In 2023, the interest in permanent jewelry grew 124%, with over 55k searches per month. Needless to say, people are going wild for it, so if you were looking for a business opportunity, then this is it.
What is permanent jewelry? It’s a piece that’s welded together and doesn’t use clasps, so it’s a commitment for the wearer and can be symbolic of something significant in their lives. It’s not too different from traditional jewelry, which makes it fantastic to get into.
Want to learn more? Then keep reading to find out how to start a permanent jewelry business.
Perform Market Research
If you wear jewelry, then you’ll know how complicated the market can be, and permanent jewelry is no exception.
You’ll want to perform market research and identify your target market. Analyze your competitors and understand their strengths and weaknesses so you can go one step above them.
In addition, determine the demand for different types of jewelry in your area. Considering that there are many materials and gemstones to pick from, you’ll have to be smart in your choices.
Founder and Managing Director of Cullen Jewelry, Jordan Cullen, believes that you should focus on sustainability. He says, “In today’s market, consumers are increasingly conscious about the ethical and environmental impact of their purchases…[Our choice] set us apart in a market saturated with traditional practices.”
Create a Business Plan
You may already know what type of permanent jewelry you want to sell, but you still need to create a business plan. That way, you have a set goal to aim for.
Outline not only your business goals, but also your mission and vision. In this business plan, you should define your target market and competition too.
From there, develop a detailed financial plan, including:
- Startup costs
- Operational expenses
- Sales strategy
This is also a good step to plan your marketing and sales strategies. Mr. Cullen says, “the jewelry industry is rapidly evolving, and having a strong online presence is crucial,” so keep this in mind. He recommends embracing a digital-first strategy.
Choose a Legal Structure and Register Your Business
When starting a permanent jewelry business, there are several options available for legal structures: sole proprietorship, partnership, limited liability company (LLC), and corporation. Each has its own pros and cons, so do thorough research before making a decision. It can be beneficial to talk to legal and tax professionals, as they have the knowledge and experience to help you pick the right legal structure.
After you’ve decided on one, then you’ll have to register your business with the appropriate authorities and obtain any necessary licenses or permits to run it legally. You should use our business registration service, as it’ll take all the guesswork out of everything. We can perform registration in all 50 states.
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Source Your Jewelry
You’re probably not going to make the pieces yourself, so you’ll need to do some networking to establish relationships with reputable suppliers or manufacturers. Having top-quality and unique jewelry will ensure your success.
Barkev Meserlian, the Founder and CEO of Barkev’s, has over 43 years of experience and over 200 stores in the US. He owes his success to putting quality as his top priority. He says, “Customers are willing to pay more for well-made, one-of-a-kind items over mass-produced items. Invest in high-quality materials and put thought into the design and craftsmanship of your products.”
Consider offering a variety of styles and materials to appeal to a broader audience. You can even have a permanent jewelry kit so customers can put together their own pieces at home.
Set Up Your Workshop or Store
If you’re making your own jewelry, set up a workshop with the necessary tools and equipment. Working from home can cut down on costs massively, so that’s something to think about.
Otherwise, if you’re selling premade jewelry, you have two options: opening a physical store or setting up an online shop. The optimal path will depend on how much capital you have to start and how much inventory you’re planning on moving.
Determine Your Pricing Strategy
You might have the best permanent jewelry around, but if you don’t price it right, no one will actually buy your pieces. It doesn’t have to be a static approach either, as circumstances will always change.
Factors you should weigh up include production costs, market prices, and perceived value. Be competitive, but ensure your prices cover your expenses and leave room for profit.
Build an Online Presence
As Mr. Cullen said earlier, having an online presence is of the utmost importance. So even if you have a brick-and-mortar store, you still have to engage with potential customers online.
You can start by creating a professional website. You can showcase your jewelry and provide essential information about your business, such as the operating hours, shipping times, the refund policy, etc.
In addition, you should set up social media accounts. You can promote your products and engage with people on these platforms. This is your chance to reel in customers by showing your product quality and professionalism, so take advantage of it.
Do Marketing and Branding
Develop a strong brand identity, including a memorable logo. You want people to remember and recall your brand instantly, so it should be clear yet bold. Plus, consistent branding across all platforms is vital.
Use various marketing channels to get the word out, such as social media, email marketing, and SEO. Your best bet is multichannel marketing, as you’ll get the biggest reach possible.
Don’t forget about in-person marketing too. Consider participating in craft fairs, trade shows, or local events.
Network and Collaborate
On that note, you should build relationships with other businesses while attending these events. Network both within and outside the jewelry industry, as you never know what connections these people may have.
Also, collaborate with influencers or bloggers to increase your brand visibility. You can offer them free or discounted pieces, as well as affiliate codes so it’s a mutually beneficial relationship.
Maintain Your Records
It’s essential that you keep accurate financial records. You’ll have to submit reports to the appropriate authorities (such as the IRS) every year, so the more detailed and organized your records are, the easier it’ll be.
Consult with legal and financial professionals to make sure that you’re compliant with regulations. They can also help you make informed business decisions.
Getting your business started is only half the battle. 20% of new businesses fail within the first two years, and only 25% make it to 15 years or more.
To ensure your success, keep up with industry trends and adapt your products and strategies accordingly. Keep attending trade shows and networking events to stay connected with other professionals in the industry. This will help you keep your ear to the ground.
Know How to Start a Permanent Jewelry Business
Knowing how to start a permanent jewelry business will give you the motivation and confidence to take action. Starting a small business can be daunting, but with the information given in this article, you’ll have fantastic new beginnings.
Don’t forget to do your research and consult with professionals. And don’t neglect marketing and branding, as these are the elements that’ll make your company stand out.
For business registration services and more, sign up with Business Anywhere. Our user-friendly dashboard will make your job as a permanent jewelry business owner easier.