According to healthline, we lose between 50 and 100 hairs each day.
The American Hair Loss Association recognizes that baldness is a devastating situation. Therefore, starting a hair loss treatment solution can be a great business idea. Ideas and opportunities for starting your hair loss treatment business include:
- Manufacturing own hair loss treatment solution
- Become a distributor
- Start a hair loss prevention coaching class
- Hair loss treatment blog
Manufacturing a hair loss treatment product may be a tedious approach because you must go through the approval stages to get your product to the shelves. Besides, starting a manufacturing line is more capital-intensive than starting a distributorship. Therefore, choose an opportunity that will suit your budget and focus on business growth.
Starting a hair loss treatment product requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell hair loss treatment product, or selling hair loss treatment product online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|Employee & Freelancer Expenses||$151||$352|
|Business Formation Fees||$5,600||$20,400|
|Equipment & Supply Expenses||$66||$700|
|Retail Business Expenses||$1,250||$11,650|
|Advertising & Marketing Costs||$75||$5,286|
|Total Startup Costs||$7,877||$70,447|
|Bosley Hair Transplant||bosley.com||#185,146|
|DS Healthcare Group||dslaboratories.com||#214,726|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Meaningful business connections||You never know who you will meet as a hair loss treatment product. This could be the start of an incredible business opportunity!|
|High customer retention rates||Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.|
|Unlimited income potential||With starting a hair loss treatment product there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.|
|Amazing perks and discounts||Working in the hair loss treatment product comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.|
|Predictable income stream||Your businesses income stream tends to be predictable based on the number of customers you have signed up. This makes financial planning and outlooks much more seamless!|
|Longer Sales Process||A hair loss treatment product can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.|
|Low margins||The gross margins for your hair loss treatment product are typically around 45%, which can make it more challenging to incur new expenses and maintain profitability.|
|High employee turnover||In the hair loss treatment product, 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.|
|Taxes||As a hair loss treatment product, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
|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 may need to charge sales tax||If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out [this article](https://www.thebalancesmb.com/do-i-need-to-collect-sales-taxes-in-my-state-398913)|
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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