The jewelry industry has always been a lucrative venture. At any one point in time, there has always been a demand for jewelry. Investing in such a business, therefore, may end up being the best move for you, and probably even the future of your family.
You could invest in a jewelry business of your own or by buying investment jewelry. Either way, even with the high competition in the industry, there is still room to make a profit, that is if you play your cards right. That is why we have come up with steps to take when investing in a new jewelry business. We have also listed useful tips when it comes to purchasing investment jewelry.
Steps on How to Start A Jewelry Business.
If you’re creative with the knack for creating beautiful jewelry pieces then starting a business of your own in the industry. As mentioned, the jewelry industry is very profitable even with the high competition. You just need to know how to stand out from the rest. Of course, have some knowledge about running a business will help.
Most importantly, however, you can think out of the box and meet the demand. The following are some steps to guide you on how to successfully establish your jewelry business:
Step 1: Do Your Research.
Before investing or venturing into anything, you need to arm yourself with enough knowledge. That way you will not be blind-sided. For that reason, begin by doing your homework regarding the jewelry business. Look at the current market, what is the demand like. What profits are jewelry store owners reporting, especially those around you? Compare the prices and types of pieces of jewelry being sold, as well as the current trends in the market. Talk to experts in the field. People who’ve been in the business for a long time and have experience.
The whole point of research is to study the market, understand what the consumers need. Understand what works or doesn’t work in the market as well as what competitors are doing. It also helps understand the process of production to selling the final product. You can also check for gaps in the market and find your niche based on it. It’s a great way of gauging your success and the possible risks before getting started.
Step 2: Choose a Niche and Define It Clearly
Once you’ve understood the industry and identified the market gaps, choose a niche for yourself. While it is possible to be a jack of all trades it is better to be a master of one or two. That way you can focus easily and be more creative and innovative.
To decide on a niche, you need to answer a question like what style of jewelry you’ll focus on, fine or fashion jewelry? Will they be hand-made or outsourced? Where will you operate from, online or a physical store? Who are your target consumers? All of these questions will help you have a clearer idea of what the purpose of your jewelry business is and what you want to achieve from the business.
It helps when you write all this information down by creating a simple business plan. It helps you organize your thoughts and come up with your business goals and mission statements. This plan is what will guide you even later on in the business as it grows, so you never lose sight of what your vision was.
Step 3: Come Up with A Budget for Your Business.
Including your budget in your business plan will help you determine how much you need for your business. You can start with start-up costs, by listing down the initials items like jewelry tools and other materials you’ll need to start.
Within the budget also do a forecast of how your money will flow after it is taken off the ground. Look at the expenses you’ll need to pay for on a monthly, maybe quarterly, or even yearly basis. These are things like rent if you have a physical store, insurance, salaries if you have employees. Operating fees like licensing are also important to keep in mind. That way when you calculate your profit, you’ll be more accurate and you’ll be able to determine whether it’s worth the risk
As you create the budget, make an allowance of at least three months where you assume no profit. This is because every business takes time to pick up. It’s better to prepare for it in advance. Also ensure that you separate your bank account from your business account, that way there are no mix-ups in your spending.
Step 4: Select a Creative Name for Your Business and Legalize It.
The name you pick should be creative and catchy to attract customers to it. At the same time, it should reflect what your business is about, so the clients aren’t left wondering. Once you’ve settled on the appropriate name, begin the process of registering and legalizing your business.
Ensure you’ve gone through all the proper channels and fulfilled all legal requirements. You wouldn’t want a situation where you are caught in a legal conundrum because you don’t have the rights permits to operate a business.
Step 5: Gather Resources and Capital.
Once your business has been cleared to legally operating, you can start soliciting capital to open up your business.
This is where the budget to make comes in handy. You can choose to use your savings to start you off.
If you require a large amount of money, think of asking family and friends to either be investors or well-wishers.
You can also approach other business people to be investors in your business or partners. Never, however, start a business on a loan.
Step 6: Select Your Suppliers and Start Selling Your Jewelry.
After receiving adequate funding it is time to look for reputable suppliers for raw material if you’ll be making your jewelry. If you’ll be outsourcing look for reputable and trustworthy manufacturers. As you sign contracts with them, be sure to read the fine prints and also have a trusted lawyer go through the document.
Once it’s all settled, you can start marketing and selling your product.
Step 7: Build Your Brand and An Online Presence.
