Starting jewelry and accessories business allows you to sell your products to other companies and customers. A strong commitment and successful business plan can provide you both income and a strong brand name. There are numerous materials and designs to work with in the competitive market. You need to bring the diversity in jewelry designs that should be lucrative.
Types of jewelry business you may open
- Retail Jewelry Shops
Opening a retail jewelry shop business allows you to sell various items of jewelry including watches, rings, and bracelets. For a retail jewelry shop, you may need a Business license from your county or state.
- Online Jewelry Retail
E-commerce business has brought a boom in the jewelry industry. Starting an online jewelry retail gives your business an exposure and your potential customers can approach you easily. Place your jewelry designs with the price and let your customer choose what can be the best for them.
- Gold Trading
Gold trading has become a huge business. registering a gold trading company allows you to be the part of commodity brokers, major companies, and mobilize your brand across the world.
- Gold Importers
Opening a gold importing business demands a huge cash flow with handsome experience in gold trading. You may need a gold importer permit/license to import gold.
- Jewelry manufacturers
Setting up a jewelry manufacturer business refine your jewelry designing skills. Do you have the potential to fill the gas of jewelry industry? Jewelry manufacturers produce versatile designs and later sell them to the retailers.
You can start jewelry accessories business with the following niches:
- Fashion Rings
- Bracelets
- Necklaces
- scarves
Find out an endeavor jewelry and accessories business plan that will endure:
Write a mission statement
It might sound waste of time but the whole point of the business defines what is important and what are your priorities?
Do a Cash Flow Forecast
Cash flow is the only thing that ensures that your business will not fail. Most of the time business fail due to short of cash. It is surprising that a successful business can run down due to cash. You plan for multiple jewelry accessories and you have ordered too but at the end, you come to know that you do not have enough money to buy all items. Your all business plan can crash as you have to go through the daily expenses. What will you do in the meantime?
- Cash flow forecasts such threats
- It gives you a chance to overcome sudden flaws
- It increases your turn over
Take Care of the Legal Needs
You may need to go through following legal tasks while setting up jewelry and accessories business:
- Decide a legal structure (Corporation, LLC, Sole Proprietorship etc.)
- Choose a trading name or a dba license (it can be your own name)
- Find out your tax obligations
- Open a business separate bank account
- Maintain a book keeping system
A bookkeeping system simply involves the money coming in and out. You should maintain a record of all incomings and invoices.
Design your initial Collection
To market your brand and to get reviews of your jewelry, introduce five to six designs to get the customer reviews. It will help you in getting customers’ likes and dislikes. It is a better idea to encircle your audience before investing a huge amount. You can hold online surveys for this purpose.
Do Market Research
It depends on your business designing lead. A jewelry design lead helps you in creating a new aesthetics and market venture to overcome in demand trends. You need to know,
- Where your products place in the industry?
- Your potential customers?
- Why are you different?
- Where does your quality of product stands in the market as compared to others?
- Either people re ready to pay you for your craftsmanship (A survey can help you in this field)
Price your work
Pricing jewelry and accessories products is a nerve-wracking part. Visiting various jewelry shops can help you in introducing competitive price to allure your customers with fabulous designs will be a plus point. Make a wholesale and retail price list with pictures to give the most realistic experience.
Build a Jewelry and accessories business Website
A simple jewelry website plays the role of a showcase display. Place your jewelry products and accessories with a precise description and price. You can also create an eCommerce website to sell your jewelry online. Selling online will expand your market and you will not just depend on the limited local market. It is almost necessary for all businesses to have a web presence to share the business profile online or increase sales. You can have a merchant account set up and a shopping cart on your eCommerce website.
Register Your Business Name
When you have got a perfect jewelry business name that can be checked from the secretary of the state database; the next step is to check either there is an existing entity with the same name. Proceed to jewelry business registration process once you confirm your name.
Why registering a business name is important?
It gives you a legal right to run the business under your specific identity, and registration of a business name is required, if you are using a business name to advertise your business. Banks will also not open your bank account, if your name is not registered with the state or county.
Obtain a Trademark
Getting a trademark or logo protects your brand. you can apply U.S. Patent and Trademark office for the purpose.
Get Your Business License or Permit
- A jewelry business may needs an occupation business license
- In most states jewelry business is subject to collect sales tax.You need a seller’s permit if you are buying or selling jewelry products. Generally, Department of revenue or the Division of Taxation and Finance issues you the permit.
How long does it take to get Seller Permit?
In many states, it takes one to three days to process Seller’s Permit.
