2023 can be the year you expand your candle business. Start with a business plan; according to the Small Business Administration, a business plan can create a 30% greater chance your business will grow, in fact. Once you have a plan, follow these tips to grow your candle business this year.
1. Know Your Market
If you are ready to grow your business, you must do a deep dive into your market demographics. Consider who you are demographics are and how you have historically been able to reach your target market. Take that information and expand your reach.
For example, if you have largely focused on social media marketing to reach your audience, consider adding some new social media channels this year to target a wider audience. If you have not been to trade shows, go, they are precious for networking in the industry.
Expanding your market takes time, but it is one of the best ways to grow your business. Get to know your market intimately this year.
2. Introduce New Products
If you have built your following and are ready to expand your business, adding new products is a great way to reach your goals. Research before you decide on which products are best to add to your repertoire. Research is fundamental. According to U.S. Consumer Reports, over 10,000 candle scents are being sold in the United States. You don’t want to choose a product that the market is saturated with.
Consider added-value products like candle holders. Choose products that complement your main products!
3. Reevaluate Your Processes
Expanding your business this year doesn’t always mean making more. It can mean improving revenue streams by reducing waste. For example, if you are over-purchasing and wasting inventory, that is tapping into your bottom line.
A recent study published in Small Business Entrepreneur magazine found that, on average, a small business wastes about 14% of its revenue on printing inefficiencies, and that is 14% waste on just printing. Imagine overall how much waste is happening in your business structure. Then further imagine what you could do with that revenue if it were not being wasted.
Check your waste margins and make adjustments as necessary. It may not expand your business, but it will expand your revenue.
4. Invest In Your Business
The old saying “it takes money to make money” rings true when considering expanding your business. Investing in upgraded equipment is a good place to start. If you plan on expanding, you will need equipment to keep up with the influx of new orders.
Investing in better equipment can increase productivity, reduce waste, and improve customer satisfaction. Investing back in your business will help you to grow your business. Consider evaluating vendor agreements and your supply chain while you are at it.
Often, small business owners will stay with raw material vendors far longer than they should out of loyalty. The fact is, that is a bad business practice. Evaluate your vendors and look around to see if you are getting the best deal on raw materials. If you are not, here is your permission to switch to a vendor that is better for your business!
Growing a successful candle business is like growing any other type of business. It requires a plan, constant revaluation of that plan, and both a time and money investment. These tips can help you to put a plan together for how you will grow your business this year. Learn more about taking the next step with your business today.