Jewelry is an ornament such as a necklace, a ring, or a bracelet and is made from precious metals and stones.
Online Jewelry Businesses are becoming quite famous these days. People always buy from online stores these days due to less time. People buy diamonds, gold jewelry, Rose Gold and many other kinds of jewelry ornaments.
Due to Covid 19, many people are opening online stores as a way to earn money at home and opening a jewelry business is one of them.
Measuring the current success of the Jewelry business
Currently, jewelry businesses are increasing. It is estimated that the jewelry sector is going to employ 8.23 million people in 2022 from 5 million in 2020.
Goals for online jewelry business
Goals can be short term and long term
Short Term Goals:
- Will have 50 orders in 15 days.
- Will have 50 likes on instagram post in 10 days.
- Will have 200 followers on instagrams in 30 days.
Long Term Goals:
- Will get 500 followers on Instagram and Tik Tok in 3 months.
- Will earn a nice profit so that 5 percent of the profit can be donated to the charitable organization.
- Will have 20 loyal customers in 4 months.
- Will have 200 orders in 2 months.
If you are a small business and want to know how to open an online jewelry business, Just click on this strategy plan.
Strategic plan for jewelry business
Create a website:
When you want to start a new online business. First thing you have to do is start your own website. Most of the people visit the website and read the reviews before buying any product.if you want to open a new business with very less money in your hands. There are different websites which are useful like Weebly, GoDaddy and many more.
Google your business:
When you want to open a business, you should always Google your business first. For this, you have to visit Business.google.com. It will take you directly to your account and steps to google your business will begin. This is one of the cheapest ways to make your presence online.
Start your blog:
Always write useful information for the public. Blogging the content is necessary, when you open a business. You can write about
- How does jewelry add beauty in the appearance of a person?
- What are the best selling pieces of jewelry?
- Share what is interesting and exciting about your brand?
Identify a Market opportunity:
When you open a new business, there are customers who want to buy your jewelry. For this, you have to do research about selling and buying the jewelry. Secondary research sources can be used like Nielsen, NPD and others. These resources help you to find the research about the other companies but it is quite expensive though.
- Research about the Competitors:
Do the research about the competitors. It can help you to stay on the top. Recognize the failures of the competitors so that you do not make those mistakes. You can also do the competitor’s analysis to know more about the rivals.
- Conduct Surveys:
Do the surveys on social media groups and forums. It will take you to the people interested in jewelry and you can ask them some questions.
- Look at Google Trends:
Google Trends is a useful tool to help businesses know about what kind of jewelry is liked by people the most.
Define your Target Audience:
Once you know the market opportunity for your business then it is time to target your audience. Know the demand in your industry and what people are interested in buying the jewelry.
- Demographics: These are gender, age, occupation, income of the customer.
- Psychographics: These are the interests, likes , distlikes, behavior and other features of the customer.
Make a Business Plan:
When you start any business, it is very important to make a business plan. You should know where you are heading? A well designed business plan shows the purpose of your company.
You can include below mentioned points in your plan:
- Executive Summary: Explain about your company in a very simple way.
- Company description: What do you do?
- Product Details: What kind of jewelry do you sell?
- Funding options.
- Marketing and selling plan.
Make some Jewelry:
You know the plan. Now, you can start thinking about which jewelry line you can go in.
After knowing the Trends of the jewelry, you will make the same jewelry like other companies in the industry.
Make a collection of your jewelry, not just one piece of your jewelry. This will help you to build a strong relationship with your customer by telling them the stories about your collection.
Find a jewelry manufacturer:
If you want to earn more money, you have to be more realistic. You need to hire a jewelry manufacturer or you can buy jewelry of choice from the wholesalers.
Consider the following points:
- Jewelry quality: Make sure you trust your manufacturer. He should know the tastes of your jewelry line.
- Ask for the samples: Get your manufacturer to make samples of the jewelry first so that you can check the quality of your jewelry.
Build your Brand:
People always buy from the companies they are emotionally connected to. A brand always allows you to make people fall in love with your company mission, vision and values.
There are plenty of online tools which help you to build your brand. Shopify has its own
- Video Maker
- Domain name generator
- Logo Maker
- Slogan Maker
Each tool is quite simple to use. For instance, you need to write jewelry in slogan maker and then lots of options for slogans will pop up
Select a Price Point of your Product:
You cannot set too high prices for your product. If you do so, you make your customers run away from your product.
You need to check all the costs incurred while making the jewelry such as Cost of goods sold- labor, material and product cost.
Here are some of the pricing options to help you to plan.
You have your product in your hands. You should begin marketing your products. There are different platforms which you can use to market your products such as:
- Pinterest and others.
Start with Soft Launch, then seek opportunities:
Finally, you have a collection of your jewelry and your social presence. Now, You can start with a soft launch. This is the time when you can showcase your brand plan and marketing strategy in the industry.
When you see that your company is making money then you can start thinking about growing your company. You can do partnership with the retailers who sell the same line of jewelry to the customers.