Establishing your own jewelry business can be quite rewarding, even if getting started can be tough. Whether you’re interested in designing your own pieces, working with a manufacturer to produce your ideas, or selling pre-made items, a jewelry business may be an excellent way to earn some extra cash or even a full-time income.
The jewelry sector is quite competitive, but you can set yourself up for success by creating a sound business strategy, selecting and focusing on a certain market segment, and creating a unique brand for your products. Fortunately, we have come up with 6 steps that can plunge you in. Let’s get started!
Write out your business plan
A business plan is a detailed document that describes your strategic mission and current situation. It should also have a concrete, time-based plan for achieving those objectives.
Start by jotting down:
- What do you hope to accomplish with your business? State this within your vision and goal.
- Products: what types of jewelry will you sell?
- Target market: Who are the people you want to purchase your jewelry?
- How will you connect with and engage with potential consumers? (such as social media, emails, etc)
- Resources and Suppliers: You may find labor and suppliers almost anywhere.
- What will be the sources of income for your business?
- Pricing and Cost Structure: How will you set your jewelry’s prices and determine your profit margin? What forms of payment will you accept?
- Marketing: the process of disseminating information about your business, i.e. Major parts of your brand and how you will visibly represent yourself in marketing materials and online are your brand and your visuals.
Choose a brand name
Make sure it is memorable and distinctive because your jewelry store’s name may be the first thing potential clients hear. To help your potential clients understand what you are selling, think about selecting a name that is related to widely used industry jargon. Run a fast check to determine whether the website name is still accessible to make sure your business name is not already being used by someone else. The names of jewelry companies sometimes include the names of prominent designers.
Choose your Specialization
Handcrafting jewelry allows you to create individualized products. Depending on your abilities and interests, you may make your own products using a range of techniques, such as beading, metalworking, fabrics, and gemstone setting. Making your own products may also be a fantastic way to transform a hobby into a successful brand. Consider taking some classes to master the basics of jewelry production if you already enjoy producing jewelry but are just starting. There are some available online for free.
If you have an idea for a product but don’t want to produce every piece by hand, you may hire a factory to make your jewelry. Start with exact sketches or three-dimensional models of your idea, and then hire a team for assembly or a different manufacturer to make the actual pieces. You get huge pay from creating your piece as against selling other people’s pieces.
You can think about purchasing pre-made jewelry from a wholesaler like Alibaba and importing it into the country. You can also get from certain markets that sell jewelry. Like in Lagos state for instance, you can get from Trade fair Agboju, Balogun and Yaba market etc. After that, you may repackage and mark these components up before selling them separately.
Build a financial model
You should not wait until you start the business before finding out if it will be feasible or not. Build your financial model ahead.
Estimate all of your expenditures and contrast them with your anticipated sales. Include overhead expenditures such as those for labor, utilities, marketing, and equipment in addition to the price of the materials. Consider how you might modify your business strategy to become a more sustainable endeavor if your total expenditures exceed your anticipated sales. Think about strategies to increase your income as well as ways to cut down your costs. For example, to earn a profit, you might need to sell your items for a higher price. This may require you to target a particular market segments that can pay for it.
Identify your customers
Based off your financial model, you can now identify your customers and begin to target them. Evaluate their needs, likes and wants; and then decide how to properly market to them. Carry out research. You can try to ask friends or relatives of their preferred kind of jewelry and shape to properly document your research.
Promotions! Promotions! Promotions!
It’s time to take your business out there and tell everyone what you do. WhatsApp, Instagram, TikTok among others are platforms you can use to draw traffic. In fact, there is no platform you cannot explore for marketing purposes. You can trusted influencers to help you advertise on their social media handles if you can afford to. Create your brand identity, videos, attractive graphics and great photos. Create a presence on social media for your brand. We have an article about how you can market on a zero budget. Read through it and get started with your marketing campaign.