If you have always been enamored by diamonds, white gold, platinum, and all that shines and glitters, and have already amassed your very own exhaustive collection of precious and semi-precious stones, perhaps it is about time to turn your penchant to a business prospect. Why not channel your taste for, and, expertise with, all things radiant and beautiful, into a profit-making endeavor?
How, you may ask. The answer is simple: by starting your jewelry business from scratch.
To give you an overview as to how you can pull off this business possibility, here are the five generic benchmarks for a successful jewelry trade.
There are three major considerations when deciding on what products to offer to your prospective clients. First is the amount of money you are willing to invest. Selling first-class diamond jewelry will, of course, require a considerably bigger start up money, compared to hawking ornate pieces made from semi-precious stones like aquamarine, opal, and garnet. Second is the availability of materials. It is important that you determine whether a particular jewelry or jewelry material, is easy enough to find from your specific location. For example, the supply of authentic pearls may be scarce for someone who resides in mainland US. Unless you are willing to pay extra for shipping and other related expenditures like taxes for foreign buyers, it is best to stick with easily accessible and abundant supplies. Third is market condition. Are you planning to sell a mix of products that has an established following or are you adventurous enough to go for an untapped market?
Furthermore, when pondering on the jewelry product/s you wish to sell, another question to ask is whether you prefer to design and manufacture your jewelries yourself, or resell finished products from wholesale suppliers.
The place of business is as crucial as your chosen product mix. After all, this is where you reach your clients. There are two general options here: either you go for a location-based shop or an online business domain. For startup entrepreneurs, online selling is the smarter approach since it requires lesser investment while allowing extensive market reach or coverage. Through online marketing and promotion, you can easily turn your jewelry business from an obscure brand to a viral success.
Products should be aptly complemented with carefully designed services. These services normally include promotional initiatives such as clearance sales, as well as other business add-ons like customer support. Through these, you will be able to build client relationships, and in turn, reap the rewards of customer trust and loyalty.
Every business should have clear goals. Before shelling out money straight from your bank account, you must first have a business design that will allow you to formulate tangible goals. When do you expect to get your return-of-investment (ROI)? How do you plan to go about profit management? What are your plans in relation to company expansion? What are your backup plan should the business initially churn out an underwhelming response?
Jewelry already has an established market and this can be easily maximized if the above mentioned business prerequisites have been carefully laid out.
Guest Author: Sharon Sussman has has been in the jewelry industry for most of her life and has been educated to be as a gemologist prior to her career. She is now Director of Products for Brilliance, a company which specializes in certified diamonds and engagement rings.