Small Business For Jewelry – Maybe you always have an eye for the finer things in life. Maybe you have a vision of the perfect collection in your head and are eager to make your mark in the industry.
Regardless of your reason for wanting to create an online jewelry boutique, now is the perfect time to begin your journey. Worldwide, the value of the global jewelry market is expected to grow from $230 billion (by 2020) to $292 billion by 2025.
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Starting a jewelry line and managing your own online store can be a daunting challenge. Luckily, we’ve got ten steps to help you dive in here.
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Before starting any business, it is important to know that you have customers who are willing to buy from you. That’s why you need to do your research before making and selling jewelry.
The last thing you want is to spend endless time and money selling DIY jewelry, only to find out that no one wants it.
Fortunately, there are many ways to collect research. Secondary market research sources like NPD, Nielsen, and MarketResearch.com help you track down reports that have already been done in your industry. Buying a research report can be a little expensive.
Remember, there are many different types of jewelry companies that you can consider. Interested in selling fine jewelry? If so, you’ll spend more on your initial content, but you can sell at a higher price and maintain great brand recognition. If you prefer jewelry, you can create designs at lower costs, but you need to get the most sales.
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Consider what type of jewelry stores interest you. Finding your niche helps you choose a niche you love. This might mean focusing on things like wedding and engagement rings, or turning your hand to statement earrings.
Once you’ve identified market opportunities for your jewelry business, it’s time to get to know your audience a little better. Identifying the demand in your industry and finding the right audience to respond to are two processes that go hand in hand.
Whether you sell handmade jewelry from home or work with a specific manufacturer, you won’t attract every customer.
Think about what type of people are most likely to be attracted to the type of parts you are going to sell. For example, if you sell high quality diamond engagement rings, look for people in a relationship with a certain income level. The more you know about your audience, the easier it is to target them with your ads and brand.
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Competing in a crowded market like the jewelry industry is much easier if you have a niche. For example, instead of targeting people who want engagement rings, how about focusing on people who need personalized and affordable rings? Or how to segment your audience into specific groups like vintage jewelry lovers, thrift shoppers, gift shoppers, premium shoppers?
When learning how to start an online jewelry business, it’s easy to overlook things like business plans. We all want to get into direct selling, but your business plan is essential to keep you on track. Think of it as a compass to guide you in growing your company.
A well-designed business plan for your jewelry manufacturing business will remind you of your company’s purpose and help you decide where to go next. Potential investors and lenders also need to see that you have a business plan. People who invest in your company need to see that you are successfully making and selling jewelry.
Once you have your plan in place, you can start envisioning your jewelry line. Using the research you’ve already gathered about your market, think about how to capitalize on trends without making your jewelry look like everyone else’s.
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Consider collecting jewelry rather than just one piece at a time. A collection can create a deeper relationship with the customer by telling a story. For example, Bvlgari has an extraordinary collection inspired by jewelry from the past, which helps define the brand as one with history and heritage. Keep in mind when making jewelry:
Don’t forget to take lots of nice photos of your jewelry for your website and product pages. This is your chance to show what you can do.
When considering how to get into the jewelry business, it’s important to think realistically. You can earn some money by making products and selling them online. However, making your own jewelry takes a lot of time and effort.
Think about how you will make the products. You can work with small manufacturers who will make jewelry for you based on your designs, or you can buy wholesale jewelry from large companies.
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Another option is to use a dropshipping business model. This is what happens when you start a jewelry store and list items on your website. When a customer buys a piece from your store, a third-party supplier fulfills the order on your behalf. You have no inventory—it can be perfect for entrepreneurs who want to spend their time promoting their business without worrying about fulfilling orders.
Entrepreneurship, side hustle, annual project – whatever your reason for starting an online jewelry business, dropshipping can take a lot of the pressure off of you.
A brand allows you to create an affinity with your target audience so that they fall in love with your mission, vision and products. A good brand needs a memorable brand name, a catchy logo, a strong website and an attractive color palette.
Fortunately, you don’t have to be a branding expert to create something impressive. There are many great tools online that can help. For example, Shopify has its own:
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Each tool is very easy to use. For example, I had to put the word “jewelry” into the Slogan Maker and it generated thousands of great suggestions within 15 seconds. Check them out.
If you’re struggling to create all the branding elements you need, check out the freelance design talent also available on Upwork, Fiverr, and DesignCrowd.
Your products are too expensive and you can send customers running. Choose a price that is too low and you risk convincing buyers that you are not offering quality products.
Start by thinking about how much the item costs to make. This “cost of goods sold” includes things like labor, manufacturing costs, and materials. You also want to think about the overall costs of running your store. Will you have a physical location to store things like a warehouse? How much will you pay the staff and how much will the shipping cost you?
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It is up to you to choose how much you will charge to recoup the cost of the goods and make a small profit. For example, you can use the keystone markup method, where you double the cost of making the product.
Marketing is an important part of learning how to start an online jewelry business. The good news is that there are many ways to get your name out there.
If you are targeting a large digital audience, you can start by running Facebook ads. Facebook advertising is popular because you can get very specific with your targeting. If you sell wedding rings, you can also target people who have recently updated their status to “Secret”.
If you’re trying to create a long-term strategy for traffic, you can experiment with eCommerce SEO and make sure you’re ranking for terms in your local area. For example, you can fight for phrases like “diamond rings in SoHo.”
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Email marketing is one of the most effective ways to build long-term relationships with your audience, which is great when you’re trying to sell more jewelry to loyal customers. You can also experiment with influencer marketing. Check out this inspiring Instagram post by @carolinejsanchez:
What do you expect from your jewelry store? When learning how to make jewelry to sell online, you need to have a goal in mind. Sales and delivery goals will give you something to work towards, but don’t push yourself too hard.
Perhaps you can start by hoping that your earnings will increase by about 25% each year you work. A growth-focused goal will make it easier to track your progress because you can use real numbers to guide you. If you learn how to sell other jewelry items online from manufacturers, the same goes for distribution.
Finally, once you’ve set up a presence and your jewelry collection is ready, start with a soft launch. Then you can start putting your brand plan into action and introducing your marketing strategies to your industry. Remember, start slow with a soft launch and look for opportunities to learn as you go.
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Once you know your company is making money, you can look for ways to grow your business with the support of other companies. Find retailers that sell jewelry products similar to yours and see if you can form a partnership.
If you feel you need additional capital to grow, look for investment opportunities and make sure your business has