Cosmetics Business Plan
This is an already-made comprehensive business plan template that you can emulate to start your own cosmetics business in Nigeria. It was developed to help the business owner obtain a small business loan of N6,000,000 for her startup operations, while also showcasing the expected income over the next five years of successfully operating the business.
Nigeria has the largest economy in Africa with a population estimated at 173.6 million people. And as an emerging market, the rise in spending and growing sales in the beauty and personal care sector were valued at $595.8m in 2011, up from $439.8m in 2006. Economists predict that by 2016, Nigeria’s young yet increasingly sophisticated population will drive industry sales to $620.2m. This is not far-fetched as 77 percent of Nigerian women use skin enhancement products– the highest percentage in the world. In 2014, the industry reportedly generated over $35 billion with makeup owning a market share of 17 percent. Besides, there is also an expected market growth of over $42 billion in 2015 due to an increase in the construction of shopping malls, beauty, wellness, spa, and aesthetics centers across different cities in Nigeria.