Add an interactive element
Recently, Marcus Lemonis of the TV show The Profit featured a candle-making business on his show. He worked closely with the owner to restructure the business, adopting better production methods, refining their marketing approach and restructuring their financials. We’d love to know what our readers learned from the candle-making business featured on the show.
Have you taken any tips from this particular episode? Vote in our poll below:
1. I adopted better production methods for my own business
2. I refined my product packaging and pricing structure
3. I improved my marketing approach by utilizing social media
4. I improved my cash flow management to increase profits
5. Other (please elaborate in the comment section)
Incorporate related stories/case studies
A successful example of a candle-making business featured on The Profit is Seattle Candle Company. Founded by brothers Joel and Ben Alden, this company specializes in premium soy wax candles featuring creative scents and designs. In their season 3 episode of The Profit, Marcus Lemonis invested $400,000 into the company to build an online presence, market the candles more effectively, and extend the product line. After the show aired, Seattle Candle Company saw a dramatic increase in sales – they reported revenue growth of 600% year-over-year at the end of 2018.
Another example is Old Harbor Outfitters in Rhode Island. This company specializes in scented soy wax candles made with high quality ingredients that allow for an even burn and maximum scent throw. Founded in 2009 by Christian Parkes, Old Harbor Outfitters took advantage of The Profit’s investment when Marcus Lemonis provided them with $200,000 to further develop their e-commerce strategy and strengthen their brand awareness. With new marketing initiatives and strategies based around targeted advertising, Old Harbor Outfitters experienced exponential growth afterwards – increasing their sales each year until reaching an impressive total revenue in 2018.
On the other hand, some businesses have not been as successful as these two examples when it comes to candle making . Take Big Dipper Wax Works for example: founded by Kristen Pumphrey & Thomas Neuberger, Big Dipper Wax Works has become a well-known specialty candle shop since launching in 2012. However, after receiving only half of Marcus Leafonis’ promised investment on The Profit due to major financial roadblocks revealed during the show’s audit process; Pumphrey & Neuberger struggled to keep up with stiff competition from online retailers like Amazon and eBay even after rebranding as GoLightly Candles late last year.
Expand upon Marcus Lemonis’s advice
Marcus Lemonis gave a lot of great advice to the candle-making business on The Profit. Here are further details on that advice:
1. Product Improvement – Marcus recommends making improvements to existing and new products to help differentiate the business in the marketplace and make their items more attractive to buyers. This can require looking into customer feedback, researching customer trends and preferences, finding ways to reduce costs while maintaining quality, or even adding unique features that are not found in competitors’ lines.
2. Streamline Processes & Production – Marcus also suggested streamlining processes and going digital in certain areas such as order tracking and production scheduling. This will both save time and money while allowing them to meet customer demand with greater efficiency. Additionally, he mentions investing in Automated Production systems to increase production capacity faster than manual labor can thus boosting profits by increasing throughput.
3. Engaging Customers – Lastly, Marcus suggests engaging customers through targeted marketing campaigns, focusing on building relationships with their customers online through social media platforms like Facebook and Twitter and responding quickly to customers’ inquiries about their products or services. This can help build loyalty among current customers through regularly updating them on what’s happening within the company as well as introducing new products/promotions that may be available from time-to-time – this creates stickiness which leads into more sales down the road!
Include real-world applications
The candle making business featured on The Profit is a fantastic example of an effective small business model. It illustrates the importance of understanding customer needs and tailoring product offerings to meet them. By recognizing that customers want both luxury candles as well as seasonal options, they have been able to increase their sales by focusing their line on products with high demand.
This real-world application allows other small businesses to use this lesson in their own operations. For example, a bakery could focus their baking on cakes related to current events, such as birthdays or holidays, rather than offering the same products all year round. Doing so can help increase sales and also allow for increased customization for customers. As another example, a clothing store could specialize in certain fashion trends instead of stocking generic items that may not be popular with consumers. Understanding consumer preferences and responding quickly can make any business competitive in today’s ever-changing markets.
Highlight stories of success
One example of a success story featured on the popular show “The Profit” was that of a small candle-making business started by Norah Anderson and Phil Mason. The couple had started their business by selling items from local craft fairs and updating their operations with an eye for efficiency. After being featured on the show, Lemonis shared several tips for them to consider such as increasing production speed, testing different packaging options, creating special bundles of inventory, improving marketing efforts including digital promotions, and other steps to create a better customer experience.
Since then, Norah and Phil have been able to make huge strides in their business. They now have more than 6 stores across multiple states coast-to-coast, offer new products to meet consumer needs such as scent diffusers and home fragrance sprays in addition to candles. They have implemented faster production techniques using robots which was one of Marcus’ suggestions. Their website traffic has increased and they are developing new partnerships with customers throughout the country. Most importantly they have seen an increase in revenue since being on the show and are now known as one of the premier candle companies in the US thanks to applying Lemonis’ advice.
Welcome to my candle making blog! In this blog, I will be sharing my tips and tricks for making candles. I will also be sharing some of my favorite recipes.
