Tag Archives: startup

How To Start Cosmetics Business In Nigeria With N50,000 ($150)

 

Cosmetics business is one of the most lucrative businesses to start in a country like Nigeria.

It is in high demand as there is no home in Nigeria that does not make use of cosmetic products. Though there are so many cosmetic retailers in Nigeria but that shouldn’t stop your dream of starting your own cosmetic business.

Remember “It’s not what you do but how you do it” and it’s not the number of people that do your kind of business that matters, but how well you do your own.

The great advantage everyone doing business in Nigeria has is the population density. Regardless of whatever business you do in Nigeria, you will always have your own customers and make much profit if you run your business the right way.

Setting up a cosmetic business in Nigeria is an exciting idea, especially when you’re doing it from home you must have to take a decision on how you want to go about this. This business has a lot of competition because of the high demand but still very fast moving and profitable.

Cosmetic business does not require much capital to start with, In this case, when you want to start small. Starting with cheap cosmetic product allows you to start small and grow gradually if you can’t start big.

I have never done this business before, but I have lots of friends who do and I have studied and researched a lot about this business and you know what, you can increase your business capacity gradually and be making your super cool profits.

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Starting small means, you can start this business with as low as N50.000 ($150) and the turnover of this amount in a month can give you twice your investment.

This means you will only sell to final users. It’s a good idea right? Likewise if you invest like N500.000 ($1580) or more it can give you % 70 profits monthly. With this amount you’ll be selling to final users directly but if you have up to N2.000.000($6340) you can be a wholesaler. Depending on the exact amount you want to invest, you can also get profit worth %70 in return if you frequently turn the money over and over for months.

Cosmetics product business is really an interesting one. Once you get the strategic location for your business, you just go ahead and start your business and you’ll see yourself achieving success

SEE ALSO: Top 10 most profitable small Business Ideas In Nigeria

CHOOSE A PRODUCT TO SALE

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They are different areas of cosmetic business in Nigeria: you can decide to go into one or more at a time. It could be:

  • Hair care Products: Either hair expression which is weave or attachment mostly used by females or hair care and treatment , here we have hair spray, relaxers, shampoo and conditioners, hair cream, e.t.c
  • Personal care products and toiletries: This aspect is used daily in every home such as bathing soap, tooth paste and brush, toilet papers, e.t.c
  • Skin care products: Body cream for different purposes fall into this category: moisturizing cream, age defying, toning cream, e.t.c
  • Makeup products: This is the fast moving category; it is used by both you and old, rich and poor because everyone wants to look good at every occasion. Women are mostly the ones that use this in Nigeria to enhance their beauty using Lipsticks, eyeliner, powder, e.t.c

In Nigeria, different products from different companies are available. Having selected the category to concentrate on, next is to start your business.

GET A SPACE 

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You can start at home or rent a shop outside your home for your cosmetics business. A shop should be located at a corner where people pass often, to enable come in to buy from you. If your plan is to start small from home, you’ll have to create a space in your house. This serves as both your warehouse and display store.

SEE ALSO: How to start a Business With No Money

Proper planning when starting a business is very important. Base on how you want to start your own cosmetic retail business, you need to estimate the cost of what you will incur in order to start your business properly. The good news is that, with Fifty Thousand Naira (N50.000) 0r $150 you can start cosmetic retail Business.

FIND OUT WHERE TO BUY YOUR PRODUCTS

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After you have figured out the line of cosmetic retail business you want to start the next thing is where and how to buy it cheap. The sole aim of starting any business is to maximize profit and it will be unwise for you to buy products at market prices and yet remains in business.

 

CREATE SECTIONS IN YOUR SHOP

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To be extremely successful in this business, you will not just restrict yourself to one aspect of it; you must try to have all the different sections available in your shop. For instance if you’re setting up your shop you must include the hair extension section, the skin care section, the personal care and toiletries section and so many others. This will make your shop look beautiful and everybody who passes by will want to patronize your shop.

SEE ALSO: How to start Bread Bakery Business In Nigeria

TO SUCCEED IN THIS BUSINESS: Here Is My Advice;

  • Be friendly as no one will Love to buy anything from an unfriendly person no matter how good his products and services are
  • Say what your products can do for your customers with truth, not just a sale talk to sell them anything. In order for you to have a returning customer all the time
  • Don’t sell your products with too many profits. Greed can make you lose good customers
  • Once you promise a customer that you’ll do one thing make sure you do it
  • Look good; remember you’re selling beauty products. Let your physical appearance do the talking about your products as people believe much in “Seeing is Believing”
  • Don’t spend your profits on unnecessary expenses, re-invest in your business and expand your comfort zone
  • Don’t quit so soon; so many people when they start a business they want instantaneous business expansions and when it does not happen quickly, they quit. Saying the business is not working for them
  • Know that Quitters never win and Winners never quit
  • Setup realistic goals

GOOD LUCK

I Believe you read this article to the end, share on social media and please don’t hesitate to leave comments. also ask questions if facing any Challenges.

 

Strive Masiyiwa: building an efficient organization – Part 3

 

__Always pay your workers first.

You can’t call yourself an entrepreneur if you have the habit of not paying your workers on time, erratically, or not at all. Real business leaders always pay their employees first. Let’s call it the first law of entrepreneurship.

Let’s talk.

I began my business career as a construction contractor more than 30 years ago. My business entailed getting construction contracts, some which took several years to complete. I would sometimes have thousands of people working on my projects. 90% of my people were paid on a weekly basis. It was almost a ritual, whereby we’d go to the bank on Friday morning to collect the “payroll.”

