Are you one of these amazingly creative people who is passionate about making their dream not only a reality but, into a sustainable and profitable business?
Have you been contemplating resigning from your soulless day job to turn your home-made candle making hobby into a thriving business?
Before you make this leap of faith, like any good idea, it’s best you do your research and discover if in fact your candle making business can be profitable.
Starting a new candle making business, like any business, can present a myriad of challenges. Being prepared for some of these difficult obstacles can greatly improve your chances of business success.
It may sound obvious but writing a business plan can really assist you in understanding more clearly what it is you need to do in order to reach your candle making business goals.
A business plan can be a very valuable tool. It can be a wonderful resource in order to help you stay focused and heading in the right direction to making your candle business a success. At first, your business plan doesn’t need to be too detailed. Don’t be concerned about perfecting it, it’s more important to capture the foundations of the business. Points to include are items such as your mission statement, key strategies, expenses, sales metrics, cash flow, suppliers, freight, insurances, marketing, etc. This business plan can then be utilised with more details in the future to appeal to potential investors.
There are several considerations in deciding if your candle making business can be profitable.
By establishing your business plan it should become apparent, if it was not already, what your candle making business point of difference of uniqueness is. For example, you may have identified a niche market for creating candle making kits for beginners, you may have discovered a candle vessel that is perfect for travel or, you simply may have designed a candle brand that appeals to the mass market. Whatever the uniqueness, stay true to this vision as this is what will set you apart from your competitors and help make your candle making business profitable.
Home-made candles have become an essential home decor item—an industry expected to reach $5 billion by 2026, according to MarketWatch.com. By establishing your candle business target market, you’ll be able to focus on the best avenues in order to advertise and market your products to them. For example, will you sell your candles wholesale business to business or business to consumer? And, will this be in person or online or a combination of both? Once this is addressed, it will become very clear as to how you best communicate and reach out to these customers in order to make your candle making business profitable. Don’t be too blinkered in your approach here. Think outside the box as to who your customer could be. Day spas, restaurants, retail stores, hotels, wine bars, health practices are just some examples of businesses that currently use candles in their spaces.
You may have heard the quote “to be successful, you have to have your heart in your business, and your business in your heart.” It’s vital to align yourself with like-minded businesses that have the same ethos and can be relied upon to provide you with candle making supplies in Australia.
Businesses whom you can build trust and in turn, establish a great working relationship with will be your biggest allies when it comes to the successes of your candle making venture. Your candle making supplies will be the backbone of your business. Take the time to source the best resources for your business such as fragrance oils for candle making, packaging and vessels, branding etc as this will contribute to making your business a profitable success.
A candle making business is not an original idea. However, be sure to remember as the old saying goes, “If it were easy – everyone would do it.” Many successful candle brands are formed through hard working, determined and passionate individuals. As such, be humble and learn from those who have done it before you. Align yourself with great mentors in the industry and experts whom you can trust and will be honest and direct with you.
It can be overwhelming to think of all the aspects required in order to make your candle making business profitable. However, if you’re passionate about the idea and ready to work hard then, you're already well on your way to making your candle business a profitable success.
We hope that this article has provided you with some points to ponder when it comes to your candle making business and, as Winston Churchill once said “Success is not final; failure is not fatal; it is the courage to continue that counts.”