Americans have a sweet tooth, which can be backed up by Grand View Research’s analysis on the candy market, reporting to expectantly reach $19.5 billion value in the U.S. by 2025. As such, one of the booming businesses you could think of putting up is a candy store.
If you’re interested in starting a candy store, make sure to continue reading below to acquire a few helpful tips that will push you on the right path towards making things happen.
Building Your Business Plan
A detailed business plan is the foundation of any successful candy store. Here are a few factors to consider:
Industry Evaluation: First, check for the latest industry research and trends to assess the specific sector. Your business plan should have details on why you’re joining the confectionery retail niche.
Location: If you’re going to establish a physical candy store, visit your target location to conduct a hands-on market study. From there, determine who will be your target market and their demographics. You can also observe if there is a potential for a lot of foot traffic that may allow an opportunity for impulse purchases.
Product Types: What sort of candy do you want to sell? Sugar-free candies, mass-market items, niche brands, locally manufactured products, and mass-market products are among the wide range of options you have.
Financial Forecasts: For your first steps, it’s also essential to calculate your startup expenses to get an idea of your potential revenue for the following years. These financial estimates can also help you anticipate your business to break even.
One great way to get support for your business is by seeking investors for your business. Part of the first few things they’ll request from you is your business plan upon meeting. Make sure that your business plan is professionally written and edited. If necessary, you can also hire a professional editor to review the content for correct grammar, spelling, and structure.
Exploring Your Funding Options
Many aspiring entrepreneurs start a new business using their savings. However, if you don’t have the financial resources to open a business on your own, you’ll have to look for a stable source of funding. Your options can include the following:
- Loans from financial institutions such as banks and credit unions
- Funds or investments from friends and family
- Other willing investors
Creating Your Marketing Plan
Once you’ve resolved concerns on finances and location, you can start creating a marketing plan. You can focus on making your website or social media pages, especially if you’re opting to build your candy business online.
Make sure to add information about your products, business location (if you have a physical store), opening hours, and other contact details on your website or social media channels.
Preparing for Your Business Opening
Another vital aspect of your business plan is explaining your marketing initiatives. If you’ve already created your website and social media pages, you can further promote your business through a press release—may it be on newspapers, radio, or TV stations.
The wider the audience you can target, the higher the success rate you can expect from your business opening.
Regardless of age, many people love candy. It is one of the popular products you can sell to a vast audience. When developing your business plan, decide on the tone and personality of your brand to come up with fun and consistent promotional ideas. Once you have your business plan, make sure to focus on where to get the best price for candies next to maximize your financial resources.
ASAD Wholesale Inc. has a wide selection of candy, groceries, tobacco, food service products, and even wholesale cigars. We can provide you with the goods you need for your business, so make sure to contact us today!