Whether you’re setting up a lemonade stand or a brick-and-mortar store, these endeavors fall under the category of entrepreneurship. Entrepreneurship is an exciting experience that allows you to fully dig deep into a passion project and earn money from it. If you are a passionate lover of candles, it might be a great idea to start your own candle line. In order to get started, consider the following tips.
1. Develop your recipes.
If you take a look at most of the popular candles, they tend to be scented. The scent is typically the most special component of a spectacular candle. If you’d love to create your own amazing candle experience, create signature scents. In order to do this, you’ll want to experiment with different scents, oils and bases in order to create the perfect blends. Once you figure out how many drops of scented oils, waxes and herbs you need, you can write down and perfect the recipes.
2. Find your suppliers.
In order to make a profit, you’ll want to find suppliers that you can rely on. You’ll want to purchase certain items in bulk to get a cheaper rate. Perhaps you’d like to start with an unscented candle as your base, find out where you can get the best rates on unscented candles. If you use a double boiler or a candle warmer in your process, find the options that are efficient and long-lasting. Once you develop a strong relationship with specific suppliers, this will help you as you work to decrease the price point of your costs in order to increase the profit margin. Relationships always help you get better rates.
3. Streamline your system.
On a daily basis, make a list of everything that needs to get done in your business. Whether you’re working on melting wax, mixing oils or shipping candles out, make sure that you have an understood system. Nothing is worse than being scatterbrained and unorganized. This can lead to a high level of confusion.
4. Get the right support.
As your company expands, you’re going to need the assistance of others. In order to make that happen, you’ll want to hire different people for different departments within the company. Understand that you don’t have to work in a large office in order to manage more than one employee. There are tons of companies that utilize the benefits of outsourced finance and accounting departments. Companies like Consero Global help this process become seamless and simple. If you hire a graphic designer who creates the artwork for the labels of each jar. A few people can be in-house to fill orders, attach labels and ship products. As long as you have people in place to help you as the company expands, you’ll be in a better position to flourish and expand with sustainability.