Do you want to be your boss and start a business within a limited budget and low investments? Are you a creative head, and innovation and creativity is your niche? Then, handmade candle making is an apt option for you to start the business. We have enlisted the topmost crucial factors to trigger the handmade candle business.
1. Do Proper Market Research
Before starting any new venture, small or big, proper market research is the key to success. It is one of the vital steps as it helps identify the marketplace’s scope and potential space, evaluating the business's budget and investment, building up the contact for purchasing the supplies required to manufacture handmade candles, and distributing the end product to the customers. So, ensure you have –
- An appropriate list of a researched and targeted market place to sell handmade candles
- A list of trending and in-demand niches of handmade candles
- An updated collection of competitive research of other handmade candles companies
2. Define the Budget and Investment
Defining budget and investment for your handmade candle business is one of the initial and vital steps. It will help you create a structure of the total amount required to invest in the business for purchasing the supplies – raw materials, packaging materials, and spending in branding and marketing related activities. Once you have structured out and decided the budget for the expenses on supplies and other associated activities, you will get an estimate to create a single candle. You will be able to determine the selling price for each handmade candle. Before deciding the selling price, you must remember a few pointers –
- Do competitive research on the selling price of the handmade candles of different competitors.
- Define different rate cards for varied customers – retail customers, bulk or wholesale customers, or retailers.
- Based on the season and demand, you should tweak your handmade candles' price to expand the business and sound investment returns.
3. Identify & Define Candles' Product Line
Once you have done the market research and calculated an estimate for budget and investment rate, you should identify your handmade candle product line's niche. Decide the types and variety of candles you want to create and sell. It is advisable to start with a creative and unique handmade candles design and focus on the limited product line. Later on, you may increase the product based on the demand and supply of your business.
4. Define Marketing & Branding Strategy for Your Business
Strategise the handmade candle business by a structured and detailed marketing and branding plan to spread the word among targeted customers. Initially, you may focus on the following key areas to market your handmade candles –
- Focus on creating branding guidelines such as creating an edgy and eye-catchy logo for your handmade candle business, creating a tagline that should define your business well.
- You can also opt for eco-friendly and budget-friendly cute packaging material with a customised hand-written note; it will send a sweet gesture to your new customers. It will help to expand and grow your business.
- Take the help of Instagram or social media influencers for shout-outs and review purposes; this will help your business get a platform to connect with a broader audience.
5. Search & Setup The Workspace
You can start from your home and set up a workspace from a dedicated single room. As per your business's demand and growth, you can elect a rented property to manufacture the candles on a larger scale. To set up the workspace in a rented property, you must keep enlisted pointers in mind –
- You must gather all the legal documents and manufacturing rights.
- Ensure that the workspace has a proper ventilation mechanism, adequate storage space, designated area of packaging and logistics-related activities.
- The workspace's property must have a controlled temperature mechanism to store finished high-scale handmade candles hassle-free.
- Ensure you have proper fire extinguishing tools and fire suspension systems installed in your workspace.
6. Research & List Raw Material Supplies for Your Candle Business
Ensure you have proper supplies to kickstart your handmade candle business. Once you have defined your handmade candle business's product line, it would be easier for you to identify the raw materials and packaging materials required to create and supply the candles. Prepare a comprehensive list of necessary supplies that will include the type of raw material needed along with its brand, quantity, quality, material type, and colour. Some of the suggested and recommended supplies are - beeswax, wicks, moulds, colourants, glitters, weigh scale, thermometer, double-boiler, fragrance, additives, leak-proof & sturdy containers for melting the wax, candle holders, lustre spray, branding labels, packaging material, and so on.
7. Hunt for Trustworthy & Quality Supply Vendors
A basic handmade candle making starter kit for beginners would be sufficient to dip your toes into the handmade candle making industry. You can initially elect to pick your required supplies from the nearby or local hobby store or supply vendor. Meanwhile, you can hunt for wholesale and quality supply vendors for your raw materials of handmade candles. You will require quality supply vendors to purchase supplies as per the desired quantity and within the defined time-frame and even on an urgent basis. Remember, to attract more customers and expand your handmade candle business you will have to create and sell quality products. It is achievable if you use quality raw materials for making candles. Placing bulk orders to selected and quality supply vendors will help procure supplies as they are relatively cost-effective.
8. Register Your Candle Business
Once you are ready with a complete manufacturing, marketing and sales plan and ready to launch yourself into the field of candle-making, it is vital to register your business and get the legal activities on point. So, it is advisable to keep some of the pointers in mind before registering your candle business –
- Register your business name
- Select a legal structure
- Buy business insurance
- Ensure legal selling rights across different selling platforms and marketplace
So, the above pointers about starting the candle making business might give you insight into how to start, continue, invest, and expand the handmade candle business even with a limited budget and little investment. Subsequently, strategise the allocation of your investment, location, resources, and innovative marketing ideas to make your handmade candles business a hit. With no going back, if you do the proper research and detailed market survey, you can start the handmade candle business from your home and can shoot its demand globally. At long last, your handmade candle business will unquestionably reach the most significant attainable height after putting in the required amount of investment, business and marketing ideas, time, effort, and of course, hard work.
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Q. Is the handmade candle business profitable?
Ans. Indeed it is since the handmade candle business is quite a trend these days. Demands of different candles are growing by leaps and bounds, such as scented candles, textured candles, figurine candles, decorative candles, customised candles, spa candles, and more.
Q. What will be the estimated budget to start a handmade candle business?
Ans. Handmade candle business requires little investment, and with constant hard work and strategy, the candle business can expand at the next level. As per the recent handmade candle market study, an initial investment of 12,000 INR to 15,000 INR and a budget of up to 80,000 INR is estimated to start a handmade candle business.
Q. How can I make the handmade candle business unique?
Ans. To make your handmade candle business unique, you can focus on creating and selling distinctive types of candles such as customised packed candles, organic candles, scented candles, assorted gift packed candles, occasion-specific candles, and more.
Q. What are the different sources to market the handmade candle business?
Ans. In today's digital era, social media marketing and branding is quite a saviour. It is a convenient and cost effective way to promote any start-ups and small-business with less investment and maximum returns. You can sell the handmade candle business via different social media channels. To do so, you may create a business page on Instagram, Facebook, Twitter, etc., to market your business.
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