According to the article Business Management, Small Business by Ezra Cabrera, the toy industry creates the most innovative products to ever hit the market. The bankruptcy of Toys ‘R’ Us opened up business opportunities for entrepreneurs looking to enter into the toy industry, but starting a profitable business takes time, effort and sufficient capital. Many entrepreneurs make the mistake of underestimating overhead costs, causing them to go negative. Managing a business requires long-term effort, along with enough money to pay for all of your business needs.
Researching everything when starting a new toy business is important - knowledge is power when it comes to running a toy business. Having adequate and well-researched information makes it easy to determine what customers want, and how a new toy business can stand out from the competition. Small toy business entrepreneurs need to understand the marketplace, their target audience, the current trends in the toy industry, and what customers want - all important strategies that will help in becoming successful. Toy businesses are fast-paced - customers will want different things as time passes, and it’s critical that entrepreneurs adapt to their demands.
If small toy business entrepreneurs want their toys to sell, they have to be fun. Making toys ‘fun’ may seem obvious, but there are toys that are educational or beneficial, but not fun. Fun toys sell because they are more appealing to children and even people of all ages.
The toy industry is booming, and this can only mean two things for independent toy retailers: get lost in a highly congested market or stand out among the competition. Retailers like Walmart, Amazon, and other online stores have no problem underselling toy prices, making it harder for independent toy retailers to compete. Finding a niche market allows you to target a specific group of customers and cater to their needs and preferences.
Since opening our shop in April, Tech Connext has been investing and re-investing in our family business and researching and testing our new products as we continue to grow. With the help of your input, our goal is to continue to satisfy the needs of our customers when launching our innovative, educational, and fun new toys. Thank you for your support!