My decision to start a profitable perfume business in Nigeria after leaving America gave me the first tricycle I bought and gave out on hire purchase (to make more money). I will show you how I was able to achieve it with ease.
Moreover, starting a perfume business in Nigeria is like buying an oil well, but most Nigerians are not aware of it.
Let’s make a case study. Peradventure you walk into a cosmetics shop and see lots of perfumes all over the shelf, you’d be ecstatic to ask for the price. When you eventually decide to make a bargain, the price will piss you.
“Isn’t it just an ordinary bottle of perfume?” you’d say. Well, this handshake with the fact that you have to quickly
However, a small bottle of perfume sells between 1k and 5k in Nigeria. This price range should be enough reason to start a profitable perfume business in Nigeria. A perfume like ‘INTENSE MAN’ goes for Three Thousand Naira Only.
Now assuming that you sell to at least 10 persons in a day, it will mean ‘money.’ In a Mathematical sense, not less than Thirty Thousand Naira (30,000) will make your pocket look like Dangote’s briefcase.
If we are going to have a problem here, it would be “who is going to patronize my perfume business.”
But despite this fear, I will show you how to start a profitable perfume business in Nigeria – no gimmicks. By ‘no gimmicks,’ I mean ‘no gimmicks.’
Before concluding on whether the perfume business is profitable or not, let us establish some facts. Let’s sort out the fears with some statistical approach.
We are at the moment, 201,842,321 people in Nigeria.
Over 75% of people in the population above fall under age, 10 – infinity.
Perfume users are from age 5 – infinity.
The average family in Nigeria can afford to buy one (1) perfume in the house.
Humans, especially Nigerians, want to smell nice and attract good things for themselves.
There is no ban or whatsoever on perfume utility in Nigeria.
It is no lie that the perfume business is one of the most profitable businesses in Nigeria. I am not here to write some long stories for you but to briefly show you exactly how I made money with the perfume business. So,
How To Start A perfume Business In Nigeria
There are basically 3 ways you can decide to start your perfume business. I will ensure I enumerate all three but try to make sure you pick is one that will favor all factors including finance.
Purchasing and distributing/selling of varieties of perfume
In this category, all you need to do is visit a vendor of perfume in large quantities and buy a mix of different perfume brands for the purpose of reselling. Doing this will give your customers more options and help accelerate sales. Unlike having just one brand which will not at all satisfy the taste of all your customers.
Producing Your Own Fragrance/Brand
This is another good way of starting a perfume business. You may be driven by passion for producing your own brand and fragrance. Although this may involve a lot of research and efforts to put it to bed. However, if you eventually come true with this, it may just be all you need to walk in financial freedom all the rest of your life. This means you will need to get all your recipes and form a perfect brand.
You Can Buy A Franchise
A franchise is freedom or immunity from some burden or restriction vested in a person or the right to sell a company’s good or services in a particular area. Of course, right now, there are millions of perfume brands. Therefore you can easily walk up to a good one and request for a franchise to sell their brand. Therefore, of course, you don’t need to make any research or mix any concoctions to form a perfect smell or produce a good fragrance. Well, another important thing to note here is that getting a franchise isn’t free. At times, the cost of purchasing franchise can be so high and outrageous. You must be financially balanced to decide to want to do this.
These are the three top ways you can start your own perfume business. However, you will need to decide on the way you feel will work best for you. After making your decision, what next?
Have A Business Plan
Depending on the way you have chosen to start your own perfume business, there is a great need to have a business plan. When Starting your perfume business, simplicity and common sense should characterize planning and strategic decision.
Not having a clear goal leads to death by a thousand compromises. Therefore, before you start up your perfume business, you must be persistent, hang on to your vision and be flexible likewise. Proper planning is absolutely 100% essential in order for any aspect of the perfume business to succeed. Just like a script, you need to keep a business plan to yourself.
Register Your Brand
Just like I hinted at the beginning of this article, you have several options to choose from which you to begin your perfume business. If you pick the second option, then your brand gives you the full rights to market your goods without fear or favor. Furthermore, you have the option of registering your business as a sole proprietorship, limited liability company, and partnership. Therefore chooses a good name for your branch that is catchy and not overly long. When you register your business it gives you a full legal identity to do whatever you want to especially the confidence to operate.
This is also highly dependent on the option you choose when planning to start your business. Capital is very important factor to consider when starting any business at all. Likewise, the way and manner you go about sourcing for the capital also matter a lot. Starting a perfume business requires a lot of money which is equally dependent on how you choose to begin. If you need a store to start your business, that means you need to consider the cost of renting and aesthetics, purchase of equipment as well as the carpentry and security aspect of your business.
Have A Target Audience
If you want to set up your business, there is a high need to have a target audience. You should be able to adequately plan where to set up your business so you won’t run at a loss. You could choose to open your business in a location where people living around there have a high purchasing power.
For example, I can target students area as they usually have eyes and knowledge about these stuff or target an area where big men/wealthy men live. However, in all this, you cannot underestimate or rule out the power of branding. You have to be original and unique in whatever thing you do. You must choose a perfect location which is both visible to the blind. However, don’t be quick to forget that everything good comes with a high price usually. Pay for a good location and in no time, you will be reaping the benefits.
Marketing Your Goods
If you want to succeed in business especially the perfume business, you must have to come up with some really original and unique marketing strategy. What is the need when you have a product or a brand and nobody knows about it. Therefore marketing plays a very pivotal role in the perfume business. Let me give you a tip. Sometimes ago a friend of mine bought a franchise to sell perfumes brand called (iron). It was of course, obviously a new brand and nobody knew about it despite its appealing scent.
However, after selling for 12 weeks there about, he discovered that sales were low. He then decided to use all the money he has gotten as profit to purchase some for himself and share to 13 different people in 13 different faculties in my school. He then made a polo short for them with the brand name “Iron Perfume” on it. As they went about doing their normal academic activities and attending classes, people/students started asking them about how and where they got the perfume from. The rest of the story is history as the brand became a popular brand in my school.
That was all that was needed to make it and his business blossomed. Therefore, you could use free campaigns or paid advertising campaigns to market your product or brand. Likewise, do not ever underestimate the power of social media when it comes to marketing. You could employ facebook and join many groups related to life, living, entertainment and the likes. That’s all you may need to blossom in your business.
That’s all I can take on the topic “How To Start A Perfume Business In Nigeria | Profitable Business Ideas”