If you love jewelry, you could consider turning your love into a money-making venture by setting up a jewelry business. Like other businesses, starting a jewelry business can be intimidating if you do not have a good business background.
Also, the jewelry market attracts quite a large crowd of business people because of its revenue, giving it an impression of being saturated. But only the businesses that go the extra mile to stand out succeed, which can be a big challenge for a beginner.
This guide offers tips on building a successful jewelry business from scratch in 2023.
Most businesses fail because their owners fail to make a plan right from the start. A business plan acts as your roadmap and should consist of an actionable step-by-step plan for reaching your goal and timelines for every goal on the plan.
This way, you can know if your business is progressing and create strategies to counter any shortcomings.
Picking a niche and conducting market research should go in step with creating a business plan because a business plan will only be actionable if the market is right. There are two main lines of jewelry to choose from: fine and fashionable.
Fine jewelry has a high price point and is made from precious and semi-precious metals and gems. On the other hand, fashion jewelry is inexpensive and can change based on trends. Also, it is usually made from inexpensive materials and has a much broader market.
Once you have created a business plan, picked a niche, and determined that you have a market for your jewelry, the next step should be picking a business name. You may already have a name in mind, but before settling for it, ensure that it creates an excellent first impression and fits a jewelry business.
Also, ensure that it is easy to remember so that people find you with ease while ensuring that it is not similar to other businesses, as that could get you into trouble for trademark infringement.
Federal and state laws require all business owners to register their businesses and acquire prerequisite licenses before opening its door, irrespective of whether they are starting a brick-and-mortar or an online shop.
So ensure that you comply with applicable laws before you make your first sale. If you are unsure of your state's requirements, consider talking to a business lawyer.
After your business goes legal, the next step is stoking up. If you are your own producer, stocking up will depend on your capacity to produce.
However, if you are selling as a third party, you will need a supplier for stock. If you deal with custom jewelry, diamondere.com can be an excellent place to outsource your orders. You may also want to look at more than one option in terms of suppliers. Especially, if you are dealing with a wide range of jewelry.
If you plan to procure jewelry abroad, ensure you deal with reputable suppliers. Check their credentials and reputation by reading reviews. Obtain samples from your prospective jewelry suppliers before selling them to ensure they are of a satisfactory standard. If you’re happy with the quality, you can negotiate the prices and build good business partnerships.
Setting up your website should come before or concurrent with stoking up. In today's competitive world, most businesses are online, so that is where you need to set up your shop. But setting up a website in itself is not enough.
You will need to work on marketing which requires several strategies such as optimizing your site for SEO, running ads, and social media campaigns. You do not have to do all that yourself if you do not have the know-how. However, you can pay a marketing agency to help you with that bit.
In addition, consider integrating your enterprise resource planning (ERP) system with your eCommerce website to help you obtain the best return on your investment. Many businesses use such solutions to handle business activities, including accounting, project management, procurement, risk management, and supply chain operations.
Using separate systems usually leads to issues such as inaccurate pricing and overlapped data. As a result, business workflows become confusing and costly. Furthermore, inaccurate data can disrupt your employees’ sales and marketing efforts. Integrating your eCommerce website and ERP system can resolve these problems, bringing amazing business benefits.
With this powerful integration, you don’t have to maintain and manage two separate systems. Moreover, this integration helps mitigate the security risks of using multiple systems, allowing you to effectively and efficiently manage and monitor your business data. This helps boost productivity and maximize your business revenue as you sell jewelry online.
Succeeding in any business calls for taking the right steps from the word go, and the steps highlighted in this guide can help you do just that. But it is a good idea to get professional help to avoid errors that could hinder your success.