According to research, total expenditure on jewelry in the UK for 2020 reached £6.6 billion. It’s clearly a lucrative industry, so it stands to reason that those of an entrepreneurial mindset might spot an opportunity to carve out a little niche for themselves.
It’s a highly competitive market, however, and starting up a company in any sector is no easy task. Government data for 2020 reveals that although there were 390,000 business births, the number of business deaths (316,000) was not too far behind.
So, how can you make your jewelry business a success and ensure you don’t become just another statistic?
Do your research
First and foremost, you need to conduct thorough research. That includes the state of the current market, who your competitors might be and what it is they’re doing that’s allowed them to be successful. You may look to emulate certain aspects of their approach or alternatively you may have spotted a gap in the market that you can exploit. You’ll also need to research your suppliers and begin to develop relationships with those.
Draw up a plan
Once armed with all the information you need, it’s time to shape your business plan. Take into account all your overheads and set that against the revenue you expect to bring in before forecasting your figures for years one, two, three and beyond. It’s important to be realistic here – it’s highly unlikely you’re going to turn a million-pound profit in your first 12 months, so be honest with yourself about what you can achieve.
Obtain the necessary paperwork
In order to be able to trade, you’ll need to register your business, which you can do via the Government website. There will be other legalities to organize too. For example, if you are going to have any staff working for you, you’ll need to take out an employers’ liability insurance policy.
Invest in the right tools for the job
As well as the various pieces you’re going to sell, you’ll need to invest in the necessary equipment so that you can offer the likes of repairs and cleaning to your customers. For example, you’ll need pliers and cutters to shape the metal as well as magnifiers to help you see any intricate work up close.
Devise your marketing strategy
Of course, it’s all very well having the finest jewelry on the market but if nobody knows about it then you’re never likely to make many sales. You can promote your store and brand in any number of ways – online, via social media, email, banners, posters and word of mouth.
By following these steps, hopefully you’ll be well on your way to making your jewelry business a sparkling success.