Do you want to start a costume jewellery business with low capital investment? If so, find here a stepwise guide on starting a profitable costume jewellery venture.
Costume jewelry has been part of our culture for almost 300 years. During the 18th century, jewelers began making pieces with inexpensive glass. Costume jewelry made of semi-precious material came into the market in the 19th century. Jewels made of semi-precious material were more affordable. This affordability gave common people the chance to own costume jewelry.
Costume jewelry business was also made popular by various designers in the mid-20th century. Some of the most popular brand names in costume jewelry are Crown Trifari, Dior, Chanel, Miriam Haskell, Monet, Napier, Corocraft, Coventry, and Kim Craftsmen. It includes both high and low priced brands.
Costume jewelry, also known as fashion jewelry, runs the gamut from simple silver pieces to large cocktail rings. Selling costume jewelry can be profitable as it is not only bought and worn by female consumers of all ages but also purchased by males to give as gifts.
The costume jewelry business is flexible, as there are many ways you can start and grow your venture, and it can be operated on a full or part-time basis.
5 Steps to Start Costume Jewellery Making Business
Find Your Costume Jewellery Making Niche
Finding your specialization will enable you to focus on buying only one type of costume jewelry. It will distinguish you from your competitors. For example, you could specialize in selling vintage costume jewelry or vintage replicas, trendy affordable costume jewelry for teens and young women, artisan, and handmade costume jewelry or designer costume jewelry brands.
2. Obtain Requisite Permissions
Register your company under which you are going to run the costume jewelry business. Obtain the permits required in your state and city to operate a retail business. It depends on the location you live in. This may include a sales tax permit, resale license or assumed name certificate.
3. Have a Purchase Plan
Effective purchasing holds the key to making costume jewelry business profitable. Purchase wholesale costume jewelry to sell, if you will not be making your own. Before spending money on any jewelry, ensure you can make at least a 30 percent profit from it, after accounting for labor costs.
4. Find a Place to Sell
Secure at least one venue from which to sell your costume jewelry. Options include leasing or buying a brick-and-mortar store, renting a mall cart or kiosk. Becoming a flea or antique market dealer or throwing home jewelry parties also a very good option.
5. Sell Online
Create an Internet presence for your jewelry store. Start selling your products to men and women around the world. Let your clients treat themselves to a stunning new piece or buy a necklace, ring or bracelet for a loved one, all from the comfort of their own homes.
Build your brand. Increase your profits by opening a jewelry eCommerce store of your own. It’s easy with Shopify. You can Try Shopify for Free here.
How To Promote Costume Jewelry Business
Promote your costume jewelry business in a way that suits your chosen retail venues. You could launch a promotional blog. Open social networking accounts. Place targeted online banner and website ads. Send press releases to local, regional and national media outlets.
Donate or lend pieces to be used in a local fashion show in exchange for publicity. You can also place coupons, brochures, and fliers in complementary businesses, such as clothing boutiques, hair and beauty salons, and shoe stores.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.