Have you decided to launch an online jewelry business but don’t know where to start?
You’re not alone, and we’re here to help you through the process!
In this guide, you’ll learn all you need to know about starting a jewelry business online.
- How Profitable Is Owning a Jewelry Business Online
- What You’ll Need to Start a Jewelry Business Online [& Associated Costs]
- Why You Should Consider Starting a Jewelry Business Online as a Side Hustle
- How to Start a Jewelry Business Online in 5 Simple Steps
- Things to Consider When Building a Jewelry Business Online
- INSPIRATION: Jewelry Business Online Ideas
- Frequently Asked Questions
- Similar Businesses to Consider Starting
- Wrapping Up
How Profitable Is Owning a Jewelry Business Online
If you’re searching for ways to boost your earning power, starting a jewelry business is definitely a venture to consider.
You can own a share of the billions of dollars made in jewelry sales annually.
Jewelry products can be extremely lucrative for the seller.
They offer excellent profit margins due to their high markup.
This profitability is multiplied when selling jewelry online since e-commerce allows you to forgo many costs associated with physical stores.
You should note that your jewelry online business isn’t guaranteed success.
You’ll need to have a sound business plan and differentiate yourself from the intense competition in the market.
Doing so will allow you to rake in serious cash.
What You’ll Need to Start a Jewelry Business Online [& Associated Costs]
Before you begin seeing the effort you’ve put into your online jewelry business come to fruition, there are expenditures you’ll need to account for in the initial stages.
Here are the main expenses and considerations to keep in mind when you start a jewelry business online:
1. Finding a Supplier
Whether you’ll sell handmade jewelry online or source wholesale jewelry, you’ll need a supplier.
Your choice of supplier will depend on how you intend to position yourself in the market.
If you’re targeting higher SECs, then quality should be the priority.
In contrast, those targeting lower SECs should focus on minimizing costs to offer competitive prices.
This is why you’ll need to find a reputable supplier of high-quality materials that’ll give you great deals when you buy in bulk.
2. Setting Up Your Online Store
Another cost you’ll inevitably incur is launching your online store website. This’ll involve purchasing a domain name and web design services.
You can hire a website designer or use web development platforms, such as Shopify.
In this stage, you should also create your brand name and logo.
These are key aspects of the direction your business will go in.
If the product previews a potential customer sees on your store are sub-par, it won’t matter how appealing your products are in reality.
This is why having high-quality, artistic images of your products on your online store is key.
These photos are what’s going to convert potential buyers into actual ones.
If hiring a professional photographer for this task is within your budget, we highly recommend it.
Last but not least, you’ll need to spend on promoting your online store. This may not seem like a must, but it is.
Having sponsored ads strategically placed on popular social media platforms and fashion websites can go a long way in driving traffic to your store.
Do I Need a License or Certificates to Start a Jewelry Business Online?
As with any business, you’re going to need a license to operate.
Just because you’re going to be selling online doesn’t mean that you’re exempt from this.
Online business licensing and regulations aren’t that different from those of traditional physical stores.
The exact procedures you’ll need to complete will vary depending on the state you’re doing business in.
A good starting point in figuring out the legal requirements is the SBA website.
Why You Should Consider Starting a Jewelry Business Online as a Side Hustle
If you’re still on the fence as to whether starting a jewelry business online as a side hustle is a good idea, we’re here to tell you that it is.
This type of business offers plenty of advantages.
Here are some of them:
- Minimal startup capital required: Owning or renting business premises isn’t necessary. Add to that the fact that you won’t need to pay employees initially, and you’ll find that you don’t need much cash to get started.
- You set your working hours: You won’t be reporting to anyone. As a result, you have flexibility in choosing when you want to work. This is a key feature of all great side hustles.
- You don’t need a physical store: Your retail outlet will be purely virtual. In turn, you’ll avoid many major costs incurred by physical jewelry store owners, such as utility and surveillance bills. This allows you to take greater advantage of jewelry’s high profitability.
- Higher potential for growth: Businesses operating in a brick-and-mortar framework often plateau at a certain point and need to open an additional store. This won’t be an issue for you since your online store isn’t limited by such roadblocks.
How to Start a Jewelry Business Online in 5 Simple Steps
If you feel a bit lost when you’re in the initial phase of building your online jewelry shop, we understand.
Starting a business from scratch can be overwhelming if you don’t know exactly what you need to do.
To give you a sense of direction, here are some of the key steps you’ll need to go through when launching a jewelry business online:
1. Research the Market and Decide on Your Target Customers
The first step in your online jewelry business journey is to decide on the strategic direction you’ll go in with your brand identity.
