what do you think of this idea? GOOD OR BAD?

[juniorr44]

Hi guys, my name is junior and I have just turned 22 years old and I had a huge doubt! How do you see the wig business in Spain or around the world? make synthetic wigs like American singers use, I see that they are using a lot and in this consumer world that all purchases are on impulse and everyone wants to look like famous people, what do you think about it? How can I know the route of entry and if it can be feasible and be able to monetize it in a very hugging way? making an average wig takes 1 day and what you have to invest to do is only 200 euros, and it can be sold for 900-1000 depending on the wig ... it is also not so easy to sell them and I think you have to take into account mind that. but what do you think about it? And how can I know if it is a good business to start my business?

 

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[alexson]

Good or bad will depend upon how you start your business and how can you take it from initial level to higher level?

 

[juniorr44]

Good or bad will depend upon how you start your business and how can you take it from initial level to higher level?

I think it not only depends on that, I think it also depends on many factors such as the "entry level" right now I do not know what it is called in the business world but it is used to know if the business can be profitable.

 

[Stargazer]

This might sound strange coming for a middle aged white male

I see young girls in England who when they go out, some of them wear wigs. Like a blonde bob or red bob or whatever. Like a fashion accessory.

But they wont be paying lots for it. Just £20 or so as it is not a permanent image. Just a one off or maybe a few wears. Its why shops like Accessorize became popular. Girls don't need to go out dripping in diamonds like when I was younger and worry about losing it. They can buy £5 costume jewellery for a night out and not worry about losing it.

So I think your target market might be quite smal here.

Now black women is different. They all have multiple wigs and just like cars, there are different price points. Some people can only afford cheaper ones and some can afford very expensive real hair ones from Russian and Indians to get long straight hair costig thousands.

Most are in between, again like cars.

And that market is growing hugely. Africa population is going to double and the African population in Europe (UK anyway I don't really know about the rest) is growing rapidly which is how come I see these wig shops in some towns that never existed a few years ago.

So maybe that is your market. Because at some time very soon, utility turns to glamour. Ypu will start to see black women with dead straight electric blue bobs etc

Dan

 

[einsteinii]

Nothing in this world is bad, it's upon you how you see and take it as good or bad.
Every idea or business or thing is start with good thoughts that it will help people or will be great in other manner.
If your business plan is good and execution of that is as you expected then off-course it's good.
However a business have ups & down so don't bother, keep patience. You will be succeed.

 

[Pink Sheep]

Hi guys, my name is junior and I have just turned 22 years old and I had a huge doubt! How do you see the wig business in Spain or around the world? make synthetic wigs like American singers use, I see that they are using a lot and in this consumer world that all purchases are on impulse and everyone wants to look like famous people, what do you think about it? How can I know the route of entry and if it can be feasible and be able to monetize it in a very hugging way? making an average wig takes 1 day and what you have to invest to do is only 200 euros, and it can be sold for 900-1000 depending on the wig ... it is also not so easy to sell them and I think you have to take into account mind that. but what do you think about it? And how can I know if it is a good business to start my business?

If your goal is to sell wigs to make money, it's a bad idea.
What's special about these wigs? I'll just buy them on aliexpress in stead.

 

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[Johnny boy]

Is it difficult to find a good wig? Are they limited in selection? Are they marketed poorly? Is the customer service terrible when trying to buy one? Do they fall apart after a week of usage? Can they be made cheaper for the same quality or better? Is there an underserved demand for wigs?

If so, then you have an opportunity. The fact that people buy wigs doesn't mean it's a good opportunity for you. There may be nothing wrong with the current wig market and everyone is happy and there's plenty of options for a fair price. If that's the case then you are adding nothing new to the marketplace and there is zero added value and thus zero expectation of relative success. You would just be a commodity, introducing competition and undercutting margins in a race to the bottom.

With that said, it's a better idea to do it than to not do it. A person who started and failed a wig business is miles ahead of someone who didn't start or fail a business at all. And maybe you start and don't see an opportunity until a year later. Perhaps you see that the manufacturing of the wigs is a broken system and you see a way to fix it and become a b2b business instead. Many success stories are like that.

Whatever it is, you should probably start because experience and chance have a funny way of giving you an advantage long term.

 

[juniorr44]

This might sound strange coming for a middle aged white male

I see young girls in England who when they go out, some of them wear wigs. Like a blonde bob or red bob or whatever. Like a fashion accessory.

But they wont be paying lots for it. Just £20 or so as it is not a permanent image. Just a one off or maybe a few wears. Its why shops like Accessorize became popular. Girls don't need to go out dripping in diamonds like when I was younger and worry about losing it. They can buy £5 costume jewellery for a night out and not worry about losing it.

So I think your target market might be quite smal here.

Now black women is different. They all have multiple wigs and just like cars, there are different price points. Some people can only afford cheaper ones and some can afford very expensive real hair ones from Russian and Indians to get long straight hair costig thousands.

Most are in between, again like cars.

And that market is growing hugely. Africa population is going to double and the African population in Europe (UK anyway I don't really know about the rest) is growing rapidly which is how come I see these wig shops in some towns that never existed a few years ago.

