The cosmetics industry remains one of the most lucrative industries that earn billions of dollars in sales every year. Previously, investing and making a profit from this industry was mainly by multi-national corporations/ companies but today independent individuals like you and I can venture into this industry and become successful either as an artisan or a retailer. Staring a cosmetics Retail business can be enjoyable and profitable but it requires the proper know-how and thorough planning.
Cosmetics in this text refer to a preparation that is usually applied to one body part or the other either the face, the body, or all over the body. Starting and Running a Cosmetics retail business from all indications and thorough research is a good one and a lucrative business for investors as almost everyone makes use of one of the different kinds of cosmetics products.
The cosmetics business irrespective of the high competition remains a lucrative and fast-moving and profitable business because of the high demand. Additionally, a cosmetic business requires minimal capital unlike other highly profitable businesses; you can start small, medium, or large scale.
Depending on the capital at hand, you can deal with cheap and affordable cosmetics products and from there grow gradually. Nevertheless, the profit is guaranteed.
In This article We will discuss and show you how you can invest in this fast-moving and lucrative business irrespective of the capital at hand, you can easily start up with capital as low as N30,000 and enjoy frequent turnover and return on investment within just a month of a startup.
Types of Cosmetics Products
There are different Cosmetics Products you can choose to retail on such as
1. Hair Care product
2. Skin Care Product
4. Personal care and toiletries
5. Make-up Products
Whatever be the Type of Cosmetics of business you would want to retail, below are the things you need to put in place before starting off investing?
How To Start A Cosmetics Retail Business
1. Familiarize Yourself and Decide the Brand to Sell
As previously stated, there is huge competition in this business, there are different brands and as such, there is different brand acceptability among consumers.
The different brands have different acceptability. Familiarize yourself with the market and decide based on conducted research the best brand that sells most and stocks your retail store with such brand. Avoid brand that has little or no acceptance among customers.
2. Draw up a Business Plan
Like most businesses, starting and Running a successful cosmetic retail business requires adequate planning. Proper planning requires a good business plan which will in this case outline the potentials and possible pitfalls to avoid.
3. Register Your business
The legality of a business increase customers’ trust. Register your business with the appropriate Agencies. check out how How to Register a Product with NAFDAC easily.
4. Choose a Location and Set-up Your Store
This step is very important. Choose a good location for your business as it determines the customers you get and invariably the sale you will make. Choose a good location and set up your store.
5. Buy Products and Stock Store
Buy your products and decided in Step 1 above. There are different markets in Nigeria where you can buy products, some of those are Mushin Market, Dosunmu, Balogun market – all in Lagos and other markets across Nigeria.
6. Advertise! Advertise!! Advertise!!
As stated earlier, this is a business with much competition, to get a fair share of the market and to win more customers to your business; they need for advertisement can’t be overemphasized. Advertise on social media and on any platform that has your target audience.