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Business and Technology

How to Launch a Jewellery Business

Setting up a jewellery business is a rewarding enterprise. If you are making your own pieces and want to sell them, it’s a perfect option for those who adore fine gems and beautiful metals.

Jewellery is also big business, and it can be an excellent opportunity for budding entrepreneurs. If you think it might be for you, here are some top tips for setting up your own jewellery business.

Cufflinks sat inside a bracelet

Have a Plan

Like all businesses, jewellery outlets – both online and in-store – requires a well-thought-out plan. What is your goal? Who is your target customer?

Also, as part of your business plan, think about how you will stand out. Will you sell quirky jewellery or stick to fine jewellery?

There are financial implications with selling fine pieces. Gems and precious metals are expensive, and it will cost more for you to set up a business selling this type of jewellery than if you are making pieces from less costly materials.

Once you know what you want to get from your business and who you are providing a service for, you can then concentrate on selling the pieces that suit your target market.

Arrange Your Finances

How much profit do you expect to make from your business?

Work out the cashflow forecast before you sell anything so that you know how much everything costs.

Factor in where you are basing your business from, the cost of the materials, plus how much staff will cost should you build your business up and require extra help.

Once you have an idea of how much the initial outlay and ongoing outgoings will be, you can then start pricing up your pieces.

If you think your jewellery is worth a certain amount, go for it and don’t let anyone try to haggle. This is your work and you know how much it’s worth.

Diamonds Gems Jewels

Be Organised

If you have been creating your own pieces for a while, you will have built up a collection by now.

Start putting together an inventory of your designs so that you can keep track of the pieces that sell. Photograph and price them up so that they are ready for being posted online.

Not only will this help you keep track of how much you’re earning as you will have marked down how much you’re pricing everything at, but you can start to replenish stock as you know how much of an appetite there is for that particular style.

Legal Implications

Like any business venture, you will need to arrange the tax and insurance. Insurance is particularly important if you’re dealing with pearls, diamonds and other gems.

You will also need to check if they need to be hallmarked at the assay offices. Another legal requirement is to choose a trading name and get it registered.

Sapphire Rings

Arrange the Checkout

If you are selling online, check to see if your web host allows a merchant service.

If not, you might need to look into setting up a PayPal checkout.

Although PayPal takes a small cut, it’s a secure and straightforward option for your customers and for you.

Once you have taken these steps, you can set up your production process, load things online and get selling!

 

 

 

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This article has 18 comments

  1. Candy

    I think this would be a tough area to break into. For those into doing this they will find this very helpful

  2. Jeanette

    I tried to do this a couple years ago and it did not work out as well as I wanted it to. These are some great tips in if I had done some of these I probably would have done much better at my business.

  3. Tomi C

    I have a few friends that sell their jewelry online via etsy. I have never considered selling jewelry as a second stream of income but these are great tips for someone who may be considering such.

  4. Tasheena

    I really enjoyed this post. These are awesome tips. I have to share this post with my friend who thinking about opening a jewelry business.

  5. Denay

    What a great business opportunity! My niece loves making jewelry. I’m sending her a link to this post right now.

  6. Amber Myers

    I know some talented people who should do this. I’m not talented enough, but I certainly like to buy jewelry that others make.

  7. Jenn@Engineermommy

    I once toyed with the thought of a jewelry business. These are some really good tips to deal with challenges of being successful.

  8. Ashley

    This is good info to have for many small business owners. Good luck with your business.

  9. Alyssa from The Sparkly Life

    It’s so funny–I used to have a jewelry business! My BFF and I would make and sell necklaces about (gosh) 15 years ago. We had so much fun–and did make some money–but our fatal error was that we had no business plan…or business sense!! We moved on. But I do miss it!

  10. Pam

    My niece sells homemade jewelry and is quite good at it. It’s importantly to have all your ducks in a row when taking on a venture like this.

  11. Lisa Martin

    What great tips. I think too often people jump all in and don’t stop and think and plan.

  12. Emily

    These seem like really helpful tips! I am sure a lot of what it takes to start a jewelry business is similar to starting any business. I like that you mentioned getting finances in order before it starts.

  13. Jona Shares

    Wow, jewellery business is one of my dream business. I am currently establishing my water refilling business and trying to grow it more.

  14. Gervin Khan

    Nice tips and I agree with all of them. It is so important to prepare everything before putting up a business its either small or big, jewelry business or not.

  15. KIM CROISANT

    This could be for any business really…great tips!!

  16. Tabitha Blue

    Great tips… I always love finding great jewelry pieces too, so I’m sure it’s a great business.

  17. Kita Bryant

    I am not really a jewelry person, but the necklace pictured first is absolutely gorgeous!

  18. bohemian babushka

    The tips you shared are good basic business steps for any new business. Gracias for making it so easy to understand.

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