TIPS ON HOW TO START A JEWELRY BUSINESS
India is country of rich traditions and culture and Jewels has an important role for their auspicious symbol in our society. According to World Gold Council (WGC) Indian households are said to have accumulated around 25000 tons of gold which is considered the largest reserve of the metal by any country. The Hindu culture has a tradition of wearing jewelry that enhances ones beauty and symbolizes wealth, power and status in status. With time, the popularity of jewelry has only increased for its availability in different forms and types. It is not just worn with traditional dresses and occasion but with modern wears. The different labels and designers have come up with innovative designs that have attracted Indian audience and the market is growing more than before. India is home to more than 300,000 gems and jewelry players and is expected to grow by US$ 103.06 billion during 2019-2023. This shows how investing in this business is going to be profitable. But to start you must have skills and knowledge about the metals, jewels and making new designs with them. There is a lot of competition in this industry which means you’ll have to work hard to get the most out of it.
Let’s check out a few tips to start a Jewelry Business:
Create a Plan
Decide what will be your reach. If you want just an offline store or want to accompany it with an online site? Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and jewelry shop needs investment and time as you can’t expect that all your products will be sold in a day. There will be days when you sell no jewelry items or on others, you may sell plenty of them. One should always be ready for bad days.
Decide on products
There is an array of products that are available in the market and the range is huge! You have to first decide what are the products you want to sell. Jewelry items change according to trends. The designs get old, there is preference of metal such as gold, silver, platinum and can have carious types of gems. Jewelry business also attends to services such as piercing. The jewelry store business will expand and the list can always increase but decide first what is your introductory range and how influential it is for the local public and will it get enough attention.
Understand the Market
To start any business, you must know how the market works around it. What other jewelry shops are present and what is their specialisation? This research will help you understand the market size, strata, variety, and help you build a vision for your Jewelry business. You can also classify and have a decided niche for the jewelry available with you. This way you can be more focused and the knitted to your business. Understand the jewelry business along with being a market of huge investment and profit, it is also a cultural hub.
Rent or Buy a Shop in Good Location
Nowadays a lot of people are shifting to online mode for buying jewelry items as there are multiple options available. Keeping that in mind, starting your jewelry items shop business in a familiar locality where people know you would work the best. The online purchase doesn’t feel familiar to a lot of people and so your shop can be a good option for them as they know you and would expect a certain level of compassion and help from your end. The shop does not need to be a very large space. You can start with one single room 10*15 sq feet shop. Set up your shop which is in a busy market that has good footfall.
Highlight and Infrastructure
The infrastructure of a jewelry store s pretty basic. You’ll need a counter, shelves with small compartments, glass covers for shelves. Along with basic lighting, use extra lights such as LEDs and fairy lights in each compartment. The work of aesthetics is very important in your jewelry store. It will work as decorative and will also make your shop look bigger given that it is such a small space. The placement of jewelry items should be categorical and systematic. You will have to research what are the demands of your customers while they look for such items and so that you can recommend them wisely as to what jewelry items they can buy. You can also put chairs or couch for your customers for their comfort. It will make your small place a bit fancier.
License and Permit
To set up any shop in India you need to take certain permits such as a Business License, Resale Certificate, Business Name Registration or DBA Certificate, Certificate of Occupancy, Federal Tax ID, etc. Make sure you have done your homework and have finished all the paperwork beforehand and have kept them handy and be ready to take rounds to government offices before setting up.
Design and Decorate
It sounds obvious that the aesthetic of your jewelry shop matters a lot. IF you have decided a niche, design your place according to that. The jewelry and lighting are always there to enhance the beauty but hire an expert interior designer who has experience in this area and can design your place according to your needs. The lighting and colour of the walls of your shop matter a lot. Keep in mind when you agree with your interior designer.
Setting up any store business requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your Jewelry store business and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
Social Media presence and Marketing
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your jewelry items shop. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
Starting any business takes a good amount of planning. The jewelry business is a relatively pleasant industry as it brings joy to people and as the owner, it’s a wholesome feeling to experience. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!