Excited about launching your new wholesale jewellery business? You should be. Being enthusiastic is a great way to approach a new business. Remember, though, while success won't happen overnight, a wholesale jewellery business can be lucrative. Why? Because you'll be selling jewellery to retailers and other entities, who want to buy quantities of jewellery at one time to then resell to their customers for a profit. When they invest in your wholesale jewellery, they'll pay you upfront. With a bit of hard work, time, great customer service skills and determination, you should achieve the success you're striving for. The following advice will help you start a successful wholesale jewellery business.
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Apply for a tax ID number. Many companies will ask for this number before they'll allow you to purchase jewellery in bulk, become a distributor or become a dealer.
Create a marketing plan. Start with your target audience, the people you'll market your wholesale jewellery business to (children, adults, retailers, men, women, etc.). Along with your marketing plan include an advertising budget. In other words, decide how much you can afford to spend each month on advertising.
Determine where you'll get your jewellery. Will you create it yourself? Do you plan to buy jewellery in bulk, resell it and mark up the price a bit so you can profit? Will you pay someone to make the jewellery for you? Contact companies to become a jewellery distributor or dealer (whichever they offer). You can find companies that accept distributors and dealers through a simple Google search. Search for terms such as "become a jewellery distributor," "jewellery distributors wanted" and "jewellery dealers wanted."
Build a web site so you can sell your jewellery to a much larger customer base. In addition to a web site, start a jewellery-related blog to help increase your sales and build loyalty with potential customers. Your blog could include one or more of the following: your sales, latest jewellery trends, jewellery crafts, latest jewellery news, your best-selling jewellery for the upcoming holiday, etc. Make sure there's a link near the top of your blog to your wholesale jewellery business web site.
Sign up for a mailing list provider, create a free newsletter through that provider, place the code for the sign-up form on your web site, and then start building your mailing list. You can send a monthly, weekly or daily newsletter to all of your subscribers, letting them know about your sales, specials, freebies, best sellers, etc. Not sure what mailing list provider to choose? Let me recommend Vertical Response (see Resources for link), my mailing list provider. With Vertical Response, you'll get some great features and you pay only when you send your newsletters and announcements.
Sign up for an eBay account if you haven't already, then use it to sell your wholesale jewellery to interested bidders. If you want to venture outside the Internet as well, visit local retail shops in your area and speak with the manager about your jewellery products. Take along brochures and business cards in case the manager wants to get in touch with you later to place an order or learn more about the jewellery you have to offer him or her.
Refer back to your marketing plan to begin advertising your wholesale jewellery business to your target audience list. Begin by creating flyers and hanging them around your community. Next, send a press release to local and online media to let them know about your new wholesale jewellery business. Happy selling!
How to Start a Wholesale Jewelry Business
Tips and warnings
- If you become a distributor or dealer, some companies will drop ship for you. By choosing a company with drop shipping, you won't have to worry about stocking inventory, shipping and buying in bulk.
- Treat your customers the way you expect a business to treat you when you go shopping for something you need or want.
- Subscribe to newsletters, blogs and magazines to keep updated on the latest jewellery trends. You'll want to stay on top of this information.
- Don't create a press release that sounds like an advertisement. Instead, make your press release newsworthy or let the recipients know how your wholesale jewellery business can benefit the reader. If you're not sure how to create an effective press release, hire a press release writer to create it for you.
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