Jewelry: never going out of style

Starting your own jewelry making business needs dedication and commitment. Before you start your own business, it is important that you know your competition, target market, and the ins and outs of the jewelry industry. Once you have done this part, you are ready to create your own jewelry line.

In this article, we are going to review the essential things on how to start your own jewelry making business, from the starting operation down to the capital investment needed to put up your own business:

There are several types of jewelry that can be manufactured, depending on the demand of the market. In some countries, jewelry is a part of their culture as some of these accessories are used on specific celebratory occasions such as rings and necklaces. Jewelry also depicts the status of an individual, and in most cases, portrays the way of living or fashion statement of a person. Hence, it’s not surprising that the jewelry industry is booming these days.

However, as a jewelry-maker, it’s imperative to you know how often jewelry is bought and what types of accessories are popular and on what occasions are they fitting these days.  

This idea will now help you determine the start-up cost of your business. Your knowledge of culture and jewelry will help you determine the initial cost and resources you’ll need. Plus, it can also help you determine the specific designs and raw materials that are thriving and cheaper today.  

Jewelry can be made from different kinds of materials. It can be from precious stones, fresh pearls, and precious metals. These materials are expensive, so before you start your jewelry-making business, it’s essential to scout out for several suppliers for your raw materials and ask for their price. In that way, you can easily get the best cost for your resources.  Aside from this, you also need to include the other expenses like rent for the physical store and its equipment. For online business shops, you need a website where your buyers can check out your products so consider this as well. You also have to cover the advertisement fees to attract customers if this is part of your advertising plan.

For the manufacturing cost, it is vital that you consider whether to start small or to mass produce. Most small-time jeweler often makes handcraft their jewelry before they mass produce because this allows them to explore without using big resources. But, if you plan to mass produce, it’s ideal that you consider hiring subsidiaries for lower manufacturing cost.

When choosing between a physical store or an online shopping site, you need to consider the cost of each option. If you opt for a physical store, it’s much more expensive. You’ll need a place to rent, equipment to buy, and manpower to hire to manage your store.  However, the advantage of a physical store is that you can interact, help them decide on which pieces to buy, and actually listen to their concerns and comments. Rapport building is a crucial step when you want to build a relationship with your clients. Moreover, investing time in rapport significantly increases your client retention and deepens your bond with them too.

If you choose an online shopping the site. You need to pay a respectable web designer so that your site can match with the current ones in the market today. You also need a good internet provider so that you can easily respond to your customers as this is the main basis of communication when you go online. Your website should be highly optimized and safe from malware as well; this is significant since you’d want to establish a reliable and competent atmosphere. Online stores can be as expensive as physical stores too. However, it is more accessible compared to physical shops, and you can actually create a site that is cost-effective than a physical one.

Both have are equally efficient, but the success of the shop would still depend on what your style is of selling is. In terms of cost, it would boil down as to how you handle your funds and what sellers you’re going to tap in order to save your capital as much as possible.

Before legalizing your company, you need to pick a name that catchy and suitable for your niche. Your company name should reflect on the kinds of jewelry that you plan on making as well. The name should not be too long but not too short so that clients will remember it. Once you’ve chosen a name, this will reflect on the official license, online website, and business cards, so you should consider the business name carefully.

Once the name is decided, you can start legalizing your business. When filing for a business license, make sure to visit your county clerk’s office. From there, they will ask you for several papers before you can register your LLC. Make sure that you are able to comply with all these requirements before the day of your business launching.

Social media marketing is one way of advertising your business. You’re encouraged to utilize this as it’s free and efficient to use as an advertising tool. For jewelry making business, you have to showcase your finished products visually. Pinterest and Instagram are image-based social media platforms, so you can make an account here and start marketing your products. You can also use Facebook and Twitter though they’re not as visual as Pinterest and Instagram. However, these are great platforms when it comes to video and blog sharing.

Just make sure that you regularly post images on your social media accounts, and link your products to your website for a smooth marketing process. In this way, your customers will be able to access your shopping site with ease.

Lastly, patience is the key to a fruitful business. Just keep in mind that most businesses don’t always grow on the first few years, especially you’re a neophyte businessman.

Jewelry making business is no exception.  It might take years before your business will grow; so while you’re at it, learn as much as you can. Don’t just focus on the jewelry industry but in the overall field of business as well. Once you’re ready, apply what you’ve gathered, and see if it works for you.   

Starting your own jewelry business can be a big risk, but every one of us starts here. As long as we pick something at every turn, then we’ll eventually learn the ins and outs of the jewelry making industry and hopefully expand our mass produce our own designs in the future.