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23 Tips to Open Executive Beauty Supply Shop in Nigeria

Executive Beauty Supply Shop: Opening up your own beauty supply store is a new and exciting adventure to embark on.

You might have to set aside some time for serious organization and reflection.

But it should be worthwhile in the end.

Make sure to find a niche that you’re passionate about.

Create a thoughtful budget, and set your store up for success!

See also: Top 61 Medical Practitioners Business Ideas in Nigeria

Executive Beauty Supply Shop

1. Choose a niche and type of store for your shop.

 Pick something that you’re both knowledgeable and passionate about.
Try researching other businesses in the area for gaps in the market.
You won’t want to open up an organic skin-care shop if there are others nearby.
This is also the time to decide what type of shop you want to create in terms of sheer size.
Do some research on rent prices in your area before setting in stone any one type of shop.
Executive Beauty Supply Shop

Executive Beauty Supply Shop www.google.com

Executive Beauty Supply Shop

2. Write a short business plan.

 If you want to write a business plan, it’s usually best to keep it simple.
That being said, even a basic business plan has quite a few steps.
Don’t be afraid to ask for help with this one! A few key items to include are:

  • Who your manufacturers and suppliers are and what their rates for key products are
  • Your overhead costs (inventory, salaries, advertising, legal fees, utilities, incidentals)
  • Financial projections regarding when your store should break even (This is hugely important if you’re looking for a bank loan!)
  • Advertising strategies
  • A bulleted basic action plan to achieve your goals

Executive Beauty Supply Shop

3.Figure out your budget.

Try to keep your costs as low as possible at the beginning and be realistic about your numbers.
Try to account for incidentals as well; unexpected costs always seem to arise in your first few months.
A few key parts to look at for your shop include:

  • Your supplier’s product and delivery costs
  • Advertising costs
  • Utilities and rent costs
  • Staff salaries
  • Any legal or permit fees for your area

Executive Beauty Supply Shop

4. Research licensing and fees.

 Each municipality will differ with their process for opening up a small business.

You’ll want to do thorough research about your city, county, and state.

Before actually starting your business.A few items to expect include:

  • Annual registration fees
  • Registration fees for any new location
  • Specialty items fees (some states require extra licenses when selling certain items, such as perishables)
  • Professional licensing fees

Executive Beauty Supply Shop

5. Pick a legal entity.

This will take a little bit of research on your end.

But many small businesses start out as a sole-proprietor.

This usually means fewer fees and less paperwork.

There are a few different options here, but be sure to do plenty of research before choosing:

  • Sole Proprietorship – less fees and paperwork, but more personal risk at stake
  • Partnership – more resources for capital and decision making, but can delay processes
  • Limited Liability Company (LLC) – most flexibility for the structure of the business, but more comprehensive paperwork and fees
  • Corporation/S-Corporation – less personal liability, but more government regulation

Executive Beauty Supply Shop

6. Pick a location with high foot traffic near other beauty stores.

 Whether it’s a mall, a shopping center, or just a popular neighborhood.
You’ll want to be sure to pick a location that has a high amount of pedestrians and other beauty shops nearby.
You don’t want your customers to have to make a special trip just to get to your shop!

Executive Beauty Supply Shop

7. Do plenty of research on beauty product suppliers.

There are a ton out there with similar prices and reviews.
Make sure to do ample research before agreeing to partner with any one business.
Check plenty of reviews online and don’t be afraid to flood them with questions.
Remember: the products are the foundation of your business!

Executive Beauty Supply Shop

8. Ask for samples from a few different retailers.

 Once you’ve narrowed down your choice of suppliers.
Try asking for some samples of their products.
Most businesses will offer these for free in hopes of partnering with you.
Make sure they deliver a high quality product.
Try testing them out yourself or comparing them to other products you’re familiar with.
Ask friends or business contacts their thoughts on the products as well.
Their logistics and customer service should also be solid in order to avoid any future headaches.

Executive Beauty Supply Shop

9.Place your first order.

Focus on ordering larger quantities of popular and widely used products at the beginning.
Wait on ordering a ton of the riskier items until you’re a little more comfortable.
Researching beauty publications are a good way to get an idea of what sells and what doesn’t.

Executive Beauty Supply Shop

10.Furnish your store with lights, mirrors, and shelves.

Lights and mirrors are super important.
So your customers will be able to try various products on before purchasing.
Be sure to decide on a shelving arrangement as well!
You can have shelves line the perimeter, stand alone in the middle of the shop, or both.

Executive Beauty Supply Shop

11. Properly store your inventory.

Storage requirements may differ from product to product.
But most beauty items require room temperature storage away from any moisture, smoke, and direct sunlight.
Make sure your location has enough storage space to suffice!

Executive Beauty Supply Shop

12.Decide on your ambiance.

Find a way to make your store unique.
You’ll want your customers to feel relaxed so they don’t feel rushed when they’re inside.
The longer your clients stay in your store and shop, the more products you’ll sell.
A couple ideas for a feel to get you started could be:

  • Fancy, high-end cosmetics with posh displays and decorations
  • Independent, organic shop with rustic decor and minimalist displays

Executive Beauty Supply Shop

13. Place popular items near the front of the shop.

These will be what draw pedestrians in.
Many clients are fairly loyal to brands and specific products.
Try to place big sellers near the front.
So they won’t have to wander aimlessly trying to find their favorite items.

