It does not matter if you are going to start a small or big business as the steps are the same for both. If you are going to start your candle business from home, then you first have to know the method to make candles. After becoming proficient enough in candle making, you need to concentrate on your business plan.
A business plan has many benefits as it helps you to establish the foundation of your business and make an outline for success. We are now going to explain some steps to make an excellent candle business plan. It is quite simple and easy to follow. Read the steps explained below and followed them:
A business plan has many benefits as it helps you to establish the foundation of your business and make an outline for success. We are now going to explain some steps to make an excellent candle business plan. It is quite simple and easy to follow. Read the steps explained below and followed them:
1) Build your “pitch”
You first have to describe the core of your business which means that who will be your target audience. You should think about it as it is quite an elevator pitch.
2) Define your target market
The next step is to identify your target market. It means that you have to decide that where your business will fit into the candle market. You have to make your candle line around one of the target markets explained below:
Mid market: The candles that are quite appealing and attractive are found at big outlets. They are even displayed on boutiques or gift shops. If you want to target this market, then your candle packaging must be of high quality to increase your brand image.
Mass market: Traditional and simple candles are usually found in the retail stores. If you want to place your candles on these stores, then use economic packaging boxes only.
High-end market: The candles placed in the high-end market must have well designed and top quality packaging that should have fragrance. It would be able to tell the story behind your brand.
You first have to describe the core of your business which means that who will be your target audience. You should think about it as it is quite an elevator pitch.
2) Define your target market
The next step is to identify your target market. It means that you have to decide that where your business will fit into the candle market. You have to make your candle line around one of the target markets explained below:
Mid market: The candles that are quite appealing and attractive are found at big outlets. They are even displayed on boutiques or gift shops. If you want to target this market, then your candle packaging must be of high quality to increase your brand image.
Mass market: Traditional and simple candles are usually found in the retail stores. If you want to place your candles on these stores, then use economic packaging boxes only.
High-end market: The candles placed in the high-end market must have well designed and top quality packaging that should have fragrance. It would be able to tell the story behind your brand.
If you want to identify that which markets you have to target then, you need to understand that who will purchase your candles, how they will purchase them, as well as how much they are want to pay for them. If you have an answer to these questions, then you might get an idea about the materials, packaging and develop your brand.
3) Find your niche
After knowing your market, you have to move towards your brand niche. You should identify that what will make your candles different and unique from the rest of the candle companies. Following are some of the best ways to find the correct niche for your candle business:
• Exceptional packaging
• Special scent combinations
• Cool names of candles
In the end, your objective would be to sell your candles uniquely to your target audience.
4) Make an enticing brand name and identity
You have to decide that what your candle business name would be. Also, you have to get a unique logo design and color scheme. Your brand name must be quite enticing to grab the attention of people. You have to consider what makes your brand different from the rest. In this way, you will be able to find the right name for your brand.
After knowing your market, you have to move towards your brand niche. You should identify that what will make your candles different and unique from the rest of the candle companies. Following are some of the best ways to find the correct niche for your candle business:
• Exceptional packaging
• Special scent combinations
• Cool names of candles
In the end, your objective would be to sell your candles uniquely to your target audience.
4) Make an enticing brand name and identity
You have to decide that what your candle business name would be. Also, you have to get a unique logo design and color scheme. Your brand name must be quite enticing to grab the attention of people. You have to consider what makes your brand different from the rest. In this way, you will be able to find the right name for your brand.
5) Set a basic start-up budget
You have to set up your budget for the first three months in candle business. Calculate the cost of materials, packaging, overhead and tools.
Packaging of Candle:
Candle packaging is important for all candle businesses. The candle boxes have to be rich in design as well as texture to target the audience correctly. Due to this reason, you should get custom candle boxes from The Custom Boxes. This company is offering many customization for candle box packaging at a reasonable rate.
You have to set up your budget for the first three months in candle business. Calculate the cost of materials, packaging, overhead and tools.
Packaging of Candle:
Candle packaging is important for all candle businesses. The candle boxes have to be rich in design as well as texture to target the audience correctly. Due to this reason, you should get custom candle boxes from The Custom Boxes. This company is offering many customization for candle box packaging at a reasonable rate.