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Why Start A Jewelry Business?
When reading this post, you could be filled with enthusiasm for jewelry business. Yet we can’t choose a career solely out of interests. Before taking a leap of faith, we still want to make sure it is a lucrative venture. To our relief, jewerly business is profitable with 43-47% profit margins on average.
On top of huge profit margins, it is also a promising career in the long run. Statistics show that the jewelry market will reach more than $500 billion by 2030, despite concerns about economic downturn. So when you decide to step into the jewelry industry, you can reassure yourself that you didn’t make a wrong decision. Without further ado, let’s dive into how to initiate a small jewelry business from home:
Market Research and Planning
Identifying Your Niche and Target Audience
Before creating your jewelry business, the first you need to do is to determine the jewelry types you want to sell, and each type has its own materials, price range, and target audience:
This jewelry is trendy and made of affordable materials like synthetic gems, beads, stainless steel,etc. Compared with fine jewelry, they can be mass produced and are for general users.
- Fine Jewelry
This jewelry is typically made of precious metals and gemstones. And they are finely crafted (expensive) and can’t be mass-produced. So these products are targeted at luxury customers.
- Personalized/ Custom Jewelry
This type of jewelry pays more attention to design. They are typically unique and even one of a kind. Their price points vary depending on the craftsmanship and the materials they use. These jewelries are favoured by people who know about design.
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Analyzing Competitors and Market Trends
After determining your niche and target audience, the next step is to stay ahead of market trends. As a startup, it might not be easy to lead the trend due to the lack of brand recognition. But there are many good ways to gain an insight into the current trends.
For example, you can subscribe to those dedicated jewelry blogs or follow influencers. If you want to know what are the hottest search terms, use Google Trends or SEMrush to check the rough search volume.
If you lack experience, finding an all-in-one wholesale jewelry supplier may be the preferred choice. And you certainly want to find a reputable supplier that understands fashion and offers constantly evolving product lines.
Further, checking out the competition is beneficial as well. By doing so, you can take advantages of strategies that have been validated by your competitors:
- Which platforms are they selling jewelry?
- How do they build a social media presence. What do they post about? And what is their posting frequency?
- Do they have their own e-commerce website? What is their SEO strategy?
Creating a Business Plan for Your Jewelry Venture
After the thorough research, it’s time to outline your business plan. You may wonder why should a small business go to great pain to create a plan that nobody cares about? You start the small jewelry business from home and don’t need investment at the early stage. Well, it makes sense. But you don’t have to feel afraid, as it is far more casual than tender document. A solid plan with business objectives, target market, pricing strategy, marketing plan and financial projections will help you achieve sustainable growth in the long run.
Manufacturing Jewelry Yourself or Connect with a jewelry manufacturer
After all the planning and research, you definitely can’t wait to put ideas into practice. But when it comes to production, you still have several options to choose from. And as a startup company, you want to carefully consider your jewelry production methods based on your jewelry types and your brand positioning.
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Handcrafted Jewelry production
Are you a jewelry design enthusiast? Is that the reason behind your decision to start your own jewelry business? Then you may consider handcrafting fine jewelry. But it requires high skills:
- Basic Design Skills
- Metalworking
- Wire Wrapping
- Beading
- Stringing
- Metal Clay Techniques
- Stone Setting
- Polishing and Finishing
- Jewelry Repair
- Safety and Tool Handling
If you are dedicated to crafting one-of-a-kind fine jewelry, you may consider online courses or being apprenticed to skilled jewelers.
Handmade Jewelry production
If you feel intimidated about jewelry making, or you simply don’t want to invest more time in design, then you could choose handmade fashion/costume jewelry that doesn’t need extra traning. You even don’t need special equipment but hand tools to assemble existing pieces.
Compared with handcrafted jewelry production, It is more scalable as you can buy components in bulk and hire staff responsible for assembly.
Outsource Jewelry Manufacturing
If you’re a good designer but don’t want to be bothered with jewelry making, you can still start your jewelry business by outsourcing the production. This option is cost-effective and ideal for manufacturing fashion jewelry in bulk.
Want to find the Best Private Label Jewelry Manufacturers? At Yehwang, we offer private label service that can meet diverse needs:
- Our special pre-order categories offer you jewelry and packaging without Yehwang logo.
- If you want to personalize products a little bit, we can produce jewelry with your own logo and packaging.
- If you have your own design, we are more than happy to serve you as well. And we will start production only after your approval to the samples.
Contact Your Jewelry Manufacturer
The last option is to connect with an established jewelry manufacturer that is able to skyrocket your business. It is suitable for small business, as those wholesalers are able to offer you one-stop solution. But an unreliable wholesaler could break your business. So you want to make sure the manufacturer has a track record of delivering premium jewelry at a competitive price point.
