Joe from Pittsburg writes: “My wife and I were married a year ago and we’re now expecting our first child! She would like to stay at home when the baby comes, but she’d like to do some part time work. We had a blast creating creative touches for our wedding and were wondering if there was a way to start a business from that. We created a logo using our initials in the shape of a heart. From there we made a custom cookie cutter, candy molds, labels for water bottles, stationery, aisle markers, etc. Do you think is a viable business? We thought maybe we could blog about what we made, how we made them, and then offer to make them for those without the skills or time to do it themselves.”
Joe, I think this is a great idea. It has all the characteristics of what could be a very cool business.
- Small, lightweight, non-perishable items
- Massive potential audience
- High profit margins
- Unique (remarkable) niche – very personal
- Emotional (as opposed to logical) product
- Combines your passion, talent and has an economic model
The Washington Post reports 2,287,000 marriages in the United States in 2015. According to CNN the average cost of a wedding is $28,400. That’s roughly $65 Billion dollars spent on weddings. Do I think that market has profit potential – oh yeah!
The flip side is that everyone knows that. A quick search on Google for “Wedding Supplies” gives me 52,700,000 sites. I guess there are a few other people who are also going after those dollars. That’s okay. It’s easier to make money in an area where people are already spending money than in an area where you have to sell people on the idea.
Here are some things to be aware of that will help you make this profitable.
1. You can become wealthy by doing one of two things:
- Do something 10% better than what it’s being done
- Provide added value
2. Since it is an emotional purchase make your presentations fun, personable, and engaging. Lots of pictures of happy people using your products.
3. Develop your marketing plan. Go though my list of 48 Marketing Tips and select a few that you will use consistently.
4. Connect with others who are going after the same audience (fusion marketing). Have your products linked from 10-12 of the other hot wedding supply sites. Use affiliate marketing to make it attractive to those vendors.
5. Comment on forums, blogs, Facebook, etc. where related conversations are already happening.
In 48 Low or No Cost Business Ideas I list lots of ideas that have these same characteristics. You can find one that “fits” you in the same way this fits Joe and Stephanie.
Here are 8 Keys to Starting a New Business. Download this free document to help you get started.
Have fun and make lots of money. Sounds like a great business to me.