One key question to answer is whether to position yourself as a premium jewelry brand, or a budget-friendly brand that caters to those who don’t have as much to spend.
Answering this query will inform many of your decisions moving forward.
You should also decide whether you’re going to sell handmade products or mass-produced jewelry.
2. Make Sure You Fulfill Any Legal Requirements
Before you start setting up other aspects of your business, you should get your legal affairs in order first.
Make this a priority in the beginning so that it doesn’t cause problems that inhibit your ability to grow as a business in the future.
Revisit the section above for more information on how to learn more about the exact legal procedures required in your case.
3. Set Up Your Online Store
Now that you have the legal aspect of your business figured out, it’s time to launch your online store.
Your store’s design should be heavily influenced by the message you want to send to potential customers.
Use appropriate color schemes that suit the positioning you’ve decided on going for in the first step.
In this phase, you should also create your brand logo and name.
For the execution of this step, you’ll need to use a service like Wix or Shopify. Hiring a freelance web designer for this task is another option.
4. Find a Supplier
If you’re selling handmade jewelry, you should look for a supplier that offers durable materials at a reasonable price.
For those selling ready-made products, your supplier should be reputable to ensure that your customers are satisfied with their purchases from your store.
5. Market Your Products
The final step in starting your online jewelry business is to let people know it exists.
Having a marketing strategy with well-placed sponsored ads across the web is key in attracting potential buyers and increasing your store’s exposure.
Email marketing is also a tool to consider.
Things to Consider When Building a Jewelry Business Online
Before you get your online jewelry business running on all cylinders, here are some considerations to keep in mind:
Can You Run a Jewelry Business Online by Yourself?
When your online jewelry business is still in its infant stages, you can run it yourself.
This starts to get tricky when your scale of operation grows.
At that point, we advise hiring at least a couple of employees to avoid getting overwhelmed.
Sure, this is an extra expense, but it helps you dodge mistakes that can set your business back.
Handmade vs. Factory-Made Jewelry
When settling on the kind of jewelry you’re going to sell, you have two main options.
You can either buy materials and make the jewelry yourself or source your products ready-made from a manufacturer.
You can also adopt the strategy used by direct sales companies.
This strategy involves buying jewelry from established brands and selling it directly to consumers.
How Are You Going to Differentiate Your Brand From the Competition?
The jewelry market is a highly competitive one.
As a result, you need to have a clear plan of how you’re going to stand out from the crowd.
INSPIRATION: Jewelry Business Online Ideas
There are many directions to explore with your online jewelry business, all of which have great merits in their own right.
Here are some of them:
1. Custom-Made Jewelry
Jewelry is one of those products that are quite personal.
The bond that your customers can develop with the products they buy from you can only be so strong if other people have the same ones.
This is why custom-made jewelry is an excellent option to consider.
2. Wedding Rings
When a man is asking for a woman’s hand in marriage, one thing he’ll spare no expense for is the wedding ring.
Diamond jewelry has incredibly high markups that you can benefit from to boost your business’s profitability.
This is also true for other precious metals.
3. Men’s Jewelry
The level of competition in the men’s jewelry industry is significantly lower than that of the women’s jewelry market.
As a result, it can be much easier for you to break into the market and have success as a small business.
Frequently Asked Questions
Can I Sell Jewelry on Amazon?
There aren’t many products that you can’t sell on Amazon.
Jewelry is no exception and you can have great success selling it on the world’s leading online marketplace.
Check out Amazon handmade if you’re selling hand-crafted products with a unique jewelry design.
What Is the Most Profitable Way to Sell Jewelry?
The most lucrative way to sell jewelry is to establish yourself as a premium brand.
With the large number of high-end brands that already exist, this won’t be easy.
If you succeed in achieving this status, you’ll be able to sell your products for exorbitant prices.
Similar Businesses to Consider Starting
When in search of ways to make some extra cash, there are plenty of directions to go in
Here are some that you should consider:
- How to Start a Clothing Business: Once you have a target market in mind, find a reliable supplier, launch an online store, and you’re open for business!
- How to Start a Tshirt Business: Has your company given out t-shirts to all employees for an event? You can be the one supplying those t-shirts and making tons of cash!
- How to Start a Boutique Business: Rent your selling space, build up your inventory, market your products, and start counting the money!
If you were wondering how to start a jewelry business online, you now have all the answers!
As someone who knows a successful jewelry business owner personally, I highly advise following the guidelines that we’ve illustrated.
We’re looking forward to hearing your opinions in the comments below.
Finally, spread the word about this comprehensive guide if you found it enlightening.