How to Start a Small Business Candy Store
It's no secret that most of us have a sweet tooth. You can pretty much bet on buying sweets as gifts because you know people will enjoy them. For that reason - and many more - people worldwide are turning to the world of confectionery for their business ideas.
If you're interested in learning about how to start a small business candy store, then carry on reading because we've got some fantastic tips to help you get started.
Why A Candy Store is a Great Idea
According to Statista, the average consumption of confectionery per person, per week in 2019 was 136 grams. This figure alone shows how popular sweets are, and while e-commerce makes it easier for anyone to set up a sweet shop, there are still plenty of opportunities for entrepreneurs.
Think about the last time you had to buy gifts for people you weren't familiar with. Were sweets one of the first ideas that came to your mind? Probably! Confectionery is the go-to gift options, and there's always an opportunity to open a niche candy store.
With so many sweet types available, you can cater to a specific audience. For example, sell traditional sweets or candy from the USA and build a niche business that will attract a steady stream of customers.
Perhaps the most significant advantage of starting a small business selling candy is how cost-effective it is. You'll still need to stock your store, which is an investment risk, but a necessary one if you want to sell products.
But with candy, you don't need to have a huge budget, which means you can buy stock and work on building a successful business instead of selling sweets ASAP.The Steps to Start a Small Business Candy Store
Now you know why starting a candy store is beneficial, it's time to learn how to create one and make it successful. The steps we're going to mention are essential aspects of starting a sweet business, and each is as important as the other.Choose a Niche That Works For You
As we mentioned previously, you can choose a range of niches for your candy store, but there are a few factors you should consider. First, which sweets are available to you? If you plan on stocking rare confectionery, you need to be able to source them relatively quickly.
American sweets are always a popular choice, but there are lots of competitors. You could specialise in vegan or diabetic sweets too, but make sure you understand the market before you make a final choice.
Choosing a rare niche might seem like a great idea, but if you're just starting, you might want to go for something more popular.Create a Business Plan
Every successful business starts with a comprehensive plan in place. Not only does this let you evaluate the current market, but it also highlights any potential issues you might come across when you open your shop.
Your business plan should include the following things:Market Analysis
Location is everything, and whether you plan on opening an online store or brick and mortar, you must think about where you're based. There can be advantages and disadvantages to living in a big city.
For example, you can target your business to a broader audience, but there's also a lot more competition. By looking at your location, the other sweet shops (both online and brick and mortar), you'll be able to get an idea of your possible success rates.What Will You Sell?
As we mentioned previously, there are so many sweet niches to choose from. Think about which interests you the most and look at how scaleable your niche is.Financial Outlook
Starting an online sweet shop costs less than operating from a physical location, but there are still financial implications. Factor in your startup costs and look at the potential sales for the first couple of years.
Doing this allows you to see how realistic your plans are and can help you see how much money you'll need to start the business.Register Your Business
Regardless of whether your business is a side hustle or a full-time enterprise, you need to let the HMRC know that you plan to make money from selling sweets. It's also useful to join some small business groups and get expert advice.
You can find more information about starting a new business from the Gov.UK website.Find The Right Supplier
Wholesale confectioners aren't all made equal, and there are many factors you need to consider before choosing one to partner with.
Will they be reliable?
The last thing you want is to have to wait for deliveries and let your customers down. Check how often your supplier delivers and read the reviews from other customers.
Is there a large selection of confectionery?
If you're planning on selling a wide selection of sweets, you should make sure the supplier you use regularly updates their stock. Whether it's retro or USA sweets, giving your customers many choices means you can create a profitable company.Look at Your Weaknesses
While most new business owners look at their strengths and find a USP, you should look at your weaknesses. For example, how much money you have, your marketing budget and current customer base are all areas for improvement.
By looking at where you can improve, you can correct those issues before you begin to advertise your business.Create a Marketing Plan
Marketing your business is essential, but so many people waste their advertising budget on ineffective marketing channels and fail to get results. Make sure you come up with a strategy that will deliver results.
Now you know how to start a small business candy store, and you can enjoy the experience of setting up your company and working for yourself. Appletons Sweets offer a range of wholesale confectionery for both small and large businesses.