Diversions, interests, and passions are often used as business opportunities by individuals starting businesses. They become devoured by their specialty as they make the most of it, and the most legitimate way to proceed is to sell them.
A candle business is a business where you can use your imagination to start. This business doesn’t require a lot of ventures, and you can start in your home with just a bit of time. You should begin by conducting statistical analysis and understanding your intended clients’ decisions. This article will talk about some things to know about a candle business before you start one.
1. Get better at what you do: A good candle can help you destress, add a decorative flair, or set the mood. A bad candle, however, can be disastrous. Too much sweetness can be detected in a candle. The smell is too floral. It’s too smoky. There are also instances when the scent is so weak that it ends up smelling like nothing at all. A candle that nobody wants to burn can easily be made by going too far in one direction. Start by brushing up on the basics of how to make a good candle and developing a few signature scents before you start your candle business.
2. Obtain the necessary licenses, permits, and insurance: In the process of starting a candle business, this may not be the most enjoyable step. Your local and federal governments require you to obtain licenses, permits, and insurance when you start a business. The requirements will differ depending on your location, business type, and business structure. You’ll likely need multiple business licenses at the state, federal, and local levels. The SBA and your local chamber of commerce are great resources if you need help getting started. Is your business dependent on employees? The next step is to obtain your employer identification number (EIN), which is needed for tax purposes. The benefits of getting an EIN should not be overlooked even if you don’t plan to hire soon.
3. Plan your business: Candlemaking is a creative process. In addition, it’s fun. That’s why writing a business plan may be hard because you’re busy experimenting. However, writing a business plan is also a creative endeavor. Analytical and a little bit creative. The process of creating a business plan will prove invaluable throughout the life of your company, so put both sides of your brain to work. In addition to showing your value to potential investors or lenders, a good business plan will contain several sections.
4. Managing candle supplies: Initially, you may be able to obtain wax and scents for your candles from your local craft supply store. As your business grows, you’ll save a lot of money by buying supplies in bulk from a wholesale supplier. Sourcing affordable supplies will allow you to test for quality and find the right supplier as soon as possible. Whenever you place a large order, you should plan out how much inventory you will need and how you will manage it. As a result, not only will it be easier to locate suppliers, but you will be able to establish a reliable inventory system as well.
5. Funding for small businesses: It is a cliché, but sometimes money is needed to make money, and starting a candle business is no exception. You may need business funding to pay for supplies, marketing, production, insurance, legal counsel, and more. Consider the following funding options as a starting point.
6. Make a decision about where to sell your products: Where will you sell your candles? What about shopping online, at a boutique, or at your local farmers’ market? At first, you might want to sell your candles to local boutique owners rather than opening your own storefront. Start small while building brand loyalty and getting customer feedback and consider all the options available to you. If you’re not ready to launch your own eCommerce website, you can always sell your candles on a digital marketplace like Amazon or Etsy. Take your time investigating which eCommerce platform is right for your business from the countless available.
7. Promote your candles: You can market your business once you have chosen your business name and developed your brand. Although word of mouth is ideal, it cannot be relied upon. This is why you should develop a well-thought-out marketing plan. Start by thinking about what your candle’s selling points are. How long do they last compared to others? Do they smell better? What kind of ingredients are used in their manufacture? Decide what your main selling point is and how you can best present it to potential customers.
Follow this quick guide to learn some things to know about candle stores before you start one. The steps above can help you pair your passion for candles with a solid plan for executing your candle business. You could end up with a candle business that offers profit and creativity for years to come.