Last updated on May 15th, 2020
“Beginnings are always messy.” – John Galsworthy
Jewelry business is highly competitive. Many new and established companies are competing in the market armed with their own marketing plans. Your new venture in this business too must come out with something special for the customers. Consider some time-tested advice before starting your business.
Have you already decided to take your jewelry making talent into something more than a hobby? This is an awesome idea – starting your own jewelry business can bring you extra cash or a full-time income.
Jewelry is a popular piece of item that can either be used for personal use or for giving away as a gift. If you have the natural ability to create jewelry, you could work with different materials for making different designs. There is a lot of competition in this industry. So you’ll have to work hard if you want to get your jewelry design business noticed.
But if you compete well, there are enormous chances for fast growth of your jewelry business. In the United States, fine jewelry industry saw an increase of 6% in the total sales of $61.9 billion in 2017. Fine watch sales increased by 5.8% to $ 61.9 billion. Whole jewelry supplies increased by 2.4 % in this period. These stats should encourage you to start planning your business.
But do not be overwhelmed by the thought of competition and starting a business. In this article, we have shared top 10 essential tips you must know before starting a jewelry business.
Here Are 10 Essential Tips On How to Start A Jewelry Business
01. Write Down Your Mission Statement And Business Goals
Mission Statement! This might be sounding like a waste of time, but it’s not actually. The mission is something that describes the whole purpose of your business and what is essential to you, and what you are prepared to compromise. Decide what are your priorities and write down those in a few sentences before starting your business.
When writing your business plan, pay attention to the following points:
- Determine who your target customers will be. This will help improve your choice of jewelry designs and marketing,
- Think how to create jewelry pieces that stands out from your competitors’ jewelry items. This will help you create a niche,
Decide how much money you would like to earn from your jewelry business.
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02. Do A Cash Flow Forecast For Your Jewelry Designs
You should be able to predict how much cash you need to run your business smoothly for many months to come. This forecast will remind you that you need to save money and avoid overspending. Many businesses failed just because they had no cash left for buying raw material and paying the salaries.
So, highlight some danger areas and plan how to best deal with them. Cash flow is one of the key tips you must consider for starting your business.
03. Register A Creative Name For Your Business
Do you want a business name that is catchy enough to reflect your style, creativity and also to draw attention of target customers? Get one such name for your business and register it from your local office of business registration.
Here are some important points you should keep in your mind while registering a name for your business:
- Make sure to choose a name that relates to common industry terms that your potential customers may already be familiar with,
- Select a name that isn’t already taken by others,
- You need to choose a name that effectively conveys your brand message to your target audience.
04. Create A Logo For Your Jewelry Brand
You must own a memorable custom logo for your jewelry business. The logo will represent your jewelry company and its unique items in a competitive market. The logo will identify your company for your customers. Jewelry logo designs help build a brand identity of a jewelry business.
There Are Some Important Steps You Need To Follow When You Are Creating A Logo For Jewelry Business:
First of all, you should understand who your target customer is so that your logo will appeal to that segment of customers. This implies that a logo for a costume jewelry line targeting teenage girls would be vastly different from a logo of a high-end or expensive jewelry.
Secondly, you should have a clear understanding of the brand personality of your business so that you can create a logo that will represent your jewelry business well.
05. Market Your Business Online
Are you interested in selling your jewelry online? If yes, then create a quality website on reputable web hosting to show off your jewelry designs and give information about your company.
Create an online presence for your jewelry business and start selling your jewelry pieces to the customers across the world. For this, you need to register with online local business directories and platforms like Google Places if you want to create your own website. You can also open shopping site on Etsy and eBay and find out more about placing your jewelry in online boutiques.
These are some of the best ways to market your business online-
- Build a noteworthy Blog,
- Build Video Tutorials on YouTube to reach a large audience,
- Do Effective Email Marketing,
- Social Media marketing strategies to turn the potential buyers into actual customers,
- Search Engine Optimization (SEO),
- Content Marketing and Referral Marketing.
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06. Do Your Market Research
Market research is another crucial step you need to take if you want your jewelry making business to be successful. Market research is an organized way of learning about your competitors as well.
There are few things involved in market research, viz-
- Exploring the marketplace,
- Finding out what a customer wants,
- Determining how you can meet those wants and needs. It also involves finding what is missing and then filling that niche.
07. Get Help From Your Local Chamber Of Commerce
Have you decided to start your jewelry business? You should register your business and obtain a business tax ID number to operate. Seek advice from a local economic development center in your area. It is essential that your business is registered to avoid all sort of legal problems and getting penalized.
Local economic development organizations provide free advice to those who want to start their own business. They can also give assistance regarding cost and accounting you need when starting a jewelry business.
08. Effectively Utilize Social Media
These days, everyone has their social media accounts, be it a Facebook, Twitter, Instagram or Pinterest. So, create your social media accounts to get your business known on diverse social media.
Since the jewelry business relies more on showcasing a wide range of jewelry items, use Instagram and Pinterest, which are image based social channels. There are certain things you need to follow:
- Regularly post images of your jewelry items,
- Post your Blog on social media channels regularly,
- Make sure you always include links to your products in your Etsy, ArtFire and other online shops.
09. Make What You Love
When starting your jewelry business, you should make every piece of your jewelry look different from your competitors’ offerings. Apart from being visually appealing, you must take care of its packaging design that needs to be empirical and make the consumer prefer your product over the competitors.
You should be doing the creative work of making jewelry pieces from your heart. Remember that you will be working for hours. So encourage your workforce and engage yourself with your business.
10. Be Patient With Yourself
It takes time to build a successful business. Do not expect to get overnight success after you open your jewelry shop. It may take even years before you taste the success. So, have patience! There’s nothing wrong to have high expectations, but at the same time you need to be realistic.
Start your jewelry business carefully with a well thought out plan. Make sure that your business is visible to the target audience. Create a memorable logo to represent your company in a competitive market. Build a good social media presence by posting text and image content on different social channels. Have enough cash flow in hand to meet any urgency until your business is finally on its own.