This is the concluding part of the information on Trading in Cosmetics Products in Nigeria. Sit back and enjoy!

Five Tips to Starting Cosmetics Retails Business in Nigeria

1. Decide upon the Line of Cosmetics Products to Deal in: there are different lines of cosmetics retails products to sell, from makeup, body cream, body soap, perfumes and many more. All you need to do is figure out which one you will like to start and which of it will move faster in sales.

2. Determine the Capital Needs: Proper planning when starting a business is very important. Based on how you want to start your own cosmetics retail business, you need an estimate cost of what you will incur in order to start your business properly. The good news is that with less than fifty thousand naira (NGN50,000) you can start retailing cosmetic products.

3. Source for Capital: After you have figured out how much it will cost you to start your business the next thing you have to do is source for you business capital. Here there are different kinds of ways to source for your business capital, from personal savings, bank loan, from friends and family. But the most common ones are sourcing from friends and family and personal savings. Sourcing money from banks in Nigeria to finance a business has become a lot more easier than before provided you tender a convincing business plan.

4. Discover where to Buy the Products: after you have decided on the line of cosmetics products you wish to trade in, next is to find out how and where to buy at a relatively cheaper price. The sole aim of starting any business is to maximize profits and it will be unwise of you to buy products at market price and expect to sell over market prices. The best bet is to buy from popular dealers who have direct franchise with the production companies. This reduces the markup fees of too many middle men in the market.

5. Find a Favourable Location: Locational factors have a lot to do with the success of a business. You really need to have your shop situated where people highly demand for such products. Sales are higher at places where trendy fashion is encouraged. In Nigeria, aside the regular markets, sales are high in locations with high youth population such as settlements hosting tertiary institutions, lots of boutiques, eateries etc.

Here are practices you need to implement as well:

1. Establish a good customer service relationship. Be friendly as no one will love to buy anything from an unfriendly person no matter how good his products or services are.
2. Be sure to truthfully explain the extent and limitations of your products to your customers. Keep your mind on having return businesses.
3. Don’t sell your products with too many profits. Greed can make you lose good customers.
4. Always keep to your promises especially as regards genuine and quality products.
5. Look good; remember you are selling beauty products let your physical appearance do the talking about your products as people believe much in seeing.
6. Don’t spend your profits on unnecessary expenses, re-invest in your business and expand your comfort zone.
7. Don’t quit so soon. So many people when they started a business they want instantaneous business expansions and when it does not happen quickly they quit. Saying the business is not working for them.
8. Set realistic business goals.

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