Most people dream about starting their own business but never take the time to understand what to do or how long it might take.
If you’re serious about jewelry and want to be the sole business owner, take the time to read this article.
You’ll learn how to start your jewelry business in six easy steps.
Starting a business on its own isn’t complex, but if you don’t start on the right foot, you’ll trip sooner rather than later.
Here’s what you must consider before committing to your jewelry business idea.
- How Profitable is Owning a Jewelry Business?
- What You’ll Need to Start a Jewelry Business [& Associated Costs]
- Do I Need a License or Certificates to Start a Jewelry Business?
- Why You Should Consider Starting a Jewelry Business As a Side Hustle
- How to Start a Jewelry Business in 6 Simple Steps
- Things to Consider When Building a Jewelry Business
- Inspiration: Jewelry Business Ideas
- Frequently Asked Questions
- Similar Business to Consider Starting
- Wrapping Up
How Profitable is Owning a Jewelry Business?
The profit you gain from a jewelry store depends on what jewelry you sell and how you sell it.
Most jewelry businesses will have difficulty selling expensive pieces, but jewelry stores that sell gold-plated and affordable pieces find themselves turning a profit more consistently.
You want opportunities for recurring revenue, and selling to the majority is how you do it.
Consider selling to as many people as possible, not just the few who can afford high-class jewelry.
If you do this, then your jewelry store will be very lucrative.
You can maximize your sales by selling a variety of products at a range of prices.
Maintain a stock of necklaces, rings, and bracelets in an array of styles and sizes.
What You’ll Need to Start a Jewelry Business [& Associated Costs]
Before starting your own jewelry business, you must understand several things. First, starting a jewelry business isn’t too cheap.
Generally speaking, these are the typical costs associated with starting a business.
- Marketing: One of your most important expenses is marketing. Typically, small businesses spend around $1,000 monthly on marketing. Starting with that price range would be best, but ensure your marketing expense pays off.
Continue to budget appropriately as you scale.
- Manufacturing: If you decide that you’re going to manufacture jewelry on your own, you need to calculate and consider the material and labor costs that it will take. If you’re buying from a supplier, you must consider if you’ll buy in bulk and how much inventory you can afford.
- Rental Fees: If you’re buying or renting a store to operate from, you’ll have to consider rental fees and the utilities that come with it.
- Equipment Fees: Assuming you’re making your jewelry, you must purchase and manage equipment. Additionally, you’ll need to furnish your store if you’re buying a location.
- Storage Fees: There are plenty of ways to store inventory, but some jewelry requires extra care. Consider how you will store your jewelry and the fees that come with it.
- Miscellaneous Expenses: You’ll always have your main fees, but there are extra fees that you must consider—for example, software subscriptions like accounting and CRM tools.
In additional, you’ll also want to come up with a great name. We’ve compiled over 100 interesting names for a jewelry business into one list to make the naming process easy for you.
Do I Need a License or Certificates to Start a Jewelry Business?
A standard business license is your only real license to operate your jewelry business.
Depending on what else you’re selling, you may need a license, but most customers who buy high-end jewelry also expect certification of its authenticity.
Why You Should Consider Starting a Jewelry Business As a Side Hustle
Here are some reasons why you should consider starting a jewelry business on the side.
- Extra money: If you want to earn money from something you already like making or working with, selling your handmade jewelry is well worth your time.
- Business experience: Starting your own jewelry business will give you more business experience so that you may expand into other business ventures.
- Expanding your hobby: If you love making homemade jewelry, starting a side business can be a perfect way to fund more projects and do more with your hobby.
- Capitalizing on your brand: If you have an existing brand, you can capitalize on it by implementing jewelry merchandise for your existing audience.
How to Start a Jewelry Business in 6 Simple Steps
Here are some quick and easy-to-follow steps to getting your jewelry business up as soon as possible to turn a profit.
Figure Out Your Start-Up Costs
The first thing you want to do is calculate and understand all of your start-up costs.
The start-up costs you want to watch usually involve real estate, equipment, and material costs.
Additionally, plenty of miscellaneous expenses will add up, but you mostly want to consider the costs you need to operate and run your business, such as your store and materials.
Determine how you will fund your business and pay for the expenses and start-up costs that come with it.
Once you determine your start-up costs, you want to find funding.
If you think opening a physical store location is going to be too much and you won’t be able to fund it, consider alternative solutions like selling online and dropshipping your jewelry.
Find a Supplier or Producer
Once you figure out your costs, consider where or who will supply you with your jewelry or material.
You’ll need to contact and figure out a supplier that will provide you with the raw materials to make the jewelry or producers who will let you sell the jewelry they make in your store.
