If you are looking for a sample online perfume store business plan template, here is a business plan for starting a fragrance store and free feasibility study to use.
A common problem for most aspiring entrepreneurs is how to write a good business plan. Our focus will be on an online perfume shop business plan sample. If you need to set up a perfume line but are faced with the problem of how to go about it, worry no more.
Within this article, we will offer you a sample you can work with to start up a thriving business.
PERFUME BUSINESS PLAN SAMPLE PDF / DOC
Before writing a business plan for an online perfume business, you need to have an understanding of the market.
How do you get this? You can discover a lot through the conduct of feasibility studies. This arms you with the most relevant information needed to plan adequately. We begin our sample thus;
- Executive Summary
Scents World LLC is an online perfume store business that will specialize in the sale of exotic, youth-oriented, floral and celebrity perfumes. We seek to establish a brand which will be known for quality. Our perfume products will include gift items, ladies collections, as well as those for gents. We also have a combo collection. Our prices are highly competitive and among the best in the market.
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- Products and Services
As an online perfume store poised to make our impact felt, we will only work with reputable brands. These will include Estee Lauder, Azzaro, Guerlain, Elizabeth Arden, Dolce and Gabbana, Calvin Klein, Giorgio Armani, and Davidoff. Others include Jean Paul Gaultier, Hugo Boss, Yves Saint Laurent, Gucci, Nautica, Christian Dior, Abercrombie and Fitch, Nautica and Louis Azzaro.
Apart from displaying our services on our online store, we will offer recommendations and tips for undecided clients. Our customer service lines will be available to handle all sorts of enquiries and complaints.
- Vision Statement
Scents World LLC seeks to be the preferred destination for quality products. We plan on becoming the online perfume store with the largest collection of quality perfume products. This is a goal we will achieve within seven years from the time of commencement of business operations.
- Mission Statement
We target a wide segment of the market. Therefore, we will make available products that are of the highest quality and also affordable. Our focus is to build a formidable online perfume store business that will be known for quality and affordability. Within 5 years, we will expand beyond California to cover clients across the United States and Canada.
- SWOT Analysis
An analysis of vital areas of our business has been conducted. This is necessary to have a better understanding of our operational efficiency. The results of this analysis revealed the following;
We are a business that prides itself in the provision of exceptional customer experience. We treat each of our clients on an individual basis by not only being interested in making a sale but to genuinely understand the needs of our clients and offer solutions as much as best as we can.
We seek to continuously update our services by adapting to cutting edge technologies that make online shopping more exciting.
As a new business, we recognize the challenges we will be faced with. In view of this, we will have to scale several hurdles. Some of these include building our clientele through aggressive marketing campaigns. We have formidable competitors that have become success stories. These have captured a huge market size and will present difficulties to expanding our reach.
However with the right approach, we will eventually navigate our way by adopting highly effective marketing and growth strategies.
The internet offers huge opportunities for growth. An increasing number of people prefer purchasing perfume products online. Social media channels such as Facebook, Twitter and will be exploited to create awareness about our products and services.
As more online perfume stores emerge, the competition gets even stiffer. This is a threat we seek to overcome through continuous innovation. By understanding our clients, we have a better chance of offering the most relevant services.
- Sales Projection
The more we spread the word about our business, the greater the level of patronage. An evaluation of the perfume industry and available opportunities has enabled us to have set a 3-year sales projection. During this time, we expect a growth in sales that will climb steadily as shown by the chart below;
- First Financial Year $250,000.00
- Second Financial Year $410,000.00
- Third Financial Year $900,000.00
- Competitive Advantage
Having an advantage over similar businesses is vital in this industry. At Scents World LLC, our advantage lies in the constitution of our workforce. We have deliberately set out to recruit only those with considerable experience and expertise in the industry. Our team will be well motivated through the provision of a work-friendly environment and growth opportunities.
These will enable them to give their very best in ensuring that we excel and achieve our set goals. Our customer service is trained to provide the best assistance possible to our clientele. They project our tradition of excellence and will go a step further in making sure clients are fully satisfied.
- Target Market
Our target market is wide because everyone wants to smell good. Therefore such people have been identified and categorized under business people, sport loving men and women, celebrities, tourists, corporate executives and smaller perfume businesses.
- Marketing Strategy
We will adopt a variety of approaches that include the use of social media platforms like Facebook, Twitter and Instagram to promote our products. Paid advertisements in electronic and print media will be sponsored.
Also, there will be billboards and fliers too. Our marketing department will constantly evaluate these strategies in order to fine-tune them or drop less effective ones.
