How To Start An Artificial Jewellery Business At Home

How to start jewellery business - Blog

  • 24 Nov 2019
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    Are you someone who always had a passion for jewellery and likes to style people with different types of jewellery?

     

    Have you always dreamt of having your own jewellery business but have feared thinking of the fundings, scope of this business and several other things?

     

    If yes, then you are in the right place!

     

    In this guide, we are going to discuss how to start an artificial jewellery business from home.

     

    Table of Content

     

    1.   Overview Of Artificial Or Imitation Jewellery Business In India

     

    2.   Different Ways of Doing Artificial Jewellery Business

     

                          a.   Wholesale Business From Home

     

                          b.   Retail Business From Home

     

                          c.    Artificial Jewellery Store Of Your Own

     

                          d.   Sell On Online Platforms

     

     3.   Find Your Niche

     

     4.   Business Planning and Funding

     

                              a.  Write a summary 

     

                              b.  Opportunity

     

                              c.   Execution

     

                              d.   Business Management

     

                              e.   Financial Plan

     

                              f.    Appendix

     

     5. Raw Materials For Artificial Jewellery

     

     6. Jewellery Making Kit

     

     7. Find a Workspace

     

     8. Build a Team

     

     9. Jewellery Photography

     

    10.  Create an Online Store

     

     11.  Marketing & Branding

     

     12. Sales

     

     13. Educational Resources for Artificial Jewellery Business

     

     14.  Conclusion

     

     

    1. Overview Of Artificial Or Imitation Jewellery Business In India

     

    artificial jewellary business

     

     

    Jewellery has always been a part of Indian culture and therefore there is a huge demand for it in the Indian market. 

     

    In earlier days, jewellery made from gold, silver, diamonds and other precious jewels was in higher demand, but with the continuous hike in the prices of these jewels, the interest of the people have shifted from those traditional gold and silver jewellery to the modern and stylish artificial jewellery.

     

    There is a rise in demand for artificial or imitation jewellery by 85%. India’s artificial or imitation jewellery business is one of the largest in the world which contributes GDP at 5.9 per cent in the Indian economy. It is estimated to grow by leaps and bounds in the coming years.

     

    People these days seem to be more practical in their shopping choices. A lot of them go with artificial jewellery as they are affordable and also offers a wide variety.

     

    There are a lot of opportunities in this sector. With the rapid increase in the usage of online media, artificial jewellery business is gaining more popularity.

     

    The future of jewellery business in India is very bright.

     

    Read – How a self taught jewellery artist made her hobby, A profession

     

    2.  Different Ways of Doing Artificial Jewellery Business

     

    We have seen that artificial jewellery business has a lot of scope in the coming years but do you have any idea how to start it.

     

    Before taking up any business, you must be clear with the approach that has to be used for doing the business.

     

    There are so many different ways in which you can do a jewellery business. You should go for the one that suits you the best.

     

           a. Wholesale Business From Home

     

    wholsale jewellary business

     

     If you want to start an artificial or imitation jewellery business from home, then one of the things you can do is to have a wholesale business.

     

    You need to buy the stock from the manufacturers at a wholesale rate and sell artificial jewellery to different retailers or either directly sells it to the customers.

     

    Now, let’s talk about some of the drawbacks of having a wholesale business –

     

    • Capital

    Any wholesale business will require a lot of investment as you have to buy the goods in bulk. So, make sure you have a good capital budget to do this business.

     

    • Storage

    It is obvious that when you buy goods for wholesale, you need a very large space to store it. 

     

    • Quantity

    When you buy items at a wholesale rate, the quantity of items bought will be huge. The disadvantage here is that you don’t know whether all these goods will be sold or not.

     

    • Labour

     To maintain such a big amount of goods, you also need some people to look after it.So, labour cost will be an addition.

     

         b.  Retail Business From Home

     

    retail jewellary business

     

     

    The other way is to do retail business. You will buy the goods from wholesalers and sell it to the customers.

     

    The benefit it offers is that you don’t need to buy the goods in bulk. You can get them according to the requirements of your customers.

     

    The drawback of having a retail business is –

     

    • Competition

    In retail business, there is a lot of competition. People have so many options, you have to make efforts to convince them to buy the jewellery from your business.

     

      c.  Artificial Jewellery Store Of Your Own

     

    If you are really good at making jewellery by yourself, then you should try your hands on it and create your own label. 

     

    Instead of buying jewellery from other manufacturers and selling them, you can use your talent and create your own designs. This will give you an identity and also allows you to experiment with your designs and make something different from others. 

