There’s nothing like owning your own company, right?
Starting your own jewelry company is a big accomplishment, and one that you should be proud of. However, a new jewelry entrepreneur, you’re now faced with some complex situations and questions. How do you even get started? What should you make a top priority?
It’s alright if you don’t have all the answers right away. Rome wasn’t built in a day, and your business won’t be built in a day, either. It doesn’t hurt to have a guide you can reference, though. Here are 10 tips for entrepreneurs looking to make their mark in the jewelry business.
Set Goals For Your Jewelry Business
The first thing you should do as a jewelry entrepreneur is set goals for your new business. Where do you want to see the company be in one year? How about five years? 10 years?
It’s important to establish your core goals right away. Your core goals will depend on a number of factors, including how much money you’re starting with and how much time you have to dedicate to your new business.
Run these goals by people you trust, and professionals in certain fields. Let’s say your goal is to make a profit of $10,000 during your first month. It would be wise to ask a financial planner if this goal is feasible. If it isn’t, then adjust your goal.
Take the time to come up with realistic and achievable goals for your business. New entrepreneurs may feel pressure to be successful instantly, but it’s important to take a realistic look at what you can accomplish.
Figure Out What Kind Of Jewelry You’ll Sell
Once you figure out your goals, your next step as a jewelry entrepreneur is to figure out what kind of jewelry you will sell. The sky is the limit when it comes to selling jewelry. You can sell handmade jewelry, custom jewelry, fine jewelry, etc. You can also choose to sell only one type of jewelry, such as rings, necklaces, or earrings.
Do research on the market before you decide what kind of jewelry to sell. It’s important to know what kind of jewelry is in style, what’s trending in the jewelry industry, and where you can find your niche as a jewelry entrepreneur.
Doing research will help you determine what kind of market you want to break into. 38 million Americans will buy fine jewelry or watches in any given year. Watches and fine jewelry are high-volume factions of the jewelry business, but that also means there’s more competition within the market.
If you want to have a niche role within the jewelry industry, then consider selling jewelry that’s very specific to a certain market. Some examples of these markets could include jewelry for bachelorette parties, or jewelry specifically made for bridesmaids. The competition will be lower in niche markets, which means you’ll have a greater chance of gaining loyal customers and establishing your business faster.
Decide Where You’ll Sell Your Jewelry
Now that you’ve decided what kind of jewelry to sell, it’s time to figure out where you’ll sell it. Luckily, we live in an age where it’s relatively easy to sell anything in any place.
You have a couple of options here. You could buy a property and set up shop in an actual store. This is a smart move if you want to build strong local roots, since customers will be able to walk in and talk to you face-to-face. Having a store also means you can get display cases and display walls to show off your jewelry. Having one location where customers can go also gives your business some legitimacy.
However, having a store also means paying for a store. You’ll need to set a budget, right down to the little things (like how much you spend on a credit card paper roll.) There’s also insurance costs, taxes, utilities, and other miscellaneous costs that can add up pretty quickly.
Another option is selling your jewelry online. There are numerous online platforms a jewelry entrepreneur can use to sell their jewelry. Having an online store means you can sell your products to pretty much anyone at any given time. You also wouldn’t have to worry about running a physical store. There are challenges that come with running an online store, though. You need to create the store itself, as well as a website for the store. You need to set up an online payment system, register your website’s domain name, and start gathering leads in the vast digital ocean that is the internet. It can also be tough to establish yourself as a solely online brand, since there’s a lot of competition on the internet.
Having a physical store and online store have their advantage and disadvantages. It’s crucial to remember what your goals are when making this decision. Whichever option best aligns with your goals should be the option you pursue.
Determine Your Target Audience
One of the most important things to do as a jewelry entrepreneur is to decide who you’re selling your jewelry to. Your target audience will influence the jewelry you create, sell, and market.
Think about the kind of jewelry you make. Who will want to buy it? If you’re selling men’s watches, do you want to sell to fathers, or teenagers? Do you want your jewelry to be worn by young professionals, or older executives? Think about your jewelry, and who you want to see wearing it.
Your target audience can also inspire new designs and products. If you keep an eye on trends within your target audience, you can identify which trends to capitalize on. If your target audience is wearing chunky rings, then design a chunky ring they can’t resist. If you notice they’re wearing something you don’t make, see what you can do about making it. Your target audience is your best creative inspiration.
