With around 3 million home-based businesses in the UK contributing £300 billion to the UK economy (Tobin, 2018, Live, Love, Work, Prosper) it’s becoming easier and easier to start and run a small business from home. When starting a small business it’s best to go with what you know. For example, I’m unlikely to start a business selling make-up, car parts or fishing gear as I have no idea about these genres at all! But I do wear, like and take an interest in jewellery, including trends, meanings and with vintage jewellery the history/stories surrounding those pieces. Meaning if I was to start a small business selling jewellery it wouldn’t be too difficult.
Starting a Jewellery Business From Home :
With any small business start-up, you need to start with a business plan.
Your business plan should detail;
- Where your stock will come from?
- How you are going to fund this start-up?
- Where you will sell your jewellery?
- How you will market your jewellery business?
Find Your Niche :
There are so many different types of jewellery business genres out there from handmade jewellery, silver jewellery, bespoke jewellery, costume jewellery or maybe a more sustainable option antique or vintage, like Carus Jewellery. Finding your niche will help you develop your brand identity. It’s important to know your market too. Who is your target audience? Are you targetting high-end customers, handmade, personalised or bespoke to mass-produced costume jewellery?
Where Will You Sell Your Jewellery? :
It’s always best practice in my opinion to have your very own website and social media, which is branded in your name/colours etc. However in the early start-up stages when you have little working cash and are trying to build up a customer base there are other platforms you can jump on depending on the type of jewellery business you start.
- Handmade Jewellery: Etsy, Folksy and Handmade Amazon to name a few.
- Victorian Antique or vintage Jewellery: eBay, Etsy or antique fairs and markets.
Additional costings : When calculating prices, don’t forget to take into account listing fees (if using 3rd party sites), website fees (are they yearly or monthly) and payment fees, PayPal and Google checkout charge a fee per transaction. Fetes, fairs incur costs and you will need insurance too, these things all need to be reflected within your pricing structure.
Reinvest in the Business :
In the early stages of your jewellery business start-up, you don’t need to hold large amounts of stock. Start small. With Charlie Moo’s I initially spent £56.65 on my start-up stock. I reinvested the money from sales, into new stock. Reinvesting in the business is a key component and helps with growth and development.
This is not an exhaustive list of everything you need to take into consideration but it is enough to take an idea, form a business plan and get started. Once you start selling jewellery you can reinvest, to develop other ideas further.
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