Are you thinking of how to start a candle making business in Nigeria?
At some point, candles are being used by a lot of individuals and groups in various contexts in Nigeria not just for religious purposes but also for decorative purposes.
Starting up any business would require an idea, if you have carefully decided on venturing into candle making business, you should understand to an extent what starting up a candle business entails.
In this article, you’ll be given the necessary steps and actions to take to establish a fully functioning and successful candle making business.
- Research on the Business
Starting a candle making business requires the basic understanding of candles and candle making. Firstly, you should decide what type of candles you will be making and the wax to be used.
When deciding the type of candle to start out with, it is advisable to start out with the basics. Taper candles as well as container candles are the easiest forms of candles, but you can also decide to work with other mold and pillar candles.
Wax are gotten from different sources and come in different forms. The wax gotten from bees has a natural honey aroma and might not require artificial fragrance.
The composition of beeswax varies depending on the climatic condition, the geographic location and the sort of flowers the bees associate with. Beeswax has been said to be the most expensive of wax types.
Paraffin wax is another product of refined crude oil. The paraffin wax is the most popularly used candle wax. When burnt, it produces flames which may cause reactions which include vomiting and nausea. Paraffin wax differ in price according to the extent of refining.
Animal fats, vegetable oil, synthetic hydrocarbons and mineral oil are also sources of wax. Stearin, soy wax and gels fall under this category.
- Draw a Business Plan
A business plan entails the opportunities, weaknesses, strengths and goals of any business. Business plans should be kept short and easy to understand. You must understand the nature of your intending candle making business to produce a proper business plan.
Candles are on high demand in residential places as they’re used as decorations in homes, churches and walkways. It should not be difficult picking out a suitable work place.
Your business plan should answer questions such as;
- Who are my customers?
- How would I finance the business?
- What are the drawbacks of starting up your business? etc.
These and more are questions that your business plan must answer.
- Financing Your Candle Making Business
Do you have enough funds required to start up your candle making business? If not, it is very necessary that you seek financial support.
If you want to run a large scale candle making business and you don’t have the financial backup, securing a loan from a commercial bank, angel investors, friends or family members should be your something you should consider.
If securing a bank loan doesn’t work out, you should consider the Small Business Administration (SBA). This organization grants loans to business operators who have been unable to secure a commercial bank loan.
- Decide a Business Structure for Your Business
A very important part of starting up a business is deciding a suitable business structure. Listed below are the four basic business structure you can decide for your candle making business.
- Sole Proprietorship
- Limited Liability Company (LLC)
Any business structure you choose has its own pros and cons, so you must do your research before you decide on the structure of your business.
- Legalize your Business
Employ a lawyer who would assist and advise you on how to acquire the needed certificates, licenses and permits in the case of a corporation and register your business name.
An article of incorporation is very important, it is a document that contains your business name, goals and purpose, structure, stock details and other business information.
Obtain a Tax Identification Number (TIN) from the IRS and purchase an insurance policy as it is very important before launching.
- Advertising Your Candle Making Business
This is very important if you want to breakthrough in the candle making business. you have to let people know that your business exists. Make your brand unique, pick a suitable logo to attract customers.
Create awareness of your product through online marketing, market your products in local stores and sell at local fairs. You can also place discount on products when launching to attract customers.