How To Start A Cosmetics Retail Boutique Business In Nigeria
It may interest you to know that the cosmetics industry is a billion dollar industry. This implies that billions of dollars circulate within the industry globally, on an annual basis. This amount of money is worth taking a cut from, trust me. Cosmetics retail boutique business sells very well.
You can consider being a player in this industry as a retailer. You must not be a big brand or multinational company to partake in the industry. You can go ahead and commit what it means to become a success Cosmetics retail boutique business.
Note that you must not be a professional or a multi-talented person to make it here. You only have to put in the required time, effort, commitment, and planning while always staying abreast of information.
Have it at the back of your mind that you can always start small here as a small boutique line and grow into a big brand. Some examples of cosmetic businesses that followed this line include Make-Up Forever, M.A.C. and others. If you wish to make a name in cosmetics retail boutique business, read on as I reveal to you the powerful tips to do so.
Starting a Cosmetics Retail Boutique Business In Nigeria – Powerful Tips
Decide what brands to sell
You can start a cosmetics retail boutique business by first making a list of the brands you would like to sell. Then check each for the terms and conditions that must be met before you can sell them in your retail store. You would find some that you can work your way around, while you just won’t be able to sell some, no matter what. Ensure that these ones you finally decide to sell have some good demand in your area.
A number of the major brands have very large minimum orders or exclusive agreements that may limit you.A good instance is where some brands only sell their products in their own stores or selected authorized dealers.
By implication, you won’t be able to advertise or sell these products unless you take from authorized dealers with excess supply to sell on behalf of such dealers. Please know this kind of products and try to avoid them.
Create a business plan
This is the most viable step in setting up a successful cosmetics retail boutique business. The business plan will serve as a step-by-step guide towards launching and running a successful business while also offering a platform upon which you can present your business idea to third-party funders for funds for your business.
The business plan for starting a cosmetics retail boutique business should contain and address issues bordering on the mission and objectives of your store, your target market, startup cost estimates, financial projections, competition analysis, marketing plan, plans for expansion, and so on.
Register your business and complete other necessary paperwork
Do well to register your cosmetics retail boutique business with the corporate affairs commission. Register the business with a business name that is easy to remember and describes what your business is all about.
I will advise that you register your cosmetics retail boutique business as an LLC most preferably, or as a sole proprietorship at worst. This is because the LLC helps you protect your assets legally. Also, obtain some other important documents from the necessary authorities. These documents may include licenses, business permits, tax ID, and trademarks and employees’ ID where necessary.
These documents apart from making your business look professional can also be required for obtaining wholesale discounts, bank accounts protection, and mark protection among other benefits.
Choose a location and acquire property
Since the success of your cosmetics retail boutique business hinges largely on its location, you need to choose your location carefully. The ideal location for your cosmetic retail store is an affluent area since boutique cosmetics are aimed towards a higher-paying clientele.
The location must also be high traffic area and one that is easy to get, too. And it must have lots of parking space. Once you have found a good property in a suitable location, buy it or lease it, depending on how much funds you have.
Set up your store
At this point, you have to establish your store. In the store, you have to put up an attractive design focusing on your targeted market. The design when you are selling to the younger generation should be different from when you are selling to the older generation. What is most important is the ability of the design to appeal to the people you serve.
However, if you are not certain about your target market, I advise that you can give your shop an elegant feeling and a powerful personality. Also do well to always maintain the design as it lasts.
Hire employees to work in your shop but you must have to hire experienced and skilled workers to cut cost on human resource development. Hire as many that will be good for your shop.
Market your business and start operations
At this point, you need to start operations and advertise your product aggressively. You have to let the people know what you do so that they can patronize the output of the business. You can employ every viable means open to you. These include free and paid, online and offline, direct and indirect. The very social media platforms can do some good work. Employ other means of attracting customers such as offering discounts and other promos such as bonuses on your products.