Believe it or not, according to Statista, the global toy market was worth 97.2 billion U.S. dollars last year, and there was even a +19% increase in toy demand from January to June this year.
It’s only to be expected that the demand for toys will increase in 2023 as well, especially in the United States. Starting a toy business might be really beneficial for young entrepreneurs or people who want to begin something new and exciting. If you are one of them and you are curious whether or not you should try your luck in the toy industry, make sure to check out our short guide.
Two of the most important things you will need for this
Technicalities aside, you won’t be able to start a toy business without proper machinery. Heavy machines will do almost all the work for you. They are something invaluable and you will definitely need to consider acquiring them for the right price.
You can start this off with some capable used injection molding machines. Refurbished machines will be a lot easier on your budget and will do the job just fine. Here are some benefits of having injection molding machines:
- Incredible production speeds – It will be almost impossible to create toys by hand if you want to meet the current demand in the US. Injection molding machines create complex parts and they are able to mold over tens of thousands of parts per day.
- Consistent quality – Both quality and quantity are important in this business. With automated production, you will receive both at the same time. The molds are the same and the parts you produce will be the same, which is important for keeping your standards up.
Two of the things you will need to start a toy business are the willpower to do so and the heavy machinery to help you start things off. You won’t be able to succeed without either, so think about this carefully before you start.
Other things you will need to do
Starting a business isn’t as easy as it might seem. Mere determination isn’t enough, yet it is crucial for your success. There are some other things you will need to think about:
- Securing the necessary funds for your toy business – No one can start a toy business in 2023 without sufficient funding. You’ll need to ensure that you have enough to cover the basics and a bit to tide you over until your business becomes profitable.
- All the right equipment – With the funding you get, you should also invest in other machines. Injection molding machines are a fantastic start, but you will also need production lines and more as you start to expand. Think this through with your business partners.
- Registering the business – Of course, once you are ready to go, you should register your business. It will help you avoid all potential legal issues and will put your name on the map as well.
- Branding your business – Branding is crucial in the toy industry. People gravitate towards a handful of well-established toy brands, partly due to the proven quality and partly because their kids have the names stuck in their heads. You should do what your competition does and start promoting your toys online.
The last thing you’ll need to do is find dependable people to work for you. While the machinery can do a lot of the work, it won’t be enough to get a toy business off the ground. You’ll need to employ people to perform quality control, technicians to maintain the machines, and designers to develop cool new product ideas.
Potential problems you might face
Every beginning is difficult, but you should remember that Rome wasn’t built in a day. For as long as you are determined to do this job right, you’ll be able to overcome all potential obstacles. Some of these might include:
- Successful branding – Many smaller brands never get out of the shadow of their bigger rivals. That is just the nature of things sometimes, sadly. However, if you develop a solid marketing strategy, you should be able to secure a piece of the market for yourself.
- Making it on the market – Even though the demand for toys is increasing, you might still struggle a bit initially. Partner yourself with other businesses, and you will eventually find a mutually-beneficial partnership. Just be persistent.
Despite all the problems you may encounter, if you stick to a good plan and play your cards right, you’ll be able to succeed. Never give up – focus on doing the best work you can, and you’ll start making a name for yourself.
Conclusion
Starting a toy business will definitely be a good choice for 2023. With some high-quality injection molding machines, you can skyrocket your production, and you’ll begin producing some incredible toys in no time. Employ creative and hard-working people who share the same passion as you and partner yourself with growing businesses. We look forward to purchasing your toys for our loved ones.