Whether you are looking for mom job ideas or just general business ideas that will go with your love for jewelry, this article will come very handy.
It shows you how to go beyond just loving jewelry for the sake of wearing to making money with it. Along with designing unique pieces and marketing your brand effectively, understanding the legal side of starting a business is essential. There are several LegalZoom alternatives that can help you get started with setting up your jewelry business in a cost-effective and simplified manner.
You see, just as you love jewelry, so do many other females out there. This means it’s a very lucrative business to think of getting into.
In fact, it’s one of the best business ideas women can think of getting involved in.
Making money with what you love can’t be any better than this, don’t you agree?
Anyways, the good thing is that anyone can start a jewelry business if they really want to. You can as well if you really want to.
Below are some tips to help you start this business:
1. Have a plan in place
This is the first and most important aspect of starting this business. You need to have a plan in place if you want to succeed. Like the popular saying goes “those who fail to plan, plan to fail”. And this is true of this business as it is with any other business.
Your plan should involve asking and answering questions like:
- What you intend to achieve with this business
- How much money you want to invest in it
- How much money you already have to invest in it
- How will you get the rest of the money you need for the business
- How you intend to make the business profitable
- How and where to find the right jewelry to sell
- How much you intend to sell the jewelry you buy
- How and where to find the right buyers for your jewelry
- Best affordable location for selling your jewelry
Asking yourself these questions and answering them will definitely prepare you for success with a jewelry business.
2. Know how to find the right jewelry
You can’t succeed in the business of jewelry selling if you don’t know how and where to find the right jewelry. As you obviously know, not all that glitters is gold, as the popular saying goes.
This is very true with the jewelry selling business. Many people have lost a lot of money paying much more than they should for low-quality jewelry, especially as they didn’t succeed reselling them for the amount they thought they would. Don’t make such a mistake.
What will prevent you from such mistakes is to learn as much as you can about finding the right jewelry… at the right price. Yes, it’s not just finding the right jewelry but also at the right price.
Even if particular jewelry is authentic but too expensive to resell at a profit, what’s the point? You need to know how to find what you can resell at a profit.
So, the skill of knowing how to buy quality stuff at a good price and reselling at a higher price will determine whether you succeed or not in this business.
Thankfully it’s not that hard to learn. There’s a lot of free information out there today, especially thanks to the Internet. You can find and learn about any topic or information you want, with the click of a button.
Once you get started you will be surprised how easy it is to know right jewelry at the right prices.
You can learn a lot about business ideas from this article.
3. Know the rules and laws that regulate the industry
Ignorance is certainly not bliss in the jewelry buying and selling industry. Heck, ignorance will cost you far more than you can imagine and lead to complete failure that can result in thousands or even hundreds of thousands of dollars loss.
You should not only know what the rules and laws are but continually keep abreast of new changes, to ensure you are doing things right in your business.
For example, you need to have the right license from the right local council. And of course, you need to pay the right fees and operate according to the rules of your council. You also need to know what the legislature is, in your state or country, for selling jewelry.
If you are in the UK, two important ones to absolutely know about are:
– Trade Descriptions Act (TDA) and
– The Sale of Goods Act (SGA)
If you are in the US, you can learn all you need to know about what the rules are from the FTC website: https://www.ftc.gov/news-events/media-resources/tools-consumers/jewelry-guides
The FTC designed their guides to help sellers and even buyers get the right information they need when shopping for jewelry.
As a seller, it also helps you truthfully represent the jewelry you sell in terms of type, grade, kind, quantity, quality, value, price, weight, size, color, cut, treatment, origin, preparation, manufacture, etc.
You will achieve a lot more success in the jewelry buying and/or selling a business if you know and take heed of the tips in this article. Even if you don’t become a millionaire in the process, you might achieve a lot more success than you ever imagined.
Iskra Banović is our seasoned Editor-in-Chief at BlueFashion. She has been steering the website’s content and editorial direction since 2018. With a rich background in fashion design, Iskra’s expertise spans across fashion, interior design, beauty, lifestyle, travel, and culture.