Question: . I did some research online for the hair extension supplier and I came up with some few ones. One of them send me their wholesale pricing but it looks pretty expensive. How should I negotiate the price, and how do I know I’m receiving a good deal. I really need your help. I look forward to hear from you.
Answer: There are two things you need to be able to negotiate the price. First of all you need to know the quality of the hair and the service level of the supplier. Second, you need to know what price level applies for your retail clients.
Regarding the quality of the hair, try to get samples, paid or for free, but do not order a large quantity or start offering hair if you did not test the hair yourself. This avoids you pay for low quality hair. But also the service is important. Make sure you have a good relationship with the wholesale supplier, how reliable are they, what about questions on maintenance and complaints? You have to take this into consideration. You can try our growing number of suppliers. Try to compare a number of suppliers.
Finally, you can never sell hair at a price level that´s is not affordable for your clients. Make sure you calculate all your expenses and allocate them over the hair you will offer. Your selling price should cover the purchase price of the hair, the expenses and your profit margin. Perform a market survey to see at what price the competition is offering similar hair and check what is acceptable for your clients.