How to Start a Slime Business
Many times, I have found people wondering what slime is and what its use is. Surprisingly, most have a different understanding of slime; therefore, to some, starting a business relating to this product is a nonexistent term.
A slime is a combination of household items, which, when combined, creates a polymer substance that looks like a solid or liquid.
It is used to teach children science principles, and many parents will keep looking for this substance to see that their children gather some scientific knowledge using it.
But hold on- it’s never easy to open a slime business because there are several factors that you need to consider to avoid disappointment later. Imagine making tons of slime, opening a warehouse, and not getting a customer. It is vital to sit down, plan, and research before settling into this business.
In this article, we will take you step by step through how to start a slime business and make a living you could never have thought of. Let’s get into the details.
- Come Up with a Business Name
A business name can be the primary determinant of making or breaking your business. Just as it happens when naming a baby, a name should be unique, easy to remember, and attractive to your target clients.
We opened up a slime business recently and gave it the name “The Classical Slime Company” By mentioning this name, a potential customer will know that you are in the slime business.
It’s therefore essential to ensure that no matter how you love a name, let it flow with the type of business you intend to start, and more so, since this is something to do with kids, let it have a feeling that it will indeed offer like a classical experience.
- Choose a Logo
The primary use of a logo is to convey an honest impression of your business. In this case, you need to decide on what you want your slime business logo to convey to your target customers. For instance, add some kids photo making science practical and give an impression of fun. This can prove that science isn’t a hard thing to do. Make it as original as possible. This can make people love your business, and you stand to win a competitive advantage over others.
If you are unsure about coming up with a unique logo, engage the experts; for instance, sign up with sites like Fivver or Etsy and get a unique logo at a considerable price. Basically, making one range between $10 and $20.
- Have a Target Market
Without having a market for your products, all your efforts will be in vain. Keep researching for clients who would be interested in buying slime. For instance, parents with school-going children can be a good fit for this market. Post your website link to your social media pages, and create awareness.
Besides, you can use posters and word of mouth to reach out to your prospects. Give out discounts or free samples to have them test and see if they will require the services. And with no time, you will be lost for clients.
Other places where you can market your business include Ebay, Etsy, Craigslist and Even Facebook Market.
- Availability of Ingredients
You need to have the whole set of ingredients to make the slime business successful. And by the way, the cost of getting the initial ingredients is affordable. With $150, you will have plenty of ingredients that will be sufficient to start up the business. Below is a detailed list of what you would require;
- Elmer’s White School Glue- This is a washable glue that helps bind materials together. Purchasing in bulk can be a good idea. For instance, a gallon can make 16 batches of slime.
- Shaving Cream- Buying a few squirts per batch will be sufficient to last for quite some time.
- Borax- You only require a handful of borax to make batches of slime. For instance, with $4, you will use it till you get tired of it.
- Food coloring or Watercolors- Because this is a product that kids will use, it will be worthwhile to get an assortment of colors to make it even more fun when kids play around.
- Water-Water is a definite addition for your slime, and it helps to make the batch gummier and larger.
- Foaming Hand Soap- The slime needs to be bubbly and adding a foaming hand soap will help add plenty of bubbles and more fun when using the slime.
- Lotion- The purpose of the lotion is to add more elasticity. Using largens can be a perfect lotion to make the slime extra stretchy.
- Extras- What about adding some glitters or Styrofoam beads to make it more exciting?
- Work Area
Having a clean working area that is well-ventilated when handling the slime business is always essential. For instance, a workbench can be an excellent place to be used as a workstation. This will be sufficient when you want to pack the slime in the containers, and you can easily search for a specific color that a kid would be interested in.
- Containers for Packing the Slime
The best containers for slimes should be durable, affordable, and airtight. If you get containers that are letting in too much air, ensure that the slime will be ready to sell out or use as a gift to friends.
Some marketplaces where you can get cheap but good containers sufficient for keeping the slime in its original state include buying from eBay or ULine. Your local stores can also be a source of accessing cheap but suitable containers.
- Pricing Your Slime
Pricing is one of the challenging parts when starting a business. For one, you will look at the competitive edge to ensure you do not fall. On the other hand, you need to remain relevant. As such, you need to consider several factors before coming up with a specific pricing model.
- The Cost of Supplies– When considering the pricing, always take charge of your supplies and ensure that every expense is factored in. Budget appropriately and be able to come up with these numbers.
- The Time Spent– remember that you want to pay yourself for the time taken making the slime, research time used, and determine a fair wage based on production per batch.
- Demand and Supply– Carry out market research and ascertain the extent to which the product is required. Plan to supply as per the customer’s demand. You could start small and leverage the level of demand and therefore keep increasing the supply with the increased demand.
- Fees and Rent– You will also need to account for the monthly rent. But for those who sell online, the cost can be cheaper because this is something you can do at home- possibly take a space in the garage.
All these are meant to gauge the pricing levels you intend to charge for your slime to break even.
- An Appealing Display
You may purposely work hard to see your slime sell, but without an enticing display, all this could be in vain.
Ensure that the display is appealing and attractive to kids who love beauty. To be successful in this, you can implement the below tips and see how it performs;
- Have varied heights of display- This will attract the customer’s attention. Try elevating some while placing others on the table. This adds character and an impression of the kind of planner you are.
- Add more Fun to the Display- Besides displaying your slime, why not add some elements that will attract customers to navigate further and get hold of the slime?
Accessibility is paramount for every product in question. The fact that slime comes in different colors and types tries as much as possible to have the slime containers accessible to your customers. Even window shoppers will fall into this trap if they see a well-labeled item with colorful containers.
Doing this will add value to your business, and in no time, you will break even and possibly open a bigger store.