What can we buy at Cosmetic Store?
It is being estimated that The Cosmetic industry will reach around 20 billion dollars till 2025 as this marketing is growing at a rate of 15-25% per annum. A Cosmetic retail store contains items of daily grooming and beauty products. Ladies are the major customer of the store they will buy items like Lipstick, Bindi, foundation and other beauty products. A good cosmetic store contains all the items of beauty and facial, Perfumes, etc.
Prior Planning to start a Cosmetic And Beauty Product Retail Store
Before starting a cosmetic and beauty product retail store you need proper prior planning like how much investment you are willing to do, how will you acquire customers, what will be your location.
For Location you need to be very choosy because it is a major factor which decides the easiness for your customer to visit your shop. You need to decide your location in a busy market or near beauty saloons.
Choose Products Wisely
A Major Part of your investment will be in the products that you will purchase and keep in your store. So it is always best if you put the best brands in your store, Never ever compromise on your quality and never cheat with your customer on quality give them what is claimed. A customer retained/revisited is the best asset you have.
Investment needed to start a cosmetic and beauty product retail store
This business is played on mainly two factors Product Range and Location. And Both require a large investment.
For A location you can have your own place or you can rent a place and talking about rent it depends on place to place and min rent will be 40000-60000.
For Product Range you need to a proper research, visit all existing cosmetic brand shop, Visit beauty parlor ask them about all the products and their best brand. Then go to brands website and apply for being their official partner this will give you an edge. According to our research the min investment in buying all variety of products will be around 12-18 lacs.
The next part of investment is infrastructure, ambience of the place and trained sales persons (both male and female required).
So the minimum investment required to start a cosmetic and beauty product retail store will be around 20-40 lacs.
To outstand from competitor you need to play fast and good. Visit all makeup artists ask them to become their partner. Ask them to recommend all their customers about your store and in return you can give them a complete makeup every month or a commission. Don’t feel shy to ask out you are running a business. Visit all nearby parlors and given them first makeup kit for free. Don’t try to save money at this stage you need to burn some cash to acquire customer this is known as Customer Acquisition.
And Also don’t leave a side in digital marketing. Run Proper ads on instagram,facebook in your city.it will definately give you an edge if you have complete variety of products.
After understanding the the type of customer you have you can brainstorm other items that the customer will need and you can keep those and try to upsell them.
for e.g. you can keep inner wear for both men and women along with cosmetic items.
Since A major portion of this business is with selling so you need a trained salesman who can handle and sell your product wisely. For training you can read how to train sales person or their are many trainers available.