The coronavirus pandemic brought misery to many lives, but it also has given people the time to find a new hobby. For many individuals, jewellery making has become their newfound obsession and some are exceptionally gifted in the craft. It has given some people the idea that there is money to make by starting a related business. Starting a business can be a scary prospect, so you’ll want to understand how to increase the chances of success.
Is jewellery making profitable?
Yes, the jewellery industry is an incredibly lucrative one. The latest data available shows that billions are spent on jewellery and watches every year. That proves there is certainly money to make here, but you’ll have to come up with a strong business plan to successfully tap into this market.
Keep up-to-date with the latest jewellery trends and create a unique selling point that will put you ahead of competitors. This, however, is just the start.
For a successful and profitable jewellery making business you’ll need to have at least two things. That is, the attributes below and a great business plan.
The 2 must-haves for success:
1. The right skills for a jewellery making biz
To compete with the best brands, you’ll need skills that extend further than just making the jewellery. While those skills are definitely needed so people like the look of your products, you must also be business savvy by having the following skills too:
- Business mindset
2. A strong business plan
You’ll need a business plan to guide your entrepreneurial venture. This will allow you to carefully plan your new business so you aren’t thrown in at the deep end.
Here’s what a basic business plan would look like for a jewellery making business:
- Perform market research – See what your potential competitors are doing and if you like what you see, take inspiration from it.
- Find your niche – Following your market research, you’ll be able to find a gap in the market for your product. This will be your niche which gives your product a unique selling point.
- Create your product line – Decide what jewellery products you will make and get crafting. Ensure you have the correct equipment like magnifiers. This will give you the best chance for making the greatest jewellery for your customers.
- Marketing – How will you market your products? Will you join the digital revolution and use social media to promote it?
- Shipping and delivery – Finally, decide how you will ship your products. Find the cheapest but most reliable method for more customer satisfaction and higher profit margins.
This business plan will be something that you consistently refer back to so it’s important that it is thorough enough to drive your business forward. Perfect your business plan for a greater chance of owning a successful jewellery making business.