HOW TO START A FRAGRANCE OR PERFUME SALE BUSINESS IN NIGERIA
The fragrance or perfume sale business in the country is not really a new business as it has been around for as long as fragrances or perfumes have existed. It’s not a really hard business to start and even has a number of options for entrepreneurs to try out when practicing the business. Smelling good is actually seen as one of the things that complements the looks and dressing of an individual. Over the years, fragrances have even become very popular as the market has become even wider, giving room for individuals to be more aware of the business and also for entrepreneurs, who will want to venture into the business. It’s a fairly simple business to start and it doesn’t actually involve much in getting your money and being successful at the business.
The fragrance or perfume sale business, just like the name implies, involves the sale of different kinds of perfumes or fragrances to customers willing to buy them. These products (the fragrance or perfume) are substances created to provide a pleasant smell or one which emits an agreeable odor. They are simply used to smell nice and cool and also from a fashion view, to complement a very nice look. It’s always seen as incredibly important to put on a fragrance as people go out everyday. These fragrances or perfumes come in different kinds and it’s now up to customers to pick the ones that best appeal to them and also the ones they can afford. The sale of the products are lucrative and sure to get individuals who start the business good amount of profit.
The business has a number of ways in which it can be set up and practiced. Regardless of the type started, you’re still sure to make your money but individuals are able to choose the method of operations that best suits them and the one they’re capable of handling. First option is an on-site approach where you’ll need to get a shop where the products would be sold. The place can be a small place or even a big one depending on your capital and the size you plan to work with. Another method of practicing the business is the off site pproach. Here, you don’t need a shop to be able to adequately carry out your buying and selling activities as it can be completely done online. Many business owners today practice this method even for businesses that doesn’t involve the sale of anything. It has its benefits and is definitely one method entrepreneurs can try.
Selling the products together with other things is also seen today as another aspect in which the business can be operated. Many shops who sell other things can add fragrances or perfumes to their list of things for sale and have them sold to customers who would be interested in getting the products. In this case, the fragrance of perfume is not the main product sold as it is more like a secondary product sold at the shop. Some individuals can also look to practice the business as a secondary job or as a part time thing together with their regular salary job. All these methods can work for different kinds of entrepreneurs as long as they’re well aware of what each method of operating involves.
One of the reasons why the business qualifies as a good business option is the demand for the product. In recent times, the need and demand for fragrances or perfumes have become high. These products are also well accepted by everyone as it is something that almost everyone uses. It is used by adults, young people, male, female, children and everyone in general. This is one of the things that surely makes it a good product to sell and also a good business to start. Good or high demand always translates to a high amount of income or profit for the entrepreneur or business owner.
Starting the business is not really a hard thing to do. Regardless of whichever way you decide to start, the business can still be lucrative and successful. It doesn’t require too much especially if you’ll be operating online. As a plus also to someone starting a shop and getting a location for the business, an online approach can also be added together with the onsite one to boost your chances of getting even more customers. Capital for this business highly depends on the capacity or size or even the method of operation that the entrepreneur plans to work with. You might need just a low amount of capital depending on what is started. The business also doesn’t require any form of special skills or educational qualifications to start.
In the next sub heads, I’ll be discussing the steps involved in starting a fragrance or perfume sale business in Nigeria and some of the factors that might prove useful during the course of running the business and to also ensure you’re getting your profits and you’re successful at the business you’re starting.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
- WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
- SELECT YOUR METHOD OF OPERATIONS
Like I’ve mentioned earlier, there are several ways in which the business can be operated. It is now up to business owners to select the one that works best for them if started and if they’re capable of doing it well. The method selected will be a huge decider for the amount of capital to be used to start the business. The onsite business will definitely need more capital while the option of starting online doesn’t need that at all.
- CAPITAL, LOCATION, GETTING THE PRODUCTS
Capital is always important to the start of any business. The need for it cannot be overemphasized. Without the capital, almost nothing can be started at all. In this case, the capital is highly dependent on the form of business the entrepreneur will be starting. For a location based business, more capital will be needed definitely. You’ll need to get a low budget place that will be the location for the business. Ensure there are no competitors around and the place is close to the city center where people can easily find your business location. This is of course not a worry for someone starting an online based business, as they move directly to the point of getting the products. That is what their own capital will be mainly used for. Visit the market and get places where the products are sold and get quality products from them. Ensure you also have more than one seller or supplier for the products.
- MARKETING AND SALE
An online location is definitely needed for an online based business. You’ll need to create social media accounts for the business which will then be used for advertising. A location based business can also adopt this method to expand their customer base and get the products delivered to customers who want the product but can’t get to the shop. Banners and posters can also be used to advertise the business. Word of mouth and referrals also play a huge role in getting customers for the business.