Do you enjoy doing arts and crafts in your spare time? We’re happy to inform you that this relaxing hobby holds the potential to become a successful business. Now more than ever, people are seeking handmade products for personal use as well as gifting purposes.
Today’s brides and grooms are looking for personalized wedding favors instead of handing out thoughtless mass-produced gifts. They want the party favors to reflect their personality and wedding theme.
You can consider starting your own wedding favor business. Since people are getting married all year round, selling personalized wedding favors is a profitable idea. In this post, we are sharing an expert’s guide to launching an online business. Take a look.
1. Conduct Market Research
Market research is an important first step for starting any business, no matter the industry. Right from learning about the number of weddings in your area to the competition, go above and beyond to create a well-researched business plan.
A business plan will help you define the steps to reach your short-term and long-term business goals as well as avoid challenges.
2. Know Your Expertise
Candles, soaps, and baked goods in a mason jar are some of the most popular wedding favors. Though there are plenty of suppliers on the market, that shouldn’t stop you from entering this niche. However, the catch is offering products that stand out in the overflowing market. For example, rather than making normal soaps, you can offer soaps that are scented, decorated, and packed according to a client’s wedding theme.
3. Brainstorm a Brand Name
While Shakespeare may have questioned the relevance of names, you cannot deny the importance of finding a suitable brand name. The name of your business should be memorable as well as suitably represent your products.
Moreover, avoid picking a name that limits your future growth. For example, if you are currently selling scented candles, don’t include the word ‘candles’ in your brand. This allows you to easily expand your product range in the future.
4. Find a Location
While your kitchen countertop did the job in the past, you need a dedicated space to conduct your business. You can use a spare room in your house or consider renting space if your budget allows it.
5. Create Inventory
Now that you have the core components of your business in place, it’s time to stock up your inventory. As far as creating products is concerned, you may have to wait for orders before you can get started. In the meantime, we recommend stocking up on wholesale soap making supplies, essential oils, packing materials, and other necessary items.
Also Read: 7 Tips for How to Plan Your Wedding
6. Set Up an Online Store
Thanks to the internet, you can easily sell your products to a wide audience. Etsy and Amazon Handmade are popular platforms for selling handmade products online. You can also consider setting up a website store on Shopify or Squarespace.
7. Secure Necessary Permits
Typically, online stores don’t require any sort of business license or permit. That being said, you may need to get a permit according to your area’s jurisdiction.
8. Promote Your Business
Promoting and marketing your products are key to a successful business. In particular, Pinterest and Instagram are goldmines for wedding content. You should pay attention to these platforms and produce high-quality content to attract your target audience. TikTok is another platform that can make your business go viral.
The Bottom Line
In the age of e-commerce, starting an online business has never been easier. Launching a wedding favor business not only fulfills your creative aspirations but also allows you to earn an additional income. And who knows, maybe this side hustle will be successful enough to become your full-time job.