If you decided to get into the jewelry business, there are some things that are worth mentioning. Firstly, the jewelry business is very competitive. New shops and companies are numerous and they’re constantly popping up. That’s why you need to bring something new, intriguing and alluring to the market if you wish to stay relevant. Making and selling jewelry can be extremely entertaining and rewarding, but getting to that point can be rather challenging. Luckily for you, there will always be a market for jewelry, everyone wants it and it has become a crucial part of every outfit. That also means that there is a lot of competition. In the United States, the fine jewelry industry has experienced a rise of 6 percent in 2017, and that is no small growth. In 2018, almost 30 million people purchased jewelry online daily. So, if you’re ready to step into jewelry business, keep reading.
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Write down your business goals
Describe, in detail, what your business is, what is its purpose, decide what your priorities are, and make sure to make it as detailed and bulletproof as possible. This will serve as a foundation for the growth of your business. Also, it will help you stay on the right track and not get carried away while starting a business. Make sure to fully understand what is your target audience and what is it that will make your jewelry special, different and better than what is already on the market. Starting a wholesale fashion jewelry business is a lot of work!
Understand the costs
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There are a lot of expenses when starting a business. To get started, you might need anywhere from 20 thousand dollars to 100 thousand. Some of the main expenses are rent, materials – which include both basic raw materials, and precious metals and gemstones, insurance and basic tools. Depending on the work you want to do, you can keep your expenses to a minimum, or you can invest thousands of dollars in new equipment such as grinders, adhesives, polishers, laser welders, molds and casts, gemological tools, professional workbench, and similar.
Form a legal entity and register for taxes
By forming a legal entity, you’re making sure you’re not personally liable in case someone sues your business. Before you can start a business, you also need to register for certain state and federal taxes.
Take your store online
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Marketing your business online has become a crucial part of every business today. The Internet has made its way into every aspect of our lives and so, promoting the business on social media and similar is a must. Creating an online presence for your store helps you reach more people more easily. You can open shopping sites on eBay, Etsy, Ruby Lane or Bonanza, make a blog or make tutorials for YouTube. Inside Online has reported that the number of online jewelry related search terms has seen a significant rise in the last couple of years, meaning that more and more people are turning to the Internet to buy jewelry.
