For most people, starting a business is an extension of a passion they have already cultivated. That may ring true for you as well as you grow and build your own jewelry business. Maybe you want to share your love of the glitz and glam of elegant pieces. Ultimately, you probably want to make people happy and make money doing it.
Jewelry ranks as one of the most popular accessories in the fashion industry. In the United States alone, jewelry sales clocked at $6.4 billion in December 2019. There’s money to be made and a booming clientele base just waiting for quality pieces. If you’ve decided to venture into this industry, you should keep in mind a few things.
Understand Your Market
Maybe you had already started selling a few jewelry pieces to friends and family before you decided to jump into a business. However, it’s important to remember that while friends may encourage you on your business path, you still need to identify who else will buy from you. A good market evaluation will help you identify the type of pieces to stock, how to price, and ultimately whether to set up an online or physical store.
It’s essential to have reliable jewelry supply options if you want your brand to grow. You need to identify a supplier who offers variety, quality, and is within your price range. Depending on whether you opt to go online or physical, you also need to factor in delivery times and shipping costs.
Be Different and Be Better
There are billions of potential customers. Everyone is uniquely different, with varying needs and preferences. Yet, even with this variety of personalities, businesses tend to lean towards the already tried and tested trends.
With increased global competition targeting the same market, differentiation will make or break your business. There are three easy ways to set your business apart:
- Understand the industry you’re in
- Identify gaps in the market and fill them
- Create new stories that resonate with your target market
It’s vital to know your industry to avoid politically charged merchandise. You wouldn’t want to source products fitted with blood diamonds, for instance. That could not only negatively affect your brand but also make you lose customers. If you know the industry, it will be easy to find gaps to fill.
As more people move towards sustainable jewelry, you could offer artificial diamonds as opposed to real ones. Finally, tell new stories around your products. You may be surprised to learn that diamond rings were not considered essential until the De Beers diamond mining company started advertising them with the slogan ‘diamonds are forever’.
Marketing is Everything
Marketing exists because people don’t know what they need until you show them. Think about it, what’s the one thing you wouldn’t leave the house with now but could a few years ago? It might be a packet of wipes, a small compact mirror, or even your water bottle. To turn these items into a necessity, some brilliant advertising went into changing how you behave.
It’s the same with your jewelry business – it’s just not enough to sit back and know that people generally buy jewelry. You have to develop an advertising strategy that makes people want to buy your jewelry and keep buying specifically from you. To do this effectively, you’ll need a strong social media presence and advertising avenues that grow your customer base.
A Long Bright Future Ahead
Starting any business can be nerve-wracking, and the jewelry business is no different. However, if you just trust yourself and offer excellent quality to your customers, you’re well on your way to success. Make sure to provide jewelry options that make you stand out.