It’s evident why so many inspiring individuals want to learn how to start a jewellery business. With the industry expected to increase by 292 billion dollars (£210 billion) from 2020 to 2025, indicates that there’s still lucrative money to be made. But, because of the money that’s flooded through the industry, there’s a lot of competition, and it can be challenging to establish yourself. Needless to say, it is possible, but you need to act correctly to ensure success.
Want to know how to start a jewellery business? Read below:
1. Find your niche and target market
First things first, you’ll want to choose a niche and target market. This will allow you to develop much more meaningful research when selecting products, marketing materials, location (online or brick and mortar), and pricing points.
There are three main categories within the jewellery business to narrow down your niche and target market selection. These are:
- Fine jewellery
- Handmade jewellery
- Costume jewellery
After developing knowledge of which niche and target market you want to compete in, it’s time to create a business plan.
2. Develop a well-researched business plan
Whether you’re financing your start-up from a bank, family member, or even yourself, you need a well-research business plan. Included within this business plan, you’ll want to have the following:
- Company description
- Market analysis
- Organisation and management plans
- Product line and costs
- Marketing and sales
- Financial plan
Once you’ve solidified the above, you should have a clear vision of exactly how to start a jewellery business. Data’s essential, and it can help you excel in your start-up. When developing a business plan, undergo comprehensive research on market analysis, product lines, marketing and costs. Ultimately from doing this, you’ll have a better idea of whether or not your jewellery business is realistic or not.
3. Make a stock purchase
After you’ve concluded the above, you can now make your first stock purchase. Now, depending on your target niche and market, you may want to insure your goods. However, if you’re creating handmade or costume jewellery that doesn’t hold much net value, you shouldn’t need to worry about this.
When making your first stock purchase, be sure to follow the guidelines you’ve set in your business plan. This will guarantee you won’t over purchase stock and that you’re abiding by a structured plan.
4. Market and scale your business
Lastly, you’ll want to market and scale your new jewellery business. Once you’ve uncovered your niche, developed a business plan, and made the initial investment for stock, you now need to start generating some sales.
Depending on your business plan, you’re marketing and scaling strategy will be much different. However, whether you’re an eCommerce brand or brick-and-mortar store, be sure to continuously monitor marketing return on investments (ROI) when scaling a business. From understanding this, you can constantly make slight changes to the marketing angle or content to maximise your sales and minimise your marketing spend.
After reading, we hope you have a better visualisation of how to start a jewellery business. If you’re considering opening a brick and mortar jewellery store, then I recommend you contact us.
Over the last decade, we’ve helped many start-ups, small-sized, and well-established jewellers create stunning stores designed to increase customer experience. We’ve achieved success with this by offering a comprehensive package from designing and manufacturing bespoke furniture.
Do you want to excel your jewellery business? Contact us immediately and talk to one of our helpful team members.