3 Tips for Starting Up a Jewellery Business
The barrier to entry for starting a business used to be very high, but thanks to the internet it’s now easier than ever. Long were the days where you would need to have your shop, office, or booth if you wanted to sell products. Nowadays you can easily just sell online. There are plenty of opportunities to sell online whether it be your website or a platform such as Etsy.
While having any business is going to be highly competitive thanks to already established businesses with large followings and resources, that doesn’t mean your business can thrive and even outsell the large companies. The idea of starting up a jewelry business may sound daunting, it doesn’t have to be as long as you take your time, do your research, and create an effective strategy that works for you. Here are some tips for starting up your own jewelry business.
Think about the niche you want to get into
Regardless of what type of business you start, you have to have a niche. Being broad doesn’t get you anywhere, niching down and targeting something specific is going to help you a lot more. Take a look at other jewelry sellers, specifically small scale successful ones. Do you notice a niche? Having a niche is going to allow you to stand out but it’s also going to give you encouragement to be positive in your business and discover new ways of being creative.
Some ideas on how you can niche down it so think of the type of jewelry you want to make such as costume jewelry, fine jewelry, or even handmade jewelry. But you’ll also want to get more into a niche than just that such as the specific materials you’ll use, your values, or even the target demographic of your jewelry.
Look at your competition
To have a successful business, you’ll need to study your competition and think of ways that you can stand out. This can include thinking about the jewellery tools that you will use but also the process of you making or selling the jewelry. There are plenty of ways to study your competition such as reading the reviews from their past customers and specifically looking into their negative reviews. Whatever weakness your competitor has can be your strong point. This can include the materials used, the customer experience, the packaging, return policy, and the shipping time.
Think about branding
Branding is far more than just having a logo. Your products are going to be tied to your brand so they should match. Your branding show also identifies with what your target audience likes. For example, If your jewelry business is mostly targeting dainty and feminine aesthetics, then you’ll want your branding to be reflecting this.
The branding can be the logo itself, your slogan, how the products are marketed such as product images, the social media feed, color scheme, packaging, and so much more. You’ll want to make sure that your branding is unique to you and your jewelry business and it doesn’t resemble any other business. It’s so important to stand out and be unique if you truly want your business to thrive.