In the United States, more than 600,000 small businesses open each year. So what does this mean for you? Many people are opening businesses and you can too.
One great industry to go into is the toy business. But how do you get started if you’re brand new to the industry?
That’s why we’ve created this guide for you outlining how to start a store in the toy industry. Check it out below.
Pick a Niche
First of all, it’s important that you pick a niche. There are lots of toy companies out there and it’s key to differentiate yourself.
Remember that stores like Amazon and Walmart are continuing to grow year over year and they are able to undercut toy prices. To stand out, it’s crucial that you’re different.
Think about all the various niches you could choose. Perhaps you want to focus on kites. Maybe you want to narrow in on pet toys like guinea pig toys.
What about board games? Toys from other countries? The options are endless.
Once you have a specific niche, you can start to develop a brand that stands out from the crowd.
Establish the Store Entity
Now it’s time to legally establish your store in your state. This can either be as a corporation or a limited liability company (LLC).
To do so, you’ll need to pay the required fees. Next, also get a tax identification number (TIN) which will allow you to start purchasing from wholesalers.
Next, it’s time to find wholesale distributors. These are the companies that actually manufacture the product.
Do some research online or at trade shows to find the best distributors out there. And then talk about price to see if you can negotiate a better price.
You can also rely on wholesalers’ years of experience when stocking your shelves. They can give you information about best-selling toys and help you grow your inventory.
Promote Your Store
Last but not least, it’s time to market your toy store. There are all kinds of ways to do this, including:
- Social media
- Radio ads
- Magazine ads
- Content marketing
- Word of mouth
Also consider selling your products online on sites like eBay or Amazon. This can be a great way to get your business off the ground as you’re starting out in addition to your brick and mortar location.
Some small business owners are hesitant about investing in marketing as they’re starting out, but it’s crucial. Want to learn more about business? Check out our blog now.
Closing Thoughts about How to Start a Store
There you have it: tips and tricks on how to start a store in the toy industry. Now it’s time to implement these ideas.
In no time, you’ll be on your way to owning your very own toy store.
Have further questions or want to learn more? Contact us today. We’re happy to help.