Can Candle Making Be a Lucrative Side Hustle?

Can Candle Making Be a Lucrative Side Hustle?

When you want to bring enough money to the table, there are plenty of business ideas that flash through our minds. If you are looking for a lucrative side hustle to generate you extra pennies, then venturing on a single venture as an independent entrepreneur can serve your needs. One exciting and attractive venture is candle making business. Candle making is one of the best side hustle ideas to make money. This guide provides you with everything that you need to know about candle making and how you can transform the craft into a lucrative business.

Why Candle Making is a Lucrative Option

Here are some exciting reasons why you should consider venturing into the candle making business.

1. The Candle Economy

Over the past few years, entrepreneurs working in the candle making scene have reported a robust growth in the sales of candles over the past few years. According to a recent report on the candle economy in the UK, candle sales account up to £1.9 billion per year. According to this report, the business booms during festive seasons, the Mothers’ Day, and any event that celebrate love. Whether it is for scent and relaxing or for gifting and expressing love, people are always buying candles throughout the year.

2. Profit Margins

You want to venture in a side hustle that generates you good money, and candle making is that business. What costs you £3 to make can be sold at £9 at a go. Generating a profit margin of £6 for a single jar of candle is an attractive deal.

3. Multiple Selling Avenues

Once you start making your candles, there are plenty of avenues where you can sell them. You can either open your own website and run your sales online or start up a physical store for your candles. You can also market the candles in online outlets that sell candles, craft malls, gift stores, or farmers’ markets.

4. Easy to Start

The most challenging part of starting a business is getting the capital needed. When it comes to starting a candle making business, you do not have to worry about the capital. All you need is a workspace and a candle making kit for beginners. The kit comes with tools and supplies you need to make candles.

5. Business Community

The candle making business is not an isolated entrepreneurial venture. Once you launch your candle making business you will come across multiple crafters and entrepreneurs who are in the same industry. With this community of candle makers, you can acquire and share experiences, knowledge, and other related resources.

How to Start a Candle Business

You now understand how lucrative a candle making business is, and you are certain that it is an ideal business idea. What you need to understand is that starting a candle business is a process, and if you diligently follow it, you will gain a dynamic mileage in the industry. Here is what you need to start you candle business.

1. Draft a Business Plan

A business plan is the blueprint that defines the direction you candle making business is to take. You first want to understand the candle market and establish how you will position yourself successfully, and all these are defined in the business plan. Figure out who is your target market, how much you need to get started, and where you will be setting up your sales store.

2. Brand Your Business Distinctively

Create a business name that is appealing and distinctive. You should also consider creating a business logo, brand identity, and theme colours that will speak for your business. Once you have figured out a name for you candle business, ensure that there is an available domain for your website using that name.

3. Get Your Own Niche

You should identify the type of candles you want to make to separate your business from the competition. There are multiple types of candles, and a little research will help you identify the model that best suits you. Your niche can be characterised by either of the following;

• Special designs and packaging.
• Distinctive scent combinations.
• Colour combinations.
• Personalised or customised candles.
• Corporate social responsibility.

4. Register Your Business as a Legal Entity

This is where most of the candle makers go wrong. Registering your business as a legal entity can be a bit expensive, but it is quite fundamental. In the event that your business lands into a legal battle for any reason, you will not be held liable if the company is registered as a legal entity. An unregistered company will see you suffer legal consequences in case of a suit against your candle business. Investors and other companies interested in your candles may also need to know whether you are legally registered before doing business with you. Also, ensure that you have the necessary licensing and permits. Failure to have these legalities might land you into a pit of hefty fines.

5. Making the Candles

If you are an experienced artisan in candle making, then you can go ahead and turn your hobby into business. There is no need to worry if you are a beginner. Candle making is easy, and with some tutorials online you will be good to go for the business. Some people opt to outsource the making of candles instead of producing personally. However, third party services can see you cut down on your profits significantly, which you do not want. This is your side hustle and you want to make most out of every penny you get.

