A Guide For Starting Your Jewellery Business
The jewellery market is a very hot niche that will always attract different categories of buyers like a magnet. There are 32,704 jewellery stores in the U.S. Obviously, there is a lot of competition, but new players can still follow their creative vision, craft unique jewellery pieces and promote them in a successful manner in both online and offline environments to strike gold in this field of activity.
If you are guided by a tremendous passion for handmade embellishments and have enough time and energy to invest in this type of project, you can decide to craft and sell your own jewellery pieces online. If you are currently interested in finding the best advice on how to start a jewellery business, just take a closer look at the useful tips listed below.
1) Get Ready to Create and Run Your Own Store
The planning phase is crucial. In order to build and run a successful business, you need to start by inventorying your resources. Make sure you are actually ready to make this big step. Keep an eye on your competition and evaluate your own design skills and technical capabilities. Design jewellery items for friends and family members before deciding to turn this hobby into a full-time job. Once you complete this phase, you can focus on the creation and development of your first online store.
- Evaluate your goals and come up with a comprehensive business plan.
- Gather all the materials and tools that you may need to craft your masterpieces.
- Set up price tags for all your jewellery pieces that you plan to sell (make sure they cover all your expenses, including your investment in supplies and operating costs and still leave you room for profit).
- Come up with a creative, recognizable name for your brand.
- Discuss your options with an advisor or an accountant before creating your first jewellery line; this will help you spend your money more wisely, avoid some of the most common pitfalls and take your sales efforts to a whole new level.
- Create a one-of-a-kind logo for your jewellery business and start thinking about the most important details related to your promotional materials.
2) Decide Where You Want to Sell
This is a very important step that requires extensive research. You can choose to target both online and offline markets. Jewellery providers can actually showcase their creations at farmers’ markets or during home parties. They can also get their jewellery line into local boutiques to gain more exposure. However, note that online markets offer you the opportunity to bring your line of products into the attention of a larger audience and attract clients from different parts of the globe.
Unlike a local store, a personalized website or an online store opened on a respectable ecommerce platform can help you boost your influence and increase your online visibility in no time. It is also extremely important to market your goods in a time and cost-effective manner: “Create a quality website to show off your jewellery designs and give information about your company. Register with online local business directories and sites like Google Places.
You can create and promote your website on your own, or you can rely on an ecommerce platform to simplify your mission. The collaboration with a world class platform is always extremely beneficial because it gives you access to a plentitude of tools, apps and handy extras that allow you to manage and grow your business the easy way. Usually unlimited hosting, a simple shopping cart solution, customized storefronts, detailed analytics, marketing and optimization tools and 24/7 customer support a part of the deal.
3) Spread the Word about Your Jewellery Business
You don’t need to break the bank to finance your startup idea. According to Entrepreneur, “start-up costs can be fairly low–probably $500 to $1,000, or even less if you already have everything you need to get started. You can expect to earn $10,000 to $250,000 per year, depending on the number of pieces you churn out, how desirable they are and how aggressively you market your wares.” Therefore, if you want to witness considerable financial gains, you have to create buzz around your brand/line of jewellery. Luckily, both online and offline environments offer you numerous free and almost free advertising opportunities.
Some of the most popular social media websites represent excellent channels that can broadcast your marketing messages on a budget. Opening a shop on a big ecommerce platform is another winning strategy, since you would be able to make the most of a wide range of verified, customizable marketing strategies and would also manage to target a broader segment of prospects. For example, you could introduce gift cards or rely on coupons and discount codes to promote your products in a much more effective manner. Clients love free things and sales. Whether you plan to offer a discount code enabling buyers to save a percentage amount, a fixed amount or profit from free shipping, your tactic will help you turn more prospects into buyers.
Many people want to learn how to start a jewellery business to supplement their income by turning a hobby into a major source of profit. To make the most of your new startup idea, just identify the most suitable online platforms and tools ensuring a maximum level of exposure and all the extras that you may require to run your store more effectively with minimal effort.