The jewelry industry enjoys consistent growth each year making it a viable area in which to invest. If you have a knack for designing beautiful jewelry and hands-on experience in this area, a jewelry business is a great idea. People will always buy jewelry. Even when prices go up, the demand for jewelry remains high. It is no wonder then that this is a $70 billion industry. Nevertheless, this is also a highly competitive industry. Therefore, it is important to learn as much as you can about the industry while preparing to launch your jewelry store. This article examines some of the essentials of setting up a successful jewelry business in a highly competitive market.
1. Identify Area Of Specialization
The jewelry industry is diverse. If you want to start a successful business, you have to narrow down your niche. There are jewelry designers, jewelry dealers, custom/handcraft jewelry makers, online jewelry marketers, antique jewelry dealers, jewelry gift shops, vintage jewelry collectors and all these people operate within this industry. If you decide to sell jewelry, you have to narrow down on what you wish to sell. Do you want to specialize in antiques, fine jewelry or fashion jewelry? This is a crucial step and it will determine the type of business you will set up.
2. Get Your Finances in Order
Many new businesses fail because the owner does not make proper financial arrangements. Use a financial advisor to prepare a financial plan. You must spend some time to source for funds and ensure that everything you need is in place before making the final move to launch your business.
3. Create a Mission Statement And Business Goals
Once you have an idea about the jewelry business you want to create, it is time to set goals and jot down a mission statement. You have to ask yourself what you want to achieve through this venture, to come up with your mission statement and goals. If your business has no purpose, it is will most likely fail. At this stage, you have to identify your target customers and determine what you want to do differently from the others in the market. Offer your customers value for the money they pay you, by selling them jewelry items that stand out.
4. Do Market Research
Before you go any further, make sure you check around to see what the jewelry market has to offer. Many successful business owners say that while setting up their businesses they sought inspiration from the failures of the existing competition. Check how similar businesses do business and identify areas you can improve to serve your customers better. Look at the price of raw materials, price fluctuations over the last few years, read about projections for the industry and any other information you can find.
5. Coin A Fashionable Name For Your Business
What’s in a name? Many people argue that good products and services are crucial to attracting customers. However, in the jewelry business, your name also matters a lot. If you look at the most successful jewelry collections, you will note that they have creative and unique names that reflect luxury and grandeur. The name of a good jewelry business should relate to common industry terms that your potential customers already know. If you want to stand out in this business, you have to start by choosing a business name that reflects your image as a jeweler, your philosophy, what you do and your style. You should check with the US Patent and Trademark Office, your lawyer or the state’s office of the Secretary of State to confirm the availability of the name you choose for your business and to avert future copyright issues. It is also advisable to check if there’s a domain name available for your business name as this will come in handy when you set up your e-commerce platform.
6. Define Your Brand
As you set your goals, choose a name, and narrow down your target market, it is important to think about what you want your brand to stand for in a crowded market. For instance, do you want to promote eco-friendly jewelry through recycling and repurposing? Do you want to empower communities from where you get raw materials or would you like your brand to stand for ethical jewelry-making practices and materials?
7. Legal Considerations
It is important to understand all the legal steps you need to take to formalize your business. For a start, you have to register the business, get insurance, copyright and trademark documents for your business name and logo, business license, resale tax number and business accounts.
8. Build A Business Website
There are over 4 billion Internet users. This is a large market that you cannot ignore when launching your business. Your target customers are now online and you must announce your arrival on this platform. Create some hype about your new jewelry line and share teasers on social media platforms. A business website is a great idea to accompany your launch as it makes it easier for customers to browse your collection. A well-designed website is crucial for your jewelry business today because most buyers buy online.
Whether you want to specialize in handcraft jewelry including diamond studs earrings, gift jewelry or any other business in the jewelry industry, there are opportunities for growth. With these tips, you can start you journey to becoming an established jeweler. However, remember to keep learning and adapting your business to suit merging customer demands and changes in the market.