Before you jump into selling jewelry, read this guide for starting a jewelry business. It will keep you on track when you hit bumps along the way. Moreover, it will introduce the industry you’ll be diving into so that you can begin your journey with plenty of knowledge.
Understand the Industry
As you begin scouring the internet for guides for starting a jewelry business, begin the process by understanding the industry and researching the demographics, market, and prices you can work with. Throughout your analysis, start considering your product options and choosing a target market, as this will impact your fees and competition. Have a clear business plan with realistic goals before you open.
You’ll need to decide what type of jewelry you want to sell, to whom, and how. Do you want to sell costume jewelry or high-end pieces? Do you want to own a shop or sell online? Both options come with various pros and cons.
Begin Gathering the Supplies
Jewelry making requires various tools to shape and cut metals and gems. Make a list of the equipment and supplies you require. If you plan to cut the stones yourself, you will need gem cutters and polishers; consider getting a lapidary combination unit for more efficiency. In doing this, you give your jewelry a unique spin with more room for customization and creative design.
Ensure that your business stands apart from other jewelry companies by offering original designs and settings. By upping your social media presence and building a website with custom design options, you’ll increase your brand awareness and create multiple avenues to entice potential customers.
Showcase your brand on various social media sites to expand your audience and capture your target demographic’s attention. Feature models wearing the jewelry in different settings so that the customer can envision when and how they might wear it. Furthermore, on your website, utilize search engine optimization (SEO) to ensure it gains traction. While this requires research and an understanding of the market, it will set you up for success.
Legalize the Business
Decide on a unique and easy-to-remember name for your business and—very important—make sure it isn’t already in use. Keep it catchy and related to the industry.
The final step—register your business, get a business tax ID, and make sure you acquire all necessary licenses and permits. To network with other businesses, consider joining your local Chamber of Commerce. Once this is complete and you have all the necessary materials, you’ll be all ready to open shop.