Perhaps you have always been interested in the finer things of life. Maybe you see the perfect collection in your mind and are eager to mark the industry.
It can be not easy to start a jewellery business and run your online shop. We’ve got ten steps that will help you get started.
Identify a market opportunity
It is important to find customers before you open any business. Before you make and sell jewellery, do your research.
There are many ways to gather information. You can find reports on your industry from secondary market research sources such as NPD and Nielsen. However, buying research reports can be quite expensive.
Sometimes it is helpful to conduct some product research yourself. For instance, you can:
- Do a competitor analysis. Look at other online jewellery businesses and see their strengths and weaknesses. This will allow you to distinguish your brand.
- Take surveys: Join forums and other social media groups to meet people interested in jewellery. They might be willing to answer questions about the products that they love.
- Bookmark jewellery blogs: Many fashion and jewellery bloggers keep up-to-date with the latest lines and collections. Visit their websites to discover new opportunities in your area. Here are some suggestions for jewellery websites to help you get started.
- Google Trends: Google Trends allows you to search for the most popular topics within an industry. There has been an increase in demand for charm bracelets and clay jewellery.
Define Your Target Audience
Once you have identified a market for your jewellery business, it is time to get to know the people who are most likely to be interested in your products. Identifying demand in your industry and finding the right audience to target are processes that go hand in hand.
Consider:
- Demographics include gender, age and income, marital status, and other defining characteristics.
- Psychographics Your target audience’s behaviour, including their likes, dislikes and lifestyle traits.
- What are your customers’ problems and needs? Why would they choose you?
If you are a specialist in your niche, it is easier to be competitive in a market like the jewellery business. Instead of focusing only on those looking for engagement rings, why not target people who need affordable and custom rings? You might also consider targeting specific groups such as vintage jewellery enthusiasts, frugal buyers and gifters or premium shoppers.
Create a business plan
It’s easy to forget about business plans when learning how to set up an online jewellery store. While we all want to get into selling, your business planning will keep you on track. It is a guide to help you navigate your way through the growth of your business.
A business plan for your jewellery-making company will help you remember your company’s purpose and help you choose where you want to go. A business plan is also important for potential investors and loan providers. Investors in your company will need to see that you make and sell jewellery well.
Online templates are available for business plans. The majority should include:
- Executive summary: describing your business in an easy way
- Company description: What do you do
- Market research. Where are you in your industry?
- Product details: The type of jewellery that you will sell
- Funding options
- Marketing plans and selling strategies
Make some jewellery
Instead of selling one piece of jewellery at a time, consider making collections. A collection can help you build a stronger relationship with your customer by telling a story. When making your jewellery, remember:
- To learn: It’s important to be educated before making jewellery. You can learn more about your craft by signing up for courses at the Jewellers Academy or All Free Jewelry Making.
- It would be best if you had the right tools. Keep a sketchpad and pencil on you for any impromptu ideas. Software that allows you to design jewellery, such as Jewelry CAD Dream, can help bring your vision to reality.
- You need to think about materials. If you want your jewellery to succeed, you will need beads, precious metals and wire. You can also hire a third-party manufacturer to help you create your vision.
- You can make your samples. These samples are also necessary for product photography.
Find a jewellery manufacturer
It’s important to be realistic when entering the jewellery business. Making your products and selling them online may allow you to make some money. Making your jewellery can be time-consuming and difficult.
Consider:
- Quality jewellery: You need to trust that your jeweller will make genuine pieces using the materials you request. Your company will quickly crumble if you promise your customers sterling silver, but they are painted metal.
- Request samples: Get samples from your manufacturer to verify the quality of your material. Once you are certain that you are getting something of value, you can order in bulk.
- If you need to move quickly, an overseas manufacturer may be more affordable. It can take longer to deliver items to your customers. A better reputation for your brand could be achieved by working with local jewellers, such as those you’ll handshake if you are in the US.
This is where you create a jewellery shop and list the items on your website. A third-party supplier fulfils orders placed by customers who buy jewellery from your store. This allows entrepreneurs to concentrate their efforts on their business and not worry about inventory.
Create Your Brand
Your brand is a way to create an emotional connection with your target audience and make them fall in love with your mission, vision, products. A memorable brand name, striking colours, and a strong website are essential to a good brand.
You don’t have to be an expert in branding to create something amazing. Many great online tools can help you. Shopify, for example, has its tool:
- Videomaker
- Domain name generator
- Logo maker
- Business name generator
- Slogan maker
Each tool is very easy to use. In the slogan maker, all you had to do was enter the word “jewelry”, and it generated thousands upon thousands of ideas in just 15 seconds. These are some of my favourite suggestions.
Choose a price point for your products
It is important to choose the right price for your jewel items.
If you price your products too high, customers might run. If you set a price too low, you could be proving to buyers that your products are not quality.
You can decide how much to charge to recover the cost of your products and make some profit. You might consider the keystone markup, which doubles the cost of making the product.
Start Marketing
Now you have your products and your prices. You are ready to make money.
You will need first to make people aware of your products.
Marketing is an essential part of starting an online jewellery business. There are many ways to get your name out.
You might consider running Facebook ads to reach a large digital audience. Because you can target very specific people with Facebook advertising, it is very popular. You could target people who have recently changed their status to “engaged” if you were selling wedding rings.
Realistic Sales and Distribution Goals
What are your realistic goals for your jewellery shop? You need to set goals when you learn how to sell jewellery online. You can set sales and distribution goals, but don’t be too ambitious.
Perhaps you could start by aiming to increase your revenue by 25% each year that you are in business. You can track your progress more easily if you have real numbers. If you are learning how to sell jewellery online, the same applies to the distribution.
Begin with a soft launch, then look for opportunities
Once you have established a brand presence and your jewellery collection is ready, it’s time for a soft launch. This is the time to put your brand plan into practice and showcase your marketing strategies within your industry. Start slow with a soft launch, and learn as you go.
Once your company is profitable, you can begin to look for ways to expand your business by partnering with other companies. Look for jewellery retailers that sell similar products to yours, and then see if you can form a partnership.
