THE BIG-MONEY HAIR & BEAUTY INDUSTRY AND WHY YOU SHOULD INVEST IN IT
The hair and beauty industry has evolved over the years and is becoming a worth investment.
It has become a huge business in Kenya over the years, with salons, cosmetic shops and hair and beauty institutions being rolled out every other day.
The Industry has evolved over the years becoming financially bigger by the day.
An average Kenyan lady spends an estimate of Ksh.1,500 to Ksh.3,000 per month. On the higher side, one would spend Ksh.3,000 to Ksh.7,000 per month. However, with the wig business in play, hair expenditures have also been on the rise as wig prices range between Ksh.5,00 to Ksh.80,000 and above.
The inception of wigs into the industry made it a booming industry. More ladies are continuing to buy into the idea of wigs hence expanding the industry. The highest quality wigs are imported from overseas and are usually expensive.
The diversity in this business has gradually come up with luxurious high-end salons that not only offer hair services but also extend other services making it a complete self-care package.
In today’s world, a lady who visits the salon might not necessarily be looking for hair products. Other services incorporated into the modern salon include; massage and Spa treatments, Body waxing, Body art (Tattoos/Heena), facials, manicures, and pedicures.
Among the many small business idea choices in Kenya lies the barbershop business commonly known as kinyozi. This business ranges from executive barbershops to small and simple barbershops.
A barbershop (locally known as Kinyozi) is a good example of a sustainable business because people will always need haircuts. Fashion styles may come and go, but hair cuts aren’t a fad or trend – they’re a basic necessity. Moreover, Kenya’s middle-class is growing at an alarming rate and you can jump onto this tide by starting your own executive barbershop.
One good thing about Kinyozi business is that it is not seasonal. Business flows in as usual come rain come shine. This makes it a worthwhile venture to delve into.
When I started writing about profitable businesses in Kenya in our business Ideas Group I got these questions a lot, “What’s the most profitable business in Kenya? What business can I start with Ksh.20,000 to make Ksh.1,000 daily? What is the best business in Kenya….”
In my mind, all the three were tricky questions because — while one small business may be profitable to a specific entrepreneur, it may not be as much profitable to the other.
I did not realize this so soon and so my answers kept conflicting…
One day I would say, saloon business was the best, the next car wash, tents for hire… then grocery store business.
Not until sometimes ago when I was at my favorite Kinyozi. The shop was full of executive clients waiting for executive cuts.
And I thought to myself; if there are 15 seats in this shop — all serving — each client paying Ksh.300 for a cut,
Then by the time we all walk out, the house makes Ksh.4,500. In like what, 30 minutes?
Not so much money after all, right?
Now assume — each barber serves 5 clients per day.
Give or take, this shop makes Ksh.22,500 per day.
Hypothetically.
If those figures don’t make this business the best then I don’t know what does.
Most entrepreneurs opt to use social media to market the business and eliminate a competitor who does not market online.
Some salons also offer a variety of snacks and beverages for every client. These are entrepreneurs who have mastered public relations and are aware that good customer service attracts and sustains clients.
With the craze of many women also embracing keeping short hair, these entrepreneurs have further started unisex salons that offer services to both men, women, and children, that not only deal with plaiting hair but also handle barbering services.
Investing in the beauty industry still remains a good venture despite the fact that it pays after a period of time. With good services, good marketing, and affordable charges, it is possible to sustain and make a profit off of this business.
By
Justine Nyachieo
Business Man & Mentor
Timothy Angwenyi
Business Consultant
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