Do you want to start a costume jewelry business with a low capital investment? If so, find here a stepwise guide on starting a profitable costume jewelry 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.
The 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 Jewelry Making Business
1. Find Your Costume Jewelry 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, 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 the 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. Tools to Make Costume Jewelry
You must have a wide range of tools and equipment to make costume jewelry items from home or on small scale. Some of the basic tools are listed below:
- Flat Nose Pliers
- Nylon Tipped Pliers
- Wire Cutters
- Round Nose Pliers
- Disk Punch
- Jeweler’s Saw
- Different Kind of Wires
5. Cost of Starting Costume Jewelry Business
The cost and investments will largely depend on the scale of production output and the kind of jewelry items you plan to make. However, one can start a home-based costume jewelry-making business with a minimum investment of Rs. 1 Lac to Rs 2 Lacs.
6. 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 is also a very good option.
7. 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.
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8. Promote Costume Jewelry Business
Promote your costume jewelry business in a way that suits your chosen retail venues. Creating a website is a must in the present day. 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.