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February 6, 2022
The information age has shown us that we don't have to learn critical skills in a physical or virtual classroom. While it cannot be used as a substitute, it provides enough knowledge for newcomers to any field to understand and eventually master a new skill. So starting your jewelry collection with no experience is no exception.
The Basics Learn about the costs and best practices for starting a business. It includes developing a business plan, registering the business, sourcing jewelry or materials and tools to manufacture them, and building the brand before the eventual launch. Let's dive into it.
How much does it cost to start a jewelry line?
The reason jewelry collections are so lucrative is that start-up costs are much lower than one might expect. Depending on whether you specialize in fashion jewelry or fine jewelry, the cost can be around $500 to $1,000 or more, depending on the size you want to start. You can start for less, which makes it ideal for those who want to start a part-time job.
What makes wholesale easier is that many B2B owners do not offer minimum orders, which allows more flexibility with your initial budget. Shenzhen Jewelry Factory has a variety of suppliers who usually have a minimum order of 1 piece, but you can buy as many as you want.
However, that's not what entrepreneurship is all about. This is just stock. This means developing a business budget to know how much you need and keeping track of your spending. Some of the things you need are company registration, business license, tools and equipment, marketing materials, packaging, advertising, delivery costs, wages (if you have employees), and pocket money for day-to-day operations.
Once you're done with your budget, look at funding and hands, and decide how much you need to get your business off the ground. From there, you can access additional funds; there are several methods, find the one that works best for you. Remember, you're better off waiting until you've raised a significant amount of money before starting this process. It prevents a person from getting stuck halfway through, for example, a website or marketing material without a business.
With these financial aspects in mind, one can put some money together and start a jewelry collection. If you've been hesitant, the fact that you need lower initial costs compared to other industries should give you the mild boost you need to start your business. Once you have raised funds, whether immediately or within a few months, consider the following steps to get started.
How to start a jewelry collection without experience
The Internet is flooded with a lot of useful information to help us navigate our world. If you want to learn how to make pizza, you can google it. If you're going to have a radiator repaired, you'll want to look it up too. This article is no exception, as we will provide reasonably practical information to help you get your jewelry collection up and running. A book on startups has much more to offer; consider this a blueprint to guide further research.
Step 1: Come up with a business plan
Before everything else, your business should start on paper. Here you can address everything you need to get up and running smoothly. Here, you ensure that every aspect of your business is covered and allows room to poke holes and make smart changes. Writing a business plan can be intimidating, but the best part is that it doesn't have to be complicated. Think of it as a way of organizing your thoughts. Some handwritten pages are a lot.
Some questions to ask include:
What kind of jewelry do you want to sell?
Which materials do you want to focus on?
Are they handmade or sourced?
How to find the right supplier?
Is the business online or do I have to rent space?
Who is my target market?
How do I fund a business?
What is my marketing plan?
At this stage, you have to investigate what's going on in the industry and how everyone else works. Here, you check what your competitors are doing, both successful and trying to stay afloat. Select some of the top jewelry collections to see their business model. What do they sell and who is their target market? What makes their marketing successful and what tools and materials do they use? Do they have a website, or do they just rely on social media?
You are noticing how others in the industry are moving to help get a broader understanding of how to move forward. Essentially, you don't just go in blindly because there are thousands of thriving businesses. Find articles or case studies highlighting the good and the bad in business operations, especially in the jewelry industry. From it, you can learn from those in the arena, implement effective methods, and avoid pitfalls.
When developing a business plan, there are a lot of things to document that allow you to keep track of your ideas and the direction you want to take. Likewise, make sure the budget is part of the business plan. Even after starting the business, continue to go back to the business plan in both directions and make the necessary changes. The industry moves fast, so you have to keep up.
Step 2: Legalize the business
Whether you're in a brick-and-mortar store or online, at some point, the authorities will catch up with you, especially when it comes to taxes. So the best way is to legalize your business and not run afoul of the law. Regulations for starting a business vary by state and country; search for relevant requirements.
At this point, you have to come up with a creative business name. The name should stand out, but also speak to the type of business you're in. With this, take your time as it's something that lasts as you probably don't want to rebrand later. From there, check your country's business registry to make sure the name isn't taken - you don't want to create branding material just to discover that there is an existing business with the same name.