     

    The disadvantages here are as follows –

     

    •  More efforts

    The struggle here obviously is that people should like your work. You have made your jewellery with so much creativity and dedication, but what if people don’t like it. 

     

    • Time constraint

    It will obviously take more time for any creator to make the jewellery by himself as compared to any trader who just buy and sell goods. Customers have to be a little patient for the delivery.

     

      d.  Sell On Online Platforms

     

    Online Platforms like Flipkart, Amazon and smaller ones like Bulb and Key don’t have their own stores. 

     

    There are several traders and small business owners registered on these platforms and sell their products on these online platforms

     

    This is one of the best ways to sell artificial jewellery online. 

     

    • You don’t need to have your own website, you can use these online platforms and sell your products on it which is much more convenient and easy. 

     

    • The setup cost of the business is very less as you are using someone else’s platform for selling your items.

     

    • You can also try dropshipping. When you are registered as a seller on these online platforms but you don’t have your own store. You have tied up with some traders and small business

     

    • owners who provide goods for you. So, whenever any order comes for you, you will ask these people to supply the required amount of products for you.

     

    Some of the drawbacks here are –

     

    • Product return

    Due to lack of physical contact with products, a lot of times when the product is delivered and customers don’t like it, they return it back. 

     

    Read – Government Schemes For Women Entrepreneurs

     

    3.  Find Your Niche

     

    find your niche

     

    Now comes the most important part of starting any business. It’s time to choose your niche.

     

    Jewellery business is a vast field and you should know in what jewellery items you are interested. 

     

    You should sit down and discuss it with your friends and family or you can talk to the people who are already into this business and can guide you about how this whole business works. 

     

    Read – How a Jewellery Artist found success in crochet jewellery making

     

    4. Business Planning and Funding

     

    business plan flow chart

     

    Funding and investment is a crucial stage for any business. So, let us understand some of the things that you should know before doing an imitation jewellery business investment.  

     

    First, let’s try to understand what is an artificial jewellery business plan. 

     

    It is a document defining your goals, objectives and strategies of your business. When you decide to look out for bank loans or funding from people, the most important thing you should have is a business plan. 

     

    Below are some of the components that you can include in your artificial jewellery business plan.

     

      a.  Write a summary 

     

    There should be a proper summary of your business mentioned in your artificial jewellery business plan. It should not be too lengthy. Keep it short and clear. 

     

    It is recommended to put it in the starting of the business plan. Banks or the people whom you want to invest in your business will ask you the summary of your business when you reach out to them for funding.

     

      b.  Opportunity

     

    This is the section where you have to mention the purpose of your business. Every business is meant to solve a problem. So, this is the place where you have to write down why you started this business. Also, it constitutes what are you going to sell and who is your competition.

     

      c.  Execution

     

     This section will include the marketing strategies and plans that will help in boosting your business. You need to mention the necessary steps you are going to take for your business in order to achieve your targets.

     

      d.  Business Management

     

    Whoever puts money into your business would be interested in knowing how your staff operates. Mention here about your team and what are your plans for upcoming hiring for your team. Your employees reflect a lot about the working style of your business and is a major criterion to show that it’s worthy enough to invest in your business. 

     

      e.  Financial Plan

     

    In this section, you have to talk about the sales and revenue figures for your business. The three most important aspects that you need to mention here are: 

     

    1. Income Statement
    2. Cash Flow
    3. Balance Sheet

     

      f.  Appendix

     

    This is not a part of your artificial jewellery business plan. It’s optional but if you do, it looks more appealing. You can add some tables, charts, definitions, additional documents here.

     

    Want a Loan for your home based small-business? – Read this Article

     

     5. Raw Materials For Artificial Jewellery 

     

    Raw Materials For Artificial Jewellery 

     

    They say, ‘Half knowledge is dangerous’. It is very important to have a proper understanding and knowledge of the raw materials used in your business. 

     

    Hammers, woolen yarns, silk threads, scissors, needles, aluminium alloy, different gemstones, casting machine are some of the raw materials that are required for making artificial jewellery.

     

    Read how Leena Kusra is running a successfull paper jewellery business

     

     6. Jewellery Making Kit

     

    Jewellery Making Kit

     

    It is necessary for you to learn all the jewellery making tools and equipment. They make your work much easier and you get to explore different ways of doing your work.

     

    If you don’t know about the different tools used in your business, then you are lacking somewhere in your knowledge. 

     

    Necklace kits, Earring kits, Seed beading kits and various other jewellery making kits are available that makes your job easier and faster. 

     

    7. Find a Workspace

     

    jewellary Workspace

     

    The efficiency of your work depends on number of things and workspace is one of them. 

