The jewelry business is one of the most lucrative industries in the world. Although having a piece of this market could be highly profitable, running your own online store is a tough challenge.
Whether you are planning on selling glam and elegant bridal earrings, or dainty necklaces made from delicate Akoya pearls, you should consider starting a business around something you’re passionate about, to help keep you motivated. If you’re looking for a way to tap into this growing industry, follow the steps below to get started on your online jewelry business.
Identify Your Niche
Before you start your business, you need to make sure you have a clear vision of who your target audience is and what you’re going to be selling. Therefore, it is especially important for you to identify the right niche for your business.
This means conducting your own product research, accessing secondary market research sources for reports, and finding a unique product that is not oversaturated in the market. Try to be as specific as possible when defining your niche.
Whether you choose to sell bold and edgy pieces, like the iconic choker necklace, or opt for more elegant jewelry, the more specific you are, the more likely it is that you find products that differentiate your store from other similar ones in the same industry.
Make a Business Plan
The excitement of starting your own business might make you overlook some important aspects of this process. You don’t want to start selling without having a business plan in place, as it is essential for any business, even if we are talking about an online boutique.
Besides being a great way of keeping you on track, a well-written business plan will make sure you don’t forget any important things. The key points your plan should tackle are: detailing your business, products, and your niche, ways of earning money, initial investment needed, competitor research, price analysis, and marketing plans.
You might need to expand your business plan along the way but, before you launch your business, you should at least have the most important aspects detailed.
Source Your Products
Whether you are planning on making and selling your own products, becoming a reseller, or even starting a drop shipping business, it is important to have a realistic view of each option. Making your own products might bring you more profit, but the time investment will be higher.
If you decide on buying your products wholesale, it is very important that you find a reliable manufacturer. Always vet any supplier before you start doing any business with them. This means asking questions, reading the information on their website, requesting references, and learning about their processes before making a final choice. Moreover, always start with a test order before you commit to anything long-term.
Create Your Brand Identity
Telling your brand’s story is highly important in acquiring customers, so sit down and figure out what you want your brand to be about. What are your voice, mission, and vision? If you don’t know where to start, just think about how you want your customers to feel about your products, and design a brand identity that can create an emotional connection with your audience.
After you’ve determined the direction you want to take, go on Fiverr to hire a freelancer to create a name and logo for your brand, or, if you are creatively inclined, do it yourself. Don’t forget to infuse your brand identity into your website design, social media, and even in your packaging. After all, the more cohesive the brand, the more loyal your customers will be.
Price Your Products
Choosing the right prices for your products is extremely important, as it will affect every area of your business. Finding the correct price point is not an easy task, but you should understand that this is going to be one of the most important decisions you will have to make for your business.
In order to find the sweet point between too low and too high, you must consider factors like production costs, competitor pricing, revenue goals, and consumer trends. Also, if you hand-make your jewelry, the price of each product should include your time, skills, and the work that went into that piece.
While pricing your products too low might risk creating an image of low-quality, overpricing may scare customers away. Finding the right balance is a challenge, but always remember to set a price that will at least cover your costs. After all, you need to make sure you’re not selling at a loss.
Choose a Selling Platform
The hard part is done and now it’s time for the fun to begin. You need to decide on where you want to sell your products and start designing your shop. You could choose to set up your own store or sell your products on different marketplaces.
It may sound complicated, but setting up your store is a matter of hours with the help of eCommerce platforms like Shopify or Squarespace. You can even get a free trial to test the platform and see if it is working for your business.
Whether you choose to create your own website or sell on other platforms, don’t forget to include important details in your description. Things like payment methods, delivery, and returns policy should find a place in your shop.
Start Marketing for Your Business
Perseverance pays off and you’ve made it a long way. You have your brand name, you’ve got your products sourced, and the business plan written. Now it’s time to start bringing in some customers.
First, you need to make people aware of your brand and you can’t do that without marketing. As a new business, it’s your responsibility to create visibility for your brand, and this means investing some time and money into it.
Start by running social media ads, as they can help you target a very specific audience. Continue by creating a database for email marketing campaigns and start delivering newsletters with discounts and product launches. If you don’t really have any marketing skills, don’t panic. You could always hire a freelance marketing professional to handle all the campaigns.