The economic impact of the COVID-19 pandemic has caused many different industries to struggle — however, some are poised for a much earlier return to normality than others. For example, recent studies have found that the global demand for jewellery has soared once again in the wake of the pandemic — which means it could be the perfect time to launch your own jewellery company.
By Team Savant
Image: Joeyy Lee
Therefore, whether you have been musing over the idea of launching your own company for a little while or are looking for a career change — the opportunity is right at your fingertips — meaning it’s time to take the plunge. With that in mind, here are some top tips for running your own jewellery business.
Find Your Space In the Market
While there are plenty of chances to succeed in the jewellery industry, there’s also plenty of competition —especially as you will be competing directly with large-scale brands that have had decades to build up their reputation. Therefore, you need to find a way to stand out from the crowd if you want to succeed. Thankfully, there are various ways in which you can achieve this goal. To begin with, you should focus on finding your space in the market. For example, you might want to focus on a certain style or aesthetic (i.e. jewellery that can be used to add an extra edge to your style) or on a specific type of jewellery such as rings, bracelets or necklaces.
Invest In Quality Tools and Equipment
While client expectations vary from product to product, standards are particularly high when it comes to jewellery. As a result, if you want to keep your customers happy, you need to ensure that you invest in quality tools and equipment to make your jewellery and ensure it is in the best possible condition before you sell it. For example, you should use plating products from companies, such as durston, which will help keep your products looking good for longer by preventing rust or damage. This will help keep a smile on your clients’ faces for much longer.
Understand What Is Required Of You As A Business Owner
One of the major benefits of running your own business is the fact that you are finally in charge of your career. However, it also comes with a great deal of responsibility, meaning that you must be fully aware of what is required of you ahead of time so that you know what to expect and can begin to steer your company towards success. For example, you might want to start by learning about what you need to do to handle your businesses finances so that you do not land yourself in a tricky financial situation further down the line. You should also spend a great deal of time working on your business plan - as this will become the most important document in your life that you’ll likely refer to several times a day when your company is in its infancy. To put it simply, without a good business plan in place, you’ll find it hard to kickstart your company.