10 Top Tips On How To Start Cosmetics Business In Nigeria 2022

Are you planning to start a cosmetics business in Nigeria? These 10 top tips on how to start a cosmetics business in Nigeria will be of great help to you.

If you have been thinking of starting a lucrative business in Nigeria, the cosmetics business is surely one to consider. This is because there is a wide acceptance of cosmetics in Nigeria, both by males and females.

Cosmetic products are always in high demand due to the fact that they are products we use daily. Come to think of it, most people buy and use the cream daily in order to care for their skin and keep it healthy.

It may amaze you to know that the cosmetics industry in Nigeria is currently worth over $3 billion and, with an ever-increasing population of over 200 million people, the cosmetics business in Nigeria sure has great potential.

However, before starting up a cosmetics business in Nigeria, it’s important that you consider some factors and put some things in place so you can have a good start as well as build a reputable image for your young business.

Adhering to these tips will help your business stand out and grow to become successful within a short while.

This is exactly what we intend to achieve through these top 10 tips on how to start a cosmetics business in Nigeria in 2022, so whether you are planning to start on a small scale or a large scale, these tips will be of great benefit to you. Read on!

Top 10 Tips For Starting A Cosmetics Business In Nigeria

1. Get Trained!

The very first step to achieving success in any business enterprise is skills acquisition. It is important that you get trained on how the cosmetics business runs. You need to learn how and where to buy these cosmetics products. It is advisable that you learn from someone who’s been in the business for a while so you can gather knowledge from the person’s experience. Importantly, ask all the questions necessary so you know what to do in challenging situations.

2. Capital Obtaining

An important aspect of starting a business that one cannot afford to ignore is capital. You need capital to run the business.

For a small-scale cosmetic business, you will need about N700,000–N2,000,000 to start up, and for a large scale, you will need a capital of N10,000,000 and above, depending on how big you want the business to be.

So what are your options for getting capital?

First, check your savings. How much have you saved to be invested in your business?

Checking this out will help you calculate how much financial help you need to start up your business. If you don’t have enough, there are other options such as sourcing funds from your friends and relatives. If these options do not work, you can then apply for a loan from the bank.

3. Acquire A Shop In A Strategic Location

Another important aspect of having a good start-up is location. In fact, the location of your cosmetics business is a major determinant of the success or failure of the business.

Ensure the shop you are renting or acquiring is well situated close to an urban center, preferably in the middle of a major market where similar goods like fashion items are sold.

This will help increase the probability of patronage for your business daily. Also, ensure the price of rent is affordable and won’t pose a threat to the financial stability of your cosmetic business in the long run.

4. Get Your Shop Set For Operations

After acquiring the shop, this is an aspect you need to pay attention to; make your shop as attractive as possible.

It should be conducive and ensure your customers can easily get around. You can hire the service of a technician to fix beautiful lights and air conditioners in the shop.

Install modern shelves that will be used to display goods.

Lastly, let your paintings be well designed and intentionally made to attract customers.

5. Where To Buy Cosmetic Goods

Based on your education, you should be able to determine which market is best for purchasing which cosmetic product.

Buy enough cosmetic products according to your budget. Go beyond soap and cream, you can also buy make-up products such as powder, lip gloss, foundation, eyebrow pencil, etc.

After your purchase, ensure you display them nicely so your customers can easily see and buy them.

6. Time To Sell!

Having ensured that all the above factors are in place, you can now open up your shop and start selling.

For a start, it is advisable that you make your goods as affordable and profitable as possible. This will naturally keep the new customers that will be coming in happy with your business and help you make more turnovers within a short while.

7. Promote Your Products

Start marketing your products with word of mouth. Tell those around your business, and inform friends and family. You can also make beautiful fliers indicating the products you sell and the services you render.

Then use your social media platforms to market your products by posting your products, prices, and location on your status and timelines. This will help increase awareness of your business and will most likely increase sales too.

8. Be in the know!

Try as much as possible to update yourself with the latest trends. You can achieve this by being active online on different social media platforms.

Following trends will help you serve your customers with products that are trending, and as will help you increase sales.

9. Additional Services

As your business grows, you can include other products in your collection, especially goods that serve similar purposes like shoes, bags, belts, headbands, etc. You can also start offering professional make-up services to your customers. This will enable you to reach more people and help you make more money.

10. Make your customers your top priority.

Ensure you attend to your customers well. If you are taking on any staff at this stage, teach them to speak directly to your customers, as their satisfaction is what guarantees referrals for your business.

Conclusion

Without a doubt, the cosmetic industry in Nigeria is quite interesting as it keeps evolving with different products introduced into the market each year. Starting up a cosmetic business can be very taxing, but as you follow the 10 top tips on how to start a cosmetic business, the process will be interesting and highly profitable for you. So, make sure you take a step towards starting your cosmetic business today!