Typical pantry staples such as cereals, meat, noodles, and milk come in various packaging options. You’ll often see jars, pouches, boxes, and cans in different sizes and shapes. Packaging has become a vital part of life, and they’re more than a shell to protect items. With businesses popping up here and there, the packaging industry is a lucrative business venture.
In 2019, the global packaging industry was expected to be at around $917 billion. A forecast reveals that it will reach the trillion-dollar mark by 2024. These figures prove that the packaging industry is an excellent entrepreneurial endeavor. So, if you’re looking for a good venture to start in this sector, check out these ideas to create your own packaging business.
5 Ideas for Your Packaging Start-Up
1. Choose your desired niche
Like other ventures, starting a packaging enterprise involves choosing the niche you want to serve. Having a niche allows you to develop a marketing strategy that effectively reaches your target customers. To start, it’s best to select a specific industry that you can supply with packaging materials. You may provide your products to the following business categories:
- Clothing, jewelry, accessories, and shoes (boxes and pouches)
- Food and drinks (jars, boxes, plastic bags, foil pouches, bottles, and tetra packs)
- Fresh produce (plastic bags and containers)
- Cosmetics and toiletries (jars, cream containers, and lotion bottles)
- Books and Stationery (envelopes, boxes, and wrapping paper)
2. Identify the packaging materials to focus on
Every niche requires packaging to support each product’s texture, shape, and storage needs. For example, fresh produce like meat and vegetable are best kept in waterproof containers or plastic pouches. Here are some packaging ideas that you can include in your product line.
- Aluminum cans – This sturdy material is commonly used for beverages such as carbonated sodas and juices.
- Air bubble sheets – Almost all industries require this material. It protects products from breakage, especially during delivery.
- Folding cartons and cardboard boxes – This versatile packaging is used for various products. It comes in multiple thicknesses and sizes to fit your customer’s needs. Getting your supplies from a reliable folding carton manufacturer would be best to get the proper specifications and good quality.
- Paper bags – Several retailers have switched to using paper bags instead of plastic bags as a more sustainable option. Paper bags with your client’s business logo and contact details can serve as eco-friendly marketing materials.
- Polyethylene terephthalate (PET) bottles – The beverage industry is a multimillion-dollar venture, so supplying plastic or PET bottles can be a great opportunity.
3. Plan your capital
Generally, you’ll need at least $2000 to start your packaging business, depending on your niche, products, and business plan in its early stages. The good thing about this venture is that you can operate from home, so the overhead expenses aren’t that big compared to renting an office space.
The usual costs include design training, utilities, initial supplies, marketing and advertising strategies, or in some cases, workshop or storage space rent.
Before you start your operations, prepare a budget plan, so you’ll know exactly how much money you need. If your savings are not enough, you could secure a business loan to help you fund your start-up costs.
4. Choose a reliable supplier
Having a reliable vendor for your packaging supplies can ensure streamlined operations and repeat orders.
The supplier plays a crucial role in the packaging business, so you must choose well. Knowing you have a dependable supplier that delivers your materials on time means you get to meet your customer orders and demands swiftly. The following consideration can help decide:
● Availability of materials
Having high-quality and consistent materials for your packaging is the core of your business. Packaging is a consumable venture, so you must be able to ensure a continuous supply to your customers. Look for reliable suppliers that offer a wide array of materials at reasonable prices.
● Pricing
The price of each packaging item depends on the material, shipping origin, and volume. It would be best to discuss volume deals with your vendor. You may get bulk supplies at a lower cost; just ensure they maintain good quality and deliver on time.
● Delivery
It will help your business if you choose a vendor that has a reliable delivery track record. They should deliver the right amount and correct items at the right time.
For instance, local suppliers can help you save on costs, while you have to consider the difference in shipping time and costs with international suppliers. Keep in mind that your customers rely on you, so failing to deliver their orders on time can cost money.
5. Set up your business website
You can operate a packaging business from home, so a website outlining your products and services is necessary to inform and attract potential customers.
Many businesses have learned to purchase and coordinate with their suppliers online during the pandemic. An eCommerce platform can help you display your products and their prices, track inventory, receive orders, collect a payment, and facilitate delivery.
Setting up your eCommerce is pretty straightforward since most platforms already have built-in templates. You will also need to spread the word about your business using social media, so it’s best to set up an account and link your website to your bio or profile.
Wrapping It Up
Almost all products that you buy from the store come in packaging. Every day, food, personal care items, household products, and fresh produce in a box, pouch, or bottle, fly off the shelves. There is indeed a huge opportunity in the packaging business.
If you think it is a good venture for you, make sure that you first identify your niche and the materials you want to focus on. Keep in mind to choose a reliable supplier to deliver the best packaging supplies to your customers. Lastly, create a website to keep your operations organized to have more time to network and get more clients.
