Having a keen eye for beautiful items and shiny metals is the first step to starting a silver jewelry business.
However, like any business venture, the basic principles of economics also apply to even an aesthetically-inclined business such as a silver jewelry business.
Here are 4 steps to starting a silver jewelry business:
Know where your customers are
The first step to any great business is finding a market fit.
Before thinking about your jewelry collection, make sure you have a market to sell to. Then you figure out what your potential customers want.
Start by asking family and friends what kinds of silver jewelry they like or are interested in. You should also go around the popular jewelry shops to carry out market research; find out what items are popular in the market, and if you are up for it, ask for advice on what items to include in your startup catalog.
knowing what item will resonate with your customers puts you on the right track.
Research Your Supplier
Finding an honest and legitimate supplier can be a daunting task since a lot of the suppliers are only looking to make a fast profit off inferior products and poor services. Make sure to do your due diligence before going into business with a silver jewelry factory, locally and internationally. Check out the workmanship and trash out price range, designs, and service.
Also, we recommend that you buy wholesale and avoid buying in small quantities. Buying in bulk from a silver jewelry factory
will ensure that you secure a respectable profit margin.
Know Your Silver
This is probably an unstated rule in the jewelry business.
You have to know your silver. Know the basics, proper storage, and the maintenance it requires. Consider design and uniqueness as well.
Also, determine your jewelry business plan, are you going into fine jewelry or fashion jewelry business?
Fine silver jewelry needs to be at least over 90% pure silver to be marketed as a “silver” or silver product. It is made with precious metals and gems. Mostly sold to high-end consumers.
Fashion silver jewelry is trendy, made of relatively affordable materials and for everyday customers.
Establish an appealing brand
When it comes to fashion and especially the jewelry business, it’s always advisable to have visually compelling marketing and presentation.
Once you’ve determined your market fit and created your catalog,
its time brand your silver jewelry business.
Whether you are planning on selling your silver jewelry in a brick and mortar store or on a website, it is important to stand out. A clever brand and brand message helps you reach the right customers for your jewelry.
You can hire a company to help you design, position and help deliver your silver jewelry vision to your potential customers.
Conclusion
Starting a jewelry business can be fun and exciting. At the same time, it is competitive. However, before taking a step, remember why you are starting your silver jewelry business and create a bullet-proof business plan. You should also plan for steady cash flow into your business and emergency funds.
