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But starting a jewellery line or opening a store for it isn’t going to be straightforward. There’s a lot you have to decide upon, from how big you want the venture to be, to whether you’ll make the items yourself or buy from others. You may also wonder who you should sell to. This article takes you through how to start a lucrative jewellery business. In doing so, it answers the questions raised above, and more.
Research The Market
Don’t plunge into this market until you know what it’s like. Research the market, know who your audience is, learn about the basic economics of the industry, and study your potential competitors. While examining the market, ask yourself whether the business you intend to start can hold its own against the adverse conditions here and if it can take advantage of the positives. Remember, you’re probing these things because you want to gain enough knowledge to be successful in this space.Decide What Kind Of Jewelry You Want To Sell
Jewellery comes in numerous shapes and sizes—necklaces, rings, pendants, cufflinks, brooches, bracelets, and many more. And there are many styles too. Some are ‘loud’ and ostentatious; others are minimalist (simple yet elegant). Would you like to sell all kinds of jewellery you can lay your hands on? Or would you prefer to be selective about it, and be known as the go-to for specific jewellery types? It’s up to you to choose.Find Out How To Get The Jewellery
Most retail stores have one or more suppliers from whom they purchase their jewellery. You may go this route, and find a seller who’s willing to provide you with the trinkets and ornaments you’ll stock up. Alternatively, you could make them yourself, or have workers create the pieces for your store. There are advantages and drawbacks for whatever route you decide to take, Weigh them against each other, and go for the one that suits you most.Write A Business Plan
A business plan describes what your business is and does, its target market, competitors, SWOT factors, its key stakeholders, and financial projections. It’s like a roadmap for your business. This document is also often needed by lenders; so if you intend to get support from them, you should have a business plan.Sign up to the Connect Nigeria daily newsletter
Your business plan can function as a reference book, against which you measure your current and future performance. If you match or exceed the expectations in it, you’re doing well. But if you’re failing to meet up, your business may be faltering.
Register Your Business
Register your business with the Corporate Affairs Commission (CAC) and any fees required by authorities for businesses in your niche (if there are any). These steps will make your business legal—an important status for when you have a legal dispute with other people or entities.Open Your Shop
Rent a space if you can. Or you could begin by selling on social media even if you don’t have a physical store yet. But if you can afford it, you should find a space that’s accessible from many parts of your town or city and set up there. After all, there’s still more buying and selling going on offline than online. Find a supplier (or several), reach an agreement with them about supply and pay, and stock up your shop.Market Your Products
We have already mentioned how important social media can be for selling. But it’s even more important as a marketing tool. Platforms like Instagram and Facebook are especially effective for this purpose. But don’t just post pictures of your products randomly and expect people to flood your page with orders. Have a defined social media strategy with types of jewellery you’ll post when you’ll put them up, and copy that’ll accompany those images. If you don’t have enough time to do this, you may hire a social media marketer to take on this job. Tell your acquaintances, friends, family, and everyone else you know about your business. Ask them to visit, and show them what you have to offer. They may be your first set of customers. And if you offer great jewellery and back it up with fantastic customer service, you’ll have word of mouth drive the traffic to your business in little time.Final Words
The jewellery business will be around for a long while yet. If you’re enthusiastic about fine wearable pieces, and you have the right resources at your disposal, you may start a business along this line. With persistence and determination, your business will become a trusted brand in the space. Featured Image Source: Carl JonesGot a suggestion? Contact us: editor@connectnigeria.com