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How to Set Up a Retail Custom Jewellery Business

How to Set Up a Retail Custom Jewellery Business

How to Set Up a Retail Custom Jewellery Business

2022/11/02

If you are toying with the idea of creating your own diamond jewellery brand and retailing it online, this article was written with you in mind, as we offer valuable information that can assist you greatly. Of course, your target groups are wealthy people who love custom diamond jewellery and you need to have an on-point digital marketing plan that is compiled by a leading digital marketing agency.

Start with a Business Plan

If you have a concept in mind, this is enough to create a comprehensive business plan and by crunching the numbers, you can figure out of your mark-up is enough to put you in the black. A good business plan includes the following:

  • An overview of the business – Mission and vision statements.
  • An organisation flowchart –A chart that outlines all employees and their role within the business.
  • Start-up costs – Detailed breakdown.
  • Marketing plan – Showing how you intend to source clients.
  • Asset inventory – A list of all company assets.
  • Essential suppliers – In this case, an exclusive diamond jewellery factory that customises high-quality diamond jewellery.
  • Profit forecasts – Typically for the first 5 years.

Sourcing the Right Jewellery Factory

Unless you happen to be a skilled jewellery maker, you will need to make contact with a jewellery factory that produces hi-end diamond jewellery to order. This type of business would sign an NDA to ensure confidentiality; no one would ever know that you are working with a reputable diamond jewellery factory and when you wish to create pieces, give the specs to the jewellery maker and they can work their magic. When a client comes to you with a design in mind, you can work with them and when the design is complete, forward it to your manufacturer.

Creating a Strong Online Profile

This is something you simply must have and an award-winning digital marketing agency can certainly help you with branding. It is a highly competitive market you are intending to penetrate and hopefully, you have significant contacts to help with that. Either way, you need a sound online marketing plan and be prepared to invest heavily in this field, as this is necessary for branding.

Creating a Line of Jewellery

You will have to invest a considerable amount of money to create a line of diamond jewellery; designed exclusively by you of course. If you already have a name within the industry, even better, as this gives you some credibility. Your client might prefer to design a special piece and might not wish to purchase what you have already made, but at least they can see the kind of quality you are offering. Here are a few things you shouldn’t overthink when setting up a business.

Investing in a Retail Outlet

Ideally, you would have a plush jewellery retail outlet where you can invite clients by appointment; it is possible to sell online, however, with the absence of a retail store, it would be harder to make sales. Setting up a retail store would involve spending a lot of money, but if you want to appear credible, you have little choice.

With such a lot at stake, you need to feel very confident that your business plan covers all the bases and don’t forget to register the business with the government.

Laura Bartlett

Laura Bartlett

Northern girl Laura is the epitome of a true entrepreneur. Laura’s spirit for adventure and passion for people blaze through House of Coco. She founded House of Coco in 2014 and has grown it in to an internationally recognised brand whilst having a lot of fun along the way. Travel is in her DNA and she is a true visionary and a global citizen.