How To Start A Candle Business From Home In 10 Steps

Summary

In this video, Erica from Memory Box Candle Co. celebrates four years in business and announces the upcoming release of her candle business eBook. She shares a detailed 10-step guide for starting a candle business, covering key areas such as making or outsourcing candles, building a brand, setting prices, securing a business name, handling legalities, and marketing strategies. Erica emphasizes the importance of product photography, shipping logistics, and setting clear goals. Her insights and encouragement offer practical advice for aspiring candle entrepreneurs, helping them take actionable steps towards success.

Takeaways

• 🎉 Memory Box Candle Co. is celebrating four years in business since launching on March 30, 2020.
• 📘 The owner is finalizing an eBook on how to start a candle business from home, compiling knowledge from four years of experience.
• 🕯️ Step 1 to starting a candle business: Decide whether to make candles yourself or hire a manufacturer, considering space, labor, and your enjoyment of the process.
• 👥 Step 2: Define your brand story and target market. This helps tailor your product to a specific customer base and build a stronger connection with them.
• 🔑 Step 3: Secure your brand name by registering a domain, Instagram handle, and Gmail account. Ensure the name is available for legal use.
• 📝 Step 4: Legal setup—register as a sole proprietor or LLC, get a DBA, manage bookkeeping through software like QuickBooks, and keep track of inventory for tax purposes.
• 💰 Step 5: Price your candles for profit. A recommended method is to multiply your cost of goods by four and add 10-20% to account for labor and potential discounts.
• 🛒 Step 6: Decide on your sales platform—Etsy, Shopify, or local markets. Each offers different opportunities depending on your goals.
• 📦 Step 7: Learn how to ship your candles efficiently before listing them for sale. Ensure you charge accurate shipping fees and understand the process.
• 📸 Step 8: Invest in quality product photography to attract customers. Good lighting and professional images are crucial for making online sales.

Q & A

What milestone is Memory Box Candle Co celebrating?

Memory Box Candle Co is celebrating four years in business, having launched on March 30th, 2020.

What upcoming product is the speaker working on?

The speaker is finishing up an eBook on how to start a candle business from home, which will include her knowledge from the past four years in the candle business.

What is the first major decision to make when starting a candle business?

The first major decision is whether you will make the candles yourself or hire a manufacturer to make them for you.

Why is understanding your brand story and target market crucial for a candle business?

Understanding your brand story and target market helps you communicate effectively with your audience and tailor your products to a specific customer base, ensuring your brand is recognizable and appeals to the right people.

What steps should you take to secure your brand name?

You should secure your domain name, Instagram handle, and Gmail account to ensure they are available. Additionally, it’s recommended to purchase your domain name even if you're not ready to launch a website yet.

What legal steps should you take when starting a candle business?

You need to set up your business legally, which may include getting a DBA (Doing Business As) or forming an LLC. You should also keep track of your taxes and inventory, using software like QuickBooks for bookkeeping and Inventur for inventory management.

How should you determine your candle pricing?

To determine pricing, multiply the cost of goods sold by four and add 10-20% to cover labor and allow for sales or discounts, ensuring a gross profit margin of about 75% or higher.

What are the different options for selling candles?

You can sell candles online through platforms like Etsy or Shopify, at local markets, or a combination of both. It's important to have an online presence even if you focus on local sales.

Why is it important to know how to ship candles before listing them for sale?

Understanding how to ship candles ensures that you charge the right shipping fees, keep shipping costs low, and know how to safely package and deliver your candles to avoid losing money or damaging products.

What is the importance of product photography for selling candles?

Good product photography is crucial for attracting customers, especially online. Clear, well-lit images that capture the beauty of your product can make the difference between making a sale and not.

What marketing strategies are recommended for a candle business?

Marketing can include sharing behind-the-scenes content, creating videos, telling your brand story, and engaging customers through social media and word-of-mouth. Consistently creating content helps keep your business in front of potential customers.

Why is setting goals important for a candle business?

Setting goals helps you define the direction of your business, whether it's a part-time endeavor for extra income or something you want to grow into a full-time or multi-million-dollar company. Clear goals guide your actions and investment.