Starting your own wig business may seem like a complex and costly endeavor at first. However, armed with some basic business knowledge and a bit of hard work you will be up and running very quickly. The cost of starting a proper business is surprisingly low, especially compared with the often high costs of retail space and inventory. Make sure to make a careful business plan, outlining how much money you will be able to invest in your business before trying to open.
Make a list of possible names for your business, as your first choice may already be in use. Choose names that are easy to remember and tells people what you do and what products you are selling.
Apply for a fictitious name statement. You can get and fill out the appropriate forms at your Country Registrar's office. There is a small fee that must be paid when applying for a fictitious name statement, but it is under $100 in most counties. Fictitious name statements are valid for five years from the application date. You will receive a DBA (doing business as) statement in the mail once your application has been finalized.
Open a checking and savings account in your business name. You may choose to use the same bank where you currently have personal accounts to save time if you are working alone. Most bank policies require businesses opening accounts to present their DBA.
Find a physical location for your wig business. Enlist the help of a property management company or realty firm to help you find available spaces. These services are generally provided for free to business looking to rent or purchase commercial retail space.
Obtain a business license from the county you will be operating in. There is a small fee to acquire a business license, but it is usually under $100.
Get your resale license from the State Board of Equalization so that you may purchases wigs and accessories from wholesalers and manufacturers and sell them for profit to customers. You will need to provide your resale license to vendors on a regular basis. Resale licenses are given to businesses for free, but you may need to show that you actually need a resale license before one is granted by the state. Usually you will only need your business license and DBA to complete this process.
Learn to fit a wig if you do not already know. While some cosmetology schools offer courses, most choose to learn through practice. You can find a basic guide to fitting a wig at www.tohair.com. Books like "The World of Wigs, Weaves, and Extensions" by Toni Love can be found through Amazon.com.
Find wholesalers in your area or that will ship products and supplies to you. While ordering online may be cheaper, you need to factor in shipping costs before ordering. www.aaawigbiz.com can help you find manufacturers, wholesalers and distributors to work with.
- How to Start Your Own Small Business; Phillips, Jay; 2007
- My Own Business