You can use this fragrance perfume store business plan sample for your business. It gives you a head start on what you should or shouldn’t do. It is important to state here that no matter how beautiful or well arranged your plan is, it will only be as good on paper if it is not implemented at all or partially done.
Interested in small online perfume business ideas? If YES, here is how to start an online perfume business with no money and no experience. How much does it cost to start up?
How to Start an Online Perfume Business Model
The perfume business is a profitable one to kick-start, though that depends on how creatively you run it. And going online gets you even a great deal of success once established, however a great deal more creativity.
This is because you would have to enhance connectivity between you and your clients, and necessary strategies would have to be adopted for this. For instance, a short video advert in which you showcase the fresh beauty thrown to the eyes of one’s nose by your perfume. Other approaches also suffice, provided your clients are moved to trust your product and patronize it.
Now, going into this business, you must realize how sensitive people are about perfumes; with the reality of fake fragrances that have loitered, skeptics have correspondingly multiplied. This is a challenge for entrepreneurs in this field.
Some steps that would facilitate a good launch into this lucrative business are as follows:
SETTING UP AN ONLINE PERFUME BUSINESS
Step 1: It Starts with a Perfume Plan
First is planning, everything else comes afterwards. Every business, not excluding perfumery, is a product of an idea that creeps into reality via the actions of the entrepreneur. As an entrepreneur who want to start an online perfume business, you should sit down and draw a plan on how you intend running your business.
Who to get supplies from? At what rate will you be buying? How do you intend shipping the products to buyers and what will be your profit margin? What is your online marketing plan? The plan should be a product of critical considerations and preferably documented. There are online platforms that are of ubiquity in making up a good business plans.
Step 2: Developing Online Presence
Aha! Is what you exclaim the moment you finally dawn a business into the online reality. However one must also draft up an efficient marketing scheme for the perfumes. You can do this via advertising through social media platforms like Facebook, twitter and mostly Instagram since it involves pictures.
The point is that your perfume should hit the net like it is a sort of messiah to the internet; this will stir a kind of sub-conscious crave in the mind of web readers that gets in contact with your ads. This should be done strategically, for instance, you could make up a mailing list of potential clients and distribute advertisement emails to keep them in tab with your perfume.
This step is particularly helpful because perfumes are a kind of commodity that is constantly being replaced when used, unlike wares like a TV that gets used for years before being replaced.
Step 3: Your Website should Smell your Fragrance
Deeply sensitive is the face of the blog that it could be a source of customer turn-offs as much as it could be point of attraction for your customers. It should have the necessary features in their finest quality.
See to it that your web pages are as attractive as your fragrance are—in fact, that is the impression of customers; make sure the colors have a digital scent that can captivate a customer. Also ensure that your site, which is your online brick and mortar store, is at least eye catchy.
Your website should also be easy to navigate; and placing an order should be as easy as being on your mark, set, and go. This is to favor hasty customers that would not spend much time in making a purchase.
Step 4: Be Unique
Set your goals toward attaining uniqueness in the perfumery industry. At the end of the day, it is how different your fragrances are that really keeps you in business. A touching fragrance does all the job of securing customers once it is out in the market. This is a critical point to your success or failure in this online perfume business.
Some brands like LuckyScent have established uniqueness in the market, so you would have to come up with a better or at least unique style to take over a portion of the market. Be as reputable as you can get once in market.
Step 5: Your Product Delivery Scheme
You must consider carefully when starting your online perfume business how you intend to deliver your product once they are requested. Perhaps you own buses or transportation means that would facilitate efficient delivery, or you patronize a courier service firm and reach business terms since you would become regular for some time.
Step 6: You should have a Physical Inventory
Consider having a physical place to stock your products. And make the venue accessible to your customers. This largely strengthens the wings of your customer’s reliability in your product so they can comfortably fly with you without perching in suspicion and doubt.
Step 7: Plug in Incentives into the Business
Sites like 99perfume.com give bonuses as much as 50% to their customers. This goes a great extent is planting the customers friendliness and loyalty in your soil, and triumphing more over competitors. However, this must not be excessively done to avoid a situation of bankruptcy.
With all these steps carried out, you must be conscious of the objective of the business—which definitely is profit (except you intend to run an NGO with perfumes). So, you should be able to do some cost analysis in respect of production, with such considerations as cost of advertisements, transportation, and even cost of employing staffs (for efficiency after some time, of course), and inventory costs. This analysis will be of immense utility in pricing the product, which in this case is perfume.
Good Luck with your online perfume business trade!