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.
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.
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.
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.
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!