How to Start a Jewelry Business
Do you like the idea of being your own boss? Expressing yourself creatively? Managing your own time? Do you enjoy making unique jewelry? If so, you have probably already thought about starting your own jewelry business. Even though the competition is fierce and you need a solid foundation to rest your business on, with the right strategies you can turn your hobby into a great source of income. Here are several things you should keep in mind when starting a jewelry business.
Pick your jewelry style
Maybe you personally like and wear different types of jewelry, but when it comes to making accessories and selling them, stick to one style. This way your customers will be able to easily identify your work and you will be able to build your brand. You can opt to design fine jewelry made with precious or semi-precious stones perfect for special occasions, fashion jewelry made from affordable materials or mid-range jewelry that stands out from the crowd with its unique design.
Establish your budget
Building your own jewelry business doesn’t have to cost a fortune. In fact, the start-up costs are rather low, and you won’t have to invest more than $1000. You will spend even less if you already have the needed materials. While at first you will spend a few hundred dollars on manual design tools and special design software, as your business grows you will need to invest more since you will be selling more. If you wish to sell your products only online you can cut your costs. For example, Moon Magic jewelry only has a virtual store, which helps them avoid traditional markups. If, on the other hand, you wish to sell your products in a brick-and-mortar store, you will need to count on the costs of rent and utilities.
Find a catchy name
This is one of the more interesting tasks! If you wish to have your business, it needs to have an interesting and catchy name your customers will easily remember. In case you are not feeling inspired, turn to your friends for help and ask them to make a list of names they like. However, before you make your final decision, make sure that the name you’ve chosen is available as a domain name on the Internet, so you will be able to build a website without a lot of fuss.
Find reliable suppliers and choose your product development process
There are many suppliers that offer everything you need for your jewelry business, from beads, pearls, and gems, to metalworking equipment. Don’t be afraid to ask another jewelry artist for recommendations and be sure to attend trade shows where you can meet with suppliers and expand your contacts. Another thing you have to decide is how you will create your products. Do you wish to make them by hand, at home, in a local factory or opt for outsourcing? Of course this decision depends on the type of jewelry you want to sell, since some tasks such as weaving require special training.
Define your target market
Selling all kinds of jewelry to everyone just isn’t possible, so you will need to define your target market. Do you want to sell fine jewelry ideal for special occasions, geometric accessories millenials love or maybe you have another consumer population in mind? Whatever the case, you need to determine who the people who will buy your jewelry are, so you can find the best way to market your products.
Maybe building your own business sounds stressful, overwhelming and like too much work. However, if by the end of the day you manage to make money by doing something you really love, your every effort will pay off.