The first thing most people wonder when they get good at making candles is how to make money with your candle making craft. The truth is, people love candles, candles are a consumable item so people will always buy more, and customers are always looking for a unique twist on the average candle.
So the first thing to remember is that your candle making craft must be something that catches the eye of the consumer. Yankee and Old Virginia Candle Companies have cornered the market on the run of the mill, ready made candle in a jar with fragrance. Unless you have a factory, 50+ employees, and a research department, you probably aren’t going to break into this market. This doesn’t mean you can’t turn a significant profit, only that you have to be creative.
You must also be conscious of your pricing when turning your candle making craft into a profitable business. You will have to accept a smaller profit margin at the beginning, and don’t expect to be able to sell for the same prices as the established candle giants. You also want to be sure to not give your candles away by selling your candle for too low a price. It is clearly a balancing act, and you will get much better with pricing as your business and experience grows.
A great tip I was told early in my candle making research was to go to Walmart or Kmart and see what low quality corporate made candles sell for. Then go to a craft shop in the mall and see what Yankee sells a candle like yours for. Your starting price should be in the middle of these two prices. Once you have the price data for the low and higher end quality candles, you should sit down and figure out your true cost per candle and set a wholesale price for the candles you plan on selling. This is a much better process then just picking a number off the top of your head. Stay away from the low end Walmart pricing, because your candles will then be thought of as cheap. You do not want your candles thought of in that light.
Here is a great tip that you should definitely do. Go to the local Walmart and determine what poorly made corporate candles sell for. Then stop at a craft shop and see what Yankee sells a candle like you are going to make for. Your candle making craft candle should sell somewhere in between this price points. After you’ve found the range in which other small candle makers are selling their candle for you have a place to start your pricing analysis. You want to spend the time and sit down and figure out the wholesale cost for the candles that you plan to sell. Stay as far away from the low end of the price research as you can feel comfortable with. Remember, you do not want your hand made candles to be compared to Walmart prices, because they will seem cheap and people will associate that with poor production.
Finally, to make a profit with your candle making craft, you must figure out where you are going to sell your candles. It’s probably best to begin selling to friends and family first and let your business grow by word of mouth. This is always the best way to get started. Another option is a booth at a local farmer’s market. Also, check out what is available in the local consignment shops in your area. The Internet is another good way, but keep a couple of factories in mind. First, there are some free sites like Etsy where you can sell for free, but this type of site will only provide you limited exposure. If you pay for your own site, this will add cost to your candles in the form of web development and advertising.. You must decide if it is worth your while it to do either. You can most certainly make a profit with your candles, just remember these tips and plan accordingly. Once you have a solid business plan, you are well on your way to profitability.
Patrick McTigue is a long time student of candle making . For additional outstanding pointers and information concerning candle making crafts, visit http://www.candlemakingsuccessplan.com/candle-making-crafts/.