Jewelry making is lucrative because of the huge demand
for the product. The business is very competitive with lots of products.
To stand out your design should be trending, fashionable
and enduring. You need to develop the technical skill alongside basic business
knowledge.
Startup capital depends on your inventory, type of jewelry,
marketing and customer demography. You
could operate a physical store or sell online. Here are some ideas on how to
start a jewelry making business.
How
to Start a Jewelry Making Business
Learn
the Trade
It is important learning the intricacies of the business.
There are different types of jewelry and each requires specific knowledge.
You could learn through a technical institute, jewelry
making workshop, or online courses. Other methods involve attending seminars or
becoming an apprentice. Other methods include reading books, e-books, tutorials
and blogs.
It is essential you study the market before launching
your enterprise. Try to carry out feasibility study and conduct a survey.Lucrative Fashion Business Ideas
Marketing
To each customer you need an effective marketing
strategy. The best way is to invest cash in a marketing professional or outfit.
Partner with advertisement agencies and jewelry experts
to develop the market. Places to sell you products are galleries, bazaar and flea
market.
Where
to Sell Jewelry
- stores
- beauty parlors
- trade fairs
- galleries
- bazaar
- flea market
- eCommerce store
Determine
the Type of jewelry
Before starting the business you need to determine the
type of jewelry to produce. There are adornments made specifically for the
feet, body, hands and neck.
Some are hair and head ornaments including special
function pieces. Types of Jewelry to consider are amulets, toe rings, brooches,
and slave bracelets.
Others are cuff links, bangles, chatelaines, rings and
earrings. Understanding your market,
customer demography, product and materials would help develop your business
plan.
Types
of Jewelry
- Amulets
- toe rings
- chains
- brooches
- slave bracelets
- cuff links
- bangles
- chatelaines
- rings
- earrings
Startup
Cost
The startup cost is determined by the type of product,
materials and other indicators. The jewelry could be machine made or
handcrafted.
This will involve cost of equipment, rent and utilities.
Other cost considerations are obtaining operational license, incorporating the
business, interior decoration of store and marketing.
Major factors in cost are cost of raw material and size
of the enterprise. to start a small operation you need from $10,000-$20,000.
Build
a Website
It is essential you build a website for your business. The
website should feature your products, prices and description.
Include a shopping cart, about us page and contact
address. Focus on a specific demography and drive traffic to your website
through online advertisement. Use Adwords and Facebook ads to create the right
buzz.
Cost
of Product
The manufacturing cost will determine the eventual cost
of your product. The cost of product includes type of raw material, labor,
equipment, staff wages and time considerations.
You could outsource your production or develop them by
using hand tools. Make sure your product goes through quality control measures.
Legalities
Obtain a business license and tax identification number.
The product could attract sales tax and insure the business. Open a business
account separate from your private bank account.
Physical
Store or Online Store
You could decide to run a physical store or online store.
We recommend you have both types operating in perfect synergy. This will boost
your sales and increase brand exposure.
There are many ways to sell you product such as selling
at shows, open markets, trade fairs and stores. You could merchandise your
products or open an e-commerce store.
Physical stores are expensive ventures so concentrate on
wholesale or retail. Online commerce accounts for 20%-25% of most jewelers
sales.
How
to Start a Jewelry Business
- Learn the trade
- Determine type of product
- pricing
- Who are your target customers
- Build a website
- Create a jewelry line
- Use social media
- Use professional marketers
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