Starting your own jewelry shop business is a great way to tap into the $70 billion U.S. jewelry market. Jewelry stores cater to customers who like shopping for a ring or necklace in person instead of buying the product from a site. Local jewelry shops often build a loyal customer base, as customers appreciate the personal service not provided by online or mass-market retailers. As a startup, you’ve got plenty to consider when opening a jewelry shop.
Fashion or Nice Jewelry
Before launching a jewelry store, choose the form of jewelry you will market. Every kind has particular defining facets:
Fashion Jewelry: Examples include a gold-plated brass ring or a beaded necklace.
Follows popular trends
- Uses inexpensive materials such as beads, plastic, and cable
- includes a lower cost point
- Fine Jewelry: Cases include a wedding ring or diamond necklace
Generally regarded as collectibles or keepsakes
- Employs precious metals and stones
- Has a high-cost point
When you choose the general category of jewelry to market, it is time to define your niche. Start by identifying your normal customer. Then choose the forms of events where your jewelry will be worn. Maybe it can be worn when going out to a club, at a wedding or each day on the job.
Research the Trends
Staying up to date on the most recent jewelry fashion trends is crucial. Reading jewelry and fashion magazines such as Vogue, Cosmopolitan and Elle should be part of your everyday routine. But don’t be connected to the current tendencies. In accordance with Biko creator and designer Corrine Anestopoulous, moving against the grain helped establish her collection. But she states that it is important to maintain a frequent thread during your brand to make it identifiable.
Define Your Brand
When you decide on the type of jewelry you are going to create and possess a good comprehension of the current trends in the jewelry fashion industry, you should start defining your brand. Your brand is much more than simply the way you look; it’s also what your company stands for. By way of instance, Cred Jewellery’s core principles incorporate ethical jewelry-making practices and substances.
Pick a Fashionable Name
When naming your organization, select a title you won’t outgrow. Rena Klingenberg, founder of Rena Jewelry, originally named her business Rena’s Beads since she just made bead rings when she started out. As her firm expanded, she started making additional goods, and her original name did not match anymore. Rena proposes using either part or all of your name or an intriguing word or phrase which provides an impression of your job.
Now you have a fantastic title for your jewelry store, protect it by registering it. It is possible to safeguard your business name and logo by trademarking it with the U.S. Patent and Trademark Office.
Then get a business license to conduct your small business. The rules vary depending on where you reside, so get in touch with your county or city clerk’s office.
Register with your state’s Department of Revenue and find a resale tax number. With this variety, you can get stock wholesale tax-free.
The last step is to set up a business bank accounts for your company. This is important since the IRS requires that you maintain your own personal and professional accounts independent.
Producing Your Jewelry
You have the following three common paths to produce your jewelry:
This kind of manufacturing is generally found in fine jewelry since it’s flexible and requires technical training. Examples include soldering, goldsmithing, and gemstone setting.
Assembly. This kind of manufacturing is usually seen in fashion jewelry as it involves the more simple act of assembling components such as wires, chains, and beads.
This type of production is also normally found in fashion jewelry. It involves having someone else create the jewelry for you. You may find local manufacturers through websites such as Makers’ Row and international makers through sites like Alibaba.