Do you love crafting jewelry pieces? If yes, starting a business in this field seems like a good idea. That way, you get to share your beautiful craft with your target market while having fun and making money. The jewelry business is highly lucrative given its large market.
But the thing is, running a successful business goes beyond starting it. Most jewelers close up shop in their first year of operation due to poor planning. No need to get alarmed; there are viable strategies that guarantee success. Fortunately, we’ve provided some helpful tips to help you get started.
Keep up with trends.
The jewelry market is quite competitive. You’ll need to study it before starting up properly. As you know, markets are constantly evolving. For example, marketing strategies change over time. The way you marketed quirky vintage rings years ago wouldn’t be the same way you deal with diamond rings now.
You might want to divide your target audience into segments with similar characteristics. Segmenting your market helps you understand each customer better. Social status, lifestyle, and trends can be a strategic way to segment your target audience.
Today, you’d hardly find a woman who doesn’t want a diamond ring as an engagement ring.
Before now, women were quickly impressed with white gold, emerald cut, and yellow gold rings. That’s why we recommend staying ahead of the latest diamond trends to keep your customers happy. Remember, a satisfied customer translates into an improved bottom line.
Nowadays, diamonds are classified according to color, cut, quality, and carat. Popular engagement ring trends indicate that many people are increasingly opting for a halo setting. The popular engagement ring style has become prevalent in recent years. You can recommend that your customer picks elaborate halos with platinum or blue sapphire ring. More so, antique diamonds are a great cost-effective option.
Focus on quality hiring.
The decision to hire staff for your growing jewelry business should never be taken lightly. Hiring quality staff should be your top priority considering the significant value they can add to your business. Try to keep your employee turnover rate at the barest minimum. One way to do that is to create a healthy working environment and provide good working conditions. Start by making the prospective employee sign a written employment contract to ensure they are committed. When hiring staff, make sure you comply with the relevant employment law.
Businesses that don’t comply with federal labor law are liable to face sanctions. Consult an employment lawyer for concise advice and drafting of a quality employment agreement. Don’t know where to find a reputable lawyer? You can leverage a lawyer referral service to find one. Your lawyer should also handle an employee’s termination to avoid being sued for wrongful termination. The attorney can help you draft a comprehensive employer’s termination notice and enforce the termination date.
Study your competitors carefully.
Make it a priority to plan and study your competitors. The jewelry business is highly competitive, and you don’t want to be caught unaware. You might want to research their social media channels, pricing offers, and reviews. Find out what your competitors are doing, and find out ways to differentiate your products.
You may decide to watch competitors’ reviews, pick the complaints, and work on their disadvantages. For example, if your competitors don’t offer durable pieces, try to provide products that are durable and sustainable. The benefits of building good customer relationships are often understated.
Define your brand and what it stands for.
Your brand represents more than your business name. It should encompass every unique attribute that sets you apart from your competitors. Yours could be simplicity and class or sparkle and luxury. Understanding what makes your brand different from other brands is paramount. You can take photos of your jewelry to check for striking similarities. Have a graphics designer design a logo and a business card for you. Remember that a business card is an excellent, time-honored way to leave a lasting impression.