MarketWatch reports that the trend of Americans undertaking side businesses is on the rise, with 54% taking up such pursuits this year. Candle-making, combining creative flair with entrepreneurial spirit, emerges as a promising venture.
Novice candle enthusiasts will require training to understand candle-making nuances, from understanding the different wax types, scents, to wick sizes – a skill set that defines candle variety.
The encouraging growth in the candle industry, expected to hit $6.64 billion until 2027, owes predominantly to consumers’ growing preference for scent-inducing and design-oriented candles prevalent in homes and wellness centres.
Launching a candle-making business from home is a cost-effective proposition. Earmarking a small space for operations, the business can start with simple basic materials and upgrade as the business expands.
Entrepreneurs can leverage platforms like Etsy or Amazon for heightened visibility and traction for their candle-making business.
Candle-making side ventures gaining popularity
Cultivating brand presence through social media engagement, local business partnerships, or crafts fairs can provide a significant boost.
A candle-making side hustle can be a lucrative proposition for creatives, given the booming market potential. Learning the craft, perfecting wick placements, choosing the perfect scent, and coloring techniques may require practice but is pivotal for establishing a successful business.
Business branding goes beyond a logo, encapsulating consumer experiences, and delivering on unique selling propositions like natural materials or customized scents. This distinction can set your venture apart from market competitors.
Establishing a comprehensive business plan, outlining objectives, target market, and pricing strategy can guide the fledgling entrepreneur or serve as a framework for seeking financial support through loans or investors.
Sourcing supplies, producing the first candles, implementing strict quality control, and establishing a solid marketing and distribution strategy mark the initial milestones in launching your business.
Crafting a unique brand identity, appealing logos, detailed labels, and perfecting the candle-making craft play the next stage of business development. Equipped with deep market research, entrepreneurs can strike a balance between customer affordability and business profitability.
Customer feedback becomes a significant catalyst in product and brand improvement, promoting customer engagement, and establishing a loyal customer base.
Prospective candle entrepreneurs must be prepared to invest in legal procedures and funding options, hire a team, set-up operational spaces while dedicating resources to market the business effectively.
Product representation, ingredient transparency, scent description, and highlighting eco-friendly practices can significantly influence customer purchasing decisions and foster trust.
Lastly, showcasing unique selling points like hand-poured techniques or locally-sourced ingredients can elevate your brand, underscoring the value in each handcrafted piece.
