Are you thinking of starting a jewellery company, but not sure where to start?
There are a number of things to take into consideration before making a final decision on creating a jewellery startup. We take a look at what it takes to create a successful company.
Have a clear business plan
As with any starting any business, having a clear strategy is vital for the longevity of your band. From the very beginning, you need to take into consideration things such as:
- Who you want your customer to be?
- What age range do you want to target?
- How will you go about targeting your audience?
- Where will the firm be located and do you intend to open stores?
- What will the average price point be for the jewellery line? Do you go low or high?
- Will it be fine or fast fashion jewellery?
- How much will start-up costs be, and is it cost-efficient?
- Do you intend to manufacture the jewellery in Britain or abroad?
These are just some of the questions you should be asking yourself or any business partners that are involved in the venture. Thinking about these logistics can have a huge impact on your firm’s future, and if you hope to scale the brand, it is hugely important to think about the long-term and how you can potentially foster growth.
Organise your finances
Making sure that you have carried out a jewellery cashflow forecasting is very important prior to launching your startup. This is because you will need to make sure you fully understand what materials, staff and order numbers you will be able to afford, and whether or not you need to look for investment opportunities elsewhere too.
Pricing your work is important too, as some designers first think about how much they would like the work to cost and then produce the jewellery, whilst others do the process in reverse.
It is also important to look at what competitors in your field are doing too, and seeing what they are charging. You should also think about your brand image when thinking about finances: cheap is not always necessarily considered best.
Get the business online
A recent report by Inside Online has shown that jewellery search terms are increasing year-on-year, making it more important than ever before to make sure you have your jewellery brand up and running online like Blue Nile, James Allen or Michael Platt.
There are many ways you can do this, and at a low cost. For example, using social media is a great way to promote your products, as is using sites such as WordPress or Shopify.
You could also look at putting your jewellery on online marketplaces like Notonthehighstreet or Etsy, both sites of which specialise in independent products.