With so many big box and chain retailers out there today, it’s easy to feel as though there’s no hope for an independent jewelry business to survive.
That’s actually not the case, though. In fact, the industry is growing (and is expected to continue growing) at a healthy rate.
Many independent jewelers are also thriving while big box stores are starting to take a hit.
If you’re interested in opening up your own jewelry business, now is a great time to do so. But, you need to be smart about how you handle the process. Read on for five great tips that will help you open up a successful jewelry store.
1. Start with Your Mission Statement and Business Goals
When you’re opening any kind of business, one of the first things you need to do is figure out your mission statement and specific business goals.
Your mission statement describes the purpose of your business and your essential values as a business owner. A clear mission statement is something you can return to in the future when you’re faced with tough decisions or just need some clarity.
It’s also important to set goals and think about your target customers, the amount of revenue you want to bring in when you first get started, and how you’re going to set yourself apart from your competition.
2. Utilize Online Marketing Strategies
These days, if you want to run a successful business, you need to be marketing yourself online.
Create a high-quality, attractive website that shows off your products and establishes your business’s credibility.
It’s also important to utilize social media and spread the word about your business. Don’t forget to take advantage of local business directories and other local SEO strategies, too.
3. Do Your Research
Spend plenty of time learning about the market in your area and the type of customers to whom you want to sell jewelry.
Figure out what kinds of products they’re looking for, what their budgets are, and where they like to buy their jewelry. Is there something they want that they can’t get anywhere else? Is there a gap you can fill?
The more you know, the better you can serve your customers right from the beginning.
4. Build a Cohesive Collection
If you want to run a successful jewelry business, you’ll need to build a beautiful, cohesive jewelry collection.
A cohesive collection will have a signature style. It will also feature a good mixture of statement, upsell, and gateway jewelry pieces that sell at a variety of price points.
5. Make Sure the Price is Right
Finally, make sure you’re pricing your pieces correctly. Many beginners undersell their pieces at the beginning without even realizing it.
A good rule of thumb is to start by figuring out the wholesale prices for your jewelry. Then, mark them up to at least twice the wholesale price (2.5 times the wholesale price is ideal).
What to Learn More about Running a Jewelry Business?
If you keep these tips in mind, your chances of running a successful jewelry business significantly increase.
But, there’s more you can do to keep your business running as efficiently and effectively as possible.
Start by checking out our advertising tools for tips on how to spread the word about your new business.