Possessing the courage, money, and time to run a business is not easy. And if you wish to step foot into a growing business, such as the jewelry industry, you’ll find yourself surrounded by innumerable options and competitors.
In 2024, the global jewelry industry is projected to reach a whopping $310.90 billion! As a budding jewelry business owner, there’s a defined process that you must know to make your venture a successful one! So come on, let’s start reading.
Find your niche
The jewelry industry is staggeringly large. If you don’t have a niche or subcategory in mind, it’s time to think of one. You can go for any kind of niche jewelry, starting right from affordable beaded jewelry to pieces made of precious gemstones.
Other than that, you can also choose between minimalist and sleek jewelry pieces or large costume ones. Needless to say, each niche segment in this industry will require different kinds of funding.
For business owners who want to think outside the box, artist-designed pieces made of glass, wood, or even 3D printing can be good options.
Create a budget
No business can be started without having a proper budget in mind. To make the process easier, break down the overall budget into smaller sections according to the timeline.
For example, start with the basic costs that you’ll have to cover, such as tools and equipment, shop rent, shop license and permit costs, and salary for your staff. Next, take stock of the cash that you have and see how much more you’ll need.
Make sure you have a good credit score so that you can obtain sufficient bank loans. If you need additional help, look online for small business budget templates.
Think of your mission and vision
Every company, no matter how big or small, has a mission and vision that facilitates locating and contacting your target market.
Even though your mission and vision statement might seem unnecessary, they’re the key to making your shop successful!
Decide your priorities and list them down. Identify the market gap and your own values. Now, define a mission and vision statement that integrates both.
Know the market
Collect the latest data on the jewelry industry and check which companies or types of jewelry are performing the best.
Read fashion blogs and magazines, follow popular social media influencers, and stay updated on the latest jewelry drops in the market.
To remain up to date with field updates in real-time, you can also use resources like Quora and Google Trends. Also, don’t forget to experiment with the data. Create a mood board with the help of Pinterest and create your own unique pieces.
Get your company registered
This might sound obvious, but before you go through the legal formalities, it’s important to think of a catchy name that your audience will resonate with!
The name and logo should be simple and easy to remember. Once you’ve finalized the name, register it in your local business registration office. You can also buy metal digital business cards to promote your business at events.
However, you must choose your company colors wisely by understanding the psychology that goes behind selecting different colors. In the jewelry industry, the most common colors are gold, silver, beige, and pastel shades.
Separate your personal and professional finances
Many entrepreneurs frequently confuse their personal and professional spheres, particularly when making financial decisions.
For starters, keep two separate bank accounts. This will help you to keep your personal finances safe from business-related legal problems, if any.
Moreover, it will also make the tax filing process smoother. Open a business checking account and ensure that the money debited or credited in this account is only related to your business.
You can also opt for a separate business credit/debit card to cover all kinds of business expenses. This will help you earn different kinds of rewards and discounts.
Get Set Go!
Before anything else, you must first look for a good jewelry manufacturer and a reliable logistics and shipping company. You can also let your customers shop from a third-party supplier through drop shipping.
Further, tie up with shipping companies to deliver your products safely and pay detailed attention to your packaging style.
If all that is in line, it’s time to hit the market and roar finally. All the best!