Executive Beauty Supply Shop

14. Get creative with your displays.

This is especially important in the beginning to separate yourself from other beauty shops.
And will help to draw in interested customers.
This will vary heavily depending on your products and preferences, but a few fun ideas are:
  • TVs running footage of models wearing and/or using your products
  • Holiday centric displays
  • Colour coordinated displays with products shaping a larger image

Executive Beauty Supply Shop

15. Develop an online presence with social media accounts.

Try to advertise on Facebook.
Sponsored posts will allow you to specify your target market.
And reach out to those with interests in beauty supplies.
Remember to make your social media presence unique and helpful.
In order to use social media to market.
Boast consistent branding across all social media platforms.
By using the same logos and types of posts.

Executive Beauty Supply Shop

16. Brand Your Store

You get to pick not only the name of your store.

But also your very own web address.
You focus on marketing and we do the rest.
It’s like have your very own warehouse with employees you don’t have to pay.

Executive Beauty Supply Shop

17.Reach out to local publications, blogs, and websites.

Online write-ups are an easy way to get free marketing.
Try shooting an email to your local newspaper or city magazine.
Letting them know about your new business.
Do the same for beauty-specific blogs and websites.
Most of these outlets are always looking for more content.
So offer up yourself for an interview or featured article.

Executive Beauty Supply Shop

18. Purchase a point of sale software.

 Instead of a standard cash register.
Many small businesses these days are pivoting to running their sales through iPads.
Most of these platforms also come with easy ways to track your different products and daily reports.
While there are a ton of options out there, a few popular ones include:

  • Revel
  • Square
  • Breadcrumb
  • Lightspeed

Executive Beauty Supply Shop

19. Track your inventory regularly.

 This will help you make sure you never run out of popular products.
Let the inventory and trends directly impact your next order from your supplier.

Executive Beauty Supply Shop

20. Make Additional Revenue

Every successful entrepreneur knows that multiple revenue streams are essential in building an empire.

Your new e-commerce beauty supply store is designed to generate revenue.

Month-after-month with ZERO upfront inventory investment.

The more you promote your new store, the more money you make, it’s really that simple.

21.Financing Your Beauty Supply Store Business

Starting a beauty supply store business can be cost effective especially.

If you choose to start on a small scale by running a beauty supply store in a street corner.

Securing a standard and well-positioned store facility.

And stocking your store with a wide range of hair care and shower products, cosmetics.

Skin care products, fragrances, nail care products, deodorant and shaving products, sun care.

Baby care and other products from different manufacturing brands.

Are part of what will consume a large chunk of your startup capital.

Executive Beauty Supply Shop

But if you choose to start the business on a large scale.

You would need to go source for fund to finance the business.

Because it is expensive to start a standard large scale beauty supply store business.

When it comes to financing a business.

One of the first things you should consider is to write a good business plan.

If you have a good and workable business plan document in place.

You may not have to labor yourself before convincing your bank.

Investors and your friends to invest in your business.

Here are some of the options you can explore when sourcing for startup capital for your beauty supply store business;

Executive Beauty Supply Shop

  • Raising money from personal savings and sale of personal stocks and properties
  • Raising money from investors and business partners
  • Sell of shares to interested investors
  • Applying for loan from your bank
  • Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
  • Source for soft loans from your family members and your friends

Executive Beauty Supply Shop

22. Technical and Manpower Details

On the average, there is no special technology or equipment needed to run this type of business except for Point of Sales (POS) Machines, shelves, and software applications.

You will also need computers, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves) amongst others and all these can be gotten as fairly used.

As regards leasing or outright purchase of a store facility.

The choice is dependent on your financial standing, but the truth is that to be on the safe side.

It is advisable to start off with a short term rent/lease while test running the business in the location.

If things work out as planned, then you go on a long – term lease or outright purchase of the property but if not.

Then move on and source for other ideal location/facility for such business.

When it comes to hiring employees for a standard beauty supply store business.

You should make plans to hire a competent Chief Executive Officer (you can occupy this role), Admin and Human Resources Manager, Merchandize Manager, Store Manager, Sales and Marketing Officer/Sales Girls and Boys, Accounting Clerk and Cleaners.

On the average, you will need a minimum of 3 to 6 key staff members to run a small scale but standard beauty supply store business.

Executive Beauty Supply Shop

23. The Services Process Involved in the Beauty Supply Store Business

When it comes to buying and selling stuffs, there is no hard and fast rule about it.

Basically, it is the duty of the merchandize manager to help the store stock goods (a wide range of hair care and shower products, cosmetics, skin care products, fragrances, nail care products, deodorant and shaving products, sun care, baby care and other products from different manufacturing brands).

They go out there to source for good purchasing deals and they also ensure that they do not only purchase at the right prices that will guarantee them good profits, but also ensure that they purchase beauty supplies that are in demand in their business location.

Once the beauty supplies are bought, they are properly arranged in the store for customers to see and purchase. On the other hand, they are also expected to deliver orders made by clients if such services are available in their store. So also, stocks are taken after the close of business every day and accounts are balanced. This will enable them place demand for more products from the warehouse.

It is important to state that a beauty supply store may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility; the above stated beauty supply store business process is not cast on stone.

Conclusion

Make money from the beauty products you know, use, and love!

This unsaturated market is ready for business owners like you to take it to the next level.

If you are a beginner and do not think you have the ability or knowledge to run your own beauty supply store.

Do not worry! Our websites are built for complete beginners.

If you are serious about adding supplemental income to your life.

Your new beauty supply store is only a few clicks away!


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