Create Your Company’s Brand
Creating your company’s brand is crucial to its success. Your brand will represent your company’s goals, culture, and story in the public eye. A brand is all about who you are, what you do, and how you offer value to your customers.
Think about your target audience when crafting your brand. If you want to sell jewelry to parents, then you may benefit from branding your company as a family-owned business. If you want to sell fine jewelry to the upper-class, then create a sleek brand that emphasizes luxury and sophistication.
People buy products from brands they trust and identify with. Make sure you do a lot of research on your target audience while creating your brand. Doing the research will give you a better understanding of their wants and needs. Once you understand them, you can build a brand that satisfies those wants and needs.
Register Your Jewelry Company
When you have a clear understanding of what your business is and who you’re selling to, it’s time to take the plunge and officially register it. There are multiple steps to take when registering a jewelry business. First, you must choose the way it’s structured. This impacts how you file for taxes. Then, you start registering your company with legal entities, like the IRS. You must also register with local and state entities. After that, you must determine if you need certain licenses or permits to sell your jewelry.
This part of the process can feel overwhelming at times. Remember to take on one task at a time when registering your jewelry business. If you have questions about anything, be sure to ask a professional who can help guide you through it.
Once you have your business officially up and running, you can assess how much help you’ll need to keep the workflow going. How many people will you need to hire? What kinds of jobs do you need people to fill?
There are many production aspects to think about as a jewelry entrepreneur. For starters, think about the creative side. Do you need more designers? If so, it may be time to hire people with jewelry design experience, or perhaps someone who went to art school or has some background in fine arts.
If your jewelry is handmade, do you have enough people to produce the jewelry that’s demanded? If you have a storefront, do you have enough people to properly run the store?
There may be some hiccups in the beginning of your production process. When these happen, remember to use them as learning tools.
Plan A Marketing Strategy
It’s time to show the world what you got as a jewelry entrepreneur. You can show off what you’ve got by creating a detailed marketing strategy.
There are multiple factors to consider when creating a marketing strategy. The first thing to do is create a SWOT (strengths, weaknesses, opportunities, and threats) analysis of your company. Then, circle back to your target audience. Do as much research on them as you possibly can. What do they like? What media do they consume most? What drives them to buy the products they do?
Then, come up with a strategy that markets your brand effectively to your target audience. Assess what channels to spend your advertising budget on, and create a plan that ensures your brand is top of mind to consumers.
Another part of your marketing strategy should include aligning with a specific cause. For example, your company could write a press release stating that it’s behind a piece of legislation that would improve elderly care in your area. This action would show consumers that you identify with the causes they do, and because you share similar interests, they may be more likely to trust your brand.
Create A Digital Presence
We live in a digital age. If your company doesn’t have a solid digital presence, then there’s a good chance it will get lost in the void.
It’s your job as a jewelry entrepreneur to set the standards for your company’s digital presence. How does your website measure up to the competition? Is it easy to search for your company online? If you’re having visibility issues on the internet, you’re missing out on potential customers. Check if your website is SEO optimized, and if it isn’t, make it a priority to fix it as soon as possible.
Your company’s digital presence also includes its social media profiles. Make sure your company is on every social media platform that’s relevant to your target audience. Social media platforms are places where you can build brand loyalty and a sense of community pretty quickly. If done properly, your social feeds could be the holy grail for converting followers into customers.
Produce Content For Your Jewelry Business
One of the most important things you can do as a jewelry entrepreneur is come up with an effective content strategy. Brands are expected to have engaging and informational content in their social feeds and on their websites. You must have a plan for producing and sharing as much relevant content as possible.
There are a couple of reasons content is important to a jewelry business. First, it gets people interested in your brand and product. They may land on your site by reading a blog post, like what they see, and decide to shop around. Second, creating relevant and engaging content will make your company an authority online. The more useful information you share, the more Google rewards you in searches.
Creating content also creates a path for content partnerships with other companies. For example, you could create a blog post that features a natural treatment for anxiety. In return, the company that sells that treatment could mention you in a blog they post. This kind of content partnership allows companies to get exposed to new markets while growing their organic digital presence. Talk about a win-win!
Starting a jewelry business may seem like a long process, but it’s worth it in the end. You get to call yourself a true jewelry entrepreneur and make your unique mark on the world. With this guide at your fingertips, you’ll be an established brand in your space before you know it.