Wig Business Plan Template [Updated 2023]

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I. Executive Summary

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Business Overview

[Company Name] is a new wig shop located in the heart of [Location]. Our mission is to make every customer feel empowered with a new wig that makes them feel beautiful. We support this mission by utilizing compassion-based customer service and giving each customer personal attention as soon as they walk into our store.

Furthermore, we aim to have the largest selection of wigs, hair extensions, and quality hair care products in town. Our customers will be able to find wigs of all lengths, styles, and colors in our store to match their styles and personalities. Local residents can visit our shop to see our selection, and customers nationwide can check out our inventory on our website.

Products Served

[Company Name] will showcase an extensive variety of wigs throughout our store. Our wigs will come in all colors, from natural hair colors to fun dyed colors like pink or blue. We guarantee that every customer will find the perfect wig that fits their style.

In addition to wigs, we will also sell hair extensions and hair products so that customers can keep their wigs in perfect condition.

Customer Focus

[Company Name] will primarily serve residents within a 15-mile radius of our location. The demographics of these customers are as follows:

  • 58,921 residents
  • Average income of $44,700
  • 55% married
  • 60% female
  • Median age: 38 years

Management Team

[Company Name] is led by [Founder’s Name], who has been an expert in the hair and wig care industries for [X] years. She began her career as a hairstylist and eventually transferred her skills to caring for and styling wigs as well. [Founder’s Name] has been in the business long enough to know that buying and styling a wig is a difficult or uncomfortable experience for many customers. However, many stylists and businesses that sell wigs don’t treat these customers with the respect and compassion they deserve. This inspired [Founder’s Name] to start a wig business focused on compassion and empathy.

Though [Founder’s Name] has never run a business herself, she has been in the industry long enough to have an in-depth knowledge of the operations and marketing sides of the business. She will also hire other professionals who can help with the other aspects of the business she is unfamiliar with.

Success Factors

[Company Name] is uniquely qualified to succeed due to the following reasons:

  • There are few other competitors solely dedicated to selling wigs in [Location].
  • [Company Name] will employ a staff of caring and compassionate individuals who are dedicated to customer service.
  • [Founder’s Name] has extensive experience and knowledge of the wig, hair care, and beauty industries.
  • [Company Name] is located in an easy-to-access location in the heart of [Location]. We will also have a professional website to connect with customers nationwide.

Financial Highlights

[Company Name] is currently seeking $400,000 to launch. Specifically, these funds will be used as follows:

  • Store design/build: $200,000
  • Initial inventory, supplies, and technology: $100,000
  • Working capital: $100,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even

Top line projections over the next five years are as follows:

Financial SummaryFY 1FY 2FY 3FY 4FY 5
Revenue$560,401 $782,152 $1,069,331 $1,379,434 $1,699,644
Total Expenses$328,233 $391,429 $552,149 $696,577 $776,687
EBITDA$232,168 $390,722 $517,182 $682,858 $922,956
Depreciation$7,000 $7,000 $7,000 $7,000 $7,000
EBIT$225,168 $383,722 $510,182 $675,858 $915,956
Interest$6,016 $5,264 $4,512 $3,760 $3,008
Pre Tax Income$219,152 $378,458 $505,670 $672,098 $912,948
Income Tax Expense$76,703 $132,460 $176,985 $235,234 $319,532
Net Income$142,449 $245,998 $328,686 $436,864 $593,416
Net Profit Margin25%31%31%32%35%
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