SEC-S20W1 | My Business Ideas | (Hair Business)

Owning a business provides a long term rewarding venture by giving us the flexibility, independency, influence, opportunities to learn and grow, personal satisfaction and freedom to shape our career and direction on time.

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All these positive impacts of business comes from individual’s mindset, IDEA, plan, strategy and decision making.

Using the questions given by the teachers as guideline, I will present my thoughts about business below;

I have always been a fan of independency with dreams of being successful in any field I find myself, so I work extremely hard to achieve that. Yes, I am already in business. Currently, I'm running an hair business with the brand name; HairbyLynah. A brand that deals on selling of hair bundles, revamping ( treatment ) of old hairs, closure & frontal ventilation, wig making and styling.

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When bringing your business ideas to reality, make sure to know your target market. Starting an hair business with a baby-step was actually one of the best decision I have ever made throughout my existence. I tried my best to look into my audience, connect with them and carry out transactions with ease. The question here is, who are my target audience?
We all know that wigs are women thing so therefore, 95% of my business partners / customers are women.

The remaining 5% are men who find the women in their lives worthy of receiving hair as gift then they come directly to purchase one or more to surprise their women.

I am passionate about my business which is the actual reason why it seems like the business is growing faster than I could imagine. Let's just give the credit to determination and hard work!

Starting a business with partners is not a bad idea because it makes the work load easy; capital for start up, fast connection with targeted customers and other form of contributions. Being involve with partnership type of business has its negative impacts, I prefer to start up a business alone with my capital and efforts. I understand that running an individual business comes with a lot of responsibilities but one thing is for sure; once there is positive outcome, you will be glad and proud it was an individual efforts in creating a strategic plan for business that later yield positive value.

Business is about discovery, planning and bringing your ideas to reality which includes;

• Your services
• Your audience
• Your relationship with customers
• Your income ( how well the business generates income)
• The resources needed for development
• Your total expenses for products and other utilities.

Partnership Businesses involved two or more people with same goals who are ready to work together as team but everything has its advantages and disadvantages. Let's see them below;

Advantages	Disadvantages
1. The must amazing part of partnership business is that; you will be able to share every responsibility involved in the the business. Every team member can come up with different skills, knowledge and experiences which will help the business grow faster	There are chances of unequal contributions within the team members
2. Financial risk will be less because losses are also shared	It is more risky when there is a little problem of partnership dissolution. This can happen at any given time and it will affect the business negatively
3. There is more of flexibility when working with partners	The business get to slow down when one is not performing his/ her duties properly
4. Managing the business will be easy because the workload will be shared among the partners	One person's mistake can affect the entire team
5. There are chances of making more better decisions in a group	At some point, jealousy and disagreement will set in because people's mindset and vision when it comes to business are totally different.

In addition, profit sharing brings great conflicts among partnership. This stage of the business is an eye opener for every individual; this is when everyone would want to rate their efforts individually and not as a team. I believe once there is understand from the beginning, most of these disadvantages can be avoided and the business will move successfully.

Every business owner dreams to become successful someday and this can only happen with great efforts. Hair business is wide and in order to remain in business, you must be open for daily learning.

Pixie curls wig on mannequin

Here are my plans to expand my hair business;

• Register for an upgrade class
• Open a shop
• Start buying hair extensions from factories directly for resale
• Creating website for my business
• Expand my target market by reaching out to new audience through social platforms by paying for social media Ads.
• Offers both physical and online professional training with the mindset of issuing out certificate for my students.

After expanding my business to this point, of course, it won't be easy to do it alone. I will definitely hire workers who are experienced. Also, during the training, most students would want to work after getting their certificate so I will hire few for each department in my industry;

• Sales person
• Wig maker and stylist
• Someone in charge of wig treatment
• Closure and frontal ventilators
• Cashier

Running a business alone as a woman and combining with family responsibilities is not an easy job so I will have to hire professionals for assistance.

I will invite @josepha, @eliany and @anasuleidy to join the contest.