Decide How You’re Going to Sell
The next, and probably most important, is to decide how you sell.
When considering your start-up costs, you probably have a vague idea of how to sell your jewelry, but you’ll need to solidify it at this point.
You must decide if you will be doing a traditional brick-and-mortar store or selling online.
Selling online may be your best bet to keep start-up costs low.
Conduct A Market Analysis
Your next step is to figure out how to sell to your ideal consumer.
Conducting a marketing analysis is extremely important.
Research your target demographic and determine how you will sell and market to those people.
This part is extremely important if you’re opening a brick-and-mortar store because your location is permanent.
Sell Your Jewelry
Finally, the last step is to sell your jewelry.
Remember, for most people, your best bet is to sell your jewelry online.
Learning how to sell on Etsy is simple, and you can sell on their website, or other third-party markets, alongside your physical store location.
Don’t feel you have to limit yourself to one method of selling.
Just sell as much as you can where you can.
Things to Consider When Building a Jewelry Business
Starting a jewelry business is relatively simple, but building one from the ground up takes time and dedication.
Here are some things to consider when starting your jewelry business
Can You Run a Jewelry Business By Yourself?
Many people start their businesses independently, and while it’s difficult, running a jewelry business alone is possible.
Since most people can start a business online with little start-up costs, it’s become easier.
If you make your jewelry, you have plenty of options to sell online.
For example, Amazon Homemade is perfect for artisans such as jewelry makers to sell.
Consider How You’re Going To Store Your Jewelry
Before purchasing or making a bunch of jewelry, you must consider how you will store and manage it.
Consider how you’ll store jewelry so it doesn’t tarnish, and ensure you understand the fees that may come with it.
Jewelry degrades in quality over time, and if you don’t maintain it properly, you’ll find yourself with low-quality jewelry.
Consider How You’re Going To Protect Your Product
Whether online or in a store, jewelry is always in danger of theft.
Someone stealing your merchandise is the same as them taking money out of your bank account.
People will try to steal from you, so you must consider how you will protect your jewelry.
Consider investing in insurance when shipping your jewelry online or a security system for your physical store.
Inspiration: Jewelry Business Ideas
Like any marker, sub-sectors and people begin to specialize in certain areas.
There is plenty of jewelry to sell and specialize in, and you should research some of these niches to capitalize on a particular market.
- Smart Jewelry: Smart jewelry is a new and interesting way of incorporating fashionable accessories with smart technology. This jewelry is typically sleek and provides an extra function such as Bluetooth technology or watch functionalities.
- Customized Engraved Jewelry: Engraving jewelry is fun and profitable. This method provides a personalized touch to jewelry and is an extremely popular way to profit from events and holidays.
- Zodiac Jewelry: Zodiac jewelry is an extremely popular niche for those who follow astrology. Consider selling zodiac jewelry if you’re fond of it and know how to market and appeal to astrology enthusiasts.
- Gold-Plated Jewelry Making: The most popular jewelry to sell is plated jewelry, specifically gold-plated jewelry. Plated jewelry allows you to save on material costs and lets you sell to a broader demographic of social classes.
Frequently Asked Questions
Here are some answers to questions about starting a jewelry business.
How Do Beginners Sell Jewelry?
Beginners typically make the mistake of trying to sell jewelry to people that don’t want it.
Instead, focus on helping people find what they want and work with them.
You’re helping consumers find something they want when selling them jewelry.
Does Homemade Jewelry Sell Well?
There are plenty of opportunities online for homemade jewelry.
Additionally, you have plenty of methods of selling online.
You can create an online store or use a third-party vendor like Amazon or Etsy to sell your jewelry.
Similar Business to Consider Starting
Selling jewelry isn’t your only option.
Consider these other similar businesses if you think jewelry isn’t for you.
- How to Start a Clothing Business: A clothing business is a great alternative to a jewelry business. Instead of working with metals and gemstones, you’ll work with cloth.
- How to Start a Candle Business: A candle business is another artisan-style business you can open. Candle businesses work with wax and various chemical scents to create a pleasing aroma for consumers.
- How to Start a Boutique Business: A boutique business is similar to other alternatives but typically a small store specializing in one item type.
Opening a jewelry business is exciting and well worth the time you put into it.
Whether you want to sell smart, engraved, zodiac, or gold-plated jewelry, you have plenty of options to consider and more even selling methods.
If you like making home jewelry, consider sharing it with the world and earning a bit of profit.
Consider your costs, conduct your market analysis, find funding, and sell your jewelry.
Learn as you go, but remember that a strong start helps your chances of success.