Being a candle maker isn’t only very entertaining, but it can also be very lucrative, especially if you are good at it. It’s one of those lovely hobbies that can easily be turned into something profitable.
It can be both a full-time and part-time business. According to some reports, the candle business is currently on the rise. Namely, the National Candle Association reported that candle sales in the United States are around 3.2 billion dollars each year.
Namely, it is easy to see that candles are a spectacular business opportunity, hence, if you are interested in it, you should definitely check out some of these tips that we’ve put together just for you! Let’s check them out together!
Great Tips To Start Your Own Candle Business
Work On Your Craft
Just like in any other field, there’s always room for improvement. It is widely known that people love candles. They help them relax and be in a good mood, while the ones that smell bad, are too smoky, or too sweet can cause the opposite effect.
You do not want to be one of those people who are prone to making bad candles and sadly, it is quite easy to create a candle that nobody wants to purchase. Therefore, you have to brush up on the basics and make candles that are going to be recognizable.
You’ll need to focus on a couple of things, such as, how to develop a scent that a majority of people will enjoy, how to create a scent that pervades any space, and make sure that your candle has a solid burn time.
Another important thing that’s essential for any type of product, is to create something that’s original that will help you stand out from the rest. You can accomplish that by using interesting scents, lovely, yet simple candle dust covers, glassware, or by giving your candles an interesting name. These things will definitely bring a lot of new consumers.
Define Your Target Market
Candle marketplace is relatively big, which is why you need to determine where you should “place” your brand. Consider creating your candle line around these major target markets:
- Mass-market: This refers to the market that sells cheaper candles that can easily be found in practically any retail store. Namely, these candles frequently utilize economical packaging and containers and come with classics scents, such as vanilla and pine.
- Mid-market: These sorts of candles have broad appeal, and you can normally see them in outlets such as Macy’s, Target, smaller gift shops, and boutiques. Normally, these candles have a better packaging in comparison to the ones that were designed for mass-market, have more interesting scent combinations, and are not as cheap.
- High-end: Now, these are often purchased by people who live in more luxurious homes and who love to spend a lot of money on these things. Furthermore, these pricey candles can be found in luxury shops such as Saks Fifth Avenue, Nordstrom, and many others. Moreover, these candles are often perceived as the prestige that comes with first-class packaging and fragrance.
As you can see, there are different markets, which is why it’s important to identify the one you want to target. Who is going to be your buyer? A person who isn’t too passionate about candles, or someone who is willing to spend a fortune on them?
Once you figure this out, you will get a better idea of what materials you are supposed to use and how you are going to design your packaging. Having a target in mind is one of the most important steps when it comes to your candle business.
Adding More Great Steps To Launch Your Candle Making Business
Create A Candle Business Name
This is a step that may seemingly appear to be easy, but it doesn’t necessarily have to be the case. A lot of people already have a few business names in their mind, however, it’s difficult to decide which one is the best.
A lot of experts when it comes to this suggest choosing a name that’s short and not too complicated. Pick something that is memorable and easy to pronounce. If you use a name that’s too long and complex, then it’s not going to be too eye-catching to potential buyers.
Now, if you do not have the slightest idea what to use, then you can always go online and find various business name generators that are going to provide you with some amazing, original ideas.
Don’t Forget The Supplies!
If you’re just getting started, then you probably do not have the necessary supplies on hand, or even if you do, maybe you do not have the right amount. In this case, you will definitely have to stock up on quantities. If you want to create a candle that’s going to be mind-blowing, then you need to acquire these:
- Double boiler
- Luster spray
- A scale
- Measuring instruments
- Packaging materials
Obtain The Proper Permits, Licenses, And Insurance
Now, this for sure is not the most entertaining step when it comes to this, but unfortunately, it cannot be avoided. Once you decide to blast off your candle business, you’ll have to make sure you are acquiring the right licenses, insurance, and permits required by federal and local governments.
These things typically depend on your business type, location, and chosen business structure. It is highly likely that you’ll have to obtain more than one license at the local, federal, and state level.
Further, if your company needs employees then you will have to acquire the employer identification number which is necessary for tax purposes.
Create A Basic Startup Budget
It would be recommendable to create a budget for the first two to three months in business. You’ll determine the amount of money that’s necessary by estimating the cost of overhead, equipment, and supplies.
Those who are in this industry, are both craftsmen and entrepreneurs. Candle-making business is a great combination of creativity and business expertise, therefore, if you have a knack for these things, follow these tips, and success is guaranteed!