How To Start a Jewelry Business
Do you love anything sparkly and exquisite? Is it your desire to help accentuate people's best features? Or are you passionate about creating your own jewelry line? You are in the right place! We'd love to give you the ultimate checklist on how you can jumpstart the jewelry business you envision.
The Jewelry Industry Today
Jewelry is a highly lucrative global market at present. More people are on the hunt for new pieces of jewelry to perk up their lives while in isolation. Similarly, the number of jewelry businesses—both independent and chain stores—is soaring to cater to this increasing market demand.
The industry is also poised for a sparkling future. Per Technavio's recent study, the online jewelry market is projected to amount to $19.88 billion by 2024. Sounds thrilling, right? Amid all these, there is a promising space for you in the jewelry industry.
However, starting a new business seems daunting given the ever-increasing market competition. This is why you have to equip yourself with the right gems to twinkle brightly in the market, so to speak.
Easy Guide to Kick-Start Your Business Journey
Buckle up and brace yourself as we share with you some useful tips for your business launch. Let's dive right in!
1. Craft a business plan
To build your business, you have to establish your foundation. A business plan allows you to articulate your business concept and the strategies that you want to actualize.
A business plan contains your business name and your overall business goals, mission, and vision, which help you determine where your business is heading to. It also includes your business concept and structure, products, budget and pricing, SWOT analysis, marketing strategies, among others.
2. Define your business' "blue diamond"
Many consider blue diamonds as the most expensive and valuable gemstones available on the market. In parallel, to help you set your business apart from your competitors and keep you distinct in your customers’ eyes, you have to know and leverage your business' unique selling proposition (USP) or its "blue diamond." What aspects would you like to highlight? Is it the quality, design, and/or pricing?
3. Identify your niche and target market
There are three predominant niches in the jewelry industry, namely fine jewelry, semi-fine jewelry, and fashion jewelry. These range from using precious metals and genuine stones to incorporating plated metals and simulated stones when making jewelry. Identify where you want to focus to know the quality of resources you will need to source.
It’s also crucial to know your target market because this is where your marketing efforts will focus on. Try checking who will most likely patronize your products. Market segments are usually grouped by age, income, behavior, and location., so you might want to factor these in as you define your target market.
4. Source your suppliers
Whether you intend to design and produce your own pieces or employ jewelry makers, you have to look for suppliers who can regularly supply you with either the necessary raw materials and jewelry-making equipment or ready-made jewelry. It might also help to research or seek recommendations from jewelry designers to ensure that you'll collaborate with a trustworthy supplier.
5. Launch your official store
To officially set your business in motion, you must be reachable. You can either have a brick-and-mortar store, website, or both. Should you opt to open a physical store, consider also the location, target demographic, and your budget.
Remember to also design a unique logo, solidify your signature style, ensure consistent usage of colors and designs, and provide thought-leadership content to prop up your brand identity. You cannot also miss providing a comprehensive catalog with your list of products and the categories they fall under for your customers’ ease of reference. A clear catalog, for instance, allows a customer who wants to buy an engagement ring to see your designs for this type of ring easily and select from there.
Make sure that your store is also legally registered and compliant to avoid legal concerns in the future.
6. Keep your jewelry photography up to par
Product photography is integral as it helps customers visualize your brand and your products. Surely, you want to showcase your jewelry pieces in the best possible way. This is why it pays to hire a photographer who can help you capture your jewelry item's finest shimmer. But make sure to keep your photos realistic to manage your customers’ expectations. Keep in mind that you should never post or publish jewelry photos with bad lighting or coloring, low resolution, and unwanted reflections. They will only put your jewelry items in a bad light.
7. Be present and connected
To generate a big buzz for your business, you have to be present on social media sites—such as Facebook, Instagram, TikTok, and Twitter—where your target customers are most active. Create your business' page on these sites. Ensure also that you constantly provide product updates and relevant content to keep your customers engaged and your potential customers curious about your business. In addition, you should beef up your customer support by providing feedback platforms and staying highly responsive to them. Doing these will allow you to stay connected with your customers.
8. Do your market research
To stay relevant and on top of your competition, you have to be data-driven. Do your research to understand your competitors and industry, identify and meet your customers' changing needs, and know how you can level up your products and services. This will help you make better decisions for your business' future.
9. Employ marketing strategies
You must also harness marketing strategies to ensure better publicity and build brand equity. These strategies may come in the form of email, direct mail, influencer, and guerrilla marketing. You can also consider advertising on social media sites.
In a Nutshell
You’ve probably heard that owning your own business is a great way to have more freedom and control over how you spend your time. It can also be quite lucrative if you take the right steps, especially when it comes to making money with jewelry. With these tips, we hope you are able to jumpstart your dream of being an entrepreneur in no time! If all this talk about entrepreneurship has got you itching for some action but don't know where to start, let our team at Simpl Fulfillment do the work so that getting started becomes easier than ever before. We offer hassle-free services like picking items from vendors or suppliers who meet certain criteria (if needed), packing them into boxes for shipping, and then sending