Are you considering turning your passion for jewelry-making into a career? Becoming a jeweler is a career path taken by few, but enjoyed by many who have a passion for jewelry.
Jewelry is a very popular and exquisite item that can be given away or used as a personal gift. This creates a huge market, but also creates a lot of competition. If you want your career as a jeweler to be noticed, you will need to put in a lot of work.
Chances of rapid growth in the jewelry business are high. The total US sales of fine jewelry increased by 6% to $61.9 billion in 2017. Fine watches sales rose by 5.8% to $61.9 billion. In this time, total jewelry sales increased by 2.4%.
Don’t let the idea of competing and starting your own business overwhelm you. We have listed the top 10 most important tips to start a successful jewelry business.
10 Essential Tips to Help you Start a Jewelry Business
1. Write Down Your Mission Statement and Business Goals
Mission Statement! It might sound like a waste, but it’s not. Your mission statement should be a description of the purpose of your business, what is important to you and what compromises you are willing to make. Before you start your business, decide what your priorities are and write them down in a few sentences.
Pay attention to these points when writing your business plan:
- Identify your target market. This will improve your marketing and jewelry design choices.
- Can you create jewelry that is unique and stands out from the rest? This will allow you to create your own niche.
- Determine how much you want to make from your jewelry business.
2. Get a Cash Flow Forecast for Your Jewelry Designs
It is important to forecast how much money you will need to keep your business running smoothly for the next few months. This forecast will remind you that you must save money and not overspend. Many businesses fail because they don't have enough cash to buy raw materials or pay the employees.
Identify the areas that are most at risk and make a plan to address them. Cash flow is a key tip to consider when starting a business.
3. Register a Creative Name for Your Business
You should be looking for a name that will reflect your creativity, style and attract the attention of potential customers. Look up the proper procedures for registering a business in your state, and make sure you follow them so you don’t have any legal problems in the future.
These are the most important things to remember when you register a business name.
- Be sure to choose a name that is related to industry terms that your customers might already know.
- Choose a name that is not already taken by someone else.
- Names should convey your brand message effectively to your target audience.
4. Design a Logo for Your Jewelry Brand
A memorable custom Logo must be created for your jewelry business. Your jewelry company's unique products will be represented by this logo and your customers will recognize your company by it as well. Logo design helps businesses establish their own brand identity.
To ensure that your logo appeals to your target audience, it is important that you first understand your customer. A logo for a teenage girl costume jewelry line would look very different to a logo for expensive or high-end jewelry.
5. Online Marketing for Your Business
Do you want to sell your jewelry online? If so, you should create a website with reputable web hosting that showcases your jewelry designs as well as information about your company.
Start selling jewelry to customers around the globe by creating an online presence for your jewelry business. Register with local online business directories or platforms like Google Places to set up your own website. Shop on Etsy or eBay to learn more about selling your jewelry online.
These are the top ways to market your company online.
- Create a blog that is memorable
- To reach a larger audience, you can create video tutorials on YouTube
- Social Media Marketing Strategies to Turn Potential Buyers into Actual Customers
- Search Engine Optimization (SEO)
- Referral and Content Marketing
6. Do Your Market Research
If you want your jewelry business to succeed, market research is another important step. It has many uses, such as being used to learn about your competitors.
Market research involves a few things that you should keep an eye on.
- Explore the market
- Knowing what your customer wants is key
- Identifying your client's needs and wants. This involves identifying what is lacking and providing it.
7. Ask for Assistance from Your Local Chamber of Commerce
To avoid legal issues and penalties, it is important that your business be registered. When you are ready to open your own jewelry business you need to register it and get a tax ID number.
People who are interested in starting their own business can get free advice from local economic development agencies. You can also get help with accounting and costs when you start a jewelry business.
8. Use Social Media Effectively
Everyone has a social media account these days. That is why it is imperative to create social media accounts and get your business noticed on various social media platforms.
Because the jewelry industry relies on showing a large variety of jewelry items, Instagram and Pinterest are image-based social media channels. You need to be aware of these things:
- Post regular images of your jewelry pieces
- Regularly post your blog on social media channels
- Always include links to your products on your Etsy, ArtFire, and other online shops.
9. Do What you Love
You should ensure that every piece of jewelry you make is unique to your competitors because the market is so saturated. You must make your jewelry stand out from the rest.
It is important to be creative in creating jewelry pieces from your heart. You may be working long hours, so prepare and set expectations for your employees to be involved in your business.
10. Be Patient with Yourself
Building a successful business takes time. Make sure you know the basics like knowing the differences between diamond rings and moissanite rings in order to be successful. You cannot expect to be a success overnight after opening your jewelry shop. You may not see success immediately. Be patient! It's okay to have high expectations. However, you must be realistic.