Diamonds and Jewelry have always been on demand throughout mankind’s existence. Even in the ancient times, both men and women wants to have their own jewelry at hand; treating them as treasures and passing it from one generation to the next.
Jewel enthusiasts not only grab for the beautiful jewels on sale; but due to their great interest, most of them have developed enough skills to create and design their own jewelry. They do this as a hobby during their free time. But come to think of it, you can actually turn this hobby into a Jewelry Business. Starting a jewelry business is both simple and complex at times. It will test you not only with your handicraft skills but with your selling and marketing skills as well. To help you in planning and setting-up your business, I have listed here a few things to consider when setting up your own jewelry store.
Starting a Business | Startup Cost
The capital is the most important factor when starting a business whether it is a jewelry, food, or a clothing business. Without capital your business will not get off the ground. 2,000 up to 10,000 USD are all it takes to set-up your business. Most of these will go to your equipment and materials since you can always create your items at home. Paying rent for the store may not be needed as there are opportunities on the internet where you can sell your precious jewelry.
Starting a Business | Operation
Being a jewel enthusiast, I’m sure you are already familiar with different types of stone and metals used in jewelry. Nonetheless, it wouldn’t hurt if you research and study more about the items that you will be selling.
Through studying and research, you will be able to develop your talent and skills in designing jewelry and accessories. It will also help you with your marketing strategy and customer service.
Another advantage of studying this type of industry is you’ll be able to learn different suppliers and be able to differentiate which of them offer quality service and which is offering quality materials for lesser value.
You might also want to think about the hours you’ll spend on this new venture. You can also run your new jewelry business full-time or if you prefer, part-time.
Starting a Business | Materials and Equipment
Materials and Equipment should also be taken into consideration. Decide what type of jewelry you will be making as this will affect the equipment you’re going to buy for your little business. Beadwork, leather work, and goldsmithing are different processes and all three use different sets of tools. Make sure you get the right tool for your specific craft and keep an inventory of your tools.
Starting a Business | Market
The most important part of any business is your customer. Thorough market research will assist you in determining what kind of jewelry is in demand at present.
In considering the market, you must also consider developing your own market strategy to lure consumers to check your products. A great way to market your jewelry is to take fabulous photo’s for your portfolio and show it to prospective clients.
Therese Shaw is a small business entrepreneur who also writes in her spare time. She has also done work freelance writing for Brillance.com, a trusted source for wholesale diamonds.