How to start a profitable jewelry business. Business startup or side hustle. Entrepreneur's dream.

Have you ever thought of starting a jewelry business? Below we outline the 10 steps to take before launching a jewelry business.

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Step 1. Pick your niche and target market.
Before you make your jewelry business idea a reality, make sure there’s a viable target market first, preferably one that isn’t over-saturated. When customers start their search online for jewelry, they often have an idea in mind of what they’re looking for already, so always consider the type of customer you want to attract and make sure you understand what they’re looking for.

Here are some of the most common types of jewelry brands to help you determine what kind of jewelry you want to offer.

Costume jewelry

Costume jewelry, also known as fashion jewelry, is meant for everyday use. Unlike fine jewelry, costume jewelry is more affordable and costs less to produce because it is made from imitation materials like synthetic diamonds, wood, plastic, brass, copper, and other metals.

A single piece of fashion jewelry should be priced affordably, anywhere between $5 to $300.

If you’re thinking of selling costume jewelry, make sure you create a product pricing strategy that’s at an affordable price point, or you’ll miss out on a lot of potential customers.

Fine jewelry

Fine jewelry is made out of precious metals and gemstones like gold, silver, platinum, diamonds, and rubies. These types of jewelry products are stylish, high quality, and long-lasting. Where fashion jewelry might be worn daily, these pieces might only be worn occasionally or commemorate a special occasion.

Fine jewelry products can range from $200 to $3,000 per item (sometimes even more), depending on the type of materials used, size, sourcing, and brand reputation.

Handmade jewelry

The popularity of online marketplaces like Etsy has shown that customers are eager to purchase handmade jewelry and other handmade products from artisans. While handmade jewelry can’t be mass-produced, this is a viable option for business owners who want to make and sell unique jewelry or custom pieces.

The popularity of online marketplaces like Etsy has shown that customers are eager to purchase handmade jewelry and other handmade products from artisans. While handmade jewelry can’t be mass-produced, this is a viable option for business owners who want to make and sell unique jewelry or custom pieces.

Although marketplaces like Etsy offer a great opportunity for jewelry artists to sell their custom work and build a following, it can be highly competitive unless you’re willing to play the role of the jewelry designer and the marketer to attract Etsy shoppers to your store. It’s also hard to scale if you are making each piece yourself, or if the jewelry is made-to-order.

As you start up your new business, you may want to consider setting up an online boutique and social media platform to establish an online presence (in addition to using marketplaces like Etsy or eBay).

Step 2. Study the competition.
Once you know the type of jewelry you want to sell and the audience you want to attract, it’s time to look into the competition. Research their pricing, offers, social media channels and social commerce strategy, reviews, and press coverage, to find out how you can gain a competitive advantage. You’ll want to take notes on what competitors are doing so you can look for ways to further differentiate your product.

For example, let’s say your competitor sells costume jewelry for teens, but their negative reviews mention how quickly the items break. With that information, you may decide to promote how your costume jewelry product is long-lasting or offer an extended returns policy.

Another potential competitive advantage to look for is delivery speed since fast, reliable shipping can attract customers and build loyalty. Most online shoppers want their products delivered within two days. If you’re looking to offer 2-day shipping and compete with jewelry brands that sell on platforms like Amazon or Walmart, you might want to consider partnering with a third-party logistics provider.

Step 3. Develop a business plan.
A crucial part of setting your jewelry company up for success is creating a thorough business plan and setting business goals. Whether you are self-financed or get financing from a bank, ecommerce venture capital, or a fund, you’ll need a detailed business plan.