COLORED, SCENTED AND DECORATED CANDLES BUSINESS PLAN IN NIGERIA
This sample Colored, Scented, and Decorated Candles Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Colored, Scented, and Decorated Candles Business Plan is a lucrative business that needs a lot of strategic Planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
Business Description of Colored, Scented, and Decorated Candles Business Plan in Nigeria
Business: COLORED, SCENTED, AND DECORATED CANDLES PRODUCTION
Industry: CANDLE MANUFACTURING INDUSTRY (Colored, Scented, and Decorated Candles Business plan in Nigeria)
PATILAD Scented and Decorated Candles Production Company, Inc. is a registered business that will process and produce Scented and Decorated Candles in Lagos state. Our candles are produced to cater to our local and international clients.
At PATILAND Scented Candles Production Company, each of candle are produced with our clients in mind. We, therefore, produce a variety of scented candles in a range of sizes and shapes to meet our customers need. We’re continually experimenting with new scents to capture the attention of our customers, who are always on the lookout for something fresh.
Market Analysis
The candle market is one where demand will always exist, even if it depends on the consumers’ ability to spend their disposable per capita income, which in turn depends on the state of the economy. The majority of consumer demand for scented candles has prompted businesses to continuously investigate scents that will pique consumer interest.
Another tendency is to consider every method possible for getting candles to clients in a way that is practical for both the customer and the business. These days, candle sales are not just found in specialty shops and budget retailers; they may also be found at outdoor festivals and fairs.
The global scented candles market is expected to register a CAGR of 4.1% by garnering a market value of US$ 5.4 Billion by the end of 2032. Growth of the market can be attributed to:
- Home décor is gaining prominence across the globe. This has led to most people investing in scented candles to improve the aesthetics of the house along with possessing a desire to indulge in aromatic candles.
- The hospitality sector is the largest contributor to the scented candles sector owing to the need of attracting more consumers. Thus, from hotels to restaurants, most industries present in the hospital sector are investing in scented candles.
- Development of end-user sectors that include spas, hospitality industries, and healthcare sectors have shown are contributing to the growth of the scented candles market.
Our Products and Services
We produce scented and colored candles in a variety of sizes and styles. Today, they are thousands of different candle smells, and we are pleased to say that we have a sizable collection of several scents produced in Nigeria. We are always exploring ways to enhance our small line. Our products are as follows;
- Different kinds of candles such as outdoor candles, scented candles, container candles, pillars, floating candles, utility candles, liturgical candles, and birthday candles
- Sale of fragrances
- Franchises
- Training and Consultancy services
Keys to Success
The keys to success for the Colored, Scented, and Decorated Candles business include:
- Good retail location in a residential/business area.
- Online presence
- Maintain low operating costs
- On-time delivery
- Production of quality products
- Excellent customer service
- Competitive pricing.
Business Objectives for Colored, Scented, and Decorated Candles in Nigeria
- To make available Colored, Scented and Decorated Candles to all at affordable rates
- To increase sales by at least 75% in the second year
- To ensure customer satisfaction so that at least 60% of our customer base are return customers
Vision For the Colored, Scented, and Decorated Candles Business in Nigeria
- To be among the first three Colored, Scented, and Decorated Candles company in the next 5 years.
- To produce high quality, locally produced Colored, Scented, and Decorated Candles that are produced in a clean and sustainable environment and also affordable to end users
Mission for the Colored, Scented and Decorated Candles Business in Nigeria
- Our mission is to build a candle-making business that will not only meet the needs of our customers but intrigue potential customers as well.
- We do not only want to sell our franchise here in Nigeria alone but also globally as well.
Read also: CANDLE PRODUCTION BUSINESS PLAN IN NIGERIA
Management Team of the Colored, Scented and Decorated Candles Business in Nigeria
Pelumi Agunbiade: She has over nine years of experience in the manufacturing industry, having worked for some leading brands in Nigeria. She has a B.Sc. in Chemistry from the University of Lagos (UNILAG). She is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS).
Mr. Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years of experience in business management, business start-up dynamics, financial management of business, and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
Lilian Mfon- Lilian is the head of our marketing team, most of our marketing strategies are online-based and she is the best personnel for the job she has a well-established digital marketer with proficiency in content management social media marketing, search engine optimization, and marketing.
We brought to the business:
- Academic skill and practical experience in the Colored, Scented and Decorated Candles business.
- Capacity to consistently provide high-quality goods and products all year round.
- Good understanding of the market trend.
- Our staff brings operational, marketing, and promotional skills to the business.
COLORED, SCENTED AND DECORATED CANDLES BUSINESS PLAN IN NIGERIA
SWOT Analysis
We were able to evaluate our strengths, weaknesses, opportunities, and threats to which we might be susceptible in the market. This is to prepare us for the competition that lies ahead and the best way to approach it. Below is a summary of the findings from our SWOT Analysis:
STRENGTHS
- Availability and easy accessibility to raw-materials
- Good knowledge of target customers and their needs
- Access to cheap labor
- Well-organized business structure
WEAKNESS
- The business is new to the market place and such the brand is not well known yet
- As a start-up and the future is always uncertain for most start-up companies
- Lack of adequate capital of the business require an enormous amount of investment
OPPORTUNITIES
- There are various opportunities that abound in the candle-making industry and the fact that we are continually working on bringing forth new fragrances with some of our productions offers limitless opportunities for us as a company.
- The continued growth in the middle-class population in Nigeria
THREATS
- This being a new entity there is a threat from new business entrants
- Government policies and regulations.
- There is a threat of other more established companies starting this line of business thus leading to stiff competition that the company might not be able to
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