Are you interested in starting a candy making business from home? Do you need a sample candy bar production business plan template? If YES, then I advice you read on.
From chocolates to lollipops, people enjoy taking candy as a daily treat or during special occasions such as birthday parties and weddings, and during holidays such as Christmas and Halloween. This explains why the demand for candy is always on the high.
If you pride yourself on knowing how to make candy—especially if you have a unique recipe that everyone loves; you can turn that knowledge into a money-spinning candy making business. Although starting and running your own business is usually not easy, a home-based candy making business has a few advantages over other business choices you might have.
First, the profit potential is very high because there is huge demand and the supplies are relatively cheap. And second, starting the business requires no formal qualifications; all you need are candy making skills, an entrepreneurial mindset, and the determination to succeed. With the above in mind, let’s now look at the steps involved in starting a home-based candy making business.
Starting a Candy Bar Making Company – Sample Business Plan Template
One of the first steps you should never skip when starting your candy-making business is market analysis. Chances are that you want to start selling to your local market. And chances that are you already have competitors. So before you take a plunge, take some time to research the market.
Who is already selling candy in your locality? What exactly are they selling? What do consumers love about their products? Would you be able to make headway in the same market? Are there ways you can quickly gain set yourself apart from them?
Answering these questions will help you understand the market and your chances of success. You can visit candy stores in your area or look online for relevant information that can help you answer these questions. Competition is always a big threat to any business—especially a new one. So, you want to study the competition to know what they are up to even before entering the market.
After studying the competition, you must figure out what type of candy you want to make and sell, and analyze its market demand. If you have a unique candy recipe that is truly unique and can carve out its niche, then you stand the chance of taking over a fraction of the market.
Using the information you have gathered during your market research, write a business plan for your candy making business. Your business plan will detail not only the results of your market research, but every important piece of information about your business, such as your mission and objectives, products, marketing strategy, financial planning, and lots more.
Your business plan will guide you step-by-step as you start your home-based candy making business. Beyond that, it also helps you understand how to manage your business effectively after its launch.
Writing a business plan is very important, but many business owners tend to downplay it. Though writing your business plan might not necessarily represent a guarantee that your business will succeed, overlooking it is a proven recipe for failure.
3. Legalize your business
The process of legalizing your home-based candy making business starts with the name registration at the appropriate local agency. You can start by choosing a good name for your business. Your ideal name should be easy to pronounce and remember, and probably gives some clue as to what your business offers.
As is the case with any other business, you will need to get a business license and certain permits before you can start your home based candy making business. Licensing requirements vary by state and country, so you need to contact the appropriate local agencies to find out what obtains in your locality.
In some countries, starting a business that sells edibles requires certification. For example, in the U.S. you will likely have to become a certified food safety professional and your facility will have to pass health inspections on a regular basis. So, in short, you must strive to fulfill all certification requirements. If you need help with this aspect, I recommend you contact a seasoned attorney or business consultant.
4. Set up your office and workspace
Since you will be running your candy making business from home, you don’t need to rent commercial office space. However, you need some dedicated space within your home to serve as your office. This will be equipped with a table, chair, computer, phone, and general office supplies.
In addition, you will need to create a workspace for your home candy business. This is where you make your candy and package them for sale.
5. Find suppliers of raw materials
Since your business falls under the manufacturing model, you will need certain supplies from time to time. These include molds, various coloring, decorator tools, flavoring, decorating bags, lollipop sticks, boxes and ribbons, cellophane bags, and other ingredients used in making candy. You can search for local vendors that sell these supplies.
However, it’s highly recommended that for each supplier, you have one or two “standby” suppliers, so that when your main suppliers run out of certain stock, you can turn to others.
6. Market your business
Marketing is the only way to create awareness for your home based candy making business. You can start by branding your business through the creation of a great logo. Then design business cards, postcards and brochures. And set up a small website for your business.