How to Start a Jewelry Business: Steps, Tips, and Suggestions for The Smooth Running of Your Business
Doing business is one of the livelihoods that is widely practiced today. This is done both as a main job and a side job. However, the challenge of doing business is sometimes it does not result in direct success, it needs a long process, and you have to be resilient. One business that is popular today is the jewelry business. Developing a jewelry business may sound difficult and requires a lot of capital; this is not entirely true. With the world of the internet, running a jewelry business can be done easily through an online system. Here are some tips on how to start a jewelry business.
How to Start a Jewelry Business in 6 Steps
Why choose a jewelry business?
Jewelry has become a popular business commodity for many reasons. The first reason is that jewelry has always been a popular item that everyone uses, especially women. Jewelry for someone like an identity; what they wear will characterize and show “this is me”. Nowadays, many men use or buy jewelry, although not as much as women. Besides being used for personal use, jewelry can also be given as a gift. Giving jewelry will give a classy gift meaning.
The jewelry industry is increasingly in demand as well as coming from its business factors. At present, many artists want to work through jewelry media. This is a positive sign because they can develop their creative and entrepreneurial abilities. Some of these artists are involved in making designs or in making jewelling, or both. If you don’t have these two abilities, you don’t need to worry. You can still run a jewelry business, because in business what is needed is managerial, branding, and marketing skill, which are aspects of the jewelry survival industry.
Determine the vision and mission of your business
The first step you must take in how to start a jewelry business is to make your jewelry’s business vision and mission. You must remember, whether a business with a small, medium or large scale, making the vision and mission is necessary. It aims to find out what your goals are in building a jewelry business. Another function is that you will also know how your steps to get your goals in doing this business.
There are 3 suggestions to make it easier for you to set your vision and mission. First is you have to determine who the target market of your jewelry business is. This is important so that you can determine the focus of the design that you want to develop in your business. The good thing is, in the beginning, you focus on certain targets, don’t target everyone.
The second is to make a design that has the characteristics of your business production. Jewelry characteristics are important as the branding of many jewelry products with the same concept. Finally, you must determine the revenue that enters your business. Business is a matter of profit, but there is also the risk of loss; make appropriate standards.
Looking for capital
The business will run if you have capital. This is certainly no exception for jewelry businesses. After you create a vision and mission, you should already have a clue about how much and what capital is needed to make this business. Record and count anything and how much is needed; also note the expenses that have been made in the specified capital spending. Regarding money, the capital needed will vary depending on the target and the type of jewelry you want to sell. However, as a reference, you can use the USD 500 as initial capital to run a jewelry business.
Determine the name and logo of your business
Next in how to start a jewelry business is to make the name and logo of your business. You can’t miss this. Why? The name and logo are one aspect of the business branding program that you are running. Having a name and logo that is known to the public will be a point in attracting prospective buyers. Your business name and logo will also be a strong identity attached to your business.
How do you make a name and logo that sells? First, you must know who your target market is. This has been formulated in determining the vision and mission beforehand. Determining the right target will make it easier for you to determine the name and logo that attracts your target market’s interest. For example, jewelry targeting adult women will have a different concept from the target teenage girls (in terms of psychological shape and color).
Do a marketing strategy
Nowadays you can easily earn money online, including by doing business. Jewelry business that you are developing is not an exception. Running jewelry with an online business has many advantages. The first advantage is that it saves you more money because you don’t need to make or rent a place to sell. Second is that you can market your product in a very broad range, even out of town and even abroad.
How to do business online? First, you must create a website. This website will mainly contain various jewelry that you sell. In addition to jewelry, you can add various information about your business (the history of the establishment of this business, vision, and mission) and various articles and videos made by your party, which support the sale of your jewelry. This website can be made using various web hosting services at affordable prices.
In addition to the website, make sure you market your business through social media. Social media as the most widely accessed media today will increase the scope of your target potential buyers and facilitate access to the jewelry that you sell. For jewelry business, 2 social media is suitable for you to develop and focus on online marketing. The social media are Instagram and Pinterest; both of these social media have the basic concept of the image, suitable to show the jewelry that you will market.
You also should not miss the market research process in marketing your jewelry. You can do market research by expanding your business into the marketplace, conducting public surveys and/or your target market for what they are looking for in a piece of jewelry, and trying to realize the market’s desires. You need good analytical skills to produce satisfying market research results.
Register your business with the government
The final step in how to start a jewelry business is to register your business with a government office. In online businesses, even if you don’t own or use a building to sell, you still have to register your business with a government office. You must report your business to 1 government office, which is the local tax office. Even though they are online, there are taxes that you must pay or report to the government. However, the payment or the report will depend on your future income later.