Any business owner knows that starting a business is not an easy task. From conceiving the idea of bringing it into reality, starting a business is a 24-hour job. This reality is also true for the jewelry industry. While giant companies like De Beers and Tiffany have taken up a large space in the jewelry industry, there’s still more room for anyone who wants to get into the business. Here are a few things you should know before starting a jewelry business.
Passion
Passion is the fuel that drives a business. The most successful business persons have a passion that causes them to sacrifice and stay committed even when the going gets tough.
Passion will cause you to work even outside of regular business hours, and you’ll achieve more that way. That’s why you should not venture into a type of business because you can make money; instead, focus on what you are genuinely passionate about. Most of the top jewelry stores are run by people who love and adore jewelry. They have had it as a hobby for years, so changing it into a business was not a difficult task.
Market Research
Passion, however great, is not sufficient to start a jewelry business. You need hard, cold facts to help you make decisions concerning your startup. Market research will help you know what kind of jewelry you should be selling and which demographics you should focus on.
It will also give you insights into your customers’ behavior and which marketing strategies will work best for them. For instance, everybody may be using Facebook to advertise, but insights gleaned from market research may indicate that Instagram may yield more leads.
Wholesalers
Wholesalers can make or break your jewelry business. As a buy and sell business, you’d only make a significant profit if you can get reasonable wholesale prices for your raw materials or products.
Additionally, suppliers usually are a ready source of products, and so you can quickly restock when your stocks dwindle. A good jewelry wholesaler has a wide variety of products, including beads, bracelets, and the like. They can easily supply what your clients demand.
To find a good jewelry wholesaler, start with a Google search. You can also ask for referrals and recommendations from people who are already in the business.
Places to Sell
Selling your Jewelry on the right platforms makes all the difference. You can create your website and sell it from there. However, you’ll likely get more traction if you sell on proven platforms.
eBay and Amazon are some of the top retail sites not only in the US but in the world. Amazon even created Amazon Homemade to help artisans sell their handcrafted products, including jewelry. Other popular platforms include Etsy, which has nearly 60 million registered users, and Bonanza, which has whole sections committed to Jewelry sale.
Grit
To make it in this hyper-competitive business world, you’ll need grit – large doses of it. The jewelry business world is far from a fairytale, and you’ll have to be strong and relentless in your dealings. Don’t fold up when the challenges come; instead, learn from your mistakes, adapt, and forge ahead.
