The market for jewelry businesses is indeed highly competitive. However, you can start a permanent jewelry business independently with concrete market research, an accurate business plan, and good product development. This guides all current and future jewelry designers and soon-to-be entrepreneurs to start a permanent jewelry business and put their artistic pieces out there.
First things first
Whether you have a natural-born jewelry-making skill or are still starting from scratch, I suggest that you register for a professional well-reputed training program on jewelry making. In a field highly related to fashion and keeping up with the trends, you would always want to keep up to date with all the latest materials, designs, and tools. Also, I encourage you to continue learning and knowing more about the skill to ensure the permanency and sustainability of your business.
Head to the field before you start a permanent jewelry business
Two steps we need to begin with together or simultaneously:
- Find and study your niche
- Study the market
1. Find and study your niche
You can’t be everyone’s favorite.
You get yourself answers to these:
Who do you want to wear your jewelry?
Who will be your primary customers waiting for your new collection?
Following this, I’d like for you to understand your niche more. Could you ask your potential customers about their buying habits for jewelry and their taste? You can send out online surveys to make this easier. Please understand what your audience considers valuable. Also, you have to know which jewelry pieces they love to own. You save yourself a lot of money, time, and effort when you offer through your business what your target is exactly looking for.
2. Study the market
Once you know who will buy your jewelry pieces, you thoroughly study the market you are getting into.
As mentioned earlier, the jewelry-making business is highly competitive with many well-known brands. The critical step to differentiate your artistic jewelry pieces is knowing what is already there to avoid repetition.
You will also need to screen the market for your suppliers and decide who will provide you with your production materials. Please visit your potential suppliers and invite them over for a drink. They will be your best source to understand the critical need to know about what’s there in the market, the best sellers, and top-demand supplies.
Product Development: Your collection for a permanent jewelry business
With your market and target studies, you start conceptualizing and creating your brand identity and the pieces you want to release. To remind you, you have already acquired good training to develop perfect trendy pieces that stand out.
The following steps can help you in developing your product:
- Define the main category of your jewelry products.
For example, earrings, bracelets, rings, necklaces.. etc.
- Define the number of Stock Keeping Units (SKUs): the different products within the same category.
For example, the nose-piercing earrings within the earrings category
- Define the designs in each sub-category of your SKUs.
For example, the different designs for each nose-piercing earring
- Decide the specific theme of your artistic products
For example, vintage, antique, etc.
You also need to define the materials and tools you will use to create the above products with the highest quality.
By doing this, you will be better able to price your jewelry pieces according to all the work you have completed above. Remember, add the average profit margin for your jewelry business, and do not price very high at your brand launch.
When you decide on a specific theme with related products, you start visualizing your brand name, motto, and logo.
According to the Entrepreneur Encyclopedia,
Your brand is your promise to your customer. It tells them what they can expect from your products and services and differentiates your offering from your competitors. Your brand is derived from who you are, who you want to be, and who people perceive you to be.
To put it differently, branding is more than just a logo. People would want to hear your brand story and your added value proposition. They would also love to see your strong brand identity.
The coming section will give you a more robust idea of how to do that.
Marketing Plan: Let’s tell the world about your jewelry business.
It would be best if you established both an online and offline presence for your jewelry products to be promoted and sold.
Two things to consider, especially if you are depending on an online store in your marketing:
You don’t have to think extravagant and expensive at your brand launch. You can use simple packaging ideas that tell your brand story and catch the eyes of your customers. A customized message to your customers when sending them their new jewelry pieces is always good publicity.
Using your smartphone camera with some editing applications can do the photography job well. You can also ask one of your friends to model your products while you take some excellent pictures.
Keep track of the events!
Renting a table in bazaars and flea markets is an excellent way to tell potential customers about your brand and jewelry pieces. All you need to do is keep track of the holiday seasons, such as Mother’s day, Christmas, Valentine, and others.
Do you want your jewelry business to be permanent?
Collect, analyze, learn, and repeat.
Sorry, I am repeating this, but I need to confirm that you must keep learning and watching out for new trends, materials, and tools related to jewelry if you want to stay in business.
I’d like you to look at how your business is going. You check your history for orders and learn the trends in purchasing. Always ask for feedback from your customers to know what they love the most about your pieces.
After you collect feedback about your pieces, you repeat the above steps for every collection you release to the market.
That was our guide on how to start a permanent jewelry business- Final thoughts
We have shared some essential guidelines to start a business in jewelry. Following the right strategies in targeting, researching the market, developing your jewelry designs, and marketing for your brand will get you started in the business.
Since many consider the first step to be creating a business plan, we constantly create what we call real-content templates to help you get started. Check them out; you might find a ready-to-use business plan.
Finally, if you’re out of time and would like a consultant to help you plan this, here’s a detailed gig from one of our freelancers. I highly recommend it.
If you’re looking for an investor, I understand the hassle. Researching who might invest in your startup could take a crazy amount of time to find a proper investor email list. Here’s a sheet that I used a short while ago. Hopefully, it would benefit you. Investor List (Downloadable) Before downloading or using this sheet,…
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Meet The Author Of This Article
I’m Jenny Ayman, a project manager in the development field with specific knowledge and experience in capacity building and entrepreneurship programs. I aspire to transfer the hands-on experience I gain in my professional career through writing.
Also, if you need help planning your business, I recommend checking out some of our freelancer’s business plans or pitch decks!