With a registered business, other companies will be happy to work with you as it is a sign of professionalism. Also, you can get a business bank account and email address number to further build trust in the brand. Check if a domain name with your preferred company name is available and claim it now. Otherwise, you'll have to settle for another name.
Pro tip: The mistake budding entrepreneurs make is not making a distinction between salary and company money. It's critical to keep the two separate so as not to get in the way of companies overspending on non-business-related issues. Likewise, having a business bank account makes accounting and tax filing easier.
Step 3: Know the source of the jewelry
There are two broad categories of people in the jewelry industry; those who source from suppliers and those who make jewelry from scratch. If you want to get items from wholesalers, the next step is to find a reliable company to order from. Know the exact kind you want, such as fashion jewelry or fine jewelry. Under each one, you can also focus on materials and gemstones like 9k gold, 14k gold, 18k, natural diamonds, lab diamonds, etc.
Another category of people are those who have the talent and tools in jewelry making. If this is the route you are taking, the first step is to decide what you want to create. Drop some designs and go after the source to find the relevant materials and tools you need to make quality jewelry. Before diversifying, consider starting with two or three lines to avoid stretching yourself, especially if you're alone or with a small group.
Step 4: Create your brand
What do you want to be known for? This question can help you simplify your branding and lead to a clear and concise message about who you are. Take a moment with this exercise, as it really needs to be consistent with the type of product you're selling. For example, "elegant" isn't an appropriate word if you've opted for low-quality jewelry. "Oceanic" would be a more appropriate description.
In order to make money, you must make an initial investment in the company, including having a product to market your business. Examples of marketing materials include logo designs, website and social media banners, business cards, quality product photos, and related descriptions. Essentially, this means having marketing materials in all the channels customers can contact you.
Without experience, take your time to find a reputable and professional marketing agency or freelancer who can provide you with a quality product. Ask about their portfolio and referees to find out about their work and what previous clients have said about them. Likewise, don't forget to get high-quality photos for all the projects you post online. You can find resources for photographers, although many B2B companies provide images and other marketing materials for free. Find out if this is an option before moving on. Likewise, today's smartphones can capture stunning photos. With proper techniques, you can also generate high-quality images.
Step 5: Launch Your Jewelry Collection
At this point, you've identified where people are buying jewelry. Given that the shift to online stores has accelerated considerably recently, it's an avenue worth considering. There are plenty of e-commerce sites to choose from that can serve as your storefront.
The wonderful thing is that both novices and experts do not need a web designer to have a professionally designed website. Ready-made templates and drag-and-drop functionality allow everyone to make something themselves, with plenty of room for customization. There are platforms like Shopify that go a step further and offer you analytics and sales reports along with other marketing and management tools.
Pro tip: No matter which platform you choose, be sure to buy a domain name that matches your business. The best time to perform this search is to register your business, where you can lock down the domain name before anyone else buys it.
Sites like Esty, Amazon, and eBay allow you to create pages without a website. Many entrepreneurs choose these channels, exposing them to thousands, if not millions, of customers every day. Before joining the platform, check out other competitors to make sure your products are reasonably priced.
Even as we go digital, word of mouth is still the king of marketing. The best places to start selling products are family, friends, colleagues, and those around you. In turn, they send you customers, and as a result, your customer base grows. When you take this approach, you must provide excellent customer service along with a friendly smile and a professional tone. People are more likely to come back when they feel you care and value them, not their money.
Bonus: learn jewelry making
If you enjoy working with your hands and are passionate about creating personal collections, then taking a jewelry making class is the way to go.
There are many courses that will allow you to learn the craft, and if you want to launch a national or global brand, then a college course is recommended.
Meanwhile, using a masterclass, YouTube video, or Pinterest is a great place to start, where you'll learn the basic tools and techniques you need to get started.
As mentioned, the information presented here provides you with a framework to get your jewelry collection off the ground. Still, it's not a substitute for taking jewelry and business classes.
Here, the aim is to remove the potential anxiety of being a newbie in the jewelry industry and not knowing where to start.
Armed with this knowledge, coupled with additional research and creativity, you'll have one less bumpy ride on the road to success