Small Profitable Business Idea – Candle Making Business
Starting a candle making business in India might seem to be the apt business for those with a creative bent of mind. It can be risky, but the demand for candles is always on the higher end making it a profitable business. For example, Indian households use candles as part of their décor during festivals. Aromatherapy is gaining ground, hence the demand for aromatherapy candles is on the rise. You could also consider exporting specialty candles to countries like the United States with buyback agreement should any event arise.
How to Get Started
You can get started with almost no investment, as the cost of making candles is low and the process is not labor intensive. Candle making in metro cities like in Chennai and in Mumbai is one of the most affordable and convenient ways to start a business from home. You need not invest a huge capital nor would you require any special machinery to start off.
You can start your business at a small-scale level and grow it into a venture selling specialized, custom-made candles and related products. All you need is one viable idea and the enthusiasm and passion to make it your own.
Start with a Business Plan
Start with a good business plan and list your expenses and margins. Any business is profitable if done right. Set your goals and priorities right. Consider going to a business consultant company and getting market research done to identify your competition. Candle making is a well-established one in India, but you can take it up a notch by examining current trends and tweaking your product accordingly.
Select Your Business Name and Model
Naming your business is important as it reflects who you are and what your business stands for. It is what the customers will notice first. Make sure you name your business aptly.
Next, select a business structure. It is important to decide on your firm’s structure, whether it would be a sole proprietorship or partnership or LLC (limited liability Company).
Once you have decided on the basics (financials, business plan, structure, name), you need to approach the licensing authorities to get your business registered and get your business license and permit. Consult with an attorney or even better, you can consult with a business plan consultant, who will then guide you on the particulars. In the beginning, a business consultant can help you to become knowledgeable about the rules and regulations of your local and state government. Each city has its own rules and regulations and requires certain permits since you are going to run a retail business. A business consultant company can help complete the appropriate paperwork as well as provide guidance on tax and insurance-related issues.
The next step would be to open a business account. Your business account should always be separate from your other bank accounts. It would help you to keep an eye on your expenses, transactions, deposits, etc. and track it easily.
Decide on What Kind of Products You Want to Make
Once, you have the legal matters out of the way, it is time to start making candles! You need to decide what kind of candles you would like to make and sell. Perfect the art of making candles and come up with unique designs and aromas of your own.
There are several types of candles like
• Scented candles
• German Carved candles
• Decorative candles
• Regular candles and much more.
Prepare a supply chart and list what you would require. There are a variety of professional supplies that are easily available in the market. If you plan to start a home-based candle making business, then you can start with your personal savings as an investment, since it would just take a fraction of the amount. If you plan to go big scale, consider applying for a business loan.
Market Your Products
Once you have started making your candles on a full-fledged scale, it’s time to ramp up and market your product. Invest in a website and upload aesthetically pleasing photographs of your products along with captivating captions and capitalize on the medium. You can consider selling your candles online via your website, which would bring down your costs considerably. Nowadays, you can easily reach out to millions of potential customers globally via social sites like Facebook, Instagram, and YouTube, if you position your product carefully.
Candle making business can be a fulfilling venture if done correctly. Your business journey can take you to new heights. Don’t be scared to shine a light in the lives of your customers. We can help you reach there and build your business from scratch. Click here to set up a consultation, today!