From gathering wholesale jewelry supplies to getting to crucial jewelry tools, we explain how to start a jewelry business (that thrives) in this guide!
If you’re looking to break into a booming business, the jewelry business might be for you. In 2018, jewelry stores in the United States made almost forty billion dollars, with a year-over-year increase of seven billion.
Though this market may seem saturated, there is always a place for the jewelry entrepreneur to find their niche and thrive.
However, creating your own business means figuring everything out for yourself, which can seem daunting. But don’t fret. This guide will show you how to start a jewelry business successfully, so keep on reading!
Discover Your Niche
When starting a jewelry business, you’ll first want to discover what your niche is. Because there are so many different jewelry businesses out there already, you’ll have to stand out with whatever product you intend to produce.
Do you want to sell fine jewelry, or would you rather work with trend pieces? Do you want to focus on one specific type of jewelry, such as earrings or necklaces?
Do you want to work with crystals and stones? Would you prefer beads or metals?
Focusing on what you want your business to create is a great starting place for building your business’s brand, marketing plans, and having an overall idea of what your business is going to look like.
Create a Business Plan
Now you can start looking into the logistics of your jewelry business. You need to think about if you will be operating your business from your home or an office, as this will be a big part of your budget.
Think about your staffing and if you will be creating each piece and selling it alone, or if you’ll need to hire help. You should also consider if you’ll be handmaking each piece or outsourcing the projects.
Decide who your target customer is and what price range you want your jewelry to be in. Do you have a marketing plan or a space to sell your products? How much money do you need to get yourself started?
Your business plan will continue to change and evolve with your business, so don’t worry too much about having all of the answers straight away, and don’t be afraid to make changes when necessary.
Calculate Your Budget
Calculating your budget is an essential step to success, so you can plan ahead and avoid any financial issues. You should first create a list of your start-up costs, such as:
- Marketing material
- Equipment and tools
- Licenses and permits
- Offices or co-working spaces
- Payroll
When you create your budget, you’re ultimately predicting your future business costs. This will help you predict where your money is going and how much of it you will need to secure.
Study Your Competitors
If you really want to know how to start a jewelry business online or from your home, you need to look at your competitors.
This will help you in a few different ways. First, you can look at what you’re making and compare it to them.
How do your products stand out? Are they unique, or are they exactly what everyone else is making?
You can also learn from your competitors, discovering how they market, what their angle is, who their audience is, and how they sell their products.
Do they have their own websites, or do they use another platform to sell their goods? Do they have a brick-and-mortar store, and is that successful?
This will also help you learn how to price your jewelry products, as this an important factor when first breaking into this business and gaining new customers.
Create Your Brand
Creating your brand and marketing is an essential step for your business’s success. Since you already know what you want to sell and your niche, you now need to decide what story you want your business to tell.
A great way to go about this is to start with a logo. A unique and enticing logo is important in establishing your business’s aesthetic. This is also what your customers will recognize you by.
You should establish social media accounts that are supported by your brand. This is a great marketing strategy that is essentially free.
You can create business pages on Instagram and Facebook, as well as on Pinterest and Etsy.
You should also have your own website surrounded by your brand, including particular colors, fonts, and your brand’s logo.
As your business progresses, you might want to execute paid marketing strategies, such as Google Ads.
Don’t worry too much about this in the beginning. Focus on the free resources you have, and work on building your brand identity and building an engaging audience and customer base first.
Make It Legal
In order to make your business legal, you will first need to get a tax ID number. You will need to register your business, collect and pay sales tax, and get a license to operate if your county or state requires it.
This can all be done at your local chamber of commerce, so don’t worry too much if this seems a little out of your element.
Secure Suppliers
Now that you’re ready to start creating your products to sell, you need to decide where you’ll be getting your supplies from.
You’ll need to acquire wholesale tools and equipment, including any safety equipment required and any materials necessary for your jewelry products.
If you know other jewelry makers and designers, asking them for recommendations for trusted wholesale suppliers could be beneficial. Otherwise, research different companies and read reviews to find the most trusted suppliers.
Start Selling
Upon completing all the previous steps, you are now ready to start selling! There are many different ways you can go about this.
You can begin by selling your products on eCommerce platforms like Etsy, Amazon, or eBay. It’s simple to set up a shop at any one of these, and this could be a great testing ground to see how your products will sell.
You should also consider creating an online store on your website through Shopify. This platform is very professional and helps you learn about your customer analytics, and it includes built-in marketing tools.
Lastly, don’t underestimate the power of word of mouth marketing. Sell to your friends and family, and participate in local flea markets or craft fairs. This is a great way to get your jewelry out there and to network with other shop owners.
How to Start a Jewelry Business
Now that you know how to start a jewelry business, you can begin your jewelry-making journey. There are so many benefits to owning your own business, as you get to decide precisely what you want your business to be and how you want it to operate.
Of course, this comes with many things to figure out, so take it one step at a time.
Let us help you with your jewelry business! Customers who sign up here can unlock access to wholesale pricing, so you never have to worry about your jewelry supplier again.