19 Pros & Cons Of Starting A Hair Accessories Company (2024)

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Quick build time

The average time it takes to build your product is quick - typically around 8 months. This will allow you to bring your product to market faster.

You are your own boss!

With starting a hair accessories company, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!

You can sell your product in various places!

There are various different markets to sell your product, which will help you reach different audiences and revenue streams.

Greater Income Potential

With this business, the sky is the limit in regards to your income potential.

You get to do something you truly love

With starting a hair accessories company, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.

You can work from anywhere!

Not only can you start your hair accessories company from home, you can also run your business from anywhere in the world. This is the entrepreneur dream.

Easy to Learn The Business

When starting your hair accessories company, there is a ton of information readily available to you online (Facebook groups, Youtube videos, Starter Story etc). This will help you get the business started and answer any questions, doubts or concerns you may have.

Ecommerce retail is growing fast

Ecommerce has been grown rapidly over the years and is expected to hit a total of 4.9 trillion dollars by 2021.

With running an ecommerce business, you provide your customers with alternative and more convenient shopping experience, which will ultimately drive sales.

You can promote and sell your product on Amazon

Although there are some disadvantages to consider when selling your product on Amazon, there are also a host of benefits. Mainly, Amazon is the world's largest online retailer, so you're bound to tap into new business and reach an entirely new audience.

Various different ways to make money

With starting a hair accessories company, there is not just one business model to choose from. This field is amazing in that there are various different ways to make money. Although this may complicate things, it's great to have different options and sources of revenue.

Make money while you sleep

The advantage of starting a hair accessories company is that you have the ability to have passive income and make money while you sleep. This is the dream for many entrepreneurs.

Low maintenance customers

In this industry, customers are known to be very appreciative and low maintenance. This can help with your stress levels and allow you to focus on growing your business.

Crowded Space

Competition is high when it comes to your hair accessories company, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

High employee turnover

In the hair accessories company, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

You might struggle financially (at first)!

If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.

Difficult to scale

With a hair accessories company, it can be challenging to find ways to scale. Check out this article that discusses scaling your business and the challenges that come with it.

Takes time to see results & make money

Results and revenue do not come overnight with a hair accessories company. Often times, it takes weeks, months or even years for your work to monetize.