How to Start a Cosmetics Retailing Business

                                           how to start a cosmetics retailing

business this video is designed to help

you determine if your cosmetics

retailing business idea is feas

ible to

identify questions and problems you will

face in converting your idea into

reality and to prepare for starting your

cosmetics retailing business the video

features all the essential aspects you

must consider before you start your

cosmetics retailing business this will

allow you to predict problems before

they happen and keep you from losing

your shirt undecide ia's at the end of

the video there are three valuable free

gifts waiting for you a token of

appreciation for watching this video

operating a successful cosmetics

retailing business will depend on the

following four conventions

one a practical plan with a solid

foundation to dedication and willingness

to sacrifice to reach your goal 3

technical skills 4 basic knowledge of

management finance record-keeping and

market analysis as a new owner you will

need to master these skills and

techniques if your business is to be

successful identify your reasons as a

first and often overlooked step ask

yourself why you want to own your own

business check the reasons that apply to

you 1 freedom from the nine-to-five

daily work routine to being your own

boss 3 doing what you want when you want

to do it for improving your standard of

living 5 boredom with your present job 6

having a product or service for which

you feel there as a demand some reasons

are better than others none are wrong

however be aware that there are

trade-offs for example you can escape

the nine-to-five daily routine but you

may replace it with a 6 a.m. to 8 p.m.

