Do you love make up? Do you love beautifying people and have a marketing kind of spirit? If you posses these attributes then you just might have a knack for starting your own cosmetic business.
The word 'cosmetic' varies in different ranges of products, including, skin care facial care and hair care. To go into this business,you just have to be grounded on make up and other personal care product. You need to understand and pay close attention to the needs and wants of every individual that come in contact with you, for instance, you need to know how well a particular brand of loose powder, lip stick or body cream will soothe each person.
The cosmetic market is a very lucrative and competitive one. The best part is, customers are always on the lookout for the next best thing to try out. So once your cosmetic line is ready and it's able to capture and satisfy your target market, you will have in your hands, tons of loyal buyers.
Now, let's get to the basis. Here are the steps to take to successfully launch your own cosmetic line business:
1. DECIDE ON YOUR AREA OF INTEREST:
This means concentrating on the area that you know you have extensive knowledge in and can handle in the market. I tell you, your business will be more successful if you are able to narrow it down and focus on your area of interest from the beginning. And as time goes on, you can add other product to your already existing line.
2. START UP COST:
Starting this business can be quite expensive but it doesn't mean you should run away from achieving a successful business. You need to come up with ways to get your business funded, if you do not have the necessary funds yourself. There are private investors who are ready to invest in start up businesses, assistance from friends and family and micro finance bank to get soft loans from.
Realistically you will need about $3,000-5000 and that is about #2-3million naira to invest upfront.
This money will cover;
*Product development
*Marketing
*Leasing of property
*Storage of goods
*Employment of staff and salaries.
Once you are able to secure your funds and start production and sales, you can be sure to make that money back.
This money will cover;
*Product development
*Marketing
*Leasing of property
*Storage of goods
*Employment of staff and salaries.
Once you are able to secure your funds and start production and sales, you can be sure to make that money back.
3. SETTING UP THE BUSINESS:
This involves registering a name for the business together with your cosmetic line and obtaining patents and trademarks licenses to meet safety standards. You might want to see/talk to a legal adviser so that they can assist in setting up and processing the necessary documents with the relevant authorities.
4. LOCATION:
You need to decide as a new entrepreneur whether you wish to start from home or lease a property, while still having it in mind that it all depend on your budget. You do not want to over blow and spend a great deal of your fund on leasing an expensive property, so if you decide to rent, try to keep your over heads low and as you make progress you can change to more expensive premises if you desire.
5. LEARN AND EXPERIMENT YOUR COSMETIC:
To learn how to make cosmetic is not that complicated if you know what you are doing. You can take up a class from a professional who is experience in the same line of cosmetic like, Bobby brown line of make up or Zaron cosmetics or you can purchase books on how to produce your own cosmetic.
There are also suggestions online especially on YouTube on how to produce make up and other cosmetic and experiment. When you have the knowledge you seek, get your raw materials and experiment, hopefully you will come out with flawless results.
Remember to give out samples to friends and make up artists to try out first before taking your products to the market place.
6. MARKET AND PROMOTE YOUR PRODUCTS:
There are so many ways you can sell your cosmetic line and this include, contracting retail stores, local market stores, saloons, super market and shopping malls and offering some kind of incentives(monetary value) if they help you see your products to their customers. You can also approach individuals and offer them discount to use your product as souvenirs in their parties and events.
SELLING ONLINE:
This is another effective way to build sales and promote your business. Firstly, you need to create a website for your cosmetic line which can be easily done, upload and display pictures of your finished products there. Try to market your product in the different social media platforms out there, tell potential buyers why your product is worth trying and get them to make purchasing decision.
Also engage buyers online by offering promotional packages to stimulate sales and ensure to make provision/column online to make order and to ship this orders. Remember to include your shipping cost for smooth and easy transaction.
Follow this steps, work hard and achieve a successful business.