No you are going in a wrong way, follow the below steps…
Tools>>Protection>> select Protect Sheet.
A protect sheet Popup Dialogue Box will appear in that you can find two
headings:
1) Password to Unprotect Sheet
2) Allow All User of this Worksheet to:
In second heading (i.e.) Allow All User of this Worksheet to: check the
Format Cells checkbox and enter your protection password in "Password to
Unprotect Sheet" give ok then you will be asked to provide the password once
again. Enter the same password once again and give ok.
Remember to Click Yes, if this post helps!