Are you considering starting your own small business selling jewelry? Here are some things to consider.
(1) Where will you sell?
Will you sell online or offline? If online, consider eBay, Amazon or Etsy – you may not command as high a price in these venues but you will get a lot more traffic than if you go off on your own. And this is a great way to build a customer base.
Selling offline may take more time, but much less effort in the setup phase (ie. Its much simpler to rent a table or sell to friends and family than to setup a website, online payments, etc.
- Craft fairs and church bazaars – Summer and the holiday season are the best times for these events, and best to line up your gigs 2-3 months ahead of time, as the best ones fill up quickly.
- Home-based jewelry parties – Set one up yourself or have a friend host. These events are great because you have a captive audience and folks that show up are there to support you and your business.
- Other strategies – Some local companies (that are not in retail) will often let vendors setup in the lobby for a small fee, especially around Christmas. And, selling to family and friends can also be effective.
(2) Where will you get your inventory?
This is the place you will need the best research. If you like silver, A great place to source your wholesale silver jewelry is Wholesalegemshop.com. And of course there are lots of other options. It is very important to buy from a trusted source and know your criteria and the industry standard. Take some time to learn some key industry syntax such as: sterling silver, rhodium plated, silver plated, gold filled, “925”, German Silver, etc. This is important because it can be hard to know who to trust, especially if buying from overseas. Just because jewelry stamped “925” should be sterling silver, does not mean that is always the case! If a wholesaler is offering to sell you “sterling silver” jewelry for a price that is less than the market price of the silver alone, that should set off a red flag!
So take your time, do your homework and do this right. Get samples, have a lot of conversations with your potential customers and potential suppliers and eventually you will get a feel for the business and how to be competitive. And of course, have fun! Remember, there are no “failures,” only learning experiences!