm gon na call them skins with things on the internet start your business with zero down. No, you need money to start a business i'll say a minimum three thousand dollars to start a legitimate business and with that three thousand dollars. That is a stretch because, i would say, use a thousand dollars for your first set of inventory use the other thousand dollars to invent to investigate materials and supply and another thousand dollars on your business education. I feel like that should get you started for with a legitimate business and plan to invest every dollar that you make back until for the first full year. Don'T plan on taking any money out of your business until a full first full year and if you have profited keyboard stores for revenue, but not necessarily profit so or could save the money right now don't rush or you can ask your friends and families to invest. You can, even if you have a solid business plan, you go ahead and try and go to the bank to see if they will um loan. You a business loan, but even with that, i wouldn't recommend that those are just options for funding. The best way is to bootstrap for your business, which means save your own money and invest as you go until your business starts, making profit. Unfortunately, i feel like a lot of banks, don't necessarily fund beauty businesses like that they don't want to or you could try and get grants or yeah. If you get your income tax flip, that stimulus is just drop. If you have that saved use that to go towards your business, so funding funding funding, you need at least my opinion three thousand dollars to start a legitimate business, not saying you can't start with less, not saying you can start with more but 3k. I feel like it's a sweet spot and you see i told you the breakdown. Fourth thing: i would say that you need to know before you start a week. Business in 20, 20 21 is support. You need support. You need support. Oh my gosh. You need support. Even if your friends, your close friend or close family, don't necessarily understand matter of fact, they probably won't understand what you're going through or what you're trying to do find you a business buddy like somebody on the internet will be your business buddy. It doesn't even have to be somebody in person. It could just be somebody on instagram that you talk to you like their profile, you're inspired by their work. I have so many business buddies on instagram y'all like and them they keep me going because my circle specifically like my friends and family, don't understand business and what it takes and the sacrifices that i need to make as a business owner to make my business venture. Styling about successful so definitely look into joining facebook groups with other business, um beauty, business, people, business owners, i'm sorry, other beauty, business owners. Try to look in your community. Try on instagram is perfect. Like all of us, like a lot of other wig makers, we all follow each other and we support each other and we give each other advice and tips when we need to so definitely definitely have support you're going to need a business is not easy. It'S not for your meat or week and it will eat you up alive if you don't have everything the end of this video. If you enjoyed this content, please comment below and let me know what you want me to talk about next and i'll. Let you guys know that i love you guys very very much and let's get us to 2 000 subscribers. So i want you to like comment and subscribe and tell somebody about this. Video and i'll talk to you guys later bye,