There are so many wonderful ways to become an independent entrepreneur that it’s difficult to decide on a single venture to start making money. One attractive option is the candle making business. Candles account for $2.3 billion worth of sales a year in the Unites States alone. More importantly, 7 out of 10 American households buy candles and use them within a week of purchase, so there are plenty of buyers out there. Here’s how you can launch a robust candle business and make it profitable in no time flat.
Before you get started, it’s vital that you know the market and understand how to best use your capital to ensure success. For instance, 35% of candle sales occur during the holiday season in December. If you’re targeting holiday buyers, that’s an important statistic. Figure out how much money you’ll need to get started. Setting up an office is easy, as you can run any small business from a laptop augmented by a printer. Wax can be had for less than $1 per pound if you shop around, so look for bargains when you’re sourcing precursor materials.
While you can outsource the production of your candles to a third party, it’s best for the enterprising candle maker to do the grunt work on their own. First, begin with the groundwork of purchasing your candle-making equipment and wax. Next, experiment with candle recipes and different aromas. This phase of the process will no doubt be the most time-consuming and laborious. Once you’ve finalized a polished lineup of candle products that’s good to go, you’ll have to decide on how you plan to sell your goods.
Distribution and Sales
How you sell your candles will depend heavily on the strategy you’ve outlined in the brainstorming process at the outset. If you’re shooting for a specialized niche market, you’ll want to focus on specialty shops rather than the local Dollar General or the discount rack at the nearest supermarket. Start off with the local market and hawk your candles at conventions and the like to build buzz in your area. You should also look into selling candles online through e-commerce portals such as Etsy and and Ebay.
Marketing & Brand Promotion
Thanks to the barrier-smashing power of the web, it is now easier than ever to market any physical or digital product online to consumers around the world. Be sure to make yourself easy to find by putting up a flagship website. Tactics like SEO and PPC should be used to make your website rank highly in the search engine results. In addition, the use of social media platforms such as Facebook, Pinterest and Google+ will be critical when it comes to getting the all-important word out on your wax-based wares.
Lighting a Fire
Before you get started, it’s important to understand what you’re up against. More than 400 candle manufacturers already exist in the United States, not counting specialty operations. Those companies churn through more than 1 billion pounds of wax annually. To succeed in this game, you’ll need to have a unique edge that sets you apart. If you’re dedicated and motivated, however, you can carve out a lucrative niche for your business. As with any other entrepreneurial venture, success in the candle game ultimately comes down to persistence.