Some people are born with creativity running in their veins. They can fashion something special out of even the most seemingly inconsequential things. They can make something beautiful from stuff others might deem ordinary or even ugly.
Meeting such a person, it’s easy to conclude that they’ll have a bright future ahead of them, given their ingenuity. However, it also holds water that not all creative individuals get to maximize their innate talent and skill for financial gain. That’s because they lack business acumen.
Now, if you’re a creative person with business acumen to boot, you’ve hit the jackpot. That’s just the exact recipe for entrepreneurial success. For example, you may venture into a jewelry business. If that idea strikes your fancy, here’s how to get started.
Research the market
Knowing the ins and outs of the market will allow you to assess whether you’re ready and able to compete. You’ll aptly gauge if there’s something in it for you. So, do not skip this step.
Here are statistics that should guide you.
- By 2025, the jewelry market is expected to balloon into a $292 billion industry. Large markets ready for tapping include Europe, China, and the United States.
- Specialty jewelry accounts for 43% of the total US-based sales.
- In terms of e-commerce sales, fashion jewelry exceeds fine jewelry by 10%.
These stats will help you to aptly locate where to start your entrepreneurial endeavor. For example, if you wish to zero in on e-commerce, then you are likely to succeed with fashion jewelry.
Choose between fine and fashion
The type of jewelry you dish out should ideally rely on your proclivities. While it’s previously mentioned that fashion jewelry commands e-commerce sales better than fine jewelry, if the latter’s more your cup of tea, then it’s wiser to focus on that.
For your reference, here’s what differentiates fashion and fine jewelry.
- Fine jewelry
– Made with precious and semi-precious gems and metals
– More expensive
– Focuses on craftsmanship
– For luxury clients, not mass-produced
- Fashion jewelry
– Made of inexpensive materials (i.e. beads, plastic, plated metal)
Here, it’s also crucial to pinpoint the market that’s realistic for you. If you don’t have access to high spenders, it might be better to choose fashion jewelry. On the other hand, if you decide to buy a vintage watch to resell, you better have ready clients to tap. Or else your capital might go stagnant for longer than what is wise for a business.
Come up with a business model
No matter how small your project is, you need to write a business model. Consider it the blueprint of your entrepreneurial pursuit. It will guide all decisions and choices you’ll eventually make concerning your, cross your fingers, jewelry empire.
A business model will specify budget, manpower, and product details. Here, you lay out marketing plans, as well. Clearly outline your target customer. It won’t hurt if you come up with realistic mission and vision statements, too.
Check with relevant government offices for permit and licensing requirements. There’s no getting around these even if you plan to run your business from home. You will also need to be tax compliant, so furnish essential documents to your local tax office.
Be mindful of the business name you choose. It has to have a recall. And it’s in your best interest to come up with a unique name that won’t confuse you with another business.
As for the type of business entity, you’ll likely register as a sole proprietor or partnership. Know the legal details of those categories.
Source out materials from reliable vendors. Check with both online and offline suppliers. Make sure to order just enough supplies for your initial run.
If you’re starting really small, you might not need additional labor from the get-go. However, if you’re producing a relatively large quantity you can’t pull off yourself, hire extra pairs of hands. Train your workers, so their output aligns with your desired quality.
Market and sell
Maximize social media to send your brand message across to your target audience. Design a website that captures what your brand is about, too. Choose an e-commerce platform you can trust. It’s crucial that with each order you receive, you can deliver exactly what you promised.
A jewelry business, just like any kind of business, begins with an airtight business model. If you wish to get serious with the plan, that’s the necessary foundation you can’t do without. Also, it’s important to continue learning and exploring. You can’t be complacent with what you already know. The same way that you can’t rest on your laurels after you’ve created pieces that made a mark in the jewelry market.
To zero in on business growth, you need to consistently dish out something new and interesting. You must keep your captive audience, well, captive. That way, they’ll have no opportunity to look elsewhere. Your brand will remain the apple of their eye through and through.