With a growing population of over one hundred and ninety million, (190,000,000) the beauty and skincare sector in 2016 was valued at 620.2million U.S Dollars according to a Euromonitor International Report. In this post, you will learn how to start a makeup business in Nigeria.
If you are a Nigerian and you are not aware of the fortune this industry is constantly generating on a daily then you are surely not aware of this space. Makeup which is in the cosmetic or beauty industry is thriving as the womenfolk who are mainly users of makeup still believe they are not beautiful until they apply to make up.
How To Start Makeup Business in Nigeria
1. Identify your niche and target market
When you’ve defined your business objectives, the next step is to identify your niche and by extension, your target market. The beauty industry is a large, multi-faceted one and the sheer scope can leave you overwhelmed. Identify a segment of the market which you will focus on. Once you’ve identified this segment, you should identify your target market. Decide if you’re doing higher-end products or mid-level products, luxury or drugstore.
2. Business Plan
A business plan for a small business enterprise can be seen as both an entrepreneur’s business ‘resume’ and its growth strategy. Since investors and venture capitalists usually want to consider investing on the basis of a business plan, a small business enterprise should document its business objectives and directions.
3. Do Your Branding
The purpose is to stand your brand out from competitors and to give the brand an identifiable name.
Get A Good Location
Any location is good so far it has access roads, power supply, proximity to the market and adequate security.
5. Learn To Source Authentic Products
Once you’ve identified the brands you hope to list, the next and possibly most important step is to look for where to source original products. Thanks to the internet, all of this information is readily available. Visit the brand’s website and ask for a price and shipping list. If they have an authorized local distributor, this is even better.