If you are good at crafts, how about taking advantage of that skill to earn money? A very attractive option is to set up a jewelry business. Like all entrepreneurship, it takes investment and time. However, the advantage of making these products is that they require low investment and have an acceptable profit margin. In addition, costume jewelry involves artistic work, and this gives it added value. Well, to find out how to sell homemade jewelry, keep reading this article.
You can start a jewelry business by following these tips. What it takes to start your own jewelry business, how to make them, and how to market them.
How To Make Jewelry To Sell
It is not only enough that you like to make jewelry and want to make money with it. To start a large jewelry business, you must offer a competitive advantage. The best way to achieve this is by offering quality, innovative, artistic and creative products.
In addition, making jewelry to sell requires knowing some techniques and developing manual skills. How to do it? For starters, there are plenty of free training options online. You can download manuals, tutorials, videos on YouTube or read some blogs that teach step by step to make jewelry.
In addition to the end-user, your target market includes wholesale hands made jewelry sellers, commercial stores, distributors, among others.
How To Sell Homemade Jewelry: Essential Steps To Set Up Your Business
1. Make Your Jewelry Business Plan
The business plan is your guide. In it you will capture the vision of your venture. How do you visualize your business? That is where you should start. Your plan must include your objectives, the market study, an analysis of your budget, the short and long-term vision, among other aspects. Do not worry! We will see each one in more detail.
2. Define Your Products To Sell
This step is about defining what type of jewelry you are going to manufacture and sell. That is, will you work fine jewelry, handmade jewelry or any other type? Among the main types of jewelry that can be made are earrings, bracelets, necklaces, anklets and other jewelry.
Either way, your products must meet certain fundamental parameters for recognition: quality, originality, aesthetics, fashion, design and competitive price.
3. Determine Your Initial Budget
Although the jewelry business requires low initial investment, you must establish your starting budget. Remember that you will have to acquire the materials and perhaps some simple work tools.
4. Establish Your Target Audience
The costume jewelry customers are women par excellence. However, within this sector you must establish whether you will sell to young people between a certain age range or to adult women. In the same way, it would be helpful if you knew the interests, tastes and purchasing power of your target audience. Finally, do not forget current trends and creativity to make your products.
5. Select Wholesale Material Suppliers
You will need to invest in raw materials to make your own jewelry to sell. What do you need to start a jewelry business? Among the main raw materials are pins, rhinestones, glass crystals, and bases for rings, braided leather, pendants, thread and other basic accessories for the production of costume jewelry. Now, who offers you good materials at competitive prices? In this step, you track down all possible suppliers and compare the purchase conditions.
In addition, you will also need to acquire some small tools to work and parts for the assembly of jewelry. This is another one of the initial costs. Among the main instruments are cutting scissors, small pliers and glue. The rest will depend only on your own manual skill to produce new products.
6. Set The Prices
To set the prices of your products, you can first analyze the market and the competition. What are the average prices?
Also see who your target audience will be. If you defined that they would be upper-middle class people, you can use more sophisticated materials and charge a higher price for them. On the other hand, if your customers will be low-income people, you should set cheaper prices.
Finally, to calculate the price of your jewelry, it is necessary to add up all the costs of the raw material, time, labor and technique used. Next, you must add the benefit you want. For example, if you required an expense of $ 3 to make a part, you can sell it for $ 6 and earn 100% of the manufactured product.
7. Sales Channels
Where to sell homemade jewelry? How to sell jewelry online? Best of all, there are now many channels to sell homemade jewelry. From online platforms, social networks to your own store, there are plenty of options. We will talk about each one of them. So keep reading.
The sale of jewelry can generate extra income or even be the starting point for the emergence of your brand. The main advantage it offers is that it is an easily adaptable type of business. That is, you can sell jewelry from your living room to on Internet pages.
Remember that you are going to enter a competitive market and you will have to stand out among all the options to make your business profitable. Guarantee the quality and originality of your products! Those are your strengths being new to the market.