If you have a passion for collecting and designing your own toys, there may be a chance that you would want to start a toy line.
Coming up with your own toy concepts, designs and marketing can be a lot of fun. Like every other company that started from the ground up, things can get a bit difficult at the start. So before you start building your toy company, you should first know where to start. Here are 6 tips for starting your very own toy company.
Come up With a Great Toy Concept
If you are going to create a toy line, you should understand that this is a great risk you are taking. To start on this venture, you would not only need to have a great toy idea. You will also need to set up a base of operations. There will also be a lot of production and marketing involved. Not to mention the mountains of toy materials you will need to get your toy company dream to come to fruition.
So first things first, you will need a lot of funding. The best way to get funding is to find trustworthy financial backers. Financial firms and investors won’t get on board just because you asked them. You will need to convince them that your company is worth investing in. The best way to do this is to come up with a unique take on toys.
So before you set out and invest any work or resources into the project, you should make sure that you come up with a toy concept. Francesca with a toy concept that will sweep all your investors off their feet. By getting other investors to get on board, you will be able to minimize risks such as shouldering all the expenses yourself and getting into debt
Come up With a Company Identity and Concept
Aside from getting investors to take a chance with your company, you should make sure that your company has its own identity. Take a look at renowned companies like Lego or Mattel. These are legendary toy companies that have become a part of popular culture.
They have achieved a great degree of fame, and they have a clear and defined company identity. Lego’s identity for example has always been about free play and creativity. So if you want to achieve this level of success, you will need to come up with memorable company identity. It should be able to stand apart from the competition and stand the test of time.
Identify Your Target Market
When you are coming up with your toy concept, you should make sure that you know your target market. Don’t just make a toy concept without any notion of who you are going to sell your toys to. Take for example Mattel’s greatest creations – The GI-Joe Toys and the Barbie series.
The toy marketers of the day knew that boys and girls had different preferences when it came to playing. Thus, they came up with different themes to match these preferences. Take a feather from their caps and identify your target market as early as possible. This will make the entire process ar great deal faster.
Set up Your Manufacturing Plant
Once you do get the go sign from your investors, now’s the time to set up your manufacturing plant. A lot of preparation should be put into this process because it is this phase that will cost you the most money. So it is imperative to set up your manufacturing plant the right way. The first thing you should do is to find the right place to set up your manufacturing plant.
Your company is just starting out, so your operations should be as economical as possible. The place you set up your manufacturing plant should be affordable and away from communities. That way, any noise or smell that comes out of your plant will not bother other people. You should also look for affordable suppliers for your toy materials. Toys are made up of a lot of components, and their materials can be quite expensive if you don’t know the right suppliers.
Automate Your Operations
When it comes to manufacturing operations, it is always better to have it automated instead. Human workers are still essential to toy companies because they are the ones who will operate the robots. However, industrial robots are the ones who will do the brunt of the work.
They are just as or even more efficient than human workers. They can be somewhat difficult to acquire because they are very specialized technology. Luckily there are companies such as EVS that create industrial robots that are perfect for the toy assembly line. Take a look at evsint.com and have your pick of the best industrial robots in the business. With these industrial robots, your toy company need not rely so much on human workers.
Start Marketing as Soon as Possible
When it comes to selling toys, you should have an edge in the marketing arena. Remember that you will be competing against other toy companies, and most of them are already established. So if you are going to market your toys, you should start as early as possible.
You should also use every marketing tool that you have at your disposal. Create a great looking website and use various social media platforms to create anticipation for your products. Overall, when it comes to marketing a specific product, you should be as relentless as possible.
Starting a toy business of your very own is a great undertaking. You will have to plan every move before you invest money into any endeavor. It is also imperative that you have a work process to ensure your manufacturing plant functions properly.
Luckily, by automating your operations and expanding your marketing reach, you’ll be able to make your toy production a lot more efficient.
Having your own toy business will not be an easy task. However, if you have the passion and the knowhow to get started, then your chances of success will increase dramatically.