How To Start A Small Jewelry Business From Home

Launching the small jewelry business of your dreams is not as complicated as you think. Read on to find out how to start a small jewelry business from home.

If you’re thinking about starting a small business, now’s a great time to get started. With so many resources available at your fingertips, there’s no reason not to evaluate your options and see where you fit best in the marketplace. There’s nothing more exciting than taking on a new business venture and putting in the work to see your ideas come to fruition.

If you’re interested in developing your own jewelry company, chances are you have an idea of what you want it to look like, but that’s only one step in building your jewelry brand. Strong branding is a massive part of any successful business, but there are a few other things you’ll want to take care of before you prepare for any launch. Read on to find our step-by-step guide to creating a successful jewelry business.

First, let’s examine why entering this popular market is beneficial!

Why start a jewelry business?

Before you start a new business, you need to have an idea of what kind of profits you can expect to get from your investment. When it comes to the global jewelry market, you’ll notice impressive profit margins and opportunities for growth.

Simply put, your opportunity for profit is huge with the right business plan and marketing efforts in place. On average, jewelry business owners can make around 43-47% profit margins. 

In addition to high-profit margins, the jewelry market is only expected to expand further over time. According to research, the global jewelry market should reach over $500 billion by 2030. The luxury goods industry continues to thrive more than any other niche, despite any economic concerns. So, if you’re interested in higher-end jewelry pieces, you couldn’t ask for a better time to start!

Securing your place in an industry that shows evidence of withstanding economic changes is an incredibly smart business move. These days it’s all about investing in businesses that you can scale and that are sustainable in varying economic and social climates. Now that you know a little more about this market let’s get into how you can get started!

How to start a jewelry business online

It might feel overwhelming to think about starting something all on your own, but the truth is, you will have plenty of support along the way. Suppliers and manufacturers depend on your business’s success, so try to remember you’re never alone!

With the right plan in place, you’ll be on your way to setting yourself up for sustainable success. The following steps can be used as a guide to creating your very own online jewelry business.

Define your brand

If you’re asking how to start a small jewelry business from home, the first you you need to do is gain a deep understanding of your brand and overall goals. This will save you tons of time and money in the long run.

Start by asking yourself some of the following questions:

– What type of jewelry are you selling? Fine jewelry, costume jewelry, trend pieces?

– The quality of the materials? Will you be using precious gemstones and precious metals?

– How will the jewelry be made? Will it be handmade jewelry, mass-produced, or created by skilled artisans?

– If you’re doing this from home, how do you plan to be set up?

– What price point are you aiming for?

– Do you need to recruit some help, or can you start alone?

– Where do you plan to sell?

– Who do you want your customer to be?

– What assortment are you thinking in terms of necklaces, bracelets, rings, and earrings

– Are there any brands out there that you admire but still feel are missing something?

Check out the competition

One of the easiest places to begin when starting a new business is by doing market research on your competition. They’re already doing what you’re hoping to achieve (and surpass), so why not take advantage of that free data?

Some of the things you want to look out for specifically include:

– Where are your competitors selling their jewelry products?

– What is their social media presence like? How often do they make social media posts? What are they posting about?

– Do they have a website? A blog?

– Are they using other platforms for jewelry sales, like eBay, Amazon, Etsy, etc.?

Budget – How much do you need to start a jewelry business?

The startup costs of a jewelry business will vary greatly depending on the niche you want to focus on and the types of materials you plan to use. You’ll need money for samples, photography, and website hosting, among other expenses.

If you plan to make everything yourself, your overhead costs will be much higher. However, if you work with a jewelry manufacturer/supplier, you only need to worry about quality control and order fulfillment. Your product line will always reflect your taste and style, but you won’t need to worry about hiring staff and renting equipment or space to manufacture anything. 

That doesn’t mean you won’t still have several expenses, though, you can expect to account for the following in your budget:

–         Website hosting and management: To be competitive, you need to have an online presence regularly monitored to ensure accuracy and quality. Some designers choose just to have an e-commerce store, while others choose a physical location. Shopify is a very popular platform for selling jewelry online. Squarespace makes it very easy to build your own online store through frag and drop templates. However, there are fewer integrations, making it more difficult in the long run. They have a ton of templates to help get started quickly. Domain names will vary in price depending on the demand for it.

