BUSINESS IDEA – WANT TO GET IN THE TOY BUSINESS?
Want to get into the toy business? Let’s start with some important facts:
- U.S. market size for the total toy industry is approximately $28 billion.
- Lego is world’s largest toy manufacturer for the first time. In this past year, Danish Lego Group achieved growth once more and has now, for the first time ever, become the world’s largest toy manufacturer, surpassing Mattel
- According to a new study by the Toy Industry Association, parents will spend $6500 dollars. And the sad part is, most kids play with the box as much as the toy. The study also found that $6500 buys a lot of toys. the average home has 71 toys with a fifth of them having over 100 and a tenth having over 200
- The most sold toy in the world is the Barbie doll. Mattel claims a Barbie doll gets sold every three seconds, which makes the billion-dollar brand the world’s most popular doll for girls.
- A good toy is one that is fun for your child and suitable for his age, developmental needs, and personality. Generally, it also has one or more of the following qualities: Inspires active play. Kids need to do something—push, pull, dissect, build—with a toy.
Excited? OK here are 5 key points that can help you start your toy business:
- Research: before getting started you must do your research, specially if you are creating a new toy, find out if the toy exists, if there are any patents filed, if your new toy belongs to a category that has a demand, etc. There are many toy specialists consultants and lawyers that can help you.
- Feedback: do some testing by getting feedback from friends and family, a focus group can also give you great information about how successful your toy can be. Make changes if necessary until you get positive reaction from your test group.
- Innovation: make sure your toy can standout, is it different? Why? be realistic before going forward with manufacturing and marketing.
- Sales Pitch: you can create a prototype and meet with toy companies, create a solid sales pitch that can describe your toy and how it works.
- Be ready to deliver: be well funded to manufacture and deliver when you receive purchase orders. If selling direct to consumer online its best to have inventory to ship the product as fast as possible to satisfy your new clients.