Slime: it sounds disgusting, and yet, there’s been a huge explosion in demand for it.
In 2017, people were already clamoring for slime, with entrepreneurs making as much as $200,000 a month from YouTube sponsorships alone. These videos piqued viewers’ interest, and many sought slime to play with.
If you’re worried about missing out, then don’t be. Consumers still want slime, and will pay good money for it too.
So if you want to make your own slime to sell, you’re in the right place. Here’s how to start a slime business.
Research the Market
It might sound like a simple enough business idea. But it’s a little more complicated than making and selling slime.
There are actually different types of slime, and some are more popular than others. Take a look at what’s in demand, such as the colors, textures, and even scents.
Here are some types of slime to consider:
- Glitter
- Clear
- Fluffy
- Soap
- Edible
- Glow-in-the-dark
- Glue-free
- Borax-free
It’s also smart to check out your competition. See what’s selling well for them and how they’re pricing their products. This can give you a good idea of how to carry out the next step.
Write Your Business Plan
Need some capital to help get your slime business off the ground? Then know that investors will want to see a business plan. Even if you’re going to fund the company on your own, this plan is still beneficial, as it’ll help you see the big picture and what it takes to hit ultimate success.
The most important question is this: what are your goals? You can then see what it’ll take to reach those by coming up with your exact products and their pricing. In addition, take into account your marketing strategies and the resulting financial projections.
This is a great time to reevaluate your business operations if anything doesn’t make sense.
Register Your Slime Business
Regardless of what type of business you create, you’ll need to register it with your local government and apply for the proper permits and licenses. If you’ve got an excellent name, we recommend that you reserve it to be certain.
After registering, open a business bank account to keep your personal and company funds apart from one another. It’ll be easier for tax reporting.
Invest Time in Branding
There are so many slime sellers around that it’s imperative you stand out. Having an outstanding slime product will only get you so far.
Take that quirky company name and design an equally fun logo. Use bright and vibrant colors that’ll catch everyone’s eye.
It sounds silly, but it’s vital to have business beliefs and values. For example, if you’re making eco-friendly slime, then having sustainability as a company belief can attract your target audience.
Determine Your Recipe
There are some basic recipes that can give you slime ideas to sell. Use these as foundation recipes, as you would with a simple cookie recipe if you were opening a bakery.
Remembering the market research you did earlier, tweak these slime recipes so they’re your own and also appeal to your target market. If they’re kids, then be careful that all ingredients used are non-toxic. You should keep in mind that people will have allergies and sensitivities too, so try and diversify and create slime for them to reach a bigger market.
Once you come up with your unique recipes, be prepared to list all ingredients for your buyers. That way, there’s full transparency about what they’re touching or even eating, and you can prevent unfortunate situations from occurring.
Get Your Ingredients and Make Slime
Now that you know what types of slime you want to produce, it’s time to experiment!
Purchase all the ingredients you need to create slime. Don’t be afraid to think outside the box, as that’ll probably be what makes you stand out from your competition.
Once you’ve perfected the recipes, then add the cherry on top with a special touch, such as a certain type of glitter that’ll have people immediately knowing it’s your slime.
Think About Your Packaging
Packaging isn’t only about branding; it’s also about keeping your slime as fresh as possible. For this reason, most slime producers use clear plastic jars with reusable tops. The transparent jars let customers see the slime inside and entice them to buy, and the tops allow them to play with the slime repeatedly without it losing its elasticity.
Although almost every slime maker will use these jars, that doesn’t mean you can’t be original. Put your brand’s sticker on the jars and boxes, and decorate the boxes so when they arrive, your customers will be excited to unpack them! If you’re selling your slime in a store, then consider creating cute bags that they’ll be glad to take away and display.
Market Your Products
Whether you’re selling slime online or in a brick-and-mortar store, you should create a website. This will tell users exactly what products you have and how much they cost, as well as when your store is open (if applicable).
Plus, create social media accounts for your company. These are perfect for showcasing the thrilling things you have for sale. You can link back to your website too!
In addition to taking out paid ads, you also should have giveaways. This can generate buzz around your slime, and the lucky winners will get to see how good it is. Before you know it, all their friends will want a piece of the action.
Know How to Start a Slime Business
By knowing how to start a slime business, you’ll be an entrepreneur who brings joy to the masses with your fun and squishy slime products. Considering that the slime craze won’t be dying out anytime soon, you can count on selling slime for a nice profit for years to come, so long as you put the effort in.
Don’t want to handle business registration on your own? Then leave it to the pros at Business Anywhere. Sign up with us today.
