5 Tips to Know Before Starting a Jewelry Business

The new year is great for trying new things — a new look, a new book to read, a new hobby. If you love jewelry and trinkets, starting your own jewelry business at the start of the year is an excellent idea. Getting into a new venture is not a walk in the park, especially if it is your first. However, it does have some good results; you become your own boss, you get to do what you love, make new friends, and of course, you get revenue.

If you are decided on starting your jewelry business soon, here are some tips for a smooth-sailing and fun business venture.

TIP 1: Determine your niche and start market research.

Research

First of all, know your niche. What type of jewelry pieces are you selling? Are they wholesale sterling silver rings, or handmade creations? It is important not to overwhelm yourself with selling every type of jewelry. Once you have decided on the niche, know your competitors and the prices of their products. Never sell over-priced items nor sell them ridiculously cheap. You can also consider seeking help from a business consultant or someone knowledgeable in this area.

Tip 2: Buy materials and other items in bulk.

Jewelry supplies

If you are handmaking your products, it is best to purchase your materials in bulk. As we all know, there are huge discounts when buying by the dozen. Consider purchasing jewelry supplies such as beads, zip lock plastic bags, ring price tags, and gift boxes online as doing so will be more convenient. The same goes for wholesale jewelry such as sterling silver rings and other fashion jewelry pieces.

Tip 3: Utilize social media.

Utilize social media

The best and cheapest way to get your business known is by creating social media accounts. In this digital age, almost everyone has a Facebook, Instagram, Pinterest, and Twitter account, so you can be sure to have your message across easily. Since the jewelry business is more on showcasing the pieces, focus on your Instagram and Pinterest accounts. Regularly post photos and make sure to answer all inquiries. Be fun, friendly, and honest. Everyone wants a brand that interacts with its customers!

Tip 4: Get help from your local chamber of commerce.

Advice from local chamber of commerce

Have you registered your business and obtained a business tax ID number and license to operate? If not, seek advice from a local economic development center in your area. It is important that your business is registered to avoid legal problems and getting penalized. These people can also give assistance regarding cost, accounting, and other things you need when starting a business.

Tip 5: Attract positive vibes.

Attract positive vibes

Positivity, we believe, is crucial to success. If you love what you are doing, you are sure to get into a positive and productive mood. You will not feel stressed and will feel less tired even after hours of working. Encourage yourself and the people who work for you every day. Taking risks will be easy because you know you’ll get to learn from the outcome, whether good or bad. Remember that failures are part of learning so keep on practicing until you perfect that jewelry making technique. Smile, it’s infectious. 🙂

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