There are a lot of ideas that buzz in your head as a teenager, ranging from business ideas, interests, goals, etc.
Starting a jewelry business is a great business idea that can serve as a gradual source of income as it grows.
Having the business idea isn’t enough, you need an almost perfect strategy to have a successful startup.
In this article, you will find all the information on how to start a jewelry business as a teenager.
A jewelry business involves selling pieces of jewelry to interested persons. Pieces of jewelry are accessories almost everyone uses to complement their dressing, which makes the jewelry business market increasing by the day.
There are different niches in the jewelry business you can easily decide to pick from and start selling.
To start a jewelry business, you need between $1000 to $2000 to have a successful start-up. The jewelry business is lucrative and flexible.
You also need to know that it is highly competitive and requires you to have a trustworthy supplier.
How To Start A Jewelry Business as a Teenager
Deciding to start a business is not only enough to ensure that you will have a successful one, you also need to know what it takes to start up a business.
The jewelry business is a highly competitive one, which makes it essential that you know how to start a jewelry business beforehand.
Below you will find the steps involved in starting a jewelry business:
Writing a Business Strategy/Plan
Having a good and well-defined business strategy is a foundation for any business that will be successful in the long run.
When it comes to the jewelry business, you need to have a clear business strategy and that includes you selecting which jewelry niche to focus on which you add more as time goes on.
You can choose a less competitive niche de to the high competitive level of the jewelry business. Some jewelry niches are:
- Luxury Jewelry
- Customized Jewelry
- Handmade Jewelry
- Couple Jewelry, etc.
Also, before starting a jewelry business, there is a need for a business plan, to avoid moving without direction and increase the chances of getting possible investors.
To start a jewelry business, you need to have an appealing business plan that contains the values, goals, and objectives of the business.
The planning starts with selecting a befitting and attractive name that will correspond with branding, staff, equipment, etc.
A good business plan should have the following sections in it:
- Business description
- Market analysis
- Services to render
- Marketing strategy
- Profit projection, etc.
Get your Business Registered
Irrespective of how you want to run your business, either from home or getting a shop, you need to legalize your business. Registering your business will get you the license and permit to operate
It is advisable to register as an LLC instead of a sole proprietorship. As an LLC, your personal asset is protected from legal suits, bankruptcy, etc.
Upon successful registration, the next thing to do is get your Employee Identification Number (EIN) which identifies you as a tax-paying business. This is also useful when opening a business account, hiring employees, etc.
Source for Startup Funds
All businesses require startup funds to help execute the business plans and to ensure the successful operation of the business.
You can source funds from friends, families, or self-funding, which is most common.
You can also consider taking Small Business Loans (SBA Loans) from banks, lenders, etc. Small businesses have the advantage when it comes t securing loans to start up.
Get a Supplier
This is a very important thing in the jewelry business. Finding the right supplier can be very tasking as it has a say on your business.
This is why it is very important to ask for samples before ordering jewelry from any vendor to ensure the inspection of the quality, status, and credibility of the supplier.
Get a Sales Channel
Once you secure a trusted supplier, then you focus on getting a sales channel I.e where you will sell your goods.
You can decide to get a store location where customers come to purchase goods or you opt for online sales.
All you need for the online sale is an online store, you can also sell on e-commerce stores like Amazon, eBay, etc. These platforms are good for new businesses as it gives you feedback on your products.
Selecting an online sales channel comes with getting a good photographer because you need the quality pictures of your goods to advertise your products on these e-commerce sites.
Without a good market strategy, you might encounter low sales and awareness of your business. Enough promotion and a sound marketing strategy will make it easier to make a profit.
These market strategies increase the awareness of your business and the services rendered.
To promote your business, you can:
Create a website
The digital advancement of the world has made this a must. Through the website, a lot of interested individuals or companies will reach you easily.
Endeavor to design a website that projects all the business represents, goals, values, objectives, etc. You can employ the services of a website designer.
Create Social Media Sites
Social media sites increase the online presence of your golf cart rental business and can be used to advertise the business too.
Some of the social media sites you can open are Facebook, Twitter, YouTube, Instagram, LinkedIn, etc.
Paid ads help you target specific audiences, be it in a specific location, etc. These ads are productive. You can run paid ads through Facebook, Yelp, etc.
Frequently Asked Questions
How much does it cost to start a jewelry business?
Answer – You can start a jewelry business with at least $1000 – $2000 based on the type of business you want to operate.
Is a jewelry rental business worth it?
Answer – Yes, it is. The jewelry business is booming by the day and it is in high demand.
Do I need a license to sell jewelry?
Answer – In most cases, you do not need a license to start your jewelry business online. However, if you want to have a store, you will need to register with your state.
A jewelry business involves selling jewelry to interested individuals.
There are several steps involved in establishing a jewelry business successfully, which have been duly explained in this article.
Now that you have all the information you need on how to start a jewelry business as a teenager, what else is holding you back from establishing that business?
Take the step today!