When I decided to start a profitable perfume business in Nigeria after leaving America, it gave me the first tricycle that 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. To start a perfume business is like buying an oil well, but most people don’t just know.
You may have walked into a cosmetics shop and see lots of perfumes all over the shelf. Peradventure you decide to make a bargain; you get pissed off by the price.
“Isn’t it just a perfume?” you’d say.
A small bottle of perfume sells for about 5k; this would give you a profit of about 3k Naira. Then imagine when you sell to about 10 people in a day. It mathematically means that you would be going home daily with a minimum sum of Thirty Thousand Naira (30,000).
If we are going to have a problem here, it would be “who is going to patronize my perfume business.”
You have nothing to get scared of; I will show you how to start a profitable perfume business in Nigeria – no gimmicks.
Is Perfume Business Profitable?
Before we get to a conclusion about whether perfume business is profitable or not, let us establish some facts.
- We are more than 180 Million People in Nigeria
- 80% of people in Nigeria falls into 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.
It is no lies, that the perfume business is one of the most profitable businesses in Nigeria. I am not here to write some long stories for you; I will show you exactly how I made money with the perfume business.
HOW TO START A PROFITABLE PERFUME BUSINESS IN NIGERIA
These are the things you need to start a profitable perfume business in Nigeria. You may have read a couple or write-ups which ended up spilling jargons, but I am here to show you a successful method that works.
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 of 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 small relative business where I was selling dog food to dog owners, I had a plan for 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.
For a small business like our perfume business, you don’t need to go all in depth with a big business plan – the smaller the better for a small business. But one thing you shouldn’t neglect is making sure that you draw up a sales strategy. If you don’t sell well enough, you will go out of business.
I will still show some simple sales strategies I used when I was still selling perfumes. Never did I manufacture the product, but I made more profit that the owner of the product. I won’t ask you to give anyone to write for you because you are the person to finally carry out the act of selling. So when I tell you how to start a profitable perfume business in Nigeria, you should listen to me.
So sit down and think of how you can sell your perfumes. Once you figure it out, you are good to go.
Locate a Wholesaler
Anybody who asks you to learn how to make perfumes before starting a perfume business doesn’t like you – in fact, they don’t wanna see you prosper. The reason most American businessmen are becoming richer is that they know when to outsource. Instead of spending time and making perfumes – which might be whack, why don’t you just import and sell?
Most of the big cosmetics shops around town don’t make their own perfumes, so why should you waste your own time?
Now here is the trick!
You can choose to import quality perfumes from China at a very low and ridiculous price, then you come to Nigeria and sell it at a very high price.
Who are you gonna sell to? I will answer that in a bit.
When you decide to start a perfume business, your first step would be to find a good wholesaler where you can import the perfumes. You can check Alibaba.com or Aliexpress; this post explains how you can import things from China into Nigeria.
So forget about how to make perfumes before you start a profitable perfume business. This is 2018, so you need to be smart – that is what I am trying to teach you. Let’s look at the next step.
Package your Products
There are two things you need to package if you decide to go into the sales of perfumes.
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 – just print, and add a good title (CEO) to your name.
- A well-designed suit/cloth. It will speak well of you when meeting your clients.
- Your Product:
If you don’t make your product attractive, rich people won’t buy from you. So these are the things you need to do;
- A well-decorated product bag. If you don’t have, please design and print.
- Company name – Don’t bother to register, you don’t have the money and time for that. Just find any name that comes to your head and use it to design your product bag.
- High Price: Just because you bought the perfume from a wholesaler at =N= 600, doesn’t mean you should sell it at =N= 2,000. You have to be wise – because rich people are wise. The costlier the perfume, the more they see it as a good product. Rich people don’t buy cheap things.
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 advise you to keep importing so many of them in single (one) units. When you start selling, you should look out for the ones that sell faster, then you start importing them in larger quantities. From there, you can then become a one brand seller.
If your wholesaler is in Nigeria, you can check the fragrance before selecting the one to buy and test.
Remember that before you start a profitable perfume business in Nigeria, you should know if you are going to import a Male perfume, Female perfume, or both. Whichever one you import will determine who you are going to sell to.
Now that we have concluded on the steps it takes to start a successful perfume business in Nigeria, let us look at the marketing strategies;
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, and etc. There is no need to confuse ourselves further again, 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.
Go and Meet and 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, you mind if I allow you to test this product?” with a smile on my face.”
She would either reject or accept. If she rejects, I persuade further to know if she will change her mind – since it is a free sample.
If she accepts, it is a clear indication that she is interested in perfumes. Then I will allow her to sample it, and I make her buy afterwards.
Sell to the Rich on Credit
Don’t be scared, they will pay you. It is better you have your perfumes in people’s hand – and you are requesting for your money than having your bottles in the house dormant.
Once you approach them and they have no money at the moment, you can give them and come back for your money after. That 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/shops.
These places are good because you know where to come and ask for your money in case they didn’t pay at once.
If you practice all that I have explained here, you will have good success in your perfume business. Most people have no idea how to start a profitable perfume business in Nigeria, but I guess I have given you some tips. You should know that 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 have finally started their own businesses and are making money. I wish you the best. If you have questions, please use the comment section and ask them; I will respond to all of them.
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