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 start a profitable perfume business in Nigeria because of the excess money in it.
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.’
Is Perfume Business Profitable?
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, ready to start a profitable perfume business in Nigeria? Anyways, this isn’t a question of ‘are you‘ but a question of ‘how.’
HOW TO START A PROFITABLE PERFUME BUSINESS IN NIGERIA
You must be tired of the lies you read on how to start a profitable perfume business in Nigeria. You may have read a couple of write-ups that ended up spilling jargon. But here, I will show you a method with success. These are the things you need to start a profitable perfume business in Nigeria. Just get yourself something chill – beer or soft drink, and follow my lead.
A DETAILED BUSINESS PLAN
This isn’t something to joke with when it comes to starting any business – not just the perfume business in Nigeria. This plan will sustain your business and give it the edge it deserves. The first rule in business is to have a plan for what you are going to achieve. If you don’t have capital, then you can find ways to raise capital for your perfume business.
“To achieve success in any business, you must have a plan.”
When I started my business at age 23 – a relatively small business where I was selling dog food to dog owners, I planned everything I needed to do to make my business successful.
Before you can start a profitable perfume business in Nigeria, your plan should contain the following;
- A mission statement
- A vision statement
- Products/Services to offer
- Target market
- Sales strategy
- Income generation methods.
- Risk management
- The business environment
- Business productivity
For a small business like our perfume business, there isn’t a need for this in-depth business attunement. Nevertheless, do not neglect to institute a proper sales strategy. This is very necessary because not matching up with the competition will log you out of business. Would you love the business environment to log you out?
I will still highlight some simple sales strategies I used when I was still selling perfumes. Never did I manufacture the product, but I made more profits than the owner of the perfumes. On my side, I’ll make you responsible for your business planning. That is to say that you will not give anyone your business idea to plan for you. Nobody, except you, bears the vision that you hold for this perfume business. So, if you’re to succeed like me, you have no choice but to follow my lead and be self-reliant.
I don’t know whether you’re standing, but I recommend sitting down. A standing man is on the verge of departure and may not better hear the advice for his adventure. So, sit or perhaps, lay your body on something, and let’s pan this perfume business out for good. Making money in Nigeria isn’t at all restricted to a particular group of persons but all.
Here we go!
Locate a Wholesaler
Anybody that asks you first to learn how to make perfumes before starting a perfume business doesn’t detest your success. Factually, they don’t want to see you prosper. The reason most American businesspeople are becoming wealthier by day is that they know when to outsource. Instead of spending time and making perfumes – which might be whack, why don’t you import and sell out for bulk cash?
Most of the big cosmetics shops around town don’t make their perfumes. Do they? Why then should you batter time serving someone to get the knowledge before making money? Come on, cash out, and let’s see a wholesaler.
The trick? Here is it!
You can choose to import quality perfumes from China at a low and ridiculous price. Afterward, Nigerians will buy it from you at a higher price.
Have you a question in mind? Is it a question of who will buy? Worry not, I have a provision of the answer.
After you decide to start a perfume business, step one is to find a good wholesaler to import the perfumes. You can check Alibaba or Aliexpress – An elaborate post on how you can import things from Dubai into Nigeria.
So forget about how to make perfumes before you start a profitable perfume business. This is 2019, and do you know what this means? It’s simple, and you have to be smart – that is what I am trying to teach you. Let’s look at the next step.
Build Trust with Wholesaler
The wisest move to make is to partner well with the wholesaler. There are times in this perfume business that you will need the wholesaler direly. For instance, if a customer is in urgent need of a product, it will require trust for your wholesaler to lease the perfume, with the belief that you’ll pay later.
People who go to businesses today – notwithstanding the niche, don’t understand the term ‘wholesaler-retailer relationship.’
Trust me, this ideology in business is what the wealthiest businessmen today strive for. You can’t survive in business without a backup, no matter how it comes – whether external or internal.
Now you see, that wholesaler you’re buying from is very necessary to you in this business. Have you an idea of what we call ‘business environment’? If you don’t, know it now. A business environment is one of the major determining factors in business. This is to say that with trust in external bodies like wholesalers, you can combat the setbacks in a business environment.
Package Your Perfume Products
There are three things you need to pack if you decide to start a profitable perfume business in Nigeria.
There are things you need to show people before they can decide to buy from you. Because we aren’t targeting poor people, so you need to be on top of your game in this perfume business.
The things you need to have included;
- Complimentary cards – print and add a good title (CEO) to your name.
- Let your dressing promote and speak for your business.
- Good quality perfumes should stock your bag or store.
- Wear signature perfumes on business intervals. It will speak up your perfume business before buyers.
- Be jovial.
- Employ a hand as your business assistant. As your perfume business grows, you can employ a few more.
2. The Perfumes
If you don’t make your product attractive, rich people won’t buy from you. So these are the things you need to do;
- Buy quality and not quantity from wholesalers.
