How To Start a Jewelry Business
If you are a fan of diamonds, silver, and gold, starting a jewelry business may seem like a great idea. Quite simply, it is - the jewelry business is lucrative. There's a high demand for all kinds of jewelry, from costume items to one-of-a-kind creations.
But if you are ill-prepared before you start trading in this industry, you may be unable to beat out the competition that exists there. So, if you are planning to start a jewelry business, here is a guide that will help you.
6 Simple Ways To Start A Jewelry Business
1. Create a business plan
Writing your business plan encourages you to take intentional steps in improving your ideas and meeting your target. Besides, a business plan helps you to remember the major goals you aim to achieve.
In a basic sense, the plan should outline your purpose and include a timeframe to achieve your goal. Read this guide to learn the core component of a business plan.
Additionally, identify the kind of jewelry you want to sell in your business plan; are they custom jewelry, fashion jewelry, or handmade jewelry?
Specializing makes you an expert in that niche and reduces costs because you use the same materials, tools, equipment, etc. Also, identifying the niche you intend to specialize in will help you establish your target market.
2. Research the market
Starting a business without researching is like walking on a road with a blindfold.
Since you are relatively new to the market, you should do your own research to find out the market news, trends, and prices. You can discover the market trends by perusing the industry trend blogs and observing competitors.
For instance, analyzing the price of a competitor's product can help you estimate your selling price. At the same time, you can learn a few marketing strategies from competitors who are already successful in the industry.
3. Raise Capital
It’s essential to secure the capital you need before you start your jewelry business.
To start, estimate the costs of materials, tools, and equipment and include them in your budget. Also, include the nominal value of rent in the budget if you plan to open a physical store.
To generate funds, you can save ahead if you intend to execute your plan in the distant future. Otherwise, you can acquire capital from bank loans, venture capital, or friends and family who are willing to invest.
4. Satisfy all the legal requirements
You don’t want to start a business and discover that you are practicing illegally, or do you?
So, make sure you fulfill the legal requirements like obtaining your licenses and permits.
First, if you intend to operate with a name other than your own, you have to register a trade name. So, before you start your jewelry store, pick a business name and register your name with the Government of Canada.
For small businesses launching a sole proprietorship using their personal names, registration of name is an unnecessary procedure. But partnerships, corporations, and other entities will likely need to register the name for their company.
5. Create a platform to connect with your market
What makes a business different from a hobby is the inflow of income accrued from the engagements of a particular skill. But before you can make money from any skill, you must connect with the market.
Here are two platforms that can help you attract your customers.
Physical store
If you have the funds and you are running a full-time business, why not open a physical store to sell your jewelry? Even though eCommerce has gained momentum in recent times, physical stores remain crucial in generating sales.
Digital Commerce estimates that in 2020, the percentage of in-store sales made in the US was 78.7% of total sales. Some buyers prefer to buy their jewelry from a physical store to see the products vis a vis before making payments.
With a store, you can attract customers within the area who find it easier to stop by in person instead of ordering online.
Use eCommerce
If you don’t have the funds for rent, can you start selling your jewelry without owning a physical store? Of course, you can.
The data provided by Digital Commerce proves that as of 2020, the rate of in-store sales was higher than the online sales rate. However, there is also proof that there has been a trend of an annual increase in online sales since 2010.
What does this mean? eCommerce is essential for businesses to maximally explore their options in generating additional sales and grow their business.
So, if you are going to be selling jewelry, use eCommerce marketing strategies to attract customers. Here are some of the strategies to inculcate in your business.
A. Build a website
The Product Page, About Us page, the Contact Us page, and the Blog page are the four most important pages that must exist on your website. They let customers know about your business, what you sell and how they can contact you. Also, optimize your blogs for search engines so that your customers can easily find you on google.
B. Guest posts
A guest post is a blog post or article that is posted on a website or blog owned by another company, individual, entrepreneur, or blogger. It's a way to reach out to more people and build a new audience. These posts help to create awareness of your jewelry products to a different audience.
Reach out to bloggers you think have the audience you need for your jewelry business via social media or email. Request for the opportunity to post your articles on their blogs or for them to feature your business.
C. Social media marketing
The most common and easiest way to reach out to customers and create an online market is through social media channels. Before you start your jewelry business, create a Facebook, Instagram, and Twitter account for your store.
You can use these sites to get reviews and customer feedback on social media. Additionally, engage in social media branded content, posts your products regularly on your accounts, and include links to your website on your bio.
D. Sell on online stores
Online stores provide shopping convenience for both you and your customer. Build your jewelry store on Shopify or another platform so customers can easily buy your jewelry online. The site ensures secure transactions and an easy interface for people to buy and sell.
Asides from these e-commerce platforms, you can sell your jewelry on other online stores like Etsy, Amazon, and eBay.
6. Create a business bank account
Whether your jewelry business is selling online or in-store, it is essential to separate your personal account from your business account. Creating this account simplifies accounting and makes your store more professional.
You might need to obtain a Business Number before you can open an account for this purpose.
Start Your Jewelry Business Right With Epos Now
Once your store is ready to open, you will need a point of sale system to keep it running smoothly. Not only can a POS system process sales and help you accept all payment types, but it also provides a range of tools to simplify operations.
Epos Now provides POS systems that come with all the tools needed for retail success. With Epos Now, you can manage inventory, link your physical and online stores, and access dozens of applications. With our systems, you can spend more time growing your business and less time taking care of administrative tasks.
