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"Specialty Soaps": Business Idea

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Making a specialty soap at home is an attractive business with low start-up cost and unlimited profitability when done right, with a bar of soap can cost as low as 10 cents to make and can be sold for $1 to $4, even more if the soap is of exceptional quality. Beside the low investments needed, the entry barrier is also low with only little to no experience and knowledge are needed. The techniques and how-tos of soapmaking are easy enough to learn with many tutorials can easily be found on the internet.

However, the competition of this business is very tight, and although the potential market is very big, getting their awareness and creating leads will be difficult for beginners.

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With that in mind, here are some pointers to help you plan your soapmaking business:

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1. Starting Up
As mentioned before, the startup investment needed is very low. You can start at home for just $2,000, and if you decided to invest in a storefront, it might only cost you somewhere around $10,000. Most of the investments will be for equipment, ingredients inventory, and a little bit of home renovation if necessary.

2. Creating your Specialty
With the tight competition, one of the keys to this business is to create your niche. There are many kinds of soap available to make, yet not all of them are already saturated. For example, non-lye soaps, vegan soaps, and insecticidal soaps are a good start. If you can develop your secret recipe with enough uniqueness, it will be a huge advantage for you.

3. Marketing
Your Marketing effort will also largely dictate your earnings and profits. Having a great website is a necessity, complete with e-commerce functionality so that people can buy right at one click. Marketing your website is also necessary with some form of SEO or Social Media marketing.

In traditional marketing side, you can build partnerships with other businesses with local businesses of which your soaps can compliment their product. A good example for this is women's fashion store, local spa, and many more. You can also join local mom's gathering, introduce your products in schools for school moms, and many more ideas as your creativity lead you.

You can also sell at established websites like Etsy or eBay to increase your exposure.

4. Time Management
As you begin your soapmaking business, you may fall in love with the soap making process itself. And why not? Making soaps is such a lovable and addictive activity. However, as your business grows, you have to minimize the time you spent in making the soap itself.

A good rule of thumb is only to dedicate 20% of your time in the business to the soapmaking process. More time should be spent on managing your business, and most of all, marketing your soap.

If you have a lot of orders and it's getting out of hand, good for you! It's time to hire an employee to deal with the soapmaking process. Remember, production efficiency will matter in the long run. Spend your time in INVENTING new products, not making the old ones.

Earning Potential

As stated before, this business has a huge profit margin. Each soap can net you 3000-4000% of profit margin. However, how big you can earn will largely dependent on how effective your marketing efforts are, and how many you can sell.

However, an established home soapmaking business can net $60,000 annual revenue, and remember, the large part of it are pure profit.