If the entrepreneurial bug has bitten and you are a jewelry lover, how about a business that lets you combine both passions; Jewelry and retail.
Of course, you will need more than passion to build and run a fledgling jewelry store. We have put together some pointers to help you buy jewelry wholesale and sell retail.
Define Your Business Line
The first thing to get squared away is defining the business line you want to focus on. Some of the things to figure out are:
● Do I sell trendy fashion jewelry or fine gold jewelry?
● Will you open a physical shop or an online one?
● Who are your target customers?
● How much capital will you need?
● What permits and licenses do you need to run a local jewelry store?
You do not want to go into a business without learning as much as you can about it. An excellent place to start is your competitors. There must be other jewelry retailers carrying out the trade successfully near you. These can be useful for market research. If they have physical shops, visit to see what's on sale, store arrangements, and so on.
If it's online, check to see if they have indicated what their bestsellers are, marketing tactics, and so on. Again, you do not need to replicate what they are doing; you only need to get some pointers and find a better way of doing things.
Having excellent products at good prices is one thing. The other end of this equation is letting consumers know what your business has to offer. This is the role of marketing.
You must create a marketing strategy to get the word out about your products. Ideally, it would be best to start with social media because it lets you reach millions very affordably.
As such, open social media accounts and link them together. Use these accounts to post photos, discuss your products, jewelry maintenance, etc.
How you price your goods is central to your business' success. You need to determine prices for your goods that help you cover business expenses and make a profit.
On the other hand, your prices can't be too high as you risk outpricing yourself. Before arriving at a price, look at your competitors and how they price their products.
In addition, establish the purchasing costs from your supplier and your business overheads. These factors should help arrive at a price that makes the business sustainable.
Find The Right Jewelry Supplier
The more middlemen there are in a transaction, the costlier a product becomes because everyone in the supply chain needs to make some money.
It is therefore advisable to go straight to a wholesaler or, even better, directly to the jewelry manufacturer. Going about it this way, you get significantly lower prices, which can help you maximize profits.
Talk To Us Today
At Play With Diamonds, we understand that entrepreneurs like yourself have a lot to juggle for their businesses to run successfully. As such, we endeavor to support retailers through timely delivery, bulk discounts, and a steady stream of high-quality Jewelry.
Contact us today with any questions, and let us help you grow your business.