5 Things to Know Before Starting Your Own Jewelry Business

A lot of women are now trying their hands on business! Why not? It’s a great way to meet new people, earn some money and even go to different places while doing what you love to do.

One of the most popular businesses among women is selling handmade jewelry or being a retailer of a popular line of accessories. Jewelry has become women’s best friend and it’s definitely not surprising if women find it more profitable to have their own wholesale jewelry shop than to be employed in an eight to five job.

However, there are things that you must consider before engaging yourself in this business. Going through these questions will help you decide if you’re fit to be on the other side of the counter.

Below is a short list of the things you should learn before establishing a physical or online jewelry store.

1.    Types of metals and precious stones

If you’re really passionate about jewelry, you might be familiar with the different terms and jargons in the jewelry industry. However, if you’re fairly new about different types of necklaces or different metals used in rings and bracelets, this is the best time to research and learn about the industry that you’re about to enter.

2.    Pricing and warranty

If you want to succeed in this business, you should learn how to keep your prices competitive. The rule of the thumb is that your price should cover your materials, overhead cost and time, plus a 25-40% profit. You can also get an idea on how to price your jewelry by going to different jewelry stores near your area.

3.    Using the internet and social media platforms

Whether you’re establishing a physical store or an online shop, it is still important to have some basic knowledge about different social media sites. If you already have a decent following in your social media accounts, this should not be any problem. However, you should still learn how to use Facebook, Twitter or Pinterest to promote your products or services online.

4.    Blogging

Writing your experiences as a jewelry seller allows you to promote your products and connect with your clients at the same time. It’s also a great venue to build networks of like minded individuals or nurture relationship with other jewelry sellers online. These people will eventually help you improve your brand and will support you as you go along the way.

5.    Creating an impressive display

Your creativity should not be limited to, your jewelry creation. You should also use your creative thinking when creating a display for your wholesale jewelry. If you’re into photography as well, that’s better as you won’t need to hire someone to do basic photography for your products.

Do you have the skills I’ve mentioned above? What other qualities you have that made you feel you’re qualified to run your own jewelry shop? Share your thoughts and questions below.