- Let your price be environmentally wise. I.e., if your perfume is worth Three Thousand Naira in Lekki, Lagos, it should not be the same in Ojuelegba.
- Have variants of perfumes.
- Know the type of perfume that women love and have them in quantity. Present studies have it that Nigerian women utilize perfumes more than Nigerian men. If it’s about beer, Nigerian men will lead.
In this business, you must out-fashion others to survive. There are various lovely things you could do to achieve this. Here they are:
- Print customized delivery or sales bags.
- Employ a hand or two.
- Have a business card.
- Alert your customers of new products (their perfumes won’t last forever).
- Have perfumes with price varieties.
Maintain a Brand of Perfume
If it is possible, you can keep importing a single brand. But the question is,
“How do you know the specific brand to keep importing?”
Here is a smart way to know;
When you start your perfume business, I recommend importing so many of them in a single (one) unit. When you start selling, you should look out for the ones that sell faster. Afterward, start importing them in larger quantities. From there, you can then become a one brand seller. Trust me, at the mention of that brand, Nigerians will have your name in mind. If your wholesaler is in Nigeria, you can check the fragrance before selecting the one to buy and test. When it is good, subscribe to buying that very one in bulk.
Furthermore, to start a profitable perfume business in Nigeria, decide whether to specialize in Male perfumes, Female perfumes, or both gender. Whichever one you import will determine your target market, and you have to please them.
Now that we have concluded the steps it takes to start a successful perfume business in Nigeria let us proceed to the marketing strategies.
Stay Up To Date
Consumers love when you offer the latest brands. Assuming you are retailing a brand such as Pure Black perfume, make sure to check for new collections often because the fans of Pure Black are looking for the latest too.
As the seller, you want to be sure that you deliver the latest and inform your audience long before they discover. Note that the perfume business works like other classic businesses such as cloth retail and shoe, consumers already need perfumes refined with new materials for effectiveness.
Perfume Business Marketing Strategy
There are several ways you can perfectly market your perfume just like I did mine, and they are;
Identify your target market
No matter the state you are in Nigeria, there are rich people in your state. You can find them in your church, schools, clubs, fellowships, compounds, etc. There is no need to confuse ourselves further again, and our target market is RICH PEOPLE.
If you want to make a profit from your perfume business, then you should avoid poor people. They will always buy on credit and refuse to pay.
Meet Your Potential Customers
I know you might be scared of meeting rich people when you finally decide to start a profitable perfume business. But there is a way I will show you. Once I am with my fancy bag with my perfume inside, I always approach the women instead of men.
Tips: “If you are a lady, men will buy from you more. If you are a guy, women will buy from you more than men.”
I always start with the following lines;
“Hi Ma’am, do you mind trying out this elegant product?” – With a sharp smile on my face.
She would either reject or accept. If she rejects, I persuade her further to know if she will change her mind. My advice, it’s not always an easy task. However, your ability to handle rejection is what makes your perfume business stronger.
If she accepts, it indicates her interest in your perfumes. Then I will allow her to try it out. Once she tries it, she’ll be moved to buy from me.
Sell to the Rich on Credit
Don’t be scared, and they will pay you. You should have your perfumes in people’s hand. And it isn’t plausible to have your perfumes decay at home or in-store. Remember that they expire, so sell out quickly so that they don’t become a loss.
When the rich have no cash on them, sell on credit to them. Also, avoid selling on credit to politicians at very low levels or to Personal Assistants who carry their shoulders as being rich. This is a way to operate a successful perfume business in Nigeria.
Know the Best Places to Meet Them
I always prefer meeting them in the following places;
- In their homes
- On their social media platforms, i.e., advertising your perfumes to them on that media
These places are good because you know where to come and ask for your money if they delay making payments.
Understand Your Environment
Sometimes, our environment does not allow businesses to thrive. The best way to succeed in such an environment is to adjust to its nature. In situations like this, try to study and know your buyers. Always switch locations on regular intervals to build a wider audience. Remaining static will also cause your perfume business to remain static.
Build a Strong Link
It is advisable to build a connection between your business and other perfume businesses. You can build connections from current customers and also keep tabs with other perfume vendors.
Since you would not be retailing in the entire country, you need links with perfume sellers in other countries. It is easy, when you order from the wholesaler, request to hook up with other of their retailers across the country.
Since you are not requesting confidential information, the wholesaler may be able to share their contact information with you.
If you put these explanations into practice, you will have success in your perfume business. Most people have no idea how to start a profitable perfume business in Nigeria, but I have given you some tips. You should know that the perfume business is one of the most lucrative businesses anyone can do in Nigeria.
I will be giving out more tips and success stories from people who start their businesses. I wish you the best. If you have questions, please use the comment section to ask them. I will surely respond to all of them as they come. Meanwhile, if you have difficulties with capital, learn how to ask rich people for the business.
Remember to share this post with those you love.
They can benefit and know-how to start a profitable perfume business in Nigeria.