You might think that setting up a jewelry business would be expensive. Inasmuch as the business name does suggest just that, this is not always the case. You can generate funds for capital through many ways. Moreover, not all jewelry is expensive. Just as gold-miners go to lengths in searching for the precious metal, as an aspiring jeweler you should just know where to look. By knowing the ropes and coordinating with the right people, you could establish your own jewelry business without burning a hole in your pocket.
Here are the steps you should take in starting you jewelry business.
- Determine your budget plan. By having a budget plan, you can manage and spend your money wisely. This is very important, especially if you are on a very tight budget. When creating your budget plan, include all the possible expenses. Aside from the materials you will sell, you need to consider several aspects like rent for your shop, transportation fees, equipment, marketing expenses and security expenses.
- Determine what type of jewelry to sell. Since you have a small starting capital, you might want to consider selling sterling silver jewelry. You can buy this type of jewelry for a low price. If you purchase wholesale, you can even get bigger discounts. If you are into jewelry designing, you can also try to create your own designs and sell them. This is the best way to display your talent while earning money.
- Create your jewelry business plan. Even if you are planning opening a small business, you still need to plan every step to make sure that everything is organized. For a jewelry business plan, you need to have a written document stating your finances, future goals and objectives, marketing strategy and business summary. Make sure you carefully formulate this plan, as this will be your guide if you want to expand your business later on.
- Formulate your marketing plan. A business will not grow without good marketing strategy. This is your way to let people know that your business exists. Even if you have a small starting capital, you do not have to worry about promoting your business. Technology is always available to help you. For starters, you can create a website for your business. This is like hitting two birds with one stone. Aside from having a way to market your jewelry, your website can also serve as your online store for your potential customers from farther location.
- Find a good location for your shop. Base the location of your shop on the type of jewelry you are selling. Once you found a location, make sure that you design it accordance to your line of jewelry. The design of your store can also be your way of promoting your business. Make sure you design it properly.
- Find potential clients. Once everything has been set up, you can now start contacting potential clients. You can ask your family and friends to refer your store to people whom they think might be interested in your jewelry.
Starting a jewelry business should not be costly. By following these steps, you will have the opportunity of setting up your own jewelry business without spending a lot.