     

    Home is obviously the most comfortable workspace anyone could ask for. Doing business from home is very convenient and makes you feel safe. You can easily manage your business along with other household work and the best part is that you stay with your family while working. 

     

    Here is the list of some of the Nature Inspired Jewellery that you can Design

     

    8. Build a Team

     

    Team Building for Jewellery Business

     

    For any small or home based business, their team is the biggest strength. Some of the things that you should focus while hiring a team for your business are:

     

    • Know your goals

    You should very well know what you want your business to achieve. When you have clear goals, you know exactly what type of team you want to hire. 

     

    • Hire on the basis of knowledge, not experience

    Well, there are a lot of people who have experience but lack in their skillset and vice versa. So, try to focus on the people who have the relevant skills and not just run behind the so-called experienced ones.

     

    • Be transparent 

    Try to involve your employees in all the decisions you make or atleast make them aware about it. There should be a complete transparency in the working culture or else it will create a negative impact on employees and ultimately an unhealthy working space.

     

    • Pay them enough

    You can’t do all the work alone. So, hire some people that can help you in your work and pay them a decent amount. You can also provide some additional benefits to them along with the money which will keep their enthusiasm boosted up and they will work for you with utmost dedication.  

     

    9.  Jewellery Photography

     

    Jewellary photography

     

    They say, “A Picture speaks more than a thousand words.”  With the rapid growth of social media platforms like Instagram, Pinterest etc, people have realised the importance of good pictures. 

     

    These days no matter how good your jewellery is, if you don’t have better images, no one is going to look at them.

     

    So, it is very important to have unique jewellery photography ideas. You can learn some jewellery photography tips and start taking some nice pictures of your product. 

     

    If you don’t want to do the jewellery photography work by yourself, you can hire someone who have jewellery photoshoot experience and can do it for you. 

     

    Last but not the least, the end goal of any business is to generate sales. Jewellery photography is going to help a lot in increasing the sales for your business. Good pictures always look appealing to the clients and also reflects professionalism in a way.

     

    10.  Create an Online Store

     

    Online Store for Jewellery Business

     

    In this digital age, where people spend most of their time on the Internet, it is very important for your business to have an online presence. 

     

    It is said, “Be there, where your customers are.” It helps you to reach out to more number of people and ultimately gain more profits.

     

    If you tell your customers that you are also available online, it increases your credibility in a way and helps build a better trust with the customers and ultimately bring more sales for your business. 

     

    Read – How you can start a business without money

     

    11.  Marketing & Branding

     

    Marketing and branding

     

    Just like any other big company, every small business needs marketing and branding.

     

    Marketing helps you to understand the needs of your customers so that you can work accordingly. It actually allows you to know your customers right and work in an efficient way. 

     

    Similarly, branding is equally important for any business. It’s not just about the logo and slogans, it’s about the emotional connect that audience feels with your brand. 

     

    You have to make them feel that your business follows the same principles and values that they believe in. Branding helps in engaging the customers by creating a personal connect. 

     

    A smart marketing and branding campaign results in generating a lot of sales for your business in the long run. So, marketing and branding is highly recommended for any business

     

    12.  Sales

     

    jewellary sales

     

    Sales means the number of products and services being sold in a given period of time.

     

    Every small business owner should have knowledge of how sales can really help them in growing their business. 

     

    Below are a few things that must be kept in mind while doing sales for your business.

     

    • Identify the target audience

     

    • Use proper tools for the engagement with the audience

     

    • Take your business online and promote your business on different social media platforms

     

    •  Try to create a strong word of mouth for your business.

     

    13.  Educational Resources for Artificial Jewellery Business

     

      Educational Resources for Artificial Jewellery Business

     

    No matter how many years of experience you have, it is always necessary to upgrade your knowledge. 

     

    Books are a great source of information. You can always read books from different authors and learn about a variety of jewellery and its trends. 

     

    Apart from books, there are many bloggers who regularly publish blogs and write stuff about jewellery. 

     

    You can follow these bloggers and read their blogs. Social media has come a long way. As we are on digital platforms for most of our time, this is one of the best ways to excel your knowledge.    

     

    Top 8 Jewellery Designing Institute in India

     

    14. Conclusion

     

    A business is an idea to do the same thing differently. People always had the idea but never got enough support in terms of finance and several other things. 

     

    It’s a very interesting time going on for small scale business and startups. There are a lot of people who actually want to invest in these small businesses. 

     

    So, if you have the right skills and ideas, then don’t hesitate to start something new. 

     

    Of course, the journey will be full of challenges but will also give you a great amount of satisfaction which is really important. And remember, “It always seems impossible until it’s done.”

     

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