How to Start a Magnet Business

by Contributor; Updated September 26, 2017

How to Start a Magnet Business. You've probably picked up a magnet here or there. Perhaps you got one on vacation, or your child brought one home from school. Magnets are such a small part of our lives, and yet they are in almost every home. If you have considered running your own business with little overhead and low start-up cost, then read on. A magnet business may be just the choice for you.

Step 1

Evaluate the types of magnets you may want to make. You may opt to create standard magnets that you will have printed, or you may want to try a more novelty-type magnet. You could create marble magnets using basic craft supplies or make magnets with souvenir-type items to sell.

Step 2

Design prototypes for a small line of magnets. Sit down and come up with catchy slogans and graphics for printable magnets or purchase the materials to make novelty magnets. Start with up to five designs so that you have some variety keep from burdening yourself with options.

Step 3

Determine the cost of production. Add up the cost of the materials that went into making each item. Also add in the packaging that you'll need to ship the items. Then factor in your time. Multiply the time it took you to make the magnets with the money you would like to make per hour. Add the time and cost, and you should have an estimation of the price you should sell each magnet for to be profitable.

Step 4

Experiment with the designs until they are perfected. Try out different sizes, shapes and brands of magnets. Some magnets are more ornamental while others will be stronger and used for holding papers and other information.

Step 5

Contact local stores. See if the owners will allow you to put a display of your magnets in their store. Opt to sell the magnets to the retailer outright, or you could sell them on consignment, meaning they would pay only for the magnets that actually sell during a certain time period.

Step 6

Consider starting a website. Selling your magnets online can help you to reach a greater audience, especially if you are targeting a niche market. Also, consider online auctions, free listings online and contracting with other websites to sell your magnets.