Founded in 2002, Yehwang has grown into one of the largest wholesaler in Netherlands. With both local and international locations, today Yehwang has grown into a major player in the jewelry wholesale industry. From trendy jewelry, fashion accessories to DIY supplies, we add at least 1,000 new products for you to choose. Sign up to membership, and you will enjoy 15% new member. And feel free to check our website, we offer daily deals, monthly promotions, and season sales regularly.
Building an Online Presence
If you’ve reached this point, then congratulations. It’s time to build your online presence. In the digital age, having an online presence is crucial, as it’s more efficient to promote products and interact with potential customers online than just having a physical store.
Sell on Your Chosen Platform
When it comes to platforms, there are many choices available, but each of them has their own features and you need to make decisions based on the your brand positioning:
- E-commerce website
Building up a standalone website is something you never want to miss. With your own website, you can create a unique identity for your business, which is beneficial for brand recognition. Further, An e-commerce website enables you to have direct relationship with your customers. And you have access to customer data which is crucial for personalized marketing and repeat business.
Despite all these great benefits, e-commerce websites require higher skills than running business on platforms like amazon. You need to be familiar with web development & design, user experience, digital marketing and content creation. But the good news is that nowadays, there are many beginner-friendly website builders. You can quickly set up a Shopify/Squarespace store with many awesome themes. WordPress with Woocommerce plugin is a good choice as well. Without any knowledge of html, css and javascript, you can still build a beautiful and seo-friendly website with some drags and drops.
Last but not least, standalone websites typically charge you less than those large platforms. They tend to have less transaction fees, and all you need to do is buying a domain name and a hosted server which don’t cost you much.
- Amazon
This platform is so popular that almost everyone uses it. So it is suitable for general products but not luxurious one. Fashion/ costume jewelry performs better than fine jewelry on the platform. But it’s good know that today it has launched Amazon Handmade, which is a good alternative to Etsy.
Compared with building up your own websites, it’s relatively easy to start a business on Amazon. All you need to do is to register as seller on Amazon and choosing professional or individual selling plan. Then create compelling product listings for every jewelry items and set competitive prices.
Despite easier operation, you don’t have as much control as your own websites and the cost is higher. The common fees on amazon include subscription fees, referral fees, fulfillment fees, storage fees and amazon advertising fees.
- Etsy
Etsy is an e-commerce platform known for its handmade, vintage and unique products. This platform is an ideal choice for luxury and handmade jewelry, as it connects to buyers seeking unique, handcrafted treasures.
Don’t skimp on photography
Taking appealing and professional photos are crucial for your business success, so don’t skimp on it. Some small sellers tend to rely on stock images or take some poor-quality photos. Yet the best practice is to take photography seriously.
If you prefer to use smartphones, they make sure you choose one with 4k-quality cameras. With appropriate lightning set, you need to shoot photos from different angles on a clean background.
If you have sufficient budget, you may want to hire models who could bring you natural lifestyle photos which is great for package sales. On top of that, with the combination of product photos and lifestyle photos, these shots can work better on product pages or in a lookbook.
Marketing is Key for Promoting Your Brand
For jewelry business, social media is your best friend for promoting products and creating brand image. Popular platforms include Instagram, Pinterest, TikTok, Youtube and Facebook, etc. Among them, Instagram is one of the best platforms for visual content, making it ideal for showcasing jewelry through high-quality images and videos. And Pinterest us also a good choice for visual platform. Create boards and pins on Pinterest and you will get your jewelry well displayed and attract potential customers.
Related Posts:
- How to Sell Jewelry on Instagram
- How to Buy Jewelry Wholesale and Sell Retail
- How to Start a Jewelry Line With No Experience
Remember to reach out to influencers, as it is an effective strategy to promote your jewelry business, especially on social media platforms. But finding appropriate influencers is not an easy task. You need to identify relevant influencers whose content should aligns with your jewelry brand and target audience. And they should have a significant number of followers as well. Keep track of their posts and engagement with audience, then consider a long-term relationship.
Last but not least, SEO is something worth for investment. A lot of jewelry websites have seen the success with search engine optimization. And the organic traffic it brings is free and sustainable. Try to optimize the keywords on your category pages and craft high quality jewelry blogs. Stick to it, and your website traffic will not let you down in the end.
Wrap Up
Thank your for sticking with me. As what we’ve covered, starting a jewelry business from home is not something intimidating. Through this step-by-step guide, you’ve have an idea about your business success: Scientific market research, efficient and cost-effective jewelry production, appropriate platforms and professional digital marketing strategies. Now let’s start our jewerly business journey.
