By now, you may be looking to start a business selling jewelry and do not know where to begin. You are not alone, as many people are unsure of the steps needed to build their own company. Here is what starting a jewelry business looks like.
There is no question that jewelry is one of women’s most popular fashion accessories, whether it be rings, necklaces, bracelets, anklets, or earrings. Regardless if jewelry making is one of your hobbies or if you are looking to start making jewelry as a low-investment activity, starting an online jewelry business is a great way to make income off of those finished pieces you have laying around. You may have no idea how or where to start selling jewelry. If you are unsure how to grow this existing passion or new skill into a successful small business, here are steps we are going to cover to get you started on selling your wearable products online to start making a profit:
- Come up with a brand name that resonates with your jewelry business.
- Define the values that are at the center of your jewelry brand.
- Find suppliers and wholesalers or build in-house? Let’s look at distribution options.
- Identify pricing strategies for your products.
- Create a website to showcase your listings.
- Develop a marketing strategy for your products.
- Keep making.
1. Come up with a brand name that resonates with your jewelry business.
A lot of people ask how you select a name for your company. It can take extended periods to brainstorm names and find the perfect one that clicks. A brand name is the face of any company, and you want to be sure to choose a name that represents your company well. When it comes to names for jewelry businesses, there are some things to consider. You will need to make sure it is unique compared to competitors, easy to pronounce, short in length, lacks numbers, and has simple spelling so customers can easily remember your brand.
You can take the approach of including your name in your brand name. It is essential to add additional keywords with your name so your target market is aware of what your brand is based around. Your brand will now be tied to your company’s brand which means any bad reviews will be associated with you, along with good reviews. This method can strengthen your customer relationships by placing you in the center of your business. Although using your name can save you time in the short run, this can make your business hard to sell if you decide to eventually scale larger. When deciding on a name, be sure to review the competition in your industry. If there is a majority of self-named businesses, skip that route and think of a more creative name that will make your brand more memorable to potential buyers.
Before officially settling on a name for your jewelry brand, make sure it is not already taken by another company and is available for a domain name if you are planning on making your website. If you are planning on selling online through your website, it is critical to have your company name in the URL. When naming your business, you should start with a wide variety of names and then narrow it down based on the components discussed above.
After you have completed the difficult step of settling on a brand name, do not forget to check with your local government about registering your jewelry business and purchasing any licenses, permits, and tax IDs required to do business.
2. Define the values that are at the center of your jewelry brand.
When deciding on potential values for your jewelry business and what you will be centered around, think of what you want your brand to be known for and who your target audience will be. Will you focus on women’s empowerment, and sustainability or use your brand to promote social change? Will your target audience include solely women, solely men, or a mix of both? Consider your age range and whether they will be teenagers, young adults, or middle-aged adults. Making sure your brand resonates with your intended audience is essential, and this is why at this stage it might be a good idea to spend some time trying to understand what your ideal customer looks like. In this post, we provide some additional information to help you identify the most relevant traits of your target audience.
As for a logo, it is simple to design your professional logo with a free online website like Canva or if you have access to them, Adobe Creative Cloud Apps. However, if you prefer not to do this on your own and would like to save yourself time, there is the option of hiring an artist to design a logo. Sometimes simple is better in a logo so there is no need to have an extremely busy, complex design. Scope out your competition to make sure you are designing a logo that is unique to you. Look into color schemes that complement each other, fonts that are not too hard to read, and shapes that are not too busy. Colors are one of the most important parts that draw viewer attention.
Do your research to find the different meanings of each color so they effectively describe the type of message you want your jewelry brand to convey. Common colors include blue and red, along with white neutral like gray, black and white. As for fonts, keep it simple so it is easily legible and sticks to just one or two. You will be able to use these colors and fonts in other aspects of your business, including product packaging, business cards, emails, and your website. Logos complement your company name, can tell stories, can reflect your company values and leave your target audience thinking of your brand when they see it.
3. Find suppliers and wholesalers or build in-house? Let’s look at distribution options.
Deciding on production methods is an essential step that can help you recognize your strengths and weaknesses. If you decide you are not experienced enough when it comes to the financial side of your jewelry business, hire an accountant. The same goes for your inventory. You may have been making jewelry for a while by now or are willing to learn through classes and practice, but if you realize making jewelry is not your specialty, hire a jewelry designer, purchase already-made jewelry wholesale or look into a manufacturer.
As for ordering supplies or jewelry in bulk, it is important to find a dependable vendor. This supplier will be able to offer fast delivery, competitive prices, quick turnaround times, a wide selection of products, and excellent customer service. Domestic suppliers tend to have faster shipping, higher prices, and easier communication than international suppliers. Before settling, make sure to look around, compare what each company offers, read customer reviews, and request samples if available.
When it comes to jewelry businesses, there are several distribution options for your inventory. With direct distribution, you will deliver your handmade jewelry directly to a customer without anyone in between. Orders can be filled immediately but storage costs are present because you will have inventory on hand. If you decide to supply your products from a manufacturer, there is the option of drop shipping. In this case, customers order from you and the jewelry will ship directly to the customer from the manufacturer. This process eliminates extra capital and can save your business money and time by eliminating the need to keep track of inventory. However, after the point of sale, customers will be working with the supplier so great customer service and fast shipping are not under your control. It is important to review the pros and cons of each distribution option when deciding which will be the most beneficial method for your jewelry company.
4. Identify pricing strategies for your products.
Pricing your jewelry properly is an important part of ensuring a successful business and can be difficult to decide the right number. You must know your target market and how much they are willing to pay for each style of jewelry. So many jewelry brands tend to underprice or over price their products, leaving customers questioning the product quality and looking at competitors for alternative pieces that fit in their budget. Underpricing can leave your business struggling to make a profit.
