The pandemic has caused many people to lose their jobs. But if something positive came out of the situation, it has to be how the pandemic also triggered people’s sense of entrepreneurial innovation. Pushed to improvise alternative sources of income, many resulted in home-run micro businesses. Some baked cakes and all kinds of sweet goodies. Others whipped up a meal-prep brand from scratch.
Those two are just some of the most common entrepreneurial ideas that sprouted in the past months of COVID-19 lockdowns. Here we offer another business potential that aspiring home entrepreneurs can pursue. We zero in on the perfume business. Here is how you can start your own.
Come up with a business plan
No business will succeed without a foolproof business plan. Thankfully, you do not have to enroll in a competitive business class to come up with one. However, you need to know the basics of what makes an effective business plan.
First, you need to decide on your target capital and the sources you plan to tap if you do not have the money yet. This will inform your goals. Speaking of goals, you can divide them into segments, including an overarching mission or vision and time-specific targets. As for the latter, you need to plot your planned ROI, as well as the schedule of eventual profit. Other goals about marketing, retail, and manpower should also be specified in the business plan.
Gather the equipment and supplies you need
You need supplies for the scents, such as essential oils. You also need supplies for product packaging, such as bottles and labels. Plus, you can purchase equipment like a filling machine. That will ensure the accuracy of your product’s content while reducing wastage.
Partner with a reliable supplier. Ideally, you order supplies by bulk sold with a discount. Never order more than what you need. Instead, choose a supplier you know will not fall short of your demand even on short notice.
Concoct marketable scents
Study the scents you love. What makes them stand out for you? You can imitate those scents. They already have a devoted market. That goes without saying that you can experiment with new scents that can set your perfume line apart from the competition. That might take more time, but it can be a rewarding business decision.
Better yet, do both simultaneously. Offer something old and something new and let your customers choose which they prefer. Consider it as your business testing the waters. Once you get a grasp of what your customers look for, narrow down your product mix to the most sought-after scents.
Reach out to potential vendors
You can easily sell your products online using popular retail platforms. Ensure you ship your products out with the utmost care, especially if your perfumes are contained in fragile glass bottles. You do not want to disappoint customers with products that have leaked or broke in transit.
Supplement your e-commerce presence with a partnership with brick-and-mortar shops. Reach out to local businesses and see if they would like to carry your brand. It might be harder to find a place for your perfume line on the shelves of big retail chains.
Your branding should not be haphazardly done. Your perfume line should have a memorable name and a catchy logo and tagline. Plus, your product packaging should be a marketing piece unto itself. It should be something customers would be willing to engage with. For instance, make it interactive by adding links to your social media presence.
Speaking of social media, exhaust the marketing potential of Facebook, Instagram, and Twitter. Use these platforms’ analytics to determine whether your marketing works. If not, adjust your strategies accordingly. And engage with your target audience in a way that is consistent with your branding.
No, you do not need an office or a factory to run a successful business. You can start your micro-enterprise within the comforts of your home. You can employ household members or neighbors, especially those who also lost their job due to the pandemic, to help out in growing your business.
In the first few months, focus on getting your ROI. Your goal is to keep your enterprise afloat. Remember that you are competing with many similar businesses under a challenging economic climate. You need to have the patience to see through your plans without getting disheartened if the numbers you are getting do not hit the mark initially set. There is a learning curve here. Take your time and keep at it.