The jewelry industry is becoming more and more profitable each year. With such an incredibly lucrative market, it’s no wonder why people are now considering starting their own jewelry business.
But when it comes to building a business, there’s more to it than we see. Behind every successful and profitable jewelry store are months or even years of preparation and trial-and-errors. Every sale is backed with hundreds to thousands of dollars that the owner poured into their business.
Now, not everyone can afford or even stand the constant pressure of starting a business that is profitable. That’s why we made this complete and foolproof guide to help you avoid any mistakes beforehand and make sure that your chances of having a successful and profitable business are increased.
Without further ado, here’s what you need to do about becoming successful in the jewelry industry:
1. Have A Solid Business Plan
You can’t just start a business out on a whim. People tend to imagine that in every successful business or corporation is a eureka moment from the owners. But contrary to the popular belief, a successful business is backed with a solid business plan to guide them to success.
Just think of it this way: you’re driving a car and you need to go somewhere that you’ve never gone before. You can pull up a GPS and select the fastest route to your destination. Or you can take your chances and eventually get lost with a diminishing fuel tank.
Logical people would choose to use the GPS because not only it will take you where you want to go, you’re also saving gas.
That’s the same when it comes to your business. Have a solid plan. Write down your goals for your business, estimate the financial requirements to start it and how much you have, define what line of jewelry you’re selling, and more.
2. Know Your Own Market
Before you go out and buy jewelry pieces for your inventory, you have to know your market first. This is multifaceted research for both your consumers and competitors.
First, you have to know what the people want to buy. You don’t want to end up with an inventory that no one wants to purchase because they’re either out of style or too expensive. You want your jewelry pieces to be on constant move and earning money instead of gathering dust on your shelves.
Second, you want to scope out your potential competitors. Get to know their strengths and weaknesses so you know which strategies to employ and avoid. This will also help you get an idea of what jewelry styles and pieces are profitable. By knowing who your competitors are, you can appropriately plan to make your business competitive.
3. Build A Recognizable Brand
Branding is everything, especially in retail.
It doesn’t matter if your selling handcrafted jewelry pieces or something that you bought from a wholesaler —the way you brand your items is a huge part of the consumer experience.
When building a brand, always remember that all part of your business that is experienced by your customers are part of it. It covers your social media accounts, your marketing strategy, and how you present your business to them. Of course, this also involves the product itself. Along with shipping, packaging, and price.
So create a brand that is recognizable and distinct from your other competitors. Either from the signature jewelry styles, aesthetic packaging, or a social media account that is active in the community.
4. Have A Trusted Supplier
This is the bread and butter of your business. A lot of business owners, especially in the jewelry market, fail because of the unreliable supplier. Issues like product quality and the timeliness of product release can really hurt your business.
To avoid these, make sure that you have a trusted supplier who is competent and understands your vision when it comes to your business. Think of them as a business partner who will lead your brand to success.
It doesn’t matter if you’re buying wholesale jewelry for the purpose of reselling or you’re buying materials for handcrafted jewelry —your suppliers are crucial for making your business successful and profitable. You may find there are large numbers of wholesale jewelry businesses online, but not everyone is good enough to support your jewelry business there. So it is wise to do thorough business background research to find out which one is the qualified. You can always search for feedbacks or reviews of the targeted wholesale jewelry supplier so as to find valuable information posted by its former clients and buyers. These threads of former information will be very effective to guide you to make right decision for your following wholesale procurements. We hereby introduce a reliable and famous wholesale jewelry supplier – JewelryBund. This fashion jewelry wholesaler was established in 2008, and they built up excellent reputation for supplying wholesale fashion jewelry and accessories around the Internet and the world in the past decade. Another major advantage they have is they own their own factories for production, so resellers and buyers can obtain jewelry products at the cheapest factory rates. Moreover, jewelry store owners can ask for design and production of their preferred jewelry style with JewelryBund.com which renders the business cooperation in more versatile modes.
5. Create A Balance Between Profit and Salability
All business owners want to earn more profit while all consumers want a product that is affordable to them.
This contradiction is a huge part of making your business successful. You can’t play a tug of war with your customers so it’s really important to strike a balance between profit and salability.
Just think of it this way. Sure, your profit is a little bit less than what you imagine but your jewelry pieces will sell more. Eventually, the quantity of sold items will make up for that “phantom lost” of profit. Otherwise, if you’re setting the jewelry at a price point that no one wants to buy, you’re not earning anything.
Worse, your customers will find a similar item with other jewelry boutiques at a more affordable price. With just that experience, they are more likely to go back to that store because they already have that notion that their products are more affordable and, therefore, better than yours.
6. Cultivate A Community Behind Your Business
Beginner entrepreneurs and business owners tend to look past this aspect. But if you take a look at successful companies and businesses, having a loyal community behind the brand drives the whole thing to success.
So make sure that you take care of your customers every time that they’ll transact with you. Make your social media pages and other marketing venues friendly and approachable. Treat your customers to a little something once in while —whether it’s just a thank you note slipped into the packaging or an occasional promo.
Your goal here is to build a community that will wholeheartedly support your brand. Your business will be sustainable and profitable if your customers are eager to check and buy whatever you’re selling. For instance, if you are mainly reselling wholesale earrings to your retail buyers, you can create a Facebook group to invite all your customers to join and share their personal wearing experiences by posting photos in the group, so all other audiences will be seeing the amazing earrings your buyers bought from you and how they are satisfied with your supplied stud earrings or hoop earrings. In this way, more people from your own community will be attracted to your business for potential inquiries and purchases. Surprisingly, your group members will share the group posts with their friends or relatives to further expand your earrings products exposure and drive more sales sometimes. So do make good use of community tool as a powerful channel to propel your jewelry business.