It is really difficult for entrepreneurs who want to learn how to start a kitchenware business from scratch due to insufficient amount of resources and information regarding this topic online. Whether you want to start a kitchenware business online or offline through a storefront – the market is huge and to be honest there is always space for more kitchenware. The global kitchenware business market size was whopping USD 59.3 billion in 2019. And it was expected to reach USD 62 billion by 2020. Therefore, let’s jump right into the step by step guide to start your own kitchenware business from scratch.
1. Plan Your Kitchenware Business
Business planning is the key to any successful venture. Without an actionable business plan you will be flying blind. You need to keep a note of everything from local to national competitors. Furthermore, you need to understand the market and keep updated with new trends as it will play a major part in success of your business.
A kitchenware business plan should also explain, in detail, the marketing strategies the business is going to adopt. Alongside marketing, the other key things to include are sourcing your products and location of your kitchenware store. If you are operating as an online kitchenware business – you don’t have to worry about the location. However, on the other hand, location plays a vital role to acquire customers.
Location is Key
Location of your kitchenware business decides the reach of your business. In order to start a successful kitchenware business, make sure you choose the location with high foot traffic. If the location is fit for your kitchenware business, it would help you to scale your business better. If the location has many similar stores nearby it could pose a problem for your business, since the competition is high at those place. Therefore, try and find a location with minimum similar stores to ignore such issues.
2. Understand The Kitchenware Market
The best way to understand the kitchenware market is to chat with people who are in the same business. They have experience in the business so they can tell you the exact ins and outs of owning a kitchenware business. However, the problem of this networking model is that, they will likely see you as a competitor and do not want to share any business secrets with you. But in this day and age of social media, you can connect to similar business people from all around the world who are ready to give you guidance and their insights on kitchenware market.
Kitchenware business depends on trends. New trends and tools are constantly introduced in the market. This will have a massive effect on your business. Therefore, study the market vigorously before starting a kitchenware business.
3. Setup Your Kitchenware Business The Right Way
Prior to starting a kitchenware business, you need to make sure you follow all the regulations and register your business the right way. You need to select a business structure you want to register your business on. There are many options available, however, while starting out I would highly recommend to register your business as an LLC(Limited Liability Company). An LLC is a simplest form of business structure that protects you from bankruptcy or any business lawsuits. This blanket of protection is not full-proof like of an C-corp or S-corp but it is significantly better than operating your business as a sole proprietorship.
Once you register your kitchenware business, the next step is getting an EIN. EIN stands for Employee Identification Number and it is provided by the government to all registered business entities in order to identify them as tax paying entities. You will need an EIN in every step of your business venture from hiring an employee to opening a business bank account. Furthermore, you will need an EIN for annual tax filings.
4. Choose Kitchenware Products To Sell
Once you register your business, you have to source the kitchenware products you want to sell through a supplier or manufacturer. The better the purchase is, the better the margin is going to be. Therefore make sure you procure your kitchenware items through a trusted and verified supplier.
You also have to make a decision on what type of kitchenware products you want to offer for your customers. Here is a brief list I have prepared for your reference.
- Appliances :
In this category, some of the most common items are mixer, grinder, juicer, microwave, oven, food processor etc.
- Cooking Essentials :
This category includes pans, stoves, pots, cookers etc.
- Kitchen Storage :
Storage items are one of the integral part of kitchenware business. They include jars, containers, thermos, water bottles, lunch boxes racks, holders etc.
- Tools :
These are comparatively low priced item but super useful. Choppers, graters, slicers, knives, spatulas, etc fall under this category.
- Bakeware :
This category is loved by baking enthusiasts. It includes molds, tins, baking tools, etc.
- Tableware :
Dinner sets, casseroles, glasses, bowls, mugs, cutlery, crockery items, etc fall under this category.
Some of the trusted wholesalers, manufacturers and suppliers of kitchenware items are listed below:
If you are operating your business online, you can also opt for dropshipping business model. This way you do not have to invest in any inventory and solely focus on marketing and sales only.
5. Setup Your Kitchenware Store
If you want to give your clients a great shopping experience, you must focus on both interior and exterior design of your kitchenware store. Therefore it is highly recommended to chat with a highly experienced interior designer for designing and crafting a floor plan for your kitchenware store. You must have specific areas for displaying the products, cash counter, storage, office, employees’ area etc.
Moreover, apart from your kitchen items, you need to invest in office supplies, stationery, computers, printers, cash counters, POS software and also a Retail Management Software.
6. Hire Employees
Employees play a vital role in the success of your kitchenware business. Depending on the size of your retail store you need to hire experienced staffs. If you are planning to start a large kitchenware store, then it is highly recommended to keep a department wise sales executives and personnel on the floor.
On the other hand, if you are planning to start an online kitchenware store, then you may need to hire digital marketers and web developers too. Our $499 digital package comes stacked with all the digital services you will need for your business. This way you can leave all the technicalities of digital presence for your business for us while you can solely focus on your business to acquire more customers. Contact us today to get a best deal for your digital business.
7. Promote Your Kitchenware Business
Whether you are operating your business online or offline, a kitchenware business demands both online and offline marketing and promotions. Additionally, you will also need to get involved in some outdoor advertising and sales promotion activities. While starting out, it is a good idea to engage with prospective customers on a very local and community level. The most common way of doing this is to leverage community events.
The best online/digital marketing strategy is dominating the social media in your niche. You would want to make sure you create all the social media pages for your business. Invest time in posting regular content and engaging with your followers in order to gain a group of loyal supporters for your brand. Facebook Groups are a best way to get visibility for your products. Make sure you join all the groups related to cooking, recipes, parenting and motherhood. Try to be subtle with your marketing approach and never spam the group with your kitchenware products as this will quickly lead to negative press on your brand.
Regarding offline marketing strategy, try advertising your kitchenware business using traditional offline channels such as television, billboard ads, and radio. Though many advertisers solely focusing on digital marketing and advertising, traditional offline media channels are still important. They can create a huge foot traffic to your physical kitchenware store.