Jewellery is a luxury that people all over the world enjoy. It can be a great way to accessorize, perfect for gift-giving and also in some cases, a way of saving or investing. Jewellery also comes in different shapes and sizes as well as with a range of price tags. You may be playing around with the idea of starting a business in this industry. It is one that can be both interesting and lucrative if done the right way. There are numerous steps to take when starting a business in this industry, many which are similar to starting any business. You’re going to find out how you can start a business selling jewellery below.
Decide What You Want to Sell
The first logical step to take when starting a business selling jewellery would be to decide what it is that you want to sell. There are so many different types of jewellery out there, so you would need to narrow it down unless you want to be a jack of all trades. You could focus on engagement rings or decide that you want to sell diamond earrings and bracelets. Also, you’ll need to decide whether they fall into the category of fine, costume, custom or handmade jewellery. If you need a little inspiration, you can look at Australian brands that are excelling in the jewellery industry such as Ryan Storer, Sarah & Sebastian, or Reliquia.
Devise a Strategy
If you want your business to be successful, planning is a necessity. Get a business plan template and begin writing down a detailed description of who your business is, who your target customers are, and how you’re going to reach them. At this stage, you also need to think about how you’re going to design your jewellery or if you’d rather outsource it to a designer if you don’t have the expertise. The production costs, how you’re going to market and distribution channels also need to be well-thought through. By writing a business plan, you’ll be forced to think objectively, understand your market, and secure funding.
Build an E-commerce Site
Whether you intend to have a physical store or not, the reality is that an e-commerce store will expand your reach significantly. International ecommerce means that you can target people all over the world and there are no geographical restrictions on where your products go. This can be intimidating for businesses when they think about the cost implications, logistics, and site management for such a platform. However, it’s possible to do so in a cost-effective and simple way if you resolve to use a platform that gives you multi-channel and multi-country e-commerce that’s tailored to different languages, currencies, and seasonal trends.
Find Out the Rules
Every industry is guided by rules and regulations, so find out what the ones in the jewellery industry are within your area. The last thing you want is to find out you’ve been operating in ways that aren’t lawful and end up getting fined or blacklisted. Don’t forget that you should also register your business and sort out any other back-end items.
When you start a business selling jewellery, you can expect that a significant amount of work and capital will be invested into it. Marketing is also going to be a core need, so making sure you come up with a solid plan as mentioned above is essential. The goal should be to set yourself apart as a brand and sell unforgettable pieces.