Studies show that more than 50% of Millennials are buying jewelry for themselves.
Jewelry is a competitive industry, there are endless options, but it is still highly profitable. Since jewelry can evoke certain emotions and is personal, you can create unique pieces and have no struggles finding a market. Unfortunately, if you skip some of the essential steps to forming your business, you may fall behind.
Read below to discover how you can start a successful jewelry business and turn your passion into a career!
Table of Contents
Design Your Plan
Not only do you need wonderful jewelry to put on your website or in the stores, but you also need a unique plan.
Designing your plan involves identifying your business concept. Most people start with a plan, you can decide what will set your products apart from others and create the foundations of your company.
Defining your brand and brainstorming product ideas can be the most exciting part of opening a jewelry company. Try to develop a timeline and list of goals so you can monitor your success. If you need to make any changes to your plan or adjust deadlines, don’t get discouraged.
Establish Your Company
The scariest part of starting a business is deciding on the final name.
Before you can open a business checking account, you’ll need to set up your business and get an EIN. Try to think of a rare business name that is simple and gives perspective about what you sell. Since you don’t want to change business names years down the road, you need to find the best one and check its availability online.
Establishing your company with the IRS is essential if you will be collecting payments from consumers. You can find the appropriate paperwork online. Always check your state for specific regulations, you can work with your local city hall to ensure you abide by all guidelines.
Find Financial Support
Unless you’ve recently come into some money, you likely need financial support to start your business.
Applying for a small business loan can get you the money to buy materials and support you while you create products. You can also team up with a partner or group of investors, but you’ll lose a percentage of the proceeds.
Having your business plan completed while budgeting is essential so you know how much money is necessary. If you truly want to bring your creations to life and let people wear them, you need financial support from the start.
Locate a Creation Space
Whether you work in your basement or have to rent a building, you need a safe place to create your products.
If you want to make jewelry that’s unique and inspirational, you need to create products in an uplifting environment. Regardless of where you work, make sure it’s free of clutter, organized, and protected. If you’re planning on working with aquamarine, diamonds, or other precious stones, you don’t want them to get damaged.
Keep in mind that if you’re going to work from home, you need to get a permit. You will also have to conduct sales online since you can’t turn your basement or garage into a storefront.
Invest in Supplies
There are many different ways you can make jewelry, you won’t be limited while buying supplies.
If you’re starting a business, but want to take your time, you can buy supplies as they go on sale or during the season changes. Jewelry supplies can be expensive at regular cost, but there is almost always a deal to take advantage of. Check with your local community to see if they have craft warehouses.
You can click for aquamarine gems that will shine in your staple designs. Don’t be afraid to explore colorful gemstones, they can add character to your jewelry and are trending more than diamonds. You’ll need a variety of beads, gems, and metals to create one-of-a-kind products.
Showcase Your Items
Production may look different for each company, especially if you’re handmaking each product.
You still have to showcase them.
In a section of your work area, create a backdrop and add some lighting to take professional photos. The more detailed and clean your images are, the easier it’ll be to make a sale. You don’t need to spend thousands of dollars on a professional camera, smart phones can be just as effective.
Once you take shots of various angles on your products, you can add a written description and upload them to your site. This will help customers explore what products you’ve made and if you do any custom work, they can find inspiration.
Social media and company websites are powerful marketing tools. Fortunately, you don’t have to pay much, even when you invest in sponsored ads!
Keep Customers Coming Back
Reasonable prices, beautiful jewelry, and friendliness will bring your customers back.
If you aren’t offering top-notch services, your products will fail to sell. You can find fun ways to connect with the community and remind people of your jewelry. For example, some companies that use recycled items take part in clean-ups to show their commitment.
Customers are more likely to return if they support what your business stands for. You can make a statement with bold jewelry and marketing.
What Will Your Jewelry Business Look Like?
You don’t have to be an expert jeweler to start a jewelry business, but you do need a strong plan.
With unique concepts and goals, you can kickstart your company and get your jewelry on your clients. Making a plan at the start can help you get prepared financially so you can invest in the necessary supplies and workspace. Don’t be afraid to explore ideas and try something different, it might go viral.
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