IF YOU CAN’T BUILD YOUR HUMAN HAIR RETAIL BUSINESS PART-TIME GOING FULL-TIME MAY NOT BE THE ANSWER

I am inundated with calls from all over the world on a daily basis regarding my human hair manufacturing training and just about all of these inquiries are from people that are either working full-time or retired. Most people approach this business with the mindset of just doing something part-time on the side to supplement their income, while others envision a full-time business opportunity. There are so many people working full-time selling hair part-time struggling with the decision whether or not to quit their job in order to pursue their dream of establishing their own full-time human hair retail business.

Well, before you make your decision, there are some key factors to consider. If you currently have a business selling hair on a part-time basis and you are not seeing a gradual growth, then going full-time may not be the answer. Juggling a full-time career and a part-time business requires excellent time-management skills, discipline, commitment, and a superb plan of attack. For me, the success of my part-time business would not be possible if it was not for the support of my spouse. Positive support from friends and family is crucial in developing your part-time business and you want to stay clear from any and all negative energy.

I know for a fact that balancing a career while owning a business can be quite challenging, but it is feasible. I used my lunch hour to weft hair at my beauty supply store until it became almost impossible to continue. As the demand grew for my services at my beauty supply store I was faced with the dreaded decision. Should I quit my full-time job with a steady income and insurance benefits and pursue my part-time business with no income, no benefits and lots of risks on a full-time basis? For me the decision was easy, YES! Why? Steady gradual growth, there was a need for my product and service, my customer base increased purely through word of mouth, and I had no major competition!

I had to give up all my personal time to devote to my part-time business as it was becoming apparent that my part-time business growth was rapidly outpacing my full-time job. According to Entrepreneur Magazine “you should wait until your part-time business is generating income equivalent to at least 30 percent of your current salary from your full-time job”. In my situation this was not the case. My part-time business did not generate 30% of my current salary, but I had to take that leap of fate because four out of five factors were working for me; growth, customer retention, demand for my service and product, and no major competition.

Considering how the human hair industry has changed being completely saturated with money hungry internet base online stores most of which retail substandard cheap hair you must research the competition, demographic, and most importantly the availability of potential customers. Before you pursue your part-time business on a full-time basis you must set financial priorities and goals based on these findings.

WHAT IS OPTIMISIM BIAS? “The optimism bias (also known as unrealistic or comparative optimism) is bias that causes a person to believe that they are less at risk of experiencing a negative event compared to others.”

In layman terms “ The tendency for people to be over-optimistic about the outcome of planned actions. This includes over-estimating the likelihood of positive events and under-estimating the likelihood of negative events.

We all fall victim to Optimism Bias during the start-up process of our business. Don’t be overly excited about quitting your secure job to launch your part-time business in such a way that your critical thinking becomes mundane. You are so caught up with the unproven potential and future success of your part-time business that you overlook and under-estimate the ramifications of quitting your full-time job.

So, before you make the decision you must evaluate the pros and cons of taking your part-time human hair business full-time and the effect such a decision would have on your life.

• You are generating at least 30% of your current salary • Steady gradual growth • Demand for your Product and Service • Customer Retention • No major competition

Commitment, good support system and an honest assessment of your part-time business will help you make the right choice.