At the end of the day, your clients don’t just care about the quality of your product. They also care about your image as a business. That is what is your brand, what do you stand for and what is your story.
Such things help you connect and identify with your clientele, helping you build trust and loyalty. One of the basics of a brand is having a logo that symbolizes what your business is about. Also, ensure that the brand is in line with your business’s mission statement and goals. Any discrepancies will lead to a loss of trust.
As you build your brand, also create an online presence. Given the virtual route, the world is taking almost all businesses are creating online platforms, if not fully migrating there altogether.
Having an online presence helps you reach more of your target clients faster and easier. It also creates a sense of transparency and authenticity that increases your clients’ trust in you.
Step 8: Be Patient.
Nothing good ever comes in a day, it takes time and effort. That is why you need to be patient with your business and especially with yourself. Don’t expect to see major results and profits within the first month or even two. Be prepared, however, for anything.
Full Proof Tips on Buying Investment Jewelry.
Being an entrepreneur and owning your own business is not something we’re all cut out for. Luckily that is not the only way you can invest your money in jewelry. Fine jewelry is especially, considered highly valuable. It is made using special metals and stones that rarely ever depreciate. For these reasons, it’s a great idea to invest in buying such jewelry and end up making a profit when you decide to resell after some time. Be careful however about what type of jewelry you buy and where you buy it. The following are some useful tips that could help set you on the rights paths:
- Do your research always. Before you decide to invest in jewelry, do thorough research. Find out about the best jewelry to invest in and why. The trends on investing in jewelry as well, in terms of what’s more valuable, which jewelry has been appreciating, and so on. It will give you a better idea of what exactly you want to invest in.
- Consult jewelry experts. Professionals would be in a better position to guide you on the best investment jewelry to purchase. They have information regarding their value, market, and quality. What’s more, it’s a great idea to establish a connection with them, since they may end up buying the jewelry from you when you’re ready.
- Buy investment jewelry from trusted online platforms. Not only do they have strict regulations that protect your interest as a buyer, but they also cut the cost incurred by numerous middlemen. Through online platforms, you get to buy jewelry directly from the wholesaler or manufacturer. What’s more, is, the setup of these platforms allows you to easily compare prices from different prospects before making a choice.
- Try an auction or pawn shop. It may seem weird to look for fair-priced high-value jewelry in a pawn shop or auction. You may, however, be lucky to find a hidden gem like an old highly valuable vintage piece. You however require a lot of experience and knowledge about jewelry to avoid being duped.
- You can never go wrong with vintage pieces. Old designs keep coming up when it comes to current trends. Therefore, there will always be a market for them. They are also well made with attention to detail.
- Pick jewelry pieces that have a lasting impression. When people buy jewelry, it is not just about the cost and quality. A big reason is an appeal. You want to pick attractive pieces that will still be favored no matter how much time passes.
- Loose diamonds are a safe option. You can buy them fairly at a wholesale price and later sell them at a retail price for a handsome profit. The beauty about these diamonds is that they rarely ever depreciate. So, you can be sure you won’t suffer a loss.
- Precious metals like gold are a great investment. Gold has a high value that is never affected by issues like inflation. Its value is almost always appreciating with time. Asians tend to buying expensive gold jewelry and keeping them for financial security. What’s more gold pieces are something you can enjoy wearing even if you don’t sell it.
- Colored diamonds. A lot of people today want to stand out when it comes to jewelry. Colored diamonds are a great way of adding color to an outfit. They are therefore high in demand. Emeralds especially are timeless pieces that never go out of style. They’re favored for complimenting almost any skin tone. So, you can be sure there will always be a market.
- Inure and safeguard your investment. Unlike other jewelry collections you may have, your investment jewelry is highly valuable and meant to bring you a profit. That doesn’t mean they aren’t prone to theft or damage from natural disasters like fire or flood. It is therefore important to keep your jewelry safe, and if possible, take out an insurance policy that will protect you from loss.
While it may seem scary to start a business or a big risk to spend so much investing in jewelry, some benefits come from it. It may end up being the best decision you made that secures both you and your loved ones’ futures. Investment jewelry is especially great financial security for the rainy days. Those moments where either you or your family members urgently require cash. At the end of the day, investing in jewelry is worth the risk, if done smartly.
Tiger is a fashion&jewelry lover. He is also a fashion jewelry manufacturer that help thousands of small business to grow and also do business with some big fashion jewelry brands. He is a truly metal expert and he will share some information you are looking for.