If you’re looking to start your own business but have no idea where to start, one of the best industries to consider is the wedding industry. Each year, more and more people get married; so cashing in on this growing market is a good way to ensure long term success for your business. However, many of the businesses associated with weddings require a huge amount of overhead costs to get off the ground which can be really problematic for a new business that is just getting started. Businesses that sell wedding gowns or rent tuxedos, for example, will need a lot of money to buy inventory as well as a large location for brides and grooms to come and shop. That level of expense can quickly put your dream out of reach and make you reconsider getting into the wedding industry at all.
However, there are plenty of opportunities to make money that won’t require as much overhead costs, and one of the easiest niches is selling wedding favors. The reason wedding favors is a great market to get into is because there are so many different options out there. If you can specialize in one specific type of wedding favor, you can easily corner the market and make a big name for yourself. If you’re interested in selling wedding favors and don’t know where to begin, read on for some great tips and advice that will get you started in the industry.
Choosing Your Products
Choosing your product line is very important, so make sure you take your time on this step. Make sure you check around with other stores that would be your competition and avoid carrying the exact same selection of items that they carry. There are plenty of manufacturers out there and enough brides to sink a ship so don’t be afraid to do something completely different from your competition because chances are there is a huge untapped market waiting there for you.
Do Your Homework
Before you start stocking your shelve with wholesale wedding favors, make sure you put in the legwork and do the research necessary to know what you can and can’t sell. For instance, it is illegal in some states to sell sparklers for weddings while in other states it is perfectly acceptable. This is just one example of a type of wedding favor that could get you in trouble if your don’t do your homework, so make sure you know the ins and outs before you spend a ton of money on questionable inventory.
When you are starting your wedding favors business, you should really consider selling online. Since you’ll probably be stocking a lot of the items in a physical location, you should probably have an actual storefront as well; but selling online is where your real money can be made. Over 80% of all purchases happen on the internet, but on top of that it allows you to expose your products to a lot more people. You’ll probably only have a few customers that walk through your door each year if you’re lucky, but you can easily have a few thousand customers per day if you sell your wedding favors online.
Another popular business model you can consider is called drop shipping, and this method is perfect if you have little or no startup capital at all. Usually this type of business is operated exclusively online, but you can also do it via mail order catalogs. Essentially, you never have to buy any inventory, but instead have the manufacturer ship items directly to the customer after they make a purchase. You just markup the cost so that you can earn a profit, pay the manufacturer, and keep the difference. Though it is not the easiest model to follow, it requires the least amount of money to get going and can generate huge profits if executed properly.