Start a Jewelry Making Business

Jewelry is an object worn for personal adornment or delicate worked piece. It could be flashy, decorate, precious or semi precious object.

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.

Study the Market

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. 

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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.

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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