If candle making is your hobby and you like creating new things, you can become a successful candle maker.
You start a successful candle making business within a few months and
start earning. You would be able to do something you love and also earn
a decent income.
Starting out as a candle maker is quite easy as there are many suppliers who sell all kinds of raw materials at reduced rates for bulk orders. You can run a candle making business right from your home. With a single room or small space dedicated to this craft, you can make hundreds of beautiful candles that will earn you a good and steady income. If you are looking to start out as a professional candle maker, here are a few tips that can help you.
Tip 1 - Give Your Business a Name
To help your customers distinguish your products from other
businesses, you will need to give your business a name. Keep it short,
easy to remember and catchy. Ensure that the name you select for your
business is not being used by another company. You can contact the
Patent and Trade Mark Office if you want to find out existing business
names. You can also find out whether a particular name has been taken
by another company or not.
Tip 2 - License Your Business
Any business, whether big or small needs to have a proper business
license. This will certify that the business is legal. But before you
can license your business, you will have to decide the structure of the
business. Decide if you want it to be a simple home based business,
sole proprietorship or any other kind. You should also determine
whether you need an Employer Identification Number or tax ID number.
This is needed for tax purposes. With a licensed business and a
trademark name, customers will have more faith in your products and buy
Tip 3 - Use Competitive Analysis
This is important for running a successful business. With
competitive analysis, you can be aware of your current position in the
candle making business. Competitive analysis can also provide you with
information about your competitors, their market share, market
strategies, growth and other important things. Having all this
information can help you change or improve certain areas in your
business that will increase your sales and profits.
Tip 4 - Include Business Forecasting
Business forecasting is another important business tool if you want
to be a profitable candle maker. This is especially necessary for
determining sales targets. A month-by-month sales forecast can help you
identify problems and opportunities quickly. Accurate sales forecasting
and well structured sales plans will help you to develop your business
Once you have fulfilled these requirements, you can go ahead with advertising and promoting your business. A great way to do this is by offering candles to restaurants with your company name or sticker on it. You can also donate some candles to a charity as a raffle. This will definitely get people to notice your product and company.