You will need to have every tool needed to make candles. Once you have assembled every tool you need, you can resort to DYI candle making at home. Candle making is a simple Do It Yourself (DIY) art, which you can master with a few trials and experiments.

6. Sales and Marketing

How much revenue and profit you generate with your candle making business depends on how good you are in marketing your products. You might want to set off with the local market by displaying and selling your candles at conventions, malls, or at your physical store. It is essential that you take advantage of online platforms for sales. Today, ecommerce platforms are running a multimillion economy. Get you portal on eBay or Shopify, and get your business going.

Social media networks are also great avenues of marketing and selling your candles. All you need is to create a business page on Facebook, Twitter, Instagram, or even YouTube and start showcasing your unique candles. Ensure that your Call to Action buttons are clear to redirect your customers to your point of sales.

7. Do not Forget to Pay Your Taxes

In addition to paying taxes under your regular income, your side hustle must also pay out the necessary business taxes. If you are not conversant with business taxation, you might want to get some knowledge on the same. Read about taxation regulations in the UK and file your taxes when they are due. You will also realise that you cannot accurately determine how much your business generates without having a separate bank account for your company. Open a bank account with the best bank in the country, and set your tax records straight.

Types of Candles to Make

One of the things that makes candle making to be a lucrative side hustle is the multiple varieties of candles suitable for a business. There is always a type of candle that attracts potential customers to your business. You can choose which the candle types that will characterise your business. Here are the various types of candles that you should know;

• Scented Candles

Scented candles, also known as aromatherapy candles, are one of the most common candle types. Scented candles come with a wide range of scents which customers buy to have their homes spruced up with pleasant smells. Amazingly, scented candles are made in multiple flavours. We all have a flavour that is appealing to us, and scented candles have the right flavour for everyone. Aromatherapy candles are made using essential oils as a key ingredient. These oils are meant to offer physical or mental wellness.

• Decorative Candles

These types of candles are made for decorative purpose. They, therefore, are not made of any special ingredient or flavoured scents. Most of the decorative candles are made in a wide range of sizes, shapes, and colours to complement something in a home space. They are also made in sophisticated designs, accessories, and features. Decorative candles are meant for nothing else but creating an impression to the viewer. In other words, they are there to catch the eye.

• Vegan Candles

As the name suggests, vegan candles are made for individuals that are against candles made using animal products. Basically, most candles are crafted using materials and products made from animal ingredients, such as beeswax. Vegan candles, on the hand, are crafted using non-animal ingredients, such as essential oils, plant-based waxes, soy wax, and natural fragrances. There is an increasing demand for vegan candles, and this could be a great niche for your side hustle.

• Soy Candles

Soy candles are made using soy wax, whose source is soya beans. Soya beans are one of the most preferred candle types in the market as they burn for long and clean. Most customers are looking for a long-lasting candle, and soya beans do serve the purpose.

DIY Candle Making at Home

There are articles, books, and online tutorials that you can use to learn how to make candles from home. Here is a simple guide on how you go about candle making.

1. Assemble your ingredients

Based on the type of candle you choose to make, you will need wax, essential oil, super glue, wicks, spatula, thermometer, a mason jar, double boiler, and a pen. These items are available for sale in most online stores.

2. Get Your Wax and Container Ready

Here you will need to melt down the wax, place it in a container, and position the wick using glue.

3. Customise the Wax

Here is where you add colour, flavour, and your preferred essential oils to the wax. Once you have mixed the ingredients to the wax, allow it to cool under the right temperatures.

4. Pour the Cooled Mixture into the Jar

Ensure that you keep the wick in its rightful position as you pour the jar. You can use a pen to keep it intact.

5. Allow the Wax to Get Firm

In a couple of minutes, the wax will firm up. You can now cut off the excess wick. Your candle is now ready.

Keep in mind that this is just a snapshot of what you should expect in the candle production process. If you are beginner, ensure that you do your research right before you embark in candle making.