–         Brand Identity: Create a brand identity that includes a business name, logo, band colors, and brand photography guidelines. You’ll often need to hire a graphic designer to do this

–         Marketing: Paid social media ads, influencer branding deals, SEO, email marketing, traditional advertising, and other promotional efforts such as business cards and marketing materials.

–         Materials: the actual cost of your inventory for a complete line of products.

–         Payroll or contractor expenses: any expenses related to professionals you work with along the way.

–         Inventory: many fine jewelry designers keep very little inventory. Depending on your business plan and the manufacturer’s flexibility, you can have your pieces made to order instead of holding large quantities of inventory.

–         Miscellaneous: various expenses, including but not limited to insurance, packaging, and anything else specific to your brand needs.

Don’t forget to always keep your personal and business finances separate. It’s easy to get wrapped up in the excitement of building a new business, but you’ll thank yourself later when your bank account doesn’t take a hit

Put together a business plan

The first step in developing any business plan is mapping out the brand’s mission, goals, and some other general information. Don’t get intimidated at the sound of a “business plan.” It’s far more casual to put together than you may think.

Carve out some time during your day to sit down with a piece of paper or a blank word document and consider the following:

– What image do you want to convey

– Your target audience and potential customers

– Marketing strategy

– Product offerings

– Current and future financial projections

– Pricing

Try to remember that this isn’t a concrete document! It’s a place to organize your business ideas. You can make adjustments along the way; it’s just important to start somewhere to stay on task and remain focused as you continue through this entrepreneurial journey. 

Check out jewelry manufacturers for small businesses

The best way to find a jewelry manufacturer is by references from those you trust or through your research. There are so many online options that it’s hard to know who will take your ideas to heart and bring them to fruition.

When you’re considering different manufacturers, there are a few things to look out for:

– How long they’ve been in business

– Manufacturing locations

– Business development support

When it comes to jewelry making, you want to make sure you choose a company that has been honing its craft for a long time. If you want to avoid any significant delays due to customs or supply chains around the globe, try to find a company with local and international locations.

Sell on your chosen platform

When choosing the right sales platform, everyone has their own preferences. The best way to make this decision is by ensuring that the platform is consistent with the branding of your jewelry.

–         Website: nothing beats your website— the credit card processing fees are lowering on your eCommerce website.

–         Social media: set up a digital jewelry store on your brand’s Instagram page!

–         Etsy: great for specific luxury pieces and handmade items. It is a great way to get customers initially.

–         Amazon: best suited for a more general market. Fashion jewelry does great on platforms like Amazon. Higher-end jewelry lines see less success on Amazon. Amazon has launched an Etsy competitor, Amazon Handmade, that could be worth looking into.

Marketing is key

Whether you like it or not, social media isn’t going anywhere. If anything, it will only become more relevant in our everyday lives. Make sure you’re putting most of your effort into making content you can use across all your social media channels. The great thing about this is that you can create your organic and paid content. So you can cover all your bases with the same platforms!

Don’t be shy to reach out to influencers, either! If you’re starting, it’s a great way to gain exposure and build brand credibility.

It is important to closely monitor your ROI on any marketing spend. You want to cover the cost of goods by marketing. Facebook and Google advertising has gotten much more expensive recently. Those channels might not make sense for your business.

Entrepreneurs have seen a lot of success with search engine optimization. Optimize your product pages for keywords and create regular blog content.

The bottom line

Now that you’re familiar with what it takes to start your own jewelry business and become a jeweler, it’s time to take the next step. If you’re reading this, chances are this isn’t the first time you’ve thought about this venture, so there’s no point in putting it off any longer. With the correct planning and the right resources, you can take your ideas to the next level and create something that’s truly your own.

Even if you’re not ready to make commitments, you can always get a better idea of what’s out there. Contact our team at Madison 501 today to learn more about how we can support your entrepreneurial jewelry journey. We’re here to help you see how you can start a small business from home.