Planning to open a new business?
With the sheer number of enterprises existing within the country, you must remember that all niches are competitive. So, starting your candle business needs planning. But with no prior experience in business, you won’t know where to start.
Don’t give up, we can help you with this guide. Through these tips, you’ll learn more about starting a candle business. That way, you need not grope around in the dark for methods of improving your chances of success.
Read on and find out more:
1. Perfect Your Craft
Good candles help people relax while adding a decorative flair to their room. It can even set a certain mood, depending on the scents involved. Bad candles spell disaster, especially when they smell too sweet, floral, smoky, or weak.
It’s easy for you to make candles that take a step too far in the wrong direction. This is the fastest way to ensuring no one will want to burn your candles. Before starting a candle business, you must make a signature scent by mastering the basics.
You must know how long a candle must ideally burn or methods to make scents permeate a room. That way, you’ll make a scent people will love using. With this, you must define the attributes that make your candle stand out.
For example, ask yourself about the inspiration behind the candle. Think about whether you’ll use unique glassware to hold your candles. The best part is that you get to determine your candle’s witty name that makes it great as a gift.
Check out this guide if you want to know how to make candles to sell.
2. Make a Business Plan
Candle-making is a creative and fun process. That’s why it might be difficult for you to stop experimenting and start making plans for your candle-making business. The good news is that writing a business plan can become a creative engagement as well.
With the analysis involved in this process, you can put both sides of your brain to work. That means formulating a good plan with several sections that keep your business on track. Your reward is getting an invaluable advantage throughout your business’s lifespan.
In ideal scenarios, you must do this step before you open your business to the public. But if you have a candle business already contributing to the 10,000 candle scents available to American consumers, it isn’t too late. This is because your business plan will contribute to easing your growth while helping you introduce more important details of your establishment.
3. Get the Right Licenses, Permits, and Insurance
This isn’t a fun step, but it’s important if you want your business to succeed. Regardless of your niche, you must get the right licenses, permits, and insurance. That way, you’ll adhere to the requirements set by both the local and federal governments.
These vary depending on where you are in the United States. But in typical situations, you’ll need various licenses according to the level: state, federal, and local. Ask your local chamber of commerce for more information.
Will you hire employees to help run your business? If so, you must get an employer identification number (EIN). This is a requirement for tax purposes, and it gives some benefits that would help you even if you won’t get employees in the near future.
Insurance is an important aspect of a business, especially when you hire employees. To ensure you have the right business coverage, ask your business lawyer for more details. Take note, candles are flammable materials, so be diligent about getting fire coverage.
4. Decide on the Right Location
Determine whether you’re selling your candles online, in a boutique, or the local farmer’s market. Owning a storefront is an option, but it’s better to start small for now. Always consider your available options and don’t hesitate to have humble beginnings while building brand loyalty.
For online storefronts, a good choice is to sell on major digital marketplaces like Etsy and Amazon. You have lots of options for eCommerce platforms, so do your research and see what fits you best. If you want, you can even open your standalone eCommerce website.
5. Look for Small Business Funding
Sometimes, you’ll need money to turn in a profit. You must get business funding to fund the following:
- Supplies
- Marketing
- Production
- Insurance
- Legal counsel
Take note, these are the least of the things you must pay for. You need not worry too much since you have lots of options, like a business line of credit. It’s a more flexible credit form compared to its standard business loan counterpart since it only allows you to draw from it as needed.
You can also go for startup funding options like the SBA microloans or business grants. With the internet’s popularity, you also have online crowdfunding options. After you earn income, always make an effort to keep your personal and business finances separate.
6. Find and Manage Candle Business Supplies
As your business grows, consider buying supplies in bulk from a reputable wholesale supplier. You must do this as soon as possible since it allows you to test its quality. With this, you’ll find the perfect supplier for your business.
Before placing large orders, always consider the amount of inventory necessary for your business. Think about how you’ll manage it. Aside from finding a good supplier, this step allows you to make a more reliable inventory system.
7. Market Your Candles
After finishing all the tasks above, you can now market your business. Word of mouth is great but unreliable. That’s why you must think about a fleshed-out marketing plan.
To start, use social media platforms like Facebook. It’s free, fun, and an easy place to start.
Learn How to Start a Candle Business Today!
These are some steps you must take to open a successful candle business. Use this to ensure your business will endure for years to come.
But why stop with these tips? You can learn even more business techniques and tricks by reading our other guides today!
