Ever wondered why people love candy and chocolate and why they are in demand not just during certain periods of the year but all-year through? Well, candy is one of the products that are in almost every retail outlet due to the high demand. Kids love candy and so do some adults. For this reason, you can easily turn this love for candy into a money-making venture. If you’ve ever wondered how to open a candy store, read on to learn more.
There are many times you have probably walked into a candy store, bought some candy, and just walked out without even giving it a thought regarding what goes into starting a candy store. Probably the reason for this is based on how cheap candy and chocolate are. The market for candy has been growing over the years and it is not about to slow down anytime soon. Even as people turn to healthy food alternatives, candy is still a popular product especially among children which makes them the largest consumers of candy. One of the main lessons to learn when researching how to open a candy store is the volume of product you’ll need. Since candy is so inexpensive, expect displays needing to be turned over frequently.
If you are looking into how to open a candy store, one thing you need to understand is that the market for candy is fierce. There are so many suppliers and bigger brands tend to have an advantage based on their brand recognition. This however does not mean that you cannot make it in the candy world. There are so many types of candy that you can make. You can make gummy candy, candy mints, chewy candy, chocolate candy, gourmet candy, tootsie rolls, retro candy, and lollipops. With all these options to choose from in terms of specialization, here are the steps on how to start a candy store.
Know Your Competition
If you are interested in making your gummy candy business a success, you need to know what to expect in the market. There is the availability of the market but at the same time, there is almost an equal number of candy makers. This means that you need to find a gap in the market that you can utilize as well as learn about your competitors once you have chosen a candy brand take for example you choose to make gummy candy or tootsie rolls, find out the number of similar candy businesses supplying the same to the market near your area.
The most important part of learning how to open a candy store is researching the competition. By understanding the level of competition, you can choose to either consider proceeding with the gummy candy and tootsie rolls or choosing another brand that has less competition. However, competition is not entirely that bad. If you find that there is a high number of candy stores selling gummy candy, then that would mean that gummy candy is in high demand in that area. You can verify this information from the local specialty food stores to establish what kind of candy moves from the shelves the fastest. Once you have analyzed the competitors’ information, you can then decide the type of candy that would be ideal to manufacture and sell. If you have a unique recipe for your gummy candy, you can still carve out a market for yourself in an overcrowded business environment.
Think About What to Sell
Since the candy supply business is overcrowded with candy manufacturers, suppliers tend to adopt different selling strategies that will maximize profits. This is one area you need to have an answer to before you start manufacturing your gummy candy, chocolate candy, or lollipops. There are different strategies that manufacturers sell and they all have different results.
The most basic selling approach is retail selling. This would mean that you will be selling your candy to the general public. Once you have manufactured your candy, you can start by selling to friends, family, and colleagues. You can then ask them to spread the word about your candy business to the rest of the community. You can also sell in wholesale to other businesses such as retail chains, grocers, and restaurants.
Wholesale candy is packaged and distributed as specialty food along with the wholesale price list. The last approach is selling your candy exclusively for events. This is a relatively new strategy that is quickly gaining popularity and carving a niche for many candy makers in the less competitive market. Events candy means concentrating on a specific demographic market.
Opening the Doors
Before selling anything, however, you’ll need a location to sell from. If you’re making your own candy, you’ll need a building with a commercial kitchen or perhaps even a commercial bakery. This will allow you to make candy in-house and with the proper legality. Once you know what you’re looking for you’ll have find a place with the right location.
For a small business like a candy shop store, location is everything. Look for a place near restaurants, tourist hot spots, recreation areas, and other places where families or teenagers visit often. College towns and areas are also great locations to set up shop. Make sure you look into other candy stores in the area and don’t set-up shop too closely together or the competition might be too much for either store to thrive properly.
Finding financing to open a small business can feel overwhelming, however, it doesn’t have to be. Your local bank can give you plenty of help. You’ll want to ask about options for business lending and loans. A qualified banker can help you make the right decision to help get your business up and running.
Opening a small candy store or any small business can be a majorly rewarding experience. Just don’t forget the elbow grease!
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