How to start a Jewellery Design Business?
Jewellery Design Business is not that difficult to start. Not all designers have good business acumen. However, if one wants to be their own boss then all it requires are few important steps to follow inorder to get on the path to become a successful Business owner.
Steps to start a jewellery design business:
1. Create a Business Plan
A good business requires a solid business plan. Before one starts their journey into the world of jewellery design business, noting down the business plan is important. It provides a roadmap for the entrepreneur to understand the various aspects of running an enterprise:
- Defines the vision, mission, objective and organizational structure of the business and Factors like –
- Organizational structure
- Materials that will be used
- Type and nature of business
- Future forecast
- Customer demographic
- Market Research
- Product etc.
A well drafted business plan is also instrumental to seek funding to start the jewellery design business.
2. Find funding
To start a business, one requires money. Not everyone can bootstrap their business. If one does not have the means then starting a business will require procuring loans from banks or from family and friends. The other ways to find funding can be through incubator programs and accelerator programs or even from microfinance providers.
3. Make it legal
From registering the jewellery design business, protecting intellectual property to implementing business contracts, it is crucial that entrepreneurs are aware about the laws that are central to their business and industry. Following the legal requirements is very vital for any organization. Knowledge and obedience to applicable laws ensures smooth operations of the business.
4. Scout suppliers
Once the above-mentioned factors are taken into consideration, scouting for suppliers for materials, equipment, packaging, stationery etc. is important. Finding trustworthy suppliers is very critical and more so when one is starting out. If one is strapped for finances getting a supplier who can provide on credit basis is most helpful. This aids to build trust especially when one starts doing well and can start paying. However, these opportunities of credit should not be taken for granted if one wants to keep the trust and work with the supplier in the long run. If commitments cannot be kept then it leads to bad rep in the market which will inadvertently affect the business and reputation of the owner.
5. Business and personal finances should be separate
It is important to maintain separate business and personal finances. Open two different accounts. This ensures that both are safe and will simplify tax-filing related process alongwith making it easy to manage finances. The business account will have only business earnings deposited. For the personal account if one is making an earning only through one’s business, you can pay yourself a salary. Fix an amount every month from business as personal drawings. This will in no way impact the profit and loss statement. Maintaining two separate accounts and statements will help provide clarity while accounting.
6. Launch your brand and start marketing
Before selling, it is important to create a brand identity that reflects the brand’s voice. This will require the logo, packaging and website design. While marketing it is important to understand the basic marketing mix like Product, Price, Place and Promotion to create impactful strategies. Inorder to develop curiosity and create interest in the brand the business owner needs to understand the power of SEO tactics for the website and the reach of social media. One has to remain active and engage the audience and convert this into effective sales. While replying to inquiries one must remember to be kind and provide accurate information. No matter how excellent the product is, one’s attitude also determines the buyer’s opinion about you and your brand.
7. Start Selling
Once the products are developed it is time to sell them. When one is starting out, it is important to test the waters. Start by making small batches. Selling can take place through online channels like social media or e-commerce stores or even through pop-ups. This way one can gauge the market demand. With lockdown in motion a lot of buyers are scouring online sites for much needed retail therapy. Jewellery will never go out of fashion. As it is something that is gifted during the most important occasion in an individual’s or family’s life and during festivals. If one wants to use the online route for selling, it is important to upload good quality product images, hence investing in a professional photographer will be valuable.
Jewellery Design business just like any other business can feel overwhelming. Being a trained jeweller does not ensure that one can establish into an effective business owner without putting in the effort. The designing and manufacturing are as important as managing the business alongwith the myriad activities included in running it. If you feel you want to learn all about jewellery then enroll in the 1year Diploma in Fine Jewellery Design course offered at JD Institute of Fashion Technology.
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