Have you been thinking about opening an adult sex toy shop? If you have, chances are you are waiting for the perfect time to start. Well, the right time to start is now.
A recent survey shows that the sex toy industry is presently worth $25.5 billion. In the next couple of years, the sex toy industry is expected to grow even bigger. So if you jump into the sex toy bandwagon right now, there is a good chance you are going to thrive.
If you are new to the sex toy space or haven’t worked at an adult sex toy shop in the past, you may be clueless about how to start your sex toy business. This article is going to arm you with the intricate information you need to start a sex toy store.
Steps to starting an adult sex toy shop
Prepare a business plan for your adult sex toy shop
Whether you want to open an online or a physical sex toy store, it is important that you draw up a business plan before you make any big move. Having a business plan will give you a picture of everything you need to do to make your business grow. Even more, it will help you strategize and get the funding you need to start your business.
Your business plan should contain your business name, your vision, your funding source, the location you have chosen for the business, your competition, and the research you have done on the sex toy industry.
Be sure to go all out when preparing your business plan, as it will help keep you focused on your core ideas and strategies.
Apply for Financing
Let’s face it, the sex toy business is somewhat capital intensive. This means that you will need a good sum of money to set it up. If you don’t have funds set aside to start the business, you should consider visiting your local bank to secure a loan. Having a good credit score, a business plan, and a few other information will increase the odds of you getting the loan.
If for some reason you aren’t able to get a loan from the bank, then you should ask family, friends, and loved ones for the money. You can leverage personal loan companies if the cost of starting the business is below 20 thousand dollars.
Get a business license
In most areas, people are required to get some form of license before they can run a business. Do a little research or check with your city administration to get the details of the licenses you will need to run a business.
Keep in mind that every city has its unique requirements for getting a business license. So, find out the details about yours. Instead of racking your brain trying to figure things out on your own, you should write a letter to your local government small business advisory. Be sure to ask them about the requirements for setting up a sex toy shop.
Find good supplier
To stand out from the crowd, you need to offer high-quality products.
To get your hands on high-quality sex toys, lube, penis pumps, and so on, you need a supply that offers high-quality products at an affordable price.
Finding a supplier in China isn’t as difficult as you think, all you have to do is to find the websites of these suppliers. Their contact information is usually on your website.
Set up a website for your adult sex toy shop
If you want your sex toy business to thrive and to make lots of sales, then you need to have an online presence. While there are different ways to make a presence online, setting up a website is a great place to start.
With a website, people from different parts of the world will be able to explore your shop and buy products that suit their vibes without any hassle.
Even if you have a physical store, it is still important that you set up a website as well. You see, your customers aren’t always going to have the time to visit your store in person. If you have a website, your customers will be able to check out your new products and make a purchase.
Starting a sex toy shop isn’t easy. With so much to do, it is easy for one to become overwhelmed. Applying each of the tips discussed in this article will make it prevent you from making mistakes that will set you back.