How to launch a profitable weavon business in Nigeria
BY TEMITOPE ADEBAYO
Weavon business in Nigeria offers an exciting opportunity for entrepreneurs ready to tap into a growing market.
The demand for weavon (hair extensions) in Nigeria has skyrocketed, driven by a booming beauty industry and changing fashion trends.
Aspiring entrepreneurs are finding profitable opportunities in this vibrant market.
This guide explores how to start a weavon business in Nigeria, outlining current capital requirements and profit potential.
Understanding the Market
Nigeria’s beauty market, valued in the billions, sees weavon as a staple for many women seeking versatility and style. With the rise of social media influencers and beauty enthusiasts, quality hair extensions have become a sought-after commodity.
Capital Requirements
Starting a weavon business today involves various costs, which can vary based on the scale and type of business model:
Initial Inventory: Current prices for quality weavon range from ₦15,000 to ₦60,000 ($39 to $156) per bundle of human hair, while synthetic options can be around ₦5,000 to ₦20,000 ($13 to $52). For a small startup, investing in an initial stock of about 20 bundles may require ₦300,000 to ₦1.2 million ($780 to $3,120).
Infrastructure: If you plan to operate a physical store or kiosk monthly rent can range from ₦50,000 to ₦300,000 based on location. Online businesses can minimize these costs.
Overall, entrepreneurs should prepare to invest between ₦400,000 and ₦2 million to launch a weavon business effectively.
Profit Potential
The profit margins in the weavon market are robust, typically ranging from 30% to 100%. Here’s a breakdown of potential earnings:
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Entrepreneurs can anticipate annual revenues from ₦5 million to ₦20 million in the first few years with effective sales strategies and customer engagement.
Building a Brand
Creating a strong brand is essential in a competitive market. Focusing on product quality, customer service, and effective marketing can differentiate your business. Building an online presence through social media and collaborating with influencers can significantly enhance brand visibility and customer loyalty.
With a solid investment plan, strong branding, and a focus on quality, you can establish a successful venture that meets the demands of a diverse customer base while achieving financial success.
