If you want to turn your love of friendship bracelets into a home-based online business, you should start a friendship bracelet business right away. The best part about starting a friendship bracelet business is that you can do so exclusively online and scale it astronomically with little to no capital outlay. But that doesn’t mean you won’t have to put in a lot of effort to get your friendship bracelet business off to a good start. The best part is that we’ve assembled everything you need to know to start your own friendship bracelet business.
1. Familiarize yourself with the Bracelet business
To run a successful friendship bracelet business from home, you must first learn everything there is to know about bracelets. This will not only make starting a friendship bracelet business easier but will also greatly assist you in scaling the business. The best aspect of starting a friendship bracelet business from home is the low upfront cost. Bracelets can be made without the use of expensive machinery. It all comes down to design and aesthetics. Since the bracelet industry is rapidly expanding, you should keep up with current bracelet market trends.
Things you’ll need to start a Friendship Bracelet Business
The exact things and equipment you’ll to start a friendship bracelet business will vary due to a lot of factors. For the sake of simplicity, I’m going to focus on the materials needed to start a basic bracelet business. From there, you can expand and add to your touch to make different styles and sell them. To get started making fun friendship bracelets, you don’t need much. All you’ll need is some embroidery floss and something to hold your bracelet in place while you create the knots. Here are some of my preferred tried-and-true supplies:
1. Embroidery Floss or String:
To be honest, embroidery floss is the best string for friendship bracelets. Embroidery floss is a seamless, 6-stranded cotton string that has a subtle glow to it. It is available in a wide range of colors, such as neons and metallics. DMC, Anchor, and J&P Coats are popular embroidery floss brands. Make sure you don’t spend more than $20 on embroidery floss or string while starting out.
2. Clipboard, Safety Pin and Masking Tape :
3. Knowledge :
Another thing you’ll need is knowledge of how exactly to make friendship bracelets. There are a plethora of YouTube channels offering tutorials on DIY homemade bracelets. Also, there are blogs that teach you how to make friendship bracelets from scratch.
Keep in mind, to make things easier on yourself, you could also pick up a convenient friendship bracelet kit.
Understand the costs to start a Friendship Bracelet Business
You could start a friendship bracelet business from home on a basic level for around $300 to $500 (assuming you do not have any supplies). An extra $500 could get you off to a great start. That being said, if you want to operate your bracelet business on a bigger scale, it could cost you anywhere from $2,000 to $4,000 depending on the volume of production and marketing strategies implemented.
Bear in mind, the basic level bracelet business startup cost of $300 to $500 includes the supplies($100) and marketing costs($200-$300). If you want to go really cheap, you can buy as you grow. If you don’t mind a little hard work, the friendship bracelet business is one of the best businesses to start and grow.
Is the Friendship Bracelet Business Profitable?
The friendship bracelet business is highly profitable if operated efficiently. A customized friendship bracelet can sell for as high as $10-$15 and the cost to make one yourself is only around $1-$3. That means around $10 profit for every bracelet sold. Even if you sell only around 100 bracelets a month, you are looking at a profit of around $1000.
Is a Friendship Bracelet Business worth it?
Starting a friendship bracelet business is undoubtedly worth it. The bracelet business is worth giving a shot because it requires little to no investment. Starting a friendship bracelet business has a lot of promise and is simple to operate and scale. It’s an excellent business for teenagers to start because of the low entry barrier.
2. Plan Your Bracelet Business
The ability to plan beforehand is critical to the success of any business. The same is true when it comes to starting a friendship bracelet business. Let’s go over certain steps you’ll need to take as you plan your bracelet business.
Choose a name for your friendship bracelet business
Whether you want to start a friendship bracelet business or a Glitter business from home, you must choose a name that reflects your company’s values and beliefs.
Remember that the legal business name must comply with the state naming rules in the states where you intend to operate your business; otherwise, the state may refuse to accept the documents filed to form or qualify the company. While you are just getting started, you may not need to register your friendship bracelet business, but following the naming rules in your state will prevent any problems in the future if your bracelet business takes off and you want to scale it quickly by registering and trademarking it.
Shopify’s Business Name Generator is a free tool that helps to brainstorm brandable names for your friendship bracelet business. Some of the cool ideas, I got from Shopify Business Name Generator, for bracelet business name are:
- Bracelet Addict
- Small Town Bracelet
- Splash of Colors
- Sparkle & Shine
- Glitter Girls!
