Opening a perfume business can set you on the road to financial independence, but you should only venture out on your own after you have completed your research and created a business plan. With start-up capital to open a perfume business, ensuring you have access to perfume products, and determining whether there is a perfume market in your local area, you will be well on your way to financial success.
Decide what popular-selling perfume lines you will carry in your business and locate a wholesale distributor. A wholesale distributor should not only provide you with the best prices on quality perfume, but also be reputable and reliable. You will then need to determine how much you will charge customers for your perfume. This will be based on markup from the wholesale price. How much of a markup will depend on many factors, such as business expenses and overhead costs.
Determine whether you will have a physical store or sell your perfumes online. Online businesses are easier to start up, but customers also prefer to see products and immediately take home their purchases. So you may want to consider selling at a flea market or contacting a locally-owned boutique to carry your line where your start-up cost would be minimal.
Choose a business name and register it with your local business licensing authority. Determine the form of your business, whether it will be a sole proprietor, partnership, corporation or limited liability company. These various business structures have different tax and liability ramifications, so you should contact an attorney and perhaps an accountant to determine which business structure would be proper for you and your business.
Print up business cards and flyers, and advertise your perfume business throughout the community and Internet. You can advertise in your local newspaper, online in social networking sites or on free classified sites. Visit local businesses and ask if you can leave some business cards and flyers.
You may need to seek financing from a financial institution to get started. If so, you should look into small business loan programs that offer low interest loans. Check various lending institutions for the lowest interest rates.
Tips and warnings
- You may need to seek financing from a financial institution to get started. If so, you should look into small business loan programs that offer low interest loans. Check various lending institutions for the lowest interest rates.