If you are thinking to start a business but are unsure about what business to pursue, here is a piece of information that could light the way for your next move. We are going to share an idea for a business that is going to make good profit margins during the Diwali season. If this business takes off, you could make a good profit.
You could start many different businesses during Diwali, but the candle business could be very lucrative for you to consider. The demand for colored candles is increasing and can be used during Diwali or on birthdays, weddings, anniversaries, and other special occasions. If you would like to, you could potentially launch a candle business.
Candles are one of the key decorative items. According to market research, candle revenues are expected to exceed $10.87 billion by 2034. The luxury candle segment is a rapidly expanding category because consumers want superior quality products for home decor and relaxation. Candles are also used commercially, so the candle market is quite broad, with candles in use in spas for aromatherapy and also in restaurants to set mood lighting for relaxation and enjoyment.
What are the Costs for Starting a Candle Business?
The price of starting a candle making business can vary considerably in India. The candle business could start from a small setup at home of ₹15,000 but could be ₹1.5 lakh or even more for branded/growing businesses. Depending on the size of your candle business, quality of materials and equipment required, your target location, branding and legal needs will all depend on your price.
Even basic equipment for a candle making business starting in a home is affordable, however, professional equipment has a higher price tag. Using various types of wax, length of wicks, quantities of wax, fragrances, and colours will change any investment made. Any home-based candle business typically can be started for ₹15,000 to ₹50,000.
Getting a Loan to Start Your Business
If you do not have enough money, you can take a loan through government schemes. One option is the PM Mudra Loan Scheme, which helps you get a loan to start your business.