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The Start Up Diary; Jewellery Business Essentials

Turning your passion into a successful business

Most successful business ventures are as a result of people using their skills and talents to passionately develop them into something much bigger. If you’re into jewelry making in this case, this is just the thing for you.

As an industry, the jewelry business has steadily been growing due to a number of factors. One factor which has greatly impacted the jewelry business is the internet which has exposed the many available designs and options available from a number of jewelers. Top on the list however is the desire and need for people to put some pizazz in their fashion sense and jewelry does just that.

For the budding jewelry entrepreneur, let’s take a look at some of the things you can do in order to take off and grow your brand in this vast market.

Steps to take in the startup process

1.    Identify your requirements for the venture

As is the case with starting up any business, you have to identify the needs your business has before it can actually get up and running. From things like procuring materials, work spaces, if you have enough work force to achieve your targets or expected orders, finances and so on. This is a crucial step that shouldn’t be overlooked which tends to be what happens on many occasions.

2.    Educate yourself on the market

Having a sense of passion as well as the skills to make jewelry is one thing but actually knowing what you’re getting into is a whole different idea. It would be prudent to even take quick courses in jewelry business so as to get a good idea on what actually running such a venture would entail…from things like keeping finances in check, the legalities of the business as well as other ethical practices pertaining to running the business.

3.    Create a business strategy

In your quest to create your own brand of jewelry, this is also an integral step to take after considering the above two steps. In this phase, you have to decide how you’re actually going to go about your business. You are to clearly outline what part of the market you want to aim for, how you’re going to reach that market and how you’re going to be sourcing materials for your jewelry especially if you are to cater to bespoke jewellery requests. In addition, you need to work out the logistics involved in delivering your products, insurance cover for your business and products as well as how to source funding to start and maintain your business from whatever available financing options are available to you.

4.    Create and Register your business name

The name is an important part of any business. It’s what people learn first about your brand and as such it should be creative, catchy and memorable. Having a name that has all these qualities ensure it creates an impact and it can easily be recognized when mentioned by word of mouth.

Accompanying the name should also be a well-designed logo that represents what your brand is all about…it should be daring and creative so as to invoke curiosity to those not yet unfamiliar with the brand so that it can get them looking into your shops.

Having reached this phase, you’re pretty much set up to get going. Here we’ll continue the list with some other things to consider as your business begins growing and gaining real traction in the market.

5.    Create an online presence for your venture

Every aspect of our daily lives is virtually going online now and as such having your business on the internet is a prudent step to take. The level of internet and mobile penetration means that most of your potential clients are sitting online and thus you should have a platform where they can easily reach you and your shops. A website for this kind of business should be well detailed and sample high quality pictures of the type of jewelry you make and sell. Social media is also a must have since here more people can be easily reached and it helps converse with clients in a much simpler way.

6.    Keep track of your business

At this point you’re pretty much in the groove of things and you’ve started making some good returns from your business. It’s understandable to want to celebrate on your profits but since you’re just starting out you can put the money to better use by:
-    Sourcing more materials for your work.
-    Getting more expert help to match your demand.
-    Investing in other ways to grow your brand.

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Musicland

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Robinson Furniture

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