Diamond in the Rough: 5 Tips for Starting a Jewelry Business

Diamond in the Rough: 5 Tips for Starting a Jewelry Business

According to a study by The National Jeweler, 51% of millennial women buy jewelry for themselves. The jewelry industry is more wide open and no longer relies on gift-giving, as people are now buying jewelry whenever they want. 

If you have a gift for making jewelry, you might want to consider creating your own jewelry business. Though the industry is large and it will take a lot of work to create a thriving jewelry business, it doesn’t have to be overwhelming to start. Check out these five tips for starting up your jewelry business and get excited to sell some jewelry. 

1. Mission Statement and Target Audience

The first thing you should do is create your mission statement. A mission statement is a short statement describing what your business’s overall goal is, why you created it, and the goal of your operations. 

This will determine who your target audience is, which can let you hone in on what you want your business to provide. If you know your exact business goals, you will be able to focus on what exact product you want to create and perfect that, instead of creating a bunch of different things that could distract from your real goals. 

2. Figure Out Your Budget

Determining your budget is more than just deciding on a number and trying to stick to it. You need to be able to predict where your money will go and how much of it. Creating this prediction will allow you to save and not overspend when starting up.

One of the best ways to stick to your budget when first creating your business is by buying your materials wholesale. There are several shops online to do this from, such as Wholesale Sparkle, which gives you the best low prices when buying in bulk and prevents overspending. 

3. Market Your Business 

The way businesses market has changed since the internet introduced social media. The best thing to do for your business is to market online. You should first create your own business’s website, and if possible, an online store. This will allow your website to market for you.

Next, create business social media accounts, such as on Instagram and Facebook. This goes back to knowing your target audience and how they will find you. If you promote through these platforms, direct people to your website, and are consistent, you will not have trouble marketing at all.

4. Look Into Your Local Chamber of Commerce

When you first start your business you will need to get a tax ID number, register your business, collect and pay sales tax, and obtain a license to operate depending on your county or state. 

Though this can seem confusing, your local chamber of commerce can walk you through it for free or at a low-cost, and you can skip any legal troubles. 

5. Create What Delights You 

The truth is, there are a lot of people making jewelry and selling it, but nobody makes it like you. Create whatever you love, and make it as unique and outstanding as possible. This comes down to the packaging as well. Make your packaging something you love, and something your customers will love, so they remember you. 

If you have a successful jewelry business, you will be creating jewelry for long periods of time, so it also helps if you absolutely enjoy what you’re making. 

The Jewelry Business Industry 

Though it may seem impossible, the jewelry business is growing, and that should encourage you to start your jewelry business today. Discover your business’s goals, set your budget, and start preparing to make unique, beautiful jewelry that your customers will love. Let us know what you think of these tips and read on for even more lifestyle articles.