How to Start a Perfume Business in Nigeria is elaborately explicated in this article. This will guide those who are interested in this line of business.
The economy as we all have seen is tough and the world at large is preaching or gunning for entrepreneurs to help reduce the plague of unemployment on the government, and multinational companies among others.
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Entrepreneurship also reduces crime in the environment as when people are engaged in one thing or the other will help reduce idleness among the youths.
Perfume Business Plan in Nigeria
Perfume is one of the essential things needed by any individual in order to help them smell good and represent a good image everywhere they find themselves.
Most likely, a lot of people are faced with the usual situation, when visiting a perfume shop. They have difficulties in choosing the fragrance that is obliged to pay for the benefit of a hard-to-match image.
Perfumes create coziness, tranquility, and comfort, caring for one’s self is a matter of the heart for many people and they want the best product.
In perfumes, the fragrance is very essential which is what makes people spend much money to acquire foreign perfumes even when they are really satisfied as a result makes them purchase different products so as to enable them to wear different fragrances on different occasions.
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Each fragrance will have a symbol and will play a role in a person’s life. Examples of fragrances include orange fragrance, bergamot, basil, and vanilla fragrance.
Other fragrances such as ginger, citrus, natural Aloe Vera, lavender, lemongrass, lemon, peppermint, eucalyptus, jasmine, and herbal essence will be produced.
The raw material will be sourced based on the different fragrances available to be produced to give long-lasting and fascinating scents.
Though the perfume will be expanded with time to include car perfumes, household perfumes, offices, restaurants, janitors, and schools among others, for the start the raw materials will be cost-efficient and this will enable the target market to afford the perfumes.
Societal Problem to Address
The main objective of this ideal is to address the unpleasant odor that most people wear due to the high cost of foreign perfumes and also reduce the fear of walking into cosmetics shops experience many as these perfumes will be marketed from house to house.
Also, to produce a lasting freshness and radiant clean smell, consumers mainly choose products based on fragrance.
A pleasant, appealing and refreshing fragrance creates an all-around sense of well-being to keep the combination of ingredients simple and essential and also eliminates harmful chemicals for preventatives often found in synthetic fragrances such as phthalates, some of which cause health problems.
Unemployment: As the business will expand it will create room for more employment, as more hands will be needed both in the production, advertising as well as marketing of the products.
Promotion of Raw materials and locally made products, the products will be made mostly of natural raw materials, this will go a long way to promoting the local raw materials available in our home soil that many have refused to pay attention to.
Over-dependence on foreign products: The products will stand the taste of time, with the long-lasting freshness and radiant smells as a result of the combination of naturally made raw materials.
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a. Foreign perfumes companies’ competitors
They say is very healthy for any striving business as it will enable any business entity to access, identify its strengths and weakness as well as strive to derive success probably using the
SWOT (Strength, Weakness, Opportunity, and Threats) Analysis. Also, in a country like ours which gives preference to foreign products thereby making locally made products Irrelevant.
Therefore foreign perfume companies such as 50cents, Penthouse, phat Farm, Perry Elise, Pharell Williams, Smart Collations, and Cologne among others are my major competitors.
Most of the foreign perfumes have gained the market much due & their fragrance and year of service.
Some have been for more than 30-40 years and above, and their product has been rated either the best or one of the best so far. Therefore charging people’s (Customers) perceptions above them will be a challenge.
b. Local Perfume Companies
Other competitors will be locally made perfume companies either within the state or the country at large.
With entrepreneurship being the major factor to eradicate poverty, so many people and companies have joined or intend to join the same line of business which will make the industry highly competitive.
The superiority of my idea over other competitors
The superiority of my idea over my competitors will be to produce a perfume that is cost-effective and efficient there creating an objective that will be affordable, accessible as well as appropriate.
By affordability – advertising and marketing will make it possible for everyone to have access as it will be advertised and marketed from door to door, house to house.
By appropriate – the product will be made of natural raw materials thereby making the fragrance pleasant and appealing the nature also the harmful chemicals will be eliminated also and the preservative that courses health problems will not be used.
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There are possible hindrances and problems, which include:
- Availability of raw materials to produce enough quantity for purchase.
- Government policies such as SON roles and regulations.
- Machine to aid large numbers of production.
- People perception – public attitudes towards locally made products.
- Sourcing for investors.
Benefits of My Business Idea:
The business idea will be immense to the investors because, with the strategy on the ground, the expansion of the business is sacrosanct which will bring dividends to be stared to the investors at the end of every year.
The right buys as many shares as they want, the right to vote and be voted for, and also to partake in the board meetings.
As the initiators, the joy of the entrepreneur will be fulfilled. The business idea will be of immense benefit to me because I will personally tell people about my product.
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With the aid of perfume production, it will bring about employment opportunities for society at large.