Cosmetics business is one of the most lucrative businesses to start in a country like Nigeria.
It is in high demand as there is no home in Nigeria that does not make use of cosmetic products. Though there are so many cosmetic retailers in Nigeria but that shouldn’t stop your dream of starting your own cosmetic business.
Remember “It’s not what you do but how you do it” and it’s not the number of people that do your kind of business that matters, but how well you do your own.
The great advantage everyone doing business in Nigeria has is the population density. Regardless of whatever business you do in Nigeria, you will always have your own customers and make much profit if you run your business the right way.
Setting up a cosmetic business in Nigeria is an exciting idea, especially when you’re doing it from home you must have to take a decision on how you want to go about this. This business has a lot of competition because of the high demand but still very fast moving and profitable.
Cosmetic business does not require much capital to start with, In this case, when you want to start small. Starting with cheap cosmetic product allows you to start small and grow gradually if you can’t start big.
I have never done this business before, but I have lots of friends who do and I have studied and researched a lot about this business and you know what, you can increase your business capacity gradually and be making your super cool profits.
Starting small means, you can start this business with as low as N50.000 ($150) and the turnover of this amount in a month can give you twice your investment.
This means you will only sell to final users. It’s a good idea right? Likewise if you invest like N500.000 ($1580) or more it can give you % 70 profits monthly. With this amount you’ll be selling to final users directly but if you have up to N2.000.000($6340) you can be a wholesaler. Depending on the exact amount you want to invest, you can also get profit worth %70 in return if you frequently turn the money over and over for months.
Cosmetics product business is really an interesting one. Once you get the strategic location for your business, you just go ahead and start your business and you’ll see yourself achieving success
Table of contents
CHOOSE A PRODUCT TO SALE
They are different areas of cosmetic business in Nigeria: you can decide to go into one or more at a time. It could be:
- Hair care Products: Either hair expression which is weave or attachment mostly used by females or hair care and treatment , here we have hair spray, relaxers, shampoo and conditioners, hair cream, e.t.c
- Personal care products and toiletries: This aspect is used daily in every home such as bathing soap, tooth paste and brush, toilet papers, e.t.c
- Skin care products: Body cream for different purposes fall into this category: moisturizing cream, age defying, toning cream, e.t.c
- Makeup products: This is the fast moving category; it is used by both you and old, rich and poor because everyone wants to look good at every occasion. Women are mostly the ones that use this in Nigeria to enhance their beauty using Lipsticks, eyeliner, powder, e.t.c
In Nigeria, different products from different companies are available. Having selected the category to concentrate on, next is to start your business.
GET A SPACE
You can start at home or rent a shop outside your home for your cosmetics business. A shop should be located at a corner where people pass often, to enable come in to buy from you. If your plan is to start small from home, you’ll have to create a space in your house. This serves as both your warehouse and display store.
Proper planning when starting a business is very important. Base on how you want to start your own cosmetic retail business, you need to estimate the cost of what you will incur in order to start your business properly. The good news is that, with Fifty Thousand Naira (N50.000) 0r $150 you can start cosmetic retail Business.
FIND OUT WHERE TO BUY YOUR PRODUCTS
After you have figured out the line of cosmetic retail business you want to start the next thing is where and how to buy it cheap. The sole aim of starting any business is to maximize profit and it will be unwise for you to buy products at market prices and yet remains in business.
CREATE SECTIONS IN YOUR SHOP
To be extremely successful in this business, you will not just restrict yourself to one aspect of it; you must try to have all the different sections available in your shop. For instance if you’re setting up your shop you must include the hair extension section, the skin care section, the personal care and toiletries section and so many others. This will make your shop look beautiful and everybody who passes by will want to patronize your shop.
TO SUCCEED IN THIS BUSINESS: Here Is My Advice;
- Be friendly as no one will Love to buy anything from an unfriendly person no matter how good his products and services are
- Say what your products can do for your customers with truth, not just a sale talk to sell them anything. In order for you to have a returning customer all the time
- Don’t sell your products with too many profits. Greed can make you lose good customers
- Once you promise a customer that you’ll do one thing make sure you do it
- Look good; remember you’re selling beauty products. Let your physical appearance do the talking about your products as people believe much in “Seeing is Believing”
- Don’t spend your profits on unnecessary expenses, re-invest in your business and expand your comfort zone
- Don’t quit so soon; so many people when they start a business they want instantaneous business expansions and when it does not happen quickly, they quit. Saying the business is not working for them
- Know that Quitters never win and Winners never quit
- Setup realistic goals
I Believe you read this article to the end, share on social media and please don’t hesitate to leave comments. also ask questions if facing any Challenges.
Author: Pospi Otuson
I am a real estate agent at Pospi Homes Agency, A young Nigerian blogger who wants to share his passion for Entrepreneurship.
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