When calculating the price, it is important to consider the costs of the materials. Higher quality materials like natural diamonds and genuine gold will be priced higher than gold-toned material or man-made glass bead diamond look-alikes. You will also need to add overhead costs like shipping fees, packaging materials and rent. If you made the jewelry yourself, consider the time it took you to make the jewelry and factor that into the cost. It is important not to undervalue your time, as it may take you hours to make one piece. To make a profit, you must add a market after calculating your costs. Looking into the prices of other jewelry brands can also help you set yours. Correctly pricing your jewelry will allow your business to break even promptly.
5. Create a website to showcase your listings.
Websites serve as a way for potential buyers to contact you and learn about your business. It is essential to design a site that is easy to navigate, clearly represents your jewelry brand, and shows where buyers can purchase products. Several website builders out there make it simple to design a professional-looking website. The first step is deciding whether or not you will have an e-commerce website to sell your products or an informational website about your brand if you plan on selling elsewhere. A few recommended website builders include Wix, Squarespace, and Elementor. These websites typically have paid monthly subscriptions and offer hundreds of templates to choose from, but you are welcome to start from scratch. There are the options of adding product listings to sell directly on these sites or adding your shop from another website.
Websites like Shopify, Amazon, and Etsy are well-known online marketplaces for individual creators to sell products. You can make your shop with listings of your jewelry products. One of the greatest benefits is that these established websites have millions of customers per year, making it easier to gain traffic to your shop. Each has different policies, but typically these platforms take a percentage of sales from each purchase and require listing fees.
When it comes to writing compelling product listings, the most important thing is to be descriptive. Remember that customers are not able to see, touch, or try on the products you are selling. Take notes of exact measurements, colors, and textures. Explain what exactly your products are made of. If your jewelry is made with natural gemstones, note what kind. Write your listings as if there are no product pictures available. Be sure to include vivid adjectives because your word choices can be powerful enough to make or break a sale.
Taking clear pictures of your jewelry is an essential part of your listings. To capture these images, a macro lens for a digital camera is recommended, but if that is not available, a smartphone camera will do the job. Be aware of your lighting conditions. Your camera’s focus should be on the pieces of jewelry so they are seen. You will want to photograph your products in natural lighting that is inside by a window or outside in the shade so there are no harsh shadows on your jewelry. With these soft lights, you can capture the true colors and textures. Place your jewelry on a surface and make sure to have several images shot from different angles, like on a jewelry stand or from directly above. Take photos of models to give an idea of how your product will look to potential buyers. Jewelry, like rings and earrings, can be small so it is essential to photograph close-up images too. Stick to a simple white, background, but if you decide to use a patterned background, make sure it is not distracting from the jewelry. Building a website and creating descriptive product listings for your jewelry will take your business one step closer to succeeding.
6. Develop a marketing strategy for your products.
To cover the basics briefly, marketing your new brand is essential in reaching your end goal of making sales. With marketing, you are educating your audience, increasing the visibility of your brand, and engaging with customers. You do not need to be a marketing expert to successfully do this. There are so many types of digital marketing strategies that can be effective in driving traffic to your website, and it is important to embrace this type of marketing, as our world continues to grow increasingly virtual.
Making accounts on social media platforms like Facebook, Instagram, Pinterest, and Twitter for your jewelry business will allow you to share content about your brand and easily interact with your target audience. Your customers will be active on these platforms so it is a great opportunity to reach them at little to no cost. With a strong social media presence, you will build brand loyalty. Creating paid advertisements on these social media platforms is another strategy that will allow you to target your audience.
There are many more ways to market your business besides utilizing social media. Writing blog posts about your industry, using influencers to promote your jewelry, creating videos to post on a YouTube channel, and using emails to update buyers on sales and new products are just a few of the many examples. Just remember to be creative with your marketing efforts and avoid what your competitors are doing so your brand will be unique in the market. For more details on this topic, refer to a later piece that will go more in-depth about marketing strategies.
7. Keep making.
You do not make millions overnight when you are just getting started unless you happen to be one of those few lucky entrepreneurs. It takes time to build a brand and all your hard work will begin to show. Key performance indicators, and KPIs, allow you to evaluate the success of your jewelry business. You can look at different categories of KPIs, including sales, financials, customers, and marketing to see how your company has progressed toward your goal. A few examples include evaluating the number of customers obtained, average order total, order fulfillment time, monthly website traffic, and of course the most important one profit. Avoid copying another business’ KPIs, as they will not be relevant to achieving your goals. Your KPIs must be well-defined and easily measurable.
Once you have officially started your business, carry on with doing your market research and spice up your brand by adding new jewelry lines. If you started with necklaces, consider adding bracelets or earrings to match. When expanding your inventory, it is best to listen to customer feedback, rather than your tastes.
Here are additional tips:
Keep your passion for being an entrepreneur even if you do not enjoy all the tasks required to run your business.
- Build a great team that will help your brand exceed.
- Learn from your mistakes.
- Continue to set goals for your business.
- Keep improving your business.
As an entrepreneur, you are self-motivated, a hard worker, and not afraid to take risks. Starting a jewelry business from the ground up will be a rewarding task for you. Make sure to choose a name and develop a brand that accurately represents what your jewelry business is centered around. Design a logo that accompanies your chosen brand. A website is a key component in your success so create a website that can capture your visitor’s attention. Utilize digital marketing to gain a brand following and grow customer trust. We hope these tips will help your new jewelry company be a success.