They say that you are never fully dressed without jewelry.
Jewelry is a billion-dollar industry and you could get a small share of the pie by starting your own jewelry line.
According to Capital Counselor, the online jewelry market is expected to reach $19.88 billion by 2024!
If you are passionate about creating jewelry and want to turn it into a profitable business, you are in the right place!
Starting a jewelry business would be one of the most effective ways to get some cash flowing into your bank account!
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Is it a profitable business?
It is very profitable right now and the industry is saturated as well. But that applies to every field right?!
Even Instagram is saturated with lots of established creators. On the other hand, new creators are getting viral every week on the reels.
So, make sure to add a unique angle to your jewelry: something the other stores lack at. Do proper research and case study to figure out what you want to do.
What skills do you need?
Apart from knowing how to sell, the costume jewelry business does not require any special skills.
Because you are not making that jewelry yourself. You can simply buy it from a vendor and sell it at a higher rate.
Here are some amazing tips to get your business off the ground.
1. Make a Plan
You really need to think about what kind of jewelry are you going to sell.
Think about if you want to sell online or in the local stores.
– What are your goals?
– Are you going to make the jewelry yourself?
– Can people use it on a daily basis? Or, is it just for special occasions like weddings?
– Can older women wear your jewelry? Or, is it just for teenagers?
– Are you selling jewelry for women or men? Or both?!
2. Materials Used To Make Jewelry
It is now time to set up your workspace and gather your supplies together.
You might want to sell gemstone jewelry, pearl jewelry, metal jewelry or ethnic jewelry.
Also, check out Google Trends to identify what’s selling the best in the marketplace.
When you are searching for jewelry material, make sure to stay away from alloy, nickel, brass and copper. Those are some of the metals that will typically rust over time.
Stainless steel and sterling silver are two of the most reliable materials to use.
You can also use materials like pearls and beads.
3. Branding and Visual Identity
Start thinking about a name for your jewelry business.
The name should be easy to spell- something that people should understand in the first go!
With Canva Pro, you will be able to create a professional-looking logo for your business. Think about the fonts and the colors that you are going to use.
4. Find a Wholesaler
Not a creative person? No problem! You can find a vendor to make the jewelry for you!
Just google it! Type “jewelry supplier” or “jewelry manufacturer” and you will find tons of vendors. You need to do a lot of trial and error to figure out which vendor works the best for you in terms of quality and quantity.
Alibaba is another great platform for finding a vendor. Just go in the search bar and type in what you want and they will provide you with a list of vendors.
Want to make your own jewelry?
If you want to make your own jewelry, consider checking out Fire Mountain Gems to get your store supplies. You can find hand tools, beads, gems and other things that are needed to make jewelry.
5. Organize Your Finances:
Open a separate bank account for your business. It will make your accounting easier and will help you to protect your identity as well.
Investing in an online software like Freshbooks will make your life a lot easier when it comes to bookkeeping.
6. Packaging:
Packaging is very important because it creates a lasting impression on customers.
If your packaging is nice, it will make people come and buy from you again.
Design your business cards on Canva and use Vistaprint to make your creation come to life.
You can get customized packaging boxes from vendors on Alibaba. Talk with the vendors, tell them what you want the designs to look like. They can even make 3D mockups of the packages.
7. Pricing: How Much Should You Charge?
You might be surprised to know that people tend to pay higher prices for jewelry.
It is crazy how people think!
People will raise eyebrows if you sell a stunning necklace for $15 (even if you are making a good profit)!
8. Market Your Business
Promote your products!
Many of my friends are good at making jewelry. They continuously upload stunning handmade jewelry on their Whatsapp status for other people to see and buy.
Most of them fail! Why? Because they are not implementing marketing strategies! If your targeted audience is not able to see your products, how will they purchase them?!
Instagram is one of the best platforms to market your brand.
Set up a business account on Instagram, grow your followers and engage with your audience. You can find tons of potential customers on Instagram.
Use Instagram stories to find out what products your audience is interested in and launch the products accordingly.
You want to have some good photography skills to market your brand on Instagram. Fill your Instagram account full of aesthetic images of the products you want to sell. Use a professional camera if needed.
Pinterest is another great platform to make sales.
Consider running Facebook ads to take your business to the next level.
Bonus Tips To Succeed:
Here are some tips to help you succeed:
1. Check out your competitors:
Check out your competitors on Instagram.
Find out what are they selling. What do the customers love about them?
What are those brands doing to attract their customers?
2. Share samples with your friends
Give out some products to your friends and ask them for honest reviews.
Ask them how your jewelry is different from the other products they have used.
That way you will know where you stand in the market.
Check out if your jewelry is tarnish-free and water-resistant. Wear your jewelry and test them out.
3. Narrow your niche
Start small. You can always upscale it later on. Figure out if you want to sell costume jewelry or fine jewelry.
Costume jewelry is made up of inexpensive materials like beads, gems, pearls, beaded metal etc. They are made for everyday use by the customers.
Whereas fine jewelry is made of precious metals and is used for special occasions like weddings or festivals.
How To Sell Your Jewelry
The most important thing for your eCommerce business is your website. This is where the customers will decide whether to buy your jewelry or not.
Launch your website with at least 10 products so that the customers have some options to choose from.
Here are some of the best platforms to sell your jewelry.
1. Etsy:
Etsy had around 81.9 million active buyers in 2020. And that number is growing continuously!
Etsy is the go-to place for buying and selling hand-crafted items online. Jewelry is one of the items that sell like hotcakes on Etsy.
2. eBay
eBay is another best place to sell your handmade jewelry.
3. Shopify
Set up an eCommerce website with Shopify. People can land on your website, scroll around, add products to the cart and finally check out.
It is one of the most recommended platforms for eCommerce businesses.
4. Amazon
Sell on Amazon Handmade.
Millions of people shop from Amazon every month. If you are a newbie, Amazon would be the perfect place to make your first sale!
The Bottom Line
Starting a jewelry business comes with a unique set of challenges
I hope this guide will help you to turn your handmade hobby into a full-time business.
