SEC-S20W1 | My Business Ideas | (cosmetics business)
Question #1- Are you planning to start a business or already in business?
Growing up I have always had in my mind that I would be venturing into business this is because I am strongly of the view that in order to be counted amongst the elites or successful people in society you must be a business owner or earning something from your own investment. I am an ambitious young lady who believes in my ability to manage and run my own affairs.
I have planned to start a business by end of this year since I have been considering it for a while. I am very well convinced that starting this business will help me add another source of income into my basket.
I plan on starting a cosmetic business where I would be selling a wide range of beauty products, this is on the back of my research and observation which shows that everyone is interested in looking good and they invest heavily on beauty products.
I have observed that there is a growing demand of beauty products (perfumes, hair products, body creams etc) especially amongst the youth in my country Ghana. I intend on stocking up with very high quality cosmetic products in order to capitalize on this high demand since everyone would want to look or smell good.
Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.
The model of my business will be an individual one. I have already made my background checks and I am fully aware of the resources I will be needing to run such a business. I will be raising the startup capital for the business. I have been saving up for this business so the capital won’t be an issue. This means that I will be spearheading my business’ operations and managing everything.
In as much as it’s going to be an individual business I will set up a group of individuals who have in depth knowledge in business and cosmetics which will be serving as an advisory body to me to aid me in taking informed decisions so that I reduce my risk of running at a loss. I will run it as a sole entity which will give me the room to explore the business word taking responsibility of every action I take and its consequences. This will also give the opportunity to track my strength and weakness as a business entity which will help me in order endeavours.
Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.
I appreciate the fact that both models come with its advantages and disadvantages but after weighing the two options I will like to start my business on a sole proprietorship basis and I will be giving my reasons below.
Starting the business on a sole proprietorship basis will give me absolute control of the business that is to say I get to have direct control over the business’ operations, capital and losses involving a partner who might have a different perspective on how to run the business will negatively affect my energy and enthusiasm towards the business. I prefer taking full control of the business and will I am ready to accept the end results whether good or bad.
I also believe that starting the business alone will allow me to reinvest profits into the business in order to make the business faster as compared to having a partner who might possibly be thinking differently.
Another reason why I want to do this alone is that it will give me the opportunity to make decisions as soon as possible which is an important factor in running a business effectively.
It will also prevent disputes because with most partnership businesses they end up quarreling and destroying what they built together.
Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?
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If my business is going on well the next step to take is to expand it and I will do that by employing the following strategies.
• Building a huge social media presence; my target customers are the youth and they can be found on social media platforms. I will definitely start on steemit and extend it to other centralized platforms through the use of social media influencers
• Creating an online market: since the world is technologically advancing I will create an online platform where users can log onto and order any product of their choice and it will be delivered to them within the shortest possible time.
• Reinvesting profits in opening branches in branches in major commercial towns in Ghana.
• I will also expand the business by adding a saloon to the main branch where customers will come for various hair dos, pedicure, manicure and haircut and also for make ups. This is another branch of cosmetics I am onbarding.
When I get to this point I will invest heavily on my workers who will be trained professionals in their field which will help me offer my customers the best of services.
Thank you for reading, i will like to invite @anowa @massachussets and @samuel to participate in this challenge
Hello @aquoli
Thanks for sharing your post in "Dev's Teaching Team"
Here are the feedback and evaluation results:
Point 1. I appreciate your decision to start a cosmetic business on a sole ownership basis. I am curious to know about your plan and whether you will be doing it on a wholesale basis or selling them directly to your customers. Also, would you import them or these products are available in Ghana? 1.5/2
Point2. Yes individual model in such a business is okay but your advisory board should be well-versed in the quality of the product because the inferior quality of such products is harmful to the skin and might involve legal involvement. So engage experts in your board. 1.5/2
Point3. As you plan to sell a large quantity of quality products, I suggest to be prepared with enough funds at your disposal because quality product manufacturers do not compromise on payment terms 1.75 /2
Point4. I suggest not depending solely on social media but going for e-commerce sites like Amazon and eBay that will help you grow at a rapid rate. Study taxation and quality signs of the products to safeguard yourself from legal consequences. 1.75/2
Quality 1.75/2
Score 8.25/10
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Plagiarism free ☑️
I wish you a great trading experience as and when you commence your cosmetic business.