So maybe that is your market. Because at some time very soon, utility turns to glamour. Ypu will start to see black women with dead straight electric blue bobs etc

Dan

it's just what i was thinking! but the detail you said about the accessories haha damn you are right !!! Now they only use nonsense of 2 dollars and they believe that they are 500 dollars, I am thinking of having as a target audience high-end people, also Dominican and American people. I don't know if it will be a good market to start with! I was shocked that the African population will increase! where have you seen that ??

 

[juniorr44]

Nothing in this world is bad, it's upon you how you see and take it as good or bad.
Every idea or business or thing is start with good thoughts that it will help people or will be great in other manner.
If your business plan is good and execution of that is as you expected then off-course it's good.
However a business have ups & down so don't bother, keep patience. You will be succeed.

thanks brother!! your words are very encouraging! Although I would have liked some more information on the subject of how I could enter that business in a different and impressive way ... not only that if not, how could I know if it is profitable since I do not have much business knowledge.

 

[juniorr44]

If your goal is to sell wigs to make money, it's a bad idea.
What's special about these wigs? I'll just buy them on aliexpress in stead.

I was learning a lot and good wigs, those that last, those that are famous and those that are original, could become very expensive. And it is normally what women with upper middle income look for, nobody will look for a bad wig that looks bad on aliexpress ... if you want to take care of your hair you will have to invest something in that. What do you think about it?

 

[juniorr44]

Is it difficult to find a good wig? Are they limited in selection? Are they marketed poorly? Is the customer service terrible when trying to buy one? Do they fall apart after a week of usage? Can they be made cheaper for the same quality or better? Is there an underserved demand for wigs?

If so, then you have an opportunity. The fact that people buy wigs doesn't mean it's a good opportunity for you. There may be nothing wrong with the current wig market and everyone is happy and there's plenty of options for a fair price. If that's the case then you are adding nothing new to the marketplace and there is zero added value and thus zero expectation of relative success. You would just be a commodity, introducing competition and undercutting margins in a race to the bottom.

With that said, it's a better idea to do it than to not do it. A person who started and failed a wig business is miles ahead of someone who didn't start or fail a business at all. And maybe you start and don't see an opportunity until a year later. Perhaps you see that the manufacturing of the wigs is a broken system and you see a way to fix it and become a b2b business instead. Many success stories are like that.

Whatever it is, you should probably start because experience and chance have a funny way of giving you an advantage long term.

I'll look at it more thoroughly and I'll tell you brother! thank you very much for commenting! What you have commented has helped me a lot. With this I look at points that I should take into account! it's just what i was asking for hahaha

 

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[Odysseus M Jones]

make synthetic wigs like American singers use

Why synthetic, the best wigs use human hair

I see that they are using a lot and in this consumer world

Where did you see that?

all purchases are on impulse

A thousand bucks impulse?

everyone wants to look like famous people

it can be sold for 900-1000 depending on the wig

it is also not so easy to sell them

So why do it?

how can I know if it is a good business to start my business?

See below

I am thinking of having as a target audience high-end people, also Dominican and American people

Do high end people wear wigs to look like famous people?

Do they wear them every day or just parties?

how could I know if it is profitable since I do not have much business knowledge.

Get an order for a wig, take payment

making an average wig takes 1 day and what you have to invest to do is only 200 euros, and it can be sold for 900-1000 depending on the wig

then make it.

Rinse & repeat.
(The business model, not the hair, pardon the pun)

 

[Pink Sheep]

I was learning a lot and good wigs, those that last, those that are famous and those that are original, could become very expensive. And it is normally what women with upper middle income look for, nobody will look for a bad wig that looks bad on aliexpress ... if you want to take care of your hair you will have to invest something in that. What do you think about it?

You need a goal other than "Make money" solve a problem. I can already buy a good wig elsewhere. With that said, anything CAN be a good idea

 

[Odysseus M Jones]

You need a goal other than "Make money" solve a problem. I can already buy a good wig elsewhere. With that said, anything CAN be a good idea

What gives you the impression he's money chasing?
He's identified a niche, need & value skew.

Now it seems he's not sure how to validate his idea & get sales.

 

[Deleted85763]

Hi guys, my name is junior and I have just turned 22 years old and I had a huge doubt! How do you see the wig business in Spain or around the world? make synthetic wigs like American singers use, I see that they are using a lot and in this consumer world that all purchases are on impulse and everyone wants to look like famous people, what do you think about it? How can I know the route of entry and if it can be feasible and be able to monetize it in a very hugging way? making an average wig takes 1 day and what you have to invest to do is only 200 euros, and it can be sold for 900-1000 depending on the wig ... it is also not so easy to sell them and I think you have to take into account mind that. but what do you think about it? And how can I know if it is a good business to start my business?

Try it and see if you can generate sales. Don't invest too much at first. Test the market.

 

[alexson]

I think it not only depends on that, I think it also depends on many factors such as the "entry level" right now I do not know what it is called in the business world but it is used to know if the business can be profitable.

Yes, I agree with your point. But before starting any business keep in mind that profit and loss both are the part of business.

 

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