How Much Investment Needed To Start A Cosmetic Shop- Are you planning to start a cosmetic shop but you don’t know the cost-implications? The cosmetic business is a very cool and profitable one. However, it is important to know what it will cost you to start up before diving into it. In this post , we would be showing you what investment is needed to start a cosmetic shop. We would also be giving you tips on how to start a cosmetic shop and examples of cosmetic products in hot demand that you can stock up.
How much investment Needed To Start A Cosmetic Shop?
How much investment you make on your cosmetic shop will determine how much returns you will have. In order words, the more capital you invest into the business, the more profit you make. However, you don’t need to break the bank to start a cosmetic shop. You can always start with what you have and then scale up over time. With about 100, 000 naira, you should be able to start out on a small scale, 500,000 naira should set you up on an average scale. However, to start up on a large scale, you will need at least 2 million naira.
What Will I Be Needing Funds For To Start A Cosmetic Shop?
To start a cosmetic shop, you will be needing funds for the following:
Procurement of cosmetic products
You must be sure that funds are available to procure cosmetic products before procuring other things for the business.
Attending of training
You will also need to attend some training before starting out the business. These trainings will require some funding.
Rent a shop
If your desire is to run a cosmetic shop offline, then you will need to rent a shop. You need to get a good sum of money to do this.
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You will also need to set some funds aside for advertising . Fliers, handbills, logo creation and social media publicity will cost you some money.
Hire staffs
If your cosmetic shop is starting out on a large note, then you will need some extra hands.
Set up your beauty shop
You will be needing funds to make your cosmetic shop comfortable, conducive and attractive to your prospective customers. You will need to paint or put wall-paper , put up shelves, buy chairs, put rugs or carpet, etc.
What do I Need To Start A Cosmetic Shop
Get Some training
Before you start a cosmetic shop, you need to have some understanding. For example, names/ brand of different cosmetic products , sizes, prices, uses of these products. You should also learn how and where to buy these products, how to identify originals, price them and also source for clients.
Get a starting capital
You need to get capital to start up. Majorly, you need to procure your cosmetic products. Don’t just put out a lot of money to rent a shop while you are searching for money for goods. If you don’t have money for shop, then start from your home till you are able to rent a shop.
Here are the sources to get funds:
- Personal savings
- Gifts from family and friends
- Loans from banks
- Soft loans
- Partnership
- Angel investors
Be strategically located
One of the requirements to start a cosmetic shop is to get a good location. Find a space for yourself in a busy area. Junctions, markets are examples of strategic locations to start your cosmetic shop. You should also check areas where clothing, shoes, bags and other fashion accessories are being sold. Siting yourself around such places is a wise decision . The appearance of your cosmetic shop matters.
After getting a good location, you must also do some work of beautification in your cosmetic shop. Decorate the walls with lovely wall paintings or beautiful wall papers . You should also construct shelves where you will arrange your products. You can arrange them by brands, functions and sizes. Just make sure you arrange in order that would be easy for you to locate when a customer shows up.
Your entrance door should be made of transparent glass. People should be able to see through your shop while passing by. This can actually make someone stop by to patronize you . Get comfortable chairs for your customer to easily slide while shopping. Your shop should be airy and ventilated.
Get good suppliers for your cosmetic products
You should get your products from certified/ original sources. If possible, deal directly with the manufacturers. One sale of a fake product can mar your business. If people can always trust you for genuine products, they would locate you and even bring you some good references.
Get relevant licenses
Find out relevant licenses to start a cosmetic shop and go to obtain them when starting out.
Start selling
Open up to start selling after stocking your shop. Be sure to stock up varieties of cosmetic products most especially the ones in high demand.
Top Cosmetics Products To Sell In A Cosmetic Shop
Below are some products you can stock up to start
- Magnetic Eyelashes
- Nail polish
- Hair wigs
- Massage gun
- Make up brushes
- Foot bath
- Beard straightener
- Dental scaler
- Face mask
- Face massage roller
- Neck pillow
- Make up brushes
- Facial moisturizer
- Hair Extension
- Hair growth oil
- Hot air hair brushes
- Skin cleanser
- Water proof volume mascara
- Nail polish
- Tanning serum
Be Strategic in your marketing
After setting up your cosmetic shop, you need to create awareness of your business. In this digital age, it is much easier to create publicity . You can do your marketing both online and offline. You can create some hard copies of fliers to distribute around the axis of your shop. There is a lot you can do to promote your business online. You can open social media account using your business name. Examples of such social media account include Instagram, Facebook, Twitter, Whatsapp and TikTok. You should use a nice logo for your business which you can use as display picture.
You may need to spy on your competition
At times, you need to check out what your existing competition are doing. Most especially ones that their strategies are yielding results. Close up on them and try to copy or possibly outdo them.
Stay up with the latest trend
You must be current with the latest trend. Know what is in vogue and what people like. Know the preferred brands and invest in such.
Your customers must be satisfied at all times
Your customers are the reasons you are in business and will remain in business. Do all you can to keep them coming back. This is by ensuring that they are satisfied all the time. Know what they want and try to outdo such.
Final Note
How much investment needed to start a cosmetic shop depends on what you have or what you can get as a start up. No matter how small the money you start with, you can always scale up over time. Once you have good marketing strategy, you can get customers and scale up.
Frequently Asked Questions
How do I start a cosmetic shop?
- Get training
- Get start up capital
- Get a good location
- Rent and set up your shop
- Stock up your shop
- Open up to sell
- Be strategic in your marketing
Is cosmetic business profitable?
Yes. Cosmetic business is profitable. This is because many people desire to look and feel good ( both old and young).
Is cosmetic business profitable?
Yes. Cosmetic business is profitable. This is because many people desire to look and feel good ( both old and young).
What are the major classes of cosmetic products?
- Skin care
- Oral care
- Hair care
- Body care
- Sun care
- Perfumes
- Decorative cosmetics
Reference
- www. askcostprice. com – Cost of starting a cosmetics shop business in Nigeria 2021
- www. dropshipping. com – Beauty products to sell online, Top 15 beauty products for dropshipping
- ng. oberlo.com- Beauty styles to look out for in 2020
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