routine preliminary analysis major flaws

uh yes response to questions such as the

following would indicate that your

business idea has little chance for

success one

are there any causes such as

restrictions monopolies shortages that

make any of the required factors of

operation unavailable such as

unreasonable cost or scarce skills to

our capital requirements for entry or

continuing operations excessive three is

adequate financing hard to obtain four

are there factors that prevent effective

marketing a self-analysis starting a

business requires certain personal

characteristics this portion of the

video deals with you the individual this

next group of questions though brief is

vitally important to the success of your

plan it covers the physical emotional

and financial strains you will encounter

in starting a new business are you aware

that running your own business may

require working 12 to 16 hours a day six

days a week and maybe even Sundays and

holidays do you have the physical

stamina to handle the workload and

schedule do you have the emotional

strength to withstand the strain are you

prepared if needed to temporarily lower

your standard of living until your

business is firmly established is your

family prepared to go along with the

strains they too must bear are you

prepared to lose your savings in case

your plan fails finding a niche small

businesses range in size from a

manufacturer with many employees and

millions of dollars in equipment to the

loan window washer with a bucket and a

sponge

obviously the knowledge and skills

required for these two extremes are far

apart but for success they have one

thing in common

each has found a business niche and is

filling it the most critical problems

you will face in your early planning

will be to find your niche and determine

the feasibility of your idea get into

the right business at the right time is

very good advice but following that

advice may be difficult

many entrepreneurs plunge into a

business venture so blinded by the dream

that they fail to thoroughly evaluate

its potential is your business idea

feasible before you invest time effort

and money the following exercise will

help you separate sound ideas from those

bearing a high potential for failure

identify and briefly describe the

business you plan to start identify the

product or service you plan to sell

answering yes to any of the following

three questions means you are on the

right track a negative answer to all of

them means the road ahead could be rough

one does your product or service satisfy

an unfilled need 2 will your product or

service serve an existing market in

which demand exceeds supply 3 will your

product or service be competitive based

on its quality selection price or

location market analysis for a small

business to be successful the owner must

know the market to learn the market you

must analyze it a process that takes

time and effort you don't have to be a

trained statistician to analyze the

marketplace nor does the analysis have

to be costly

analyzing the market as a way to gather

facts about potential customers and to

determine the demand for your product or

service the more information you gather

the greater your chances of capturing a

segment of the market know the market

before investing your time and money in

any business venture the following

questions will help you collect the

information necessary to analyze your

market and determine if your product or

service will sell this brief exercise

will give you a good idea of the kind of

market planning you need to do an answer

of no to any of the questions indicates

a weakness in your plan so do your

research until you can answer each

question with a yes one do you know who

your customers will be - do you

understand their needs and desires 3 do

you know where they live 4 will you

offering the kind of products or

services that they will buy five will

your prices be competitive in quality

and value 6 will your promotional

program be effective 7 do you understand

how your business compares with your

competitors 8 will your business be

conveniently located for the people you

plan to serve 9

will there be adequate parking

facilities for the people you plan to

serve planning your startup so far this

video has helped you identify questions

and problems you will face converting

your idea into reality and determining

if your idea is feasible through self

analysis you have learned of your

personal qualifications and deficiencies

and through market analysis you have

learned if there is a demand for your

product or service the following

questions are grouped according to

function they are designed to help you

prepare for opening day name and legal

structure 1 have you chosen a name for

your business

2 have you chosen to operate as sole

proprietorship partnership or

corporation business premises and

location 1 have you found a suitable

building in a location convenient for

your customers - can the building be

modified for your needs at a reasonable

cost 3 will you have a lawyer check the

zoning regulations & Lace merchandize

have you decided what items you will

sell or produce or what services you

will provide have you made a merchandise

plan based upon estimated sales to

determine the amount of inventory you

will need to control purchases have you

found reliable suppliers who will assist

you in the startup have you compared the

prices quality and credit terms of

suppliers business records are you

prepared to maintain complete records of

sales income and expenses accounts

payable and receivables have you

determined how to handle payroll records

tax reports and payments do you know

what financial reports

should be prepared and how to prepare

them finances a large number of small

businesses fail each year there are a

number of reasons for these failures but

one of the main reasons as insufficient

funds to many entrepreneurs try to start

and operate a business without

sufficient capital money to avoid this

dilemma you can review your situation by

analyzing the following three questions

1 how much money do you have - how much

money will you need to start your

business 3 how much money will you need

to stay in business in order to answer

the second question how much money will

you need to start your business you need

to prepare an estimate of all your

startup costs here is a list of items

you may need to take into account note

that this list is for a retail business

items will vary for service construction

manufacturing or online firms decorating

and remodeling fixtures and equipment

installing fixtures and equipment

services and supplies beginning

inventory cost legal professional fees

licenses and permits telephone utility

deposits insurance signs advertising for

opening unanticipated expenses now the

answer to the third question how much

money will you need to stay in business

must be divided into two parts immediate

costs and future costs from the moment

the door to your new business opens a

certain amount of income may come in

however this income should not be

projected in your operating expenses you

will need enough money available to

cover costs for at least the first three

months of operation the following list

will help you project your operating

expenses on a monthly basis typical

expenses for one month may include your

living costs employee wages rent

advertising supplies utilities insurance

taxes maintenance delivery

transportation miscellaneous now sum up

the total estimated monthly expenses and

multiply it by three this is the

amount of cash you will need to cover

operating expenses for 3 months deposit

this amount in a savings account before

opening your business use it only for

those purposes listed in the above list

because this money will ensure that you

will be able to continue in business

during the crucial early stages by

adding the total startup costs to the

total expenses for 3 months you can

learn what the estimated costs will be

to start and operate your business for 3

months by subtracting the totals of the

lists from the cash available you can

determine the amount of additional

financing you may need if any now you

will need to estimate your operating

expenses for the first year after

startup the first step in determining

your annual expenses is to estimate your

sales volume month by month next

determine the cost of sales you may want

to use a spreadsheet to do this after

startup the primary source of revenue in

your business will be from sales but

your sales will vary from month to month

because of seasonal patterns and other

factors it is important to determine if

your monthly sales will produce enough

income to pay each month bills an

estimated cash flow projection will show

if the monthly cash balance is going to

be subject to such factors as the

following failure to recognize seasonal

trends excessive cash taken from the

business for living expenses too rapid

expansion and slow collection of

accounts if credit is extended to

customers conclusion if you have

carefully answered all the questions in

this video you have seriously thought

about your goal however there may be

some things you may feel you need to

know more about owning and running a

Cosmetics retailing business is a

continuous learning process research

your idea and do as much as you can

yourself but don't hesitate to seek help

from people who can tell you what you

need to know as we conclude this video

here are your 3 free gifts 1 an

extensive business plan template which

you can download and use for a Cosmo

it's retailing business to small

business management software allows you

to plan your startup expenses and sales

and much more three book how to start a

business from scratch a comprehensive

manual that will walk you step-by-step

through all the essential phases of

starting a business go to the

description below this video to get them

now these gifts are completely free no

strings attached

thank you for watching please like this

video

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