Tips On How to Start A Jewellery Business
Starting a jewellery brand is an exciting time, and can be difficult if you don’t know what you are doing. Follow these simple steps and you will be well on your way to having a successful business venture.
Create A Plan On How To Start A Jewellery Business
The first thing you are going to need to do is to create a business plan. The best way to get this sorted is by writing it down or creating a business plan that you can follow throughout your journey. Many of you may be thinking that you don’t need a business plan, but it is definitely something that you need to do at the start.
This doesn’t have to be war and peace, but at its core, you need to be able to organise your thoughts and also be able to organise the finances and resources. Other things to include are the marketing strategy, defining the business goals and creating a game plan about how you are going to achieve your business goals in the short term.
In the business plan on how to start a jewellery business, some of the questions you should ask yourself when starting a jewellery business are:
- Are you selling trending or fine jewellery?
- Is your jewellery hand made by you, or outsourced?
- Where will you operate your business?
- How are you going to run the business? Just you or will you need help?
- How will you price your jewellery?
- How do you differ from your competitors?
- Who is your primary audience?
- How much money do you need for a startup?
- What is your marketing plan?
- Where are you going to sell your product? Etsy, Amazon, your own site?
It is important to understand that this document is constantly evolving so don’t expect your final draft to be your final draft. It is also important to write out your budget including your cash flow, how much your day to day expenses are going to be, your tools and equipment and everything else that you are going to need to be successful. If you are struggling with this, then it is important to look at your competitors and see what they are doing to be successful.
Determine The Products
Before you start making your new jewellery line and starting your business, you should have a clear idea of what type of jewellery you are going to be making or selling. Whether this is fine jewellery, costume jewellery or a mix of both, it is best to understand what you want from the start so you can base your branding and tone around this.
Fine jewellery tends to be made from precious metals and gems so in turn have a much higher price point than the cheaper alternatives. They are excellently made and are unique in terms of one-offs. This type of jewellery is usually either used for events such as weddings and engagements or for those who live a lavish lifestyle.
Costume jewellery is usually trending pieces made from cheaper materials such as wire, beads and plastic. These are made cheaply and mass-produced meaning that the price point for these pieces is much lower. These are great for the everyday customer.
Define Your Brand
There are differences between brand and branding and it is crucial to understand that the brand is your tone of voice, vision, brand story and culture of the business. Basically, it tells customers how you feel about your products and why you sell them. This is an easy way to gain sales from your competitors. If you meet your audience on a more personal level, they are more inclined to shop with you. You can tell your story on your about us page on your website.
Packaging, Logo and Web Design
When you think of how to start a jewellery business, you may just have a slight lapse and think that jewellery is all you need for starting a jewellery business. The thing is, this isn’t entirely true, and if you really want to succeed, you need to have fantastic branding. Branding is how you visually represent your business through web design, packaging, logos and colour schemes.
Once you have chosen your brand name, have your brand guidelines all set and have your audiences set, you will find it much easier to understand what your type of audience will prefer in terms of the appearance of the branding. This is something that needs to be right the first time, so take it slow. If you are struggling with this step, you can hire a design agency Liverpool based or Manchester for some fresh and edgy talent, perfect for standing out from the crowd. This way you can get help with your packaging, colour schemes, logo, website and anything else you may need help with.