How to Open a Candy Store
I just read this news article on businessinsider.com.au about “Floyd Mayweather's $25 million Los Angeles mansion has a candy shop, a 12-seat cinema, and a wine rack with 225 bottles”. His candy shop at his mansion made me think about candies are still popular snacks across the world. Despite their sugar content as we are all becoming healthy eaters, we still love our sweet candies. Candy stores are a great business model because they don’t just appeal to a certain age group or class. Everyone has a sweet tooth for candy and other similar treats. Children especially gravitate towards them so you know that they will always be dependable customers. Hence, it’s not surprising that people want to open new candy stores in their area. However, it’s not as easy as it looks. Here are a few things you’ll have to do to open a successful candy store business.
Find Reliable Vendors
You should find vendors that aren’t just fair even if they are your friends. You should scout around, find people that will always deliver on time and are dependable in the long run. It’s very important to establish a personal and professional relationship with your vendor so that you’re in the clear even in the worst of times. There are times where you may find yourself in the middle of a rush, whether it’s in the middle of the summer or the winter, whenever kid’s are on their school breaks. At that time, you may run out of candy, putting you in an urgent need of some extra supply.
At that moment, you’ll be glad that you found a good supplier who won’t let you down when the going gets tough.
Get Good Financing
You’ll need startup capital to get any business going. You’ll need a good $10,000 to make sure that you have everything that you need, which isn’t that much considering that some other businesses require hundreds of thousands of dollars to start up. Even so, you’ll need that money and then some to make sure that you’re able to stay afloat for a few more months before the business starts to turn a profit. You can also consider buying an existing candy business specially the ones are in the shopping malls. Those kiosk model candy shops have been around for so many years and you can see them almost every shopping throughout New Zealand. This may require more than $10,000 investment but it will give you a jump start. When the location is right, it can be quite profitable business.
Select a Good Location
People always want to go eat somewhere that’s easily accessible; especially if it’s their first time visiting a new place. It’s only after they enjoy something that they want to go all out when they are there. And by just going through any business plan, you’d know that you want create repeat customers as well as get new ones in the door each and every day. Hence, it’s important to find a location for your store that is easily accessible to everyone and is in an area with a lot of traffic so that it catches as many eyes as possible. If you do that, you’ll be more likely to get new customers and repeat them more often than if you get a place that’s not visible or in an easily accessible place.
Promote Your Brand
There are probably dozens of candy stores around your block or your neighborhood, so you’ll need to promote yourself or “put yourself out there” if you truly want to succeed. If there’s a particular flavor that you have which no one else does, you should definitely promote it. If you have certain flair, a certain discount or deal that you have that no one else offers, you should let the good people know.
Candy isn’t the most common thing that comes to mind when people think of big business, but it can be some of the biggest profit earners in the industry. If you do it right, it can turn you more than a small profit, it can make you a living.