Are you a jewelry consumer or a jewelry business owner? If you’re in the jewelry business, it might be time to set up shop in a new location. Because if you’re like most people, you probably have at least one piece of nice jewelry in your possession right now that you’d love to make more of. But where to start? How do you get started as a new jeweler without being exposed to the same competition as your friends and family members who have been doing this for years? The good news is that starting your own jewelry business doesn’t have to be difficult or expensive. All you need is a little bit of know-how and some ingenuity. And luckily for beginning jewelers out there, there are plenty of resources available to help get your business off the ground successfully. If you follow these few easy steps, starting a new jewelry business could come fairly easily.
The global jewelry market size was USD 330.0 billion in 2019 and is projected to reach USD 266.53 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period.
Define your core product and services
In order to have a successful business, you need to clearly define what you make and what it does. Where do you start? The first thing you’ll want to do is list the main features and benefits of your product/services. For example, if your product is fine jewelry, you’ll want to list out everything that makes your pieces special. Then, when you’re ready, you can start looking for clients and begin to market your services.
Set up an online store
Many people think that setting up an online store is difficult or expensive, but it’s actually not that difficult. In fact, it can be done more cheaply and easier than in-house manufacturing. You can either use an online store builder or you can use Shopify. Both of these ecommerce platforms are easy to use and allow you to set up a fully functional online store in just a few minutes. Once you’ve set up your store, it’ll be easier to grow your business because there’s no middleman involved. You can outsource almost everything else, and hosting your store on Shopify makes it even easier.
Find a location that’s easy to rent
When you’re choosing a location for your new business, you should take into account the space available and the equipment needed to set up a jewelry business. Ideally, you want the space to be able to comfortably store your inventory. You’ll also want an exit door in case of fire or other emergencies. Now, when it comes to finding a location, you probably already know which area of town is charming enough to be your new hometown. But in case you’re looking for something different, here are a few tips: Shop around: If you’re not actively searching for a new location, you’re probably not finding the best deal on the deals. The closer you are to where you’d like to be located, the easier it will be to find a good deal. In fact, you might be surprised how difficult it is to find a deal close to where you actually are. Carefully research your location: If you’re unfamiliar with a particular area, you might want to look into moving to a different town or city. Many cities have amazing attractions and museums that are only accessible to the people who live there.
Set up a website
After you’ve found a location, it’s time to set up your website. This is how most people find your shop and decide to buy from you. You’ll want to make your website easy to navigate and attractive to visitors. You can either use the same domain for both your physical and virtual store, or you can use a new domain for your virtual business. When you have your physical and virtual store set up, you’ll want to start advertising your services on various social media websites, as well as in your local newspaper. You can also consider partnering with other local businesses to increase your reach even more.
Take the plunge and start making sales
Now that you have a location chosen and an online store set up, it’s time to get started making sales. The best way to start selling is to advertise your services as much as possible. As your business grows, it’ll be less and less of a challenge to find new clients. The thing to remember about getting started as a new jeweler is to focus on building your customer base. Depending on where you are in your career, you might have customers who are your peers or customers who are much more senior in their fields. Once you’ve gained some experience under your belt, you can start looking for new projects and clients.
The final words
At the end of the day, starting a new business is an exciting and nerve-wracking experience. The more experienced you are at running a business, however, the less scary it will be. Now, with a few simple tips, you can get your finger on the pulse of the jewelry market and start building a profitable business. At the end of the day, starting a new jewelry business doesn’t have to be hard or expensive. All you need is a little bit of know-how and some ingenuity.