Candle making is classified as a service business code. This code includes candle making, retailing, and wholesaling. If you sell crafts you made yourself, you may deduct material costs from taxable income. Crafting is a type of small business with less than 500 employees.
When naming an Oregon business, consider:
1) Reflecting its mission, values, products/services;
2) Easy pronunciation and spelling.
You can start a small candle business from home, saving on expenses like rent and allowing gradual growth.
Industry Codes and Market
- The NAICS code for handmade candles is 453998.
- The global candle market will reach nearly $5 billion by 2026.
- Customers buy candles they love.
- QR codes help spread awareness of a new website.
- First, figure out your target audience.
Business Plan and Funding
To start a candle business, complete your business plan. Download a business plan template. The plan should:
1) Introduce your candle business idea and what makes it different;
2) Describe target demographics, locations, customer attributes;
3) Explain how your business meets customer needs;
4) Describe products and services.
Funding options include:
- Personal funds,
- Loans from friends/family.
The candle industry is competitive so make unique candles. Factors to consider: supplies, packaging, marketing, shipping costs; building a brand takes time. Research the industry thoroughly first.