We often see toys as fun things we give to our kids for enjoyment. When we see them we recall our memories of childhood. So you can start a business where you can show emotions and provide a source of entertainment to the young kids.
Starting and manufacturing a toy business is not as simple as we think. For this, you will need to have a clear business plan that will move your business in the right direction. In addition, you will have to pay great attention to the designs of these items so that kids want to get them at first glance. However, keep in mind safety guidelines while making toys for kids.
The Design Stage
A Foremost Idea
You can start the design process with your first idea. For this, you can use your creative thinking. Furthermore, make sure your idea is unique because if you want to enter this industry uniqueness is the key.
However, you can also get the ideas from the toy fairs. For instance, the Toy Fair in New York gets over 7,000 toy ideas each year.
Market Research
Market research is crucial for understanding your target audience. Skipping this step is like navigating without a map.
First of all, we advise you to check whether your products are unique or not. Further, find out your target audience. For instance, some people want to target boys in the age group 5 to 9 to sell their toys.
Therefore, research is valuable. But don't get stuck in it forever. Eventually, you must decide if your product can succeed. It's okay if your initial idea doesn't cut; the gathered information will guide future designs.
Costing
Pricing your product is essential. Calculate the cost of raw materials needed to make it. Usually, ordering materials in large quantities during manufacturing can lower these expenses.
Market competition can also influence your pricing strategy. For example, game consoles can charge higher prices because there's less competition and several companies share the market.
Safety Regulations
Toys undergo strict safety regulations throughout their production. For example, depending on the country where you manufacture and sell them, there might be specific rules about the number of small parts allowed in toys for infants. Additionally, it's crucial to use non-toxic methods during manufacturing.
Moreover, the choice of materials, like specific types of plastics, can influence both the cost strategy and the durability of a product.
Legal Protections
Moreover, it is suggested that apply for a trademark. For this, you will have to contact a patent search. Next, a legal advisor will then check the patent database for you. This way, you can secure your unique business name legally.
Additionally, the Toy Association offers various resources to guide you in preventing intellectual property violations while designing your product.
Final Designs
Once you've taken care of all the previous requirements, you can kickstart the final design phase. This involves determining the materials for your product, incorporating necessary safety features, ensuring compliance, and branding your product effectively.
In this stage, you'll also make choices about the product's name, available colors, and, importantly, the user experience (UX) design.
The Manufacturing Stage
Sourcing A Manufacturer
Once you're happy with your design, costs, and legal protection, the next step is figuring out how to make your product. Finding a suitable factory can take time. Some folks hire a sourcing agent to help, but you can also reach out to manufacturing firms on your own.
Toys usually need custom toy box packaging. So, it's important to check if the same company can do both making the toy and the packaging or if you'll need to involve another company for the packaging part. For this, purpose, you can check various online packing service providers.
Domestic v. Overseas
Analyze your convenience and what kind of product development is feasible for you. Either you can develop it in your country or you buy it internationally. It depends on your will and easiness.
For example, if your target country is your home country like the United States then you should make your items in the same country because your home country people like USA-made products.
In addition, if the inventory and other development are made in another country like China where the labor is cheap then you can save your money easily. Just remember, there might be challenges like differences in language and culture no matter where you choose to make it abroad.
The Supply Chain
Your manufacturing process supply chain includes different stages like planning, buying materials, making the product, getting it to stores, and customers buying and using it.
In the manufacturing part, you need to figure out how much to make based on what people want (demand forecasting). You also need to find and fix any problems that slow things down (bottlenecks), keep track of the money (accounting), and make sure everything runs smoothly (optimize productivity) with good management.
The Marketing Stage
Branding Your Product
If you do not pay attention to branding then you can may fail in your business. With the help of branding, people will be attracted to your business. In addition, your prepared products will also tell you about your brand. So make sure to develop high-quality products. Furthermore, pay attention to packaging just customized Barbie packaging boxes. These boxes are attractive and appealing to kids at one glance. So make sure to have similar packaging for your business too.
A good way to begin is by using copywriting. This helps you introduce your design and unique identity to your audience. Use powerful phrases and words that will attract your target customers. Writing a clear marketing brief is also essential to convey your message effectively.
Appealing To Buyers
In the end, you need to understand who's most likely to buy your product and how to attract them. Even if your toy is meant for young kids, the ones making the buying choices are their parents or caregivers.
So, all your marketing staff should keep this in mind. For example, many toy makers promote their toys as must-haves for Christmas when parents are more likely to research and buy toys due to the holiday season and increased spending.
