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Have you ever dreamed about setting up a little side hustle that one day turns out to be a bustling full blown business? Many people during the various recent lockdowns did just this and one of the most popular ventures was setting up candle making businesses.
In this article we are going to take a look at setting up a candle business and if it could actually be profitable in the long term.
The short answer is yes, candle making businesses can be profitable. The key to success will be in your ability to market your products effectively and stand out from the competition.
There are numerous ways to market your candles including online platforms such as Etsy and social media, as well as offline methods such as local craft fairs and markets. All of these methods can be successful but you have to really put the effort into your business to break through the crowds.
The setup costs for a candle making business will depend on a few factors such as whether you already have some of the required equipment or if you need to purchase everything from scratch.
If you need to buy all of the equipment then you can expect to pay around $600 for the basics such as a candle making kit, wax, wicks, jars, and fragrance oils.
One of the most crucial parts of setting up a candle making business is selecting the right wax to use in your candles. Soy wax is non toxic and is also pretty eco friendly is is the most popular choice for candle makers.
Of course, you can always cut costs by sourcing some of the equipment second hand or even making your own candles from scratch without using the specialist kit. This will obviously take more time and effort but it is possible to do on a smaller budget.
This will depend on how successful you are in marketing your products and also the price point that you choose to sell them at. If you are selling lower priced candles then you will need to sell more of them to make a good profit, whereas if you are selling more expensive candles then you will need to sell less of them.
A good rule of thumb is that you can expect to make around 50% profit on each candle that you sell. So, if you sell a candle for $20 then you can expect to make $10 profit. Of course, this will vary depending on your costs.
This is the part where I have seen many enthusiastic candles makers fail. Your businesses branding is a huge deal, if your product does not look amazing no one is going to take that chance and purchase it.
Your branding starts with the name of your company all the way to the design and style of your product label.
There are many ways to make sure your candles have a professional look without spending too much money on it. You want potential customers to see your products and say “wow, that looks amazing I need it!”.
One of the easiest ways to make sure your candles have a professional look is by using simple and elegant labels. You can design these yourself or you can purchase them pre made online. Either way, make sure the label correctly represents your brand.
Another important part of branding your candles is taking amazing product photos. These days, people are very visual and if your product photos are not up to par no one is going to want to purchase your candles.
There are many ways to take great product photos, but the most important thing is to make sure the photos are bright, clear, and show off your products in the best light possible.
When you first start your candle making business you might not have the budget to hire a professional photographer, but that’s okay. There are many ways to take great product photos without spending a lot of money.
One way is to use a light box, which you can purchase online or even make yourself. Another way is to take advantage of natural lighting by taking photos near a window.
As you can see, setting up a candle making business can be profitable but it will take some effort to make it a success. The key is in choosing the right wax, marketing your products well, and pricing them correctly. With a bit of hard work, you can make your dream business a reality.
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