Business, like a coin, offers only two possibilities. Success or failure. There can never be an in-between. However, even with risk, many people choose to be their own boss, to have fun, achieve a sense of fulfillment and earn money with their passion and ideas.
In particular, a jewelry business is a growing business. There are more and more new companies taking this path to entrepreneurship. Why not? Pieces of jewelry are popular for personal use or as a gift. They range from simple designs for casual use to luxurious styles for extravagant occasions.
And if you have this passion and natural talent for creating jewelry pieces, then you are well ahead against competitors in this tough industry. If you compete well, your jewelry business will see fast growth and more income.
In fact, just last year, there is a 6% increase in the total sales of fine jewelry industry in the United States. 5.8% increase in fine watch sales and a 2.4% increase in whole jewelry supplies. This should encourage you to start your jewelry business, right away!
But, when starting a business, one needs to prepare and plan well in order to at least reduce the chances of failure. Here are some tips on starting your jewelry business from home and selling them online:
1. Start with experiments
Go to a craft supply store and get yourself a jewelry making kit. This kit shall include tools and materials for jewelry making. Learn how to create jewelry and start making jewelry pieces. If you are already an expert in this area, try to experiment with various jewelry types. This practice can help you design unique jewelry pieces and perfect your designs.
2. Prepare a business plan
In any starting business, there is always a plan. In this certain plan, you need to identify the cost you will need for startup supplies, running a website and advertising your products. The money you will need to keep your business running until you have earned profits. Also, you can add future plans for expanding the business.
3. Ask your local government
Most of the times, business are required to obtain a permit and registered with the local government. Despite the fact that you will be running your jewelry business at home and online, you will need to ask your local government if you will be required to obtain such papers. Legal business build client’s trust.
4. Think of a “catchy” name
One that will be remembered by clients once they come across it. This can help appeal to possible customers and attract them to visiting your jewelry shop.
5. Determining your price
This is maybe one of the hardest things you need to overcome when doing business. For doing business you need to cover the material’s cost, your effort and time, and overhead like office supplies and marketing. However, you do not want to end up charging 6 digits to a single necklace or bracelet. That may lead you to zero clients.
There are no fast or hard rules for pricing your jewelry pieces. Generally, you need to calculate the cost of materials and add from 25 to 40% of profit in materials, and a small fee for your time. Remember, it is important that you recognize the hours you spent on handcrafting a piece of jewelry.
6. Build a website or ask for a web developer
Building a website, nowadays, is as easy as 1, 2, 3. There are sites like WIX that help entrepreneurs build their own websites in just a few minutes. However, if you are really not into computers and have the money to spend a little more, look for web developers who will do the job for you.
Working with web developers, you can suggest and ask for anything you might want on your website. From design to functionality, a professional web developer can meet your every need.
7. Filling your website
A web developer’s job is to build or create a website for you. They do not create the content for you. Simply, because they do not know your ideas and dreams for your business. So, after the completion of your website, fill it with your contents.
Start with the homepage, where you can post samples of your jewelry pieces and a short description. Categorize products with all the necessary information. Add your contact details on how clients can easily reach you.
8. Set your shopping cart properly
The main purpose of setting up a jewelry business online is to encourage customers to buy and business growth. That is why it is very important for you to set your online checkout experience properly from the start.
Some web hosting company offers a merchant or checkout service as part of their service, however, if they do not, you can consider PayPal temporarily. PayPal is straightforward and simple for customers to use. It takes only a tiny percentage of every transaction made and you will not have any access to your customer’s data which makes this process secure and easy to manage.
9. Digital Marketing
Now that your site is functioning properly and clients can make transactions, you are now ready to blast off some marketing schemes. If you still have the budget, you can invest in digital advertising and push your website to be number one in Google’s search results. You can hire content creators and SEO specialist to the job for you.
However, if you are running short on budget, then you can invest some time creating a blog post on your site. You can also create a social media account for your business and start being social. Share photos, videos, blogs, and stories of your latest jewelry sets or collections on social media platforms like Facebook, Twitter, Instagram, Youtube, Pinterest and more. This will help you build an online presence and establish relationships with your customer base.
The last thing you will need is patience. Most new entrepreneurs forgot about this one. Like any other things, business takes time to build. Do not expect success to come knocking at your door after a day of opening your jewelry shop. Years might even pass before you can finally taste success.
So, be patient. It is okay to be fired up and has high expectations, but always keep your mindset on the realistic side of things. Do your best to market and improve your business and watch as your effort slowly shows up.
In this highly competitive world, being successful in business seems impossible. However, with grit, hard work and patience everything is possible. Sure, there might be failures along the way, but you can either use such failures to give up or to grow and try one more time.