Do you want to learn how to start a jewelry business on a budget? In this article, I am going to share with you 5 crucial steps to creating your own fashion jewelry company from scratch.
Step 1: Plan your business
There are a few things things you will want to do in-order to get started with starting a jewelry business. First of all you need to create a name and a logo. Once you have these you need to build a concept involving these. Ask yourself the questions "What makes my company different?" or “Why would I buy from my company instead of a different one?”
This is very important. In marketing this is called the ‘USP’ — Unique Selling Proposition. This is a very important thing to develop. (Tip: while your USP might be lower cost, we strongly recommend not just having money be your point of difference from your competitors).
Step 2: Make your business legal
This is an important step for a couple reasons.
Other than the obvious importance of having all your documents legal for the country you are planning to operate your business from.
There is another benefit to putting in the time to legalize your company. There is a psychological element to establishing your business legitimately. This step will make you more committed and is an important step to bringing your plans to life. We believe that if you are going to start a business you should go all-in because being partially committed can create a mindset that can often lead to failure. Side-note: we are not recommending you drop everything, quit your job, etc. We are simply saying establish your company legally and proceed with the confidence and mindset that it will be successful.
Okay, now for some of the specifics to help you out.
- Buy a domain
- Register your business (as per the laws of your local government)
- Secure the necessary Social Media identities (ex. usernames, etc.)
Step 3: Make your fashion jewelry
Okay, now that you have a company, a brand, a vision and legal stuff sorted out. Here comes the fun part.
Now what you need to do is source out someone who can create your products. Whether you are a designer, bulk seller, or whatever your niche is there are many resources out there for you to get your products made the right way. Here are our top 9 resources for finding a jewelry producer for your new company:
Extras: Google search for wholesalers and magazine publications are other good resources.
Step 4: Surprise your customers
This part is kind of bonus but we strongly recommend it. The logistics matter.
Establishing great customer service, fast shipping, unique packaging, discount/coupons and general up-sells to capitalize on each existing customer and turn them into life long buyers could be a huge factor in your success. We recommend giving some thought to the question "How will make sure that each one of your customers buys from you again?"
Here is a list of some things we recommend trying.
- Ask for feedback on their experience (take all negative feedback seriously. A fun thing to try is improving or fixing whatever it is that the customer recommended, then, messaging them and telling them you have fixed it and offering them a discount for their help).
- Offer a discount coupon for their next purchase inside the packaging of the first purchase.
- Target customers with an email campaign announcing new products, sales, etc.
The goal is to keep your brand and products fresh in your customers mind. Social media is great for this. If each customer is following you they will have the opportunity to learn more about your company and eventually fall in love with your brand.
Step 5: Marketing your new fashion jewelry business
Lastly, it is important to have a marketing plan with a rough timeline/goals. Your business might look great and you might be ready to share your jewelry products with the world but you should always expect there to be some competition, especially in the jewelry (hence the importance of defining your USP).
Thankfully, there are many cheap ways to get your products in front of the consumers fast. Social media marketing, PPC ads, influencer marketing, youtube, brand collaborations, content marketing - blogging, contests and giveaways, cold-call sales, etc. These are all amazing ways to get the action started. We definitely recommend you establish a strong sales funnel to see the best results from any of your marketing initiatives. You can read more about sales funnels here.
Bonus: Management tips that every successful business needs to do
Tax Efficiency - We recommend you give some thought to best practices in country for taxes and documenting the necessary paperwork
Employees - Many great companies fail simply because the people who are handling the majority of the work are mismanaged. An unhappy employee can have a much larger impact on your company than just what is inside their scope of responsibilities.
Growth Planning - It is always smart to prepare yourself for failure AND success. Many people neglect the fact their new company may become very successful and they are often not ready to handle it.
Now, you should be equipped with the knowledge and actionable steps to creating your first jewelry business (and without spending a fortune).
I hope you enjoyed what you learned and are that much closer to taking your idea to the next level. If you need any additional help, as a successful jewelry producer, manufacturer, and exporter we have a lot of experience to share and would be happy to assist you.
Either reply to this article in the comments below, or if you have a more specific question about producing your jewelry with us, please contact us and we will get back to you right away.