Online Beauty Supply Business: 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.
The way to get started is to quit talking and begin doing. You can request publication of your article for publication by sending it to us via our Email below. wikitk126@gmail.com or SMS/WhatsApp) or call +2347034920650. Click here to start business now with businesshab.com
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Online Beauty Supply Business
1. Choose a niche and type of store for your shop.
Online Beauty Supply Business
2. Write a short business plan.
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.
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Online Beauty Supply Business
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.
Online Beauty Supply Business
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
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Online Beauty Supply Business
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:
Online Beauty Supply Business
- 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
Online Beauty Supply Business
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.
Online Beauty Supply Business
7. Do plenty of research on beauty product suppliers.
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Online Beauty Supply Business
8. Ask for samples from a few different retailers.
Online Beauty Supply Business
9. Place your first order.
Online Beauty Supply Business
10. Furnish your store with lights, mirrors, and shelves.
See also: Top 21 Products Packaging Business Tips in Nigeria
Online Beauty Supply Business
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!
Online Beauty Supply Business
12. Decide on your ambience.
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
Read also: Top 50 Bazaar Business ideas in Nigeria
Online Beauty Supply Business
13. Place popular items near the front of the shop.
Online Beauty Supply Business
14. Get creative with your displays.
But a few fun ideas are:
- TVs running footage of models wearing and/or using your products
- Holiday centric displays
- Color coordinated displays with products shaping a larger image
Online Beauty Supply Business
15. Develop an online presence with social media accounts.
Read also: Top 21 Products Packaging Business Tips in Nigeria
Online Beauty Supply Business
16. Reach out to local publications, blogs, and websites.
So offer up yourself for an interview or featured article.
Online Beauty Supply Business
17. Purchase a point of sale software.
While there are a ton of options out there, a few popular ones include:
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Online Beauty Supply Business
- Revel
- Square
- Breadcrumb
- Lightspeed
Online Beauty Supply Business
18. Track your inventory regularly.
Online Beauty Supply Business
19. More tips
- Don’t overstock with useless items just to fill shelf space. Quality matters more than quantity in this market. Carry what your clients will be looking for.
- Don’t buy shelves from retail stores. Go to a reputable dealer like storesupply.com where they sell shelves designed for product placement and a professional look.
- You do not want to have sub par displays that cost you a lot in the long run with constant replacement costs, which is what you will get with shelves, displays, and wall mounts sold for residential use.
- You would also be liable if an injury or damage were to result from fixtures designed for residential use failing in your store. Same with your counters and POS stand/checkout stations.
- You do not want to buy them from Home Depot or a hardware store meant for residential use, it will cost more to modify them than it would to just buy a proper business counter in the first place.
Read also: 27 Tips to Open Door 2 Door Health/ Beauty Vending Business in Nigeria
Conclusion
Don’t go through the hassles of long applications and credit checks from suppliers just to get in business.
Choose brands that will take an interest in your new venture and who will be willing to help you!
Don’t spend #100,000 on inventory when you first start.
If you don’t have double that set aside.
Start small and grow as you see how things progress.