Each worker was paid in cash, and we would sit and pack the money into little brown envelopes, after deducting taxes. We’d then travel to the sites and pay them their money.

I never ever missed a payroll… except once, and it probably saved my life. I was abducted from my office at gun point on one of my payroll days. The person who raised the alarm that I was missing said this: “We know something has happened to him because he didn’t come to supervise the release of this week’s payroll.”

# If you owe your workers money, you’re not yet an entrepreneur.

The second law of successful entrepreneurship is this: If, for any reason, you’re going to miss your payroll, you must always make sure the lowest paid workers are the first to get paid — not the managers and others you deem most skilled.

# Always pay the lowest paid workers first. They’re the most vulnerable.

If we didn’t have enough money to meet our payroll, I spoke to my senior people and asked them to make the sacrifice. It also meant I myself would go home with nothing. But workers like cleaners, laborers (we had a lot of these in the construction business), drivers etc., were always paid first. This always included the youngest people in our business.

If you want to go far as an entrepreneur, treat workers’ salaries and wages as sacrosanct. If you see a big man who has lots of cars, a big house, goes on holiday overseas but is in arrears on salaries and wages, he’s really not an entrepreneur.

Don’t be fooled, he’s not a big man at all! True entrepreneurs pay their people on time, all the time. And they take care of the most vulnerable members of their organizations first. I’d rather someone called me a successful entrepreneur on the basis that I never missed my payroll, than on the basis that I made a billion dollars.

Now to help avoid such a crisis, there’s one thing you must learn to do straight away in your business, and that’s manage your cash flow… your “accounts receivable” (sales) and your “accounts payable” (expenses). If you don’t keep track of your cash flow, I guarantee at the end of some months, you’ll have a shortfall.

If you haven’t already done so, put together a cash flow budget, with a few different scenarios (best case, worst case, different assumptions). You can’t predict everything, of course, and surprises happen, but do your best with what you know now. Cash in? Cash out? Timing? Enough cash to meet payroll? (This is a complicated subject but we’re just talking about payroll here.)

A few years ago there was an article in Forbes’ magazine called “Success will come and go, but integrity is forever.” Never forget that. Most all businesses have legal and contractual obligations which you must respect. But there are also moral obligations to consider… Do you know the difference?

 

To be Continued…

Strive Masiyiwa: building an efficient organization – Part 2

__Talking a good game is not enough.

I was meeting with one of New York’s most successful bankers, when he quipped, “In my business we don’t rely on intellectual property. There’s nothing we do that’s so special; we’re just damned good managers of businesses!”

I could immediately understand what he meant because when, for instance, you stop to think about a business like McDonald’s, you ask “What’s so special about a hamburger?”

But somehow out of that humble hamburger they’ve built a $96bn business… a global business bigger than the GDP of Kenya ($70bn)!

__They are “just damn good managers of business!”

When we launched our Mobile Money business in Zimbabwe, it wasn’t a new idea in Zimbabwe, or in Africa. To be honest, one of our competitors was a year ahead of us, but it really didn’t matter to me. I knew that when we finally launched our own service, it would be bigger and better because “We’re good managers of businesses! It’s not all IP and innovation!”

Whenever I see a business, as a management practitioner, I’m interested in how it’s run. I’m always asking myself, “How are they organized?”

We hear a lot spoken about good leaders, but a good leader who doesn’t know how to manage effectively, using the latest management techniques, is a total waste of time as far as I’m concerned.

You’ve heard the expression, “He talks a good game, but he can’t play.”

Unfortunately, many entrepreneurs are like that. They can talk a good game, but they cannot manage an organization. Talking a good game can be important, but it’s not enough!

If you want to build a profitable and growing business organization, you must first have an acute awareness of the role that organizational management plays. Your awareness must extend to an appreciation that it is a “technical discipline” which must be learnt.

It doesn’t happen naturally: Good management is something you must apply yourself to. Never fool yourself into believing that if you have a good idea, and some money, you just hire the right people and “Hey presto, you have a big successful business!”

I want you to be different: I want you to be able to pick up an idea, any idea, and turn it into a successful business organization that generates profits, and can grow into a national, regional, and continental champion, even a global one.

 

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how to Start plantain farming in Nigeria and Make millions

 

By now, it should be no surprise to you that agriculture is the most

lucrative business sector in Nigeria . This has led to a huge boost in local and international investment, which has seen the agriculture industries potential increase exponentially.

If you’re still thinking about whether or not to invest in Nigerian agriculture, you should stop thinking and make a decision today. My advice to you is – don’t delay. The industry is so full of potential, and moving so quickly that you risk being left behind.

If you are already planning to start plantain farming in Nigeria, then you have made the right choice to help you turn your financial status around. With very little capital, plantain farming can help you make millions of Naira every year.

The secret to successful plantain farming is to ensure that you learn the basics, and master a few tricks of the trade. This is why you can start small and scale up to earn a lot from it.

The Plantain tree is a native of Asia, having been cultivated first in 500BC by South Indians. It has spread widely throughout the tropics, moving from Africa to the Caribbean and Latin America. At present though, Nigeria is a large producer of plantain. Nigeria produces more for local consumption in comparison to export.

You might be wondering why is plantain farming such a lucrative business? Plantain farming in Nigeria is so lucrative because plantain features heavily in the staple diet of most Nigerians. The few farmers who are successfully operating in this sector are making millions of Naira.

Continue reading how to Start plantain farming in Nigeria and Make millions

How to Start-up a business with almost no money

 

Continue reading How to Start-up a business with almost no money