How to Start A Jewellery Business
It is thought that by next year the jewellery industry’s annual global sales will reach £250 billion, as it has experienced a healthy growth of five percent each year since 2014 (McKinsey & Company). So, if you’re eager to be part of an industry that is exciting, constantly evolving and allows you to release your creativity, why not start a jewellery business?
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Let’s explore some of the key trends that jewellery business owners should consider in 2019. Firstly, there should plenty of affordable options. With more and more of us preferring to shop online, we can compare costs more easily. This means we can be pickier when we’re buying jewellery and look elsewhere for cheaper pieces that are still good quality.
A report has also indicated that the number of people looking for customised jewellery is on the rise, especially in the millennial age range (Jewellery and Watches Retailing Report). So, new businesses could consider offering personalisation stations where customers can design their own jewellery if they want to give customers what they want and set themselves apart from the competition.
Lastly, consumers have started to think more about how ethical businesses are when deciding whether to purchase from them. Mintel found that in 2017, 42 percent of UK jewellery and watch customers wanted to buy more ethically sourced pieces.
Tips for Starting a Jewellery Business
1. Find a niche in the market
2. Establish your USP
3. Research trends
4. Examine your competition
5. Choose your target customer
6. Craft a business plan
7. Choose a memorable, creative name that reflects your brand philosophy
8. Design a brand logo
9. Make a cash flow statement
10. Create a strong online and social media presence. This could be through a website, target ads on Facebook, a blog, email marketing, SEO etc. You could create a business Instagram account that shows all of your product offering, competitions, discounts - anything to entice new customers to your business and establish a loyal customer base.
11. Start off small then expand when you know exactly what the customer wants
Should I start from scratch or take the franchise route?
Like starting any business, there are many complexities that you must consider and keep on top of. But with starting a jewellery business, it can be difficult to keep ahead of emerging fashion trends. You’ll also need to have a product offering that is good value for money and a jewellery selection that appeals to a wide range of customers. If you choose to invest in an existing franchise, you can get support in the majority of business areas but still enjoy the flexibility and freedom of being your own boss.
You can make the most of an established franchise’s proven business model and industry expertise. And, if it already boasts a string of successful franchises, it clearly is doing something right. You can get access to reliable supply chains that currently work well for the franchise, as well as operating under a recognisable brand name, which should entice more customers to visit in the early stages. The level of customer interest should also be higher than in independent start-ups due to having a tried and tested marketing strategy.
The franchisor can also support you in terms of the business management, including training, insurance, finding the perfect location and preferential rates.
Jewellery Franchise UK
This franchise sells a beautiful and diverse range of jewellery that comes from across the globe at jewellery events and parties. At the moment, there are franchises in Edinburgh and Inverness in Scotland, Surrey and Dublin in Ireland. If you want to find out more about this opportunity, you can ring the contact number on its website.
Smallprint is a franchise specialising in capturing children’s artwork, handwriting, fingerprints and handprints on fine silver jewellery. Founded by mother of two Maija Pykett in 2006, the innovative franchise makes it possible to capture a moment in time.
The franchise has seen great success and, since its launch, has expanded to 120 franchisees across five continents. Maybe you’ve got a passion for art? Or have strong family values? Or just love the business concept? Either way, if you wish to be part of this awarding opportunity, the brand encourages you to head to its website and register your interest.
When you become a Smallprint franchisee, you will take part in a three-day training course that covers all aspects of the new business. The success of the franchise could be attributed to the large range of in-house resources made available to franchisees, including web development, administrations, social media and accounts.
Unfortunately, we don’t currently have any jewellery franchise opportunities. However, Cash Converters is a second-hand goods specialist where you can exchange your jewellery for cash and buy pre-owned pieces.
Cash converters is a franchise that first opened its doors in the UK in 1991. The Australian brand pioneered the notion of buying and selling second-hand goods. When you visit a store, you will be greeted with a large selection and variety of products to choose from.
Founded in 1984, the company has a large global presence and is a well-known brand name in many markets. Therefore, it isn’t surprising that it is the biggest cash and asset converter, operating from more than 700 stores across 20 countries.
To be a successful Cash Converters franchisee, the company recommends that interested candidates are business-minded, enthusiastic and dedicated to the success and growth of the brand.
Franchisees can look forward to constant support from the get-go. There will be help with site selection and fit out, access to a bespoke computer system and training on buying second-hand goods and jewellery valuation. And this isn’t all – for more information check out the support section of its client page here.
To open a Cash Converters franchise, you will need to make an investment of at least £156,000. £39,000 is the initial investment needed to get the licence, and there is scope to make up to £17,000 in net income a month.
Becky Martin, Point Franchise ©
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