“Diamonds are forever” as they say. True or not, turning jewellery into a business has its own advantages and risks. Before getting into the industry, here are three important questions to ask. Let them guide you in making the right decision.
Do I Have Enough Start-up Money?
Jewellery is expensive and trying to turn it into a business will involve several costs. If you already have a collection of jewellery, which you are willing to use as preliminary materials, then you are on a good start. However, it is important to save enough money for other business costs such as purchasing machines, product packaging, and managing of taxes and legal documents. In addition to these expenses is the possibility of employing extra help. To determine the start-up money you will need, create a budget plan that covers your business’ first two years.
How Do I Find a Manufacturer?
While most jewellers design and craft their own products, a number still prefer to work with manufacturers. Jewellery artisans are hard to find and even if there are some nearby, finding one that suits your style can be difficult. According to JewelCast Ltd, a jewellery manufacturer from the UK, the best way to find a jewellery artisan for a local jewellery business is by doing a lot of research. Start by determining the style you would like to employ and searching for manufacturers that practice the aesthetic. Also, ensure that the manufacturer is within the vicinity as to prevent travel and shipping costs.
Do I Need to Put Up a Store?
Putting up a physical store sounds good business, but the costs that come with it can be too much. In this age of websites and social media, a number of jewellers prefer to sell their products online. Apart from cutting the costs that come with a physical store (rent, maintenance, security) it also allows them to manage other businesses. However, if you have enough money and see the business as a long-term commitment, then a physical store is tremendously beneficial for your brand.
Putting up a jewellery business involves a lot of costs, which you should prepare for. Make sure to reach a wise and beneficial decision before investing entirely.