Are you very much into make up and cosmetics that you are actually thinking of opening your own retail cosmetics store? If you are, then this article is for you.
Opening your own retail cosmetics store does not require you to be a professional make up artists or chemist. Nonetheless, it entails a lot of hard work. If you are up for it, then you would need the following.
- A business license (for the apparent legal purposes)
- A budget
- Tax software
- A good commercial location
- A tax ID
- An accountant
- Commitment and dedication
As for the procedures on how to start and open a retail cosmetics store, follow these steps.
- Make a business plan. As challenging as seems, this is something that you ought to do. First things first, you need to plan out how you want your business to run and of course how much money you are capable of shelling out (also known as your budget). To help you with this step, you can access some business templates online. If you intend to get a loan from a bank or elsewhere, you would also need to show your business plan as proof that this is where you are going to use your money.
- Get a city or state license. This rule applies for any retail store that is about to open, so you might as well check with the city or state the mechanics on how you can get hold of a business license.
- Have a unique name for your store. This is a pre-requisite for any business that is about to open. In doing so, make sure there aren’t any stores out there named like yours. Otherwise, the city or state can’t release you a license to operate your business.
What you can also do is set up your business as a partnership or sole proprietorship. Whichever you pick, it would be best to talk to a trusted accountant to get a 2nd opinion on what would work best for the business. Additionally, your accountant will also assist you in getting a hold of a tax id number for your business.
- Choose your brands. Of course, there won’t be any cosmetics store without make up brands to carry. So decide which ones you would want to carry in your store. If you decide to market a big make-up brand, make sure that you read all terms and agreements with the company.
- Find a good location. Location is vital. This includes the traffic in the area and even the available parking space. For the most obvious of reasons, people do not like waiting in long lines of traffic and stores that do not have convenient parking spaces. So if you are serious about making a name in the retail cosmetics industry, find the close to perfect location, even if it would cost a little more than usual.
- Advertise! Advertise! Advertise! With department stores and infamous retail cosmetics stores to compete with, you would definitely need to have a comparative advantage against them.
So if you are ready to hurdle these challenges, then go for it.