It’s time to take your love of jewelry online and start earning from it.
Whether done as a side gig or as a full-fledged venture, an online jewelry business is a great source of income for anyone who has an affinity for jewelry. Perhaps the idea struck you while browsing through earring display aisles or while you’re putting on one of your precious jewels for a fun night out ー whichever way it started for you then, congratulations because you’re on the right page to begin your journey.
Let this article be your guide as you take the first steps into making your jewelry business dreams a reality.
Focus on a niche as a starting point for your venture
Choosing to zero in on a particular jewelry type is a great way to ease yourself into the online jewelry industry. Your choice of jewelry to sell can shape your entire mode of operations so having one niche to focus on can make things more manageable for a beginner.
Go with your favorite jewelry style or one where you already have some knowledge regarding its creation or sourcing. The type of supplies you will use for your operations such as your jewelry display tools and packaging will likewise be determined by your chosen niche. In terms of marketing, focusing on a niche means your efforts will go into promotions that target the audience that is interested in that type of jewelry.
Create a business plan
If deciding on your niche gets the ball rolling, then creating a business plan is a more in-depth, point-by-point document detailing all your plans, concepts, and expectations for your business. This will then serve as your guide as you build your business from the ground up. Your business plan should contain:
- What you have to offer
- Who are your target customers
- How you plan to execute your idea (manufacturing, marketing, sales)
- Your capital as well as projected expenses
Aside from serving as your guide, a strong business plan will help you secure investors that will support your online shop. It is important also to consider the business plan should be treated as a living document, open to revisions and expansions as the business grows.
Next up are some of the nitty-gritty parts of launching a business or the actual application of the points enumerated on the plan.
Decide on who will manufacture your products
Do you want to do them yourself or have somebody manufacture your merchandise for you? Again, this all goes back to your niche. What you’ve decided on the first step will be dictating how you proceed from hereon.
If you want to sell your own wares, you’re expected to have enough technical know-how to create the pieces on your own. You can enhance your skills by attending online and offline classes. The advantage of going DIY is that you will have complete control over the creation process. A disadvantage would be finding the time to create enough stocks once orders start coming in. Of course, you can always expand your business later on and hire jewelry makers to help with the manufacturing.
Otherwise, you can always seek out outside support by finding a manufacturer who will make your products. Just make sure to find somebody that’s reliable by doing your research before making any commitments.
Another option you can take is to become a third-party seller by buying already-made jewelry items wholesale and then selling them on your site. Essentially your role is that of a distributor of an existing brand/product line.
Lastly, you also need to look for suppliers who will provide you with the necessary tools to operate your shop efficiently such as jewelry displays to help with the showcase of your shop’s goods.
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Looking for a supplier for your jewelry packaging needs? These plain, two-toned gift tote bags can be easily customized with logos bearing your online jewelry shop’s branding.
Come up with a business name
Once you’ve settled on a niche and made a business plan, you can now proceed to name your business. Think of one that relates to your niche but it should also be a name that’s catchy and memorable to the public. If you’re having trouble thinking of a name, it may help to think of the image you would want the public to form about your business. Do you want an image that’s elegant and glamorous or one that’s more friendly and approachable? Are you trying to reach young or mature customers? These factors will help shape your jewelry business’ name.
Another important exercise you must do when naming your online shop is to check if it’s already been used by another shop before. To do this, try looking up your chosen name and see if it already exists on the internet. Once you’ve settled on a name, make sure to buy a domain for your business to secure your place online right away.
Choose a platform that will host your shop
You don’t have to build your website from scratch. Platforms such as Shopify provide hosting to online shops which include features that handle your storefront, product presentation, payments, and shipping. It comes with several monthly subscription offers that entrepreneurs can choose from to suit their needs. Other platforms such as Amazon and Etsy also have different features to offer their users; what is important is to choose one that’s right for you and your shop.
Decide on your shop’s marketing strategy
You will need to get the word out about your online jewelry shop, so this part of starting a business is very important. It’s important to note that your marketing strategy should reflect the image and branding you’ve chosen for your shop.
As an online-based business, it’s best to also turn to online tools for your marketing efforts. Going on social media is a great starting point to promote your business. You can go for organic posts or invest in paid ads to widen your reach. Just make sure your style and tone are consistent throughout as this will help you establish your identity and create a memorable impression on potential customers. Your best picks are image-heavy social media apps such as Instagram and Pinterest.
Good luck with your new and exciting venture!
*Available on the Nile Corp website.
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