Cosmetics is a preparation usually applied to the face and all over the body. Cosmetics business is a highly lucrative enterprise, especially when dealing with the products. This is simply because nearly everyone on the planet makes use of various types of cosmetic care products.
This business has a lot of competition because of its high demand. However, it is still fast moving and profitable. Cosmetic products business does not require a huge capital to start with, one can be start small.
According to a beauty entrepreneur, Mrs Tope Oye, looking good and feeling good is a serious business. Everybody wants to look and feel good not minding what it cost to achieve that. This has actually drawn several smart entrepreneurs into the business. She gives some of the following advice:
How to Start A Cosmetic Business
Start Up Capital
This is very important, although you can start cosmetic business small and then watch it grow. But, before you start any business you must have an initial capital set aside to run your business. The initial capital could range from N200,000 and above.
Select A Niche
Many small cosmetic companies operate within a particular industry niche. For example, a cosmetics company may commit to crafting fragrance-free skincare and makeup for people who have sensitive skin. Another company may choose a line of very light formulations for women who don’t like to wear heavy makeup. Do some market research and consider your own preferences. This will help you get an idea of the type of cosmetic line you did like to start.
Register The Company
You should register the company with the Corporate Affairs Commission of Nigeria (CAC).
Advertise Your Business
How you advertise your product matters a lot, as advertising is very important. This will make people know you and your products. If your advert is good enough, people will begin to look for you wanting to patronise you. You can advertise your product through different social media outlets through the world wide web, through fliers, newspapers, and also by simply telling neighbours, family, and friends.
Where To Buy Your Products
There are different markets where you can easily purchase products for cosmetics. When conducting your research you can find the most convenient market that suits you across Nigeria or abroad.
Marketing Your Products
The only way your potential customers can know of your cosmetic products business’ existence is through marketing. As such, pick the best marketing strategies out of what is available to grow your new startup. Similarly, let your store have a social media presence so that your ideal audience will have access to your new products as they unveil.
In conclusion, Oye says, with the right business mindset, starting a successful cosmetics business in Nigeria is a lot easier than it seems. Adding that one should remember that their ability to take risk is what will take their cosmetics startup business to profitable heights.