- Berry Blast
- Citrus Chiller
- Bracelet Zone
- Hydro Bracelet
- Bubbly Bracelets
Once you decide the name of your friendship bracelet business, you need to perform three final checks.
- First, check your State’s business name database to see if your desired business name is available.
- Second, do a domain name search to check if your business name is available as yourbusinessname.com. If it is available go ahead and register the domain before anyone else gets it. Namecheap offers domain names for as cheap as $0.99 for the first year. You can use the tool below to see if the domain name is available.
Find a domain starting at $0.88
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- And lastly, do a federal search on the US Trademark Electronic Search System and make sure nobody has already trademarked your name.
Write a solid Business plan for your Friendship Bracelet Business
At the very least, you will need a solid business plan to launch a successful Friendship bracelet business from home. Don’t get into the friendship bracelet business just because it sounds like fun and people make a living from it.
Consider what your bracelet’s USP (Unique Selling Proposition) will be. What inventive methods will you employ to attract customers to your company? What is your strategy for customer acquisition?
A well-written business plan should explain your friendship bracelet business’s main goals and how you intend to achieve them. A business plan also serves the purpose of making your friendship bracelet business appear professional and appealing to potential lending institutions in the near future.
Overall, a well-written actionable business plan is an essential document for your friendship bracelet business. A compelling business plan contains numerous sections, some of which must be included when starting a friendship bracelet business.:
- Executive Summary
- Business Description
- Market Analysis
- Competitor Analysis
- Products to Offer
- Competitive Pricing Strategy
- Marketing Strategy
- Financial Projections
3. How to sell Friendship Bracelets online?
The next step is putting the name of your bracelet business out there on the web for everyone to see. There are two ways you can accomplish it. You can either sell through a third-party website like Etsy or Amazon. Keep in mind, these companies will charge you a small commission on each item sold. Also, they can kick you out of their platform anytime they want and you’d have no control over it.
The next option is having your own platform to sell your friendship bracelets online. Having your own customized websites is a crucial part of starting a friendship bracelet business. You need to have a professional online store in order to sell your friendship bracelet online.
Make sure to utilize the power of the internet. You must customize your website and make it align with your brand. You can put images of your bracelets plus testimonials and make an excellent impression on your visitors. Furthermore, don’t forget to include your mission statement on your website and let your customers know why they should buy your bracelets.
Designing an online store has become really easy. The days when you needed to pay thousands of dollars to a website developer for a small online store are gone. Thanks to Shopify, you can now create a brand new online store for your bracelet business starting just from $29. The cherry on top is that Shopify offers a 14-day free trial (no credit card required) for you to try out the platform. This is more than enough time to set up an online store, upload your products, and set up the payment systems.
If you want someone else to work on the technicalities while you focus on acquiring more clients for your friendship bracelet business, we are ready to help you. Our $199 digital package for the friendship bracelet business comes with a professionally designed online store, custom email, 24/7 support and maintenance, SEO, and digital marketing services. You wouldn’t want to miss the deal. Contact us today before the deal runs out.
4. Packaging for your Friendship Bracelet business
The days of packaging being solely for the purpose of protecting your bracelets from damage are long gone. Packaging has evolved into a branding strategy in the modern era. It aims to strengthen your brand, effectively communicate, and sell and protect your friendship bracelets. Furthermore, packaging constructs anticipation and excitement for your bracelets. As a result, if you want to start a friendship bracelet business, you’ll need a good packaging strategy. When people see a wonderfully packaged bracelet, it entices them to open it and adds a theatrical element. Overall, you must devote time to developing an actionable packaging strategy for your friendship bracelet business.
Thousands of eye-catching packaging supplies for your friendship bracelet business are available on Etsy.
5. Promote your Friendship Bracelet Business
For whatever reason, most entrepreneurs do not include marketing in their business strategy. This is possibly one of the major business blunders they’ll ever make, and you should never make it yourself. Word of mouth is the most effective form of marketing for a friendship bracelet business. When your bracelet prototype is fully operational, give the samples to your friends and family to test. Request feedback on your bracelets and make a list of what they liked and disliked. If they liked your friendship bracelets, request that they tell their friends and family about them. You can also kindly ask that they share your social media pages with their contacts.
You can also use digital marketing to market your friendship bracelets on a national or international scale. Join your local business group or small business communities in your area to learn about the tools that other businesses use to market their products and services.
Contact us if you need assistance running digital ads for your friendship bracelet business. We can offer free advice and resources to help you market your friendship bracelet business online.