The current online perfume market is at Rs 148 crores which is projected to grow by approximately 120%.
To set up a perfume business, both artistic and business approach is required. If approached correctly, it can result in an excellent profit margin. You need to experiment with various scented essential oils, followed by proper research on the wholesale suppliers for the necessary materials to create perfumes.
Everybody wants to smell nice. With the perfume industry constantly evolving, franchisors are experimenting with more essential oils in order to provide something new to the customer. The overall size of the Indian perfume industry is currently estimated at Rs 2000 crore, which is projected to grow by 50% in the next 5 years.
There are many ways to start your perfume business. One such way is to buy a franchise. Many perfume manufactures offer franchise to people who want to make a career in this perfume franchising world. Buying a franchise can be expensive, but it releases you from contemplating on how to blend the perfume recipes.
The business plan works as a road map to success. Your business plan should focus on capital requirements as its important while starting your business. Draft a mission statement, including initial goals for 6 to 12 months, in terms of the product and service you are going to offer. Financial forecasts including budget, income, profit, loss, and cash flow statement are also necessary.
Design a logo
You should design a creative logo for your business, to attract customers. Incorporating your logo in a range of promotional materials should be your next step. Promotional brochures and business cards can be made to create awareness for your brand in the market.
Marketing will play a vital role in the success of any business. People need to know about the business before they can start patronizing you. Your marketing efforts begin with the word of mouth. Let your friends, colleagues, and relatives know of your perfume business. Your marketing will be more effective if you go about with samples of your perfumes so that people can feel the fragrance.