Do you have a passion for making jewellery? If so, starting your own jewellery business is a great way of making money and it allows you to make money from something you are interested in.
If you dream of setting up a jewellery business in the UK, here are some simple tips, including how to fund this venture. (Read our related guides on setting up a new business.)
How To Start A Jewellery Business In The UK
Choose What Forms Of Jewellery You Will Make
Jewellery comes in a wide array of styles; it covers different products, such as charms, bangles, bracelets, rings, earrings, and necklaces.
These pieces of jewellery can be made from an assortment of materials, including gemstones, beads and metal.
Some of the main styles of jewellery are:
- Fine jewellery
- Fashion jewellery
- Ceramic jewellery
- Vintage jewellery
This is great news because it allows you to find a business niche.
You must decide whether you want to go for a more general approach or if you wish to specialise in one of these styles or products.
Research The Competition
As a small independent business, you will struggle to rival some of the biggest jewellery production companies. Yet, you can easily compete with other small businesses.
Researching this competition will allow you to work out what the strengths and weaknesses of your competitors are.
This research should primarily be focused on other small businesses, such as online handmade jewellery sellers.
The great thing about this market research is that it will allow you to find gaps within the jewellery industry.
For instance, there could be a type of product that currently is not widely available.
By taking advantage of these gaps, you can strengthen your products.
Decide How You Will Produce The Jewellery
A key factor to consider when producing jewellery is where you will source the materials from. Raw materials can be particularly hard to get a hold of.
Not to mention, if your jewellery includes precious stones, you will need access to specialized equipment to cut them.
Develop An Identity For Your Brand
A brand needs to have a distinctive identity. This brand identity will need to be present in your products, the packaging, and the design of your store or online shop.
A brand identity is especially important for jewellery businesses.
After all, jewellery isn’t just something pretty to wear.
People will also have emotional connections to jewellery, especially if it is a gift for an important event, such as an anniversary.
Establishing a brand identity can be as simple as picking a logo or colour that is associated with your business. Read our guide to marketing your new small business.
Register The Name Of The Business
Coming up with a name for your business can be hard. After all, this name will define your brand and will need to be something that will be memorable for customers.
Not to mention, you must have a name that will separate your business from your competitors.
So it’s worth spending some time thinking about an appropriate name for this company.
Luckily, there are plenty of avenues to go down when it comes to jewellery-based businesses.
Once you have this name, you can register your business with Companies House.
To do so, you must provide your personal information, as well as information about any guarantors and shareholders.
Starting a business will require a lot of money.
This is especially true if you plan on using high-quality materials, such as precious metals or gemstones, to make your jewellery.
The amount of money you need to establish a business will depend on the size of the company.
Luckily, the UK government offers financial support for businesses.
So if you are searching for some funding, it is worth looking through these business schemes.
The government also provides Start Up Loans, which will allow you to have a loan of up to £25,000.
As with any loan, it is important to read the terms and conditions before you apply for this business funding.
If you don’t want to opt for a business loan, crowdfunding can also be a viable option.
Platforms, such as GoFundMe or Kickstarter, give business owners increased flexibility.
Create An Online Shop
You will need to decide what outlets you are going to use to sell your jewellery products.
Ideally, your business will have multiple channels to reach potential customers – including online and perhaps a physical shop or stall but to start, the main decision you will need to make is whether you want to sell your jewellery or in a physical store.
Though it is possible to do both, you should bear in mind that a physical shop will cost more (paying for rent, business rates and other bills).
Even if you have a kiosk in a marketplace, you will likely still need to pay for rent.
Generally, online shops are less risky and costly. Etsy is one of the best sites for selling jewellery, though you should bear in mind that there will be plenty of competition here.
Marketing Your Business
To spread awareness about your jewellery business, you’ll need plan your marketing to promote it to your potential customers.
Ideally, you should wait until your business has been established before you begin marketing.
You can also contact fashion bloggers, who may be willing to promote your products. Alternatively, you can start your own fashion blog.
To entice your customers, you should take glamorous photos of this jewellery.
If you don’t want to pay high prices for professional models, you can pay friends and family members to don your jewellery in photos.
The jewellery industry can be worth a lot of money. So if you enjoy making bracelets, rings, or necklaces, you should seriously consider setting up your own jewellery business.
Though this path is long, it can be made easier by following the above tips!
Guides to businesses you could start today
Take a look at our series of articles with business startup ideas.