Learn how to start your own home-based artificial jewellery business in 2024. Get expert tips and advice from market research to setting up shop at home!
Are you planning to build your business and have a knack for something creative, stylish, and fashionable? Then the online artificial jewellery shopping business is just for you! People often mistake the jewellery business as something of only a large scale while you can even start your artificial jewellery business at home. Do the thing you love while you earn some money in the comfort of your very own home. Advice, tips, and tricks straight from one online artificial jewellery shopping business owner to another (aspiring) owner.
Artificial jewellery is one of the most commonly worn and loved jewellery. Artificial jewellery also goes by several other names such as fashion jewellery, imitation jewellery, and costume jewellery. As artificial jewellery design is in use for its style, affordability, and accessibility, they are semi-precious metals and other inexpensive gemstones, unlike real jewellery. There are endless metals one can use to create artificial jewellery such as synthetic gemstones, base metals, plastics, glass, etc. Leaving no room for difference in look between real and artificial jewellery online. As you may know, the artificial jewellery business contributes 5.9% to the Indian GDP and is most likely to grow more in the upcoming years. As per the current sources, in the initial stage, you can earn up to 15-25% profit in artificial jewellery online in India and even more through online business. If that got you interested then buckle up.
Here is a breakdown of how to start an artificial jewellery business at home:
1. Conduct market research
Before starting any business, the first thing you need to do is market research. Conducting thorough market research is necessary to understand what is going on in the market, what is required, what is missing, and what changes you need to bring to improve or help them. You need to do market research to gain information and insight into your target audience. The most important thing is understanding your target customers well enough to begin your business venture.
You can understand your target customers using marketing segmentation. Segmentation includes these four categories:
- Demographic - Segmenting your customer based on Age, Gender, Income, Education, and Ethnicity.
- Geographic - Segmenting your customer based on Location, Language, and Climate.
- Behavioural - Segmenting your customer based on User history, Benefit Sought, Loyalty, Usage rate, and Occasion.
- Psychographic - Segmenting your customer based on Values, Beliefs, Opinions, and Interests.
2. Identify the demand and find out what you can source
After conducting thorough market research, you can figure out who is your target audience and how to analyse and segment them. In the second stage, it is about finding out all the market trends, likes, and dislikes. Identify the demand in the jewellery business and between your target audience.
Ask yourself a few questions when you are trying to identify demand in the market.
- What is in popular demand in the artificial jewellery business?
- Hot seller of the past few years?
- Top competitors in the market?
- Who is the best imitation jewellery online?
- What category of imitation jewellery is selling the fastest?
- What gemstones are most loved?
After you properly analyse and find the answers to all these questions then finally, decide upon what is your strength to procure those items and how can you source and produce them. Create a USP- a Unique Selling Point that will make you stand out in the artificial jewellery business from your competitors.
3. Build a supply chain for your niche
Make a proper supply chain with all the vendors included for your niche market to perform your task with ease. It is easier to focus on a particular, specialised, and narrow approach rather than a broad approach. It will help you to serve the unmet needs of a certain customer market which is a niche.
To serve your niche market properly one needs to create a good supply chain to ensure a smooth flow of goods, materials, money, etc. Building a strong supply chain network is of utmost importance in any business. Having required vendors lined up in a chain of supply throughout from manufacturing to delivering to the end customer is necessary. Find suppliers, partners, delivery teams, manufacturers, wholesalers/retailers, and customers/clients to have a proper system, procedure, goals, and communication lined up.
4. Register your business
Now it is finally time to register your business legally under your required government rules. Obtaining approvals from relevant people like ministries, departments, etc for a licence to start your business. Register your business as a company, and trademark your brand/logo/tagline. Get an income tax-GST registration. Register your business under the MCA portal, MSME, etc, whatever you require. It takes around 10-18 working days to register your artificial jewellery business legally and completely.
5. Source & curate your jewellery
After registering your artificial jewellery business, it's time to source your jewellery. Research and look for reputable vendors who will supply you with the raw materials to create your jewellery or ready-made imitation jewellery that you can resell. Source your jewellery from different vendors as per your requirements and demand. You can find vendors online as well as locally through local stores. Different vendors may be experts in different kinds of imitation jewellery; for example, one might have expertise in Kundan jewellery and one in CZ jewellery, so select your vendors accordingly. Make sure the artificial jewellery and materials you choose are of premium quality.
Once you have sourced your jewellery; handpick, select, and curate those collections according to your brand's aesthetic and market demand. Select the pieces that define your brand the best. Create a versatile product line.
7. Create a small workspace at home
To start an artificial jewellery business from home, create a small workspace that should be comfortable but also on par with an actual workplace. Choose a specific area in your house for your business, it can be a spare room, a corner in your living room, or a bedroom.
Make sure that the area has enough space for all your essentials. Add cabinets and shelves for storing your jewellery and displaying it. You can also invest in making a small studio for photography purposes. Use your working space to showcase your brand identity.
Conclusion
Now you know all the basics about how to start your artificial jewellery business at home. Imitation jewellery is one of the best alternatives to real gold and diamond jewellery. They are much cheaper, have a wide range of variety and designs, and are versatile. Today, the jewellery market is full of imitation jewellery, and people love it. Both men and women love the way artificial jewellery gives life to their outfits. The basic rule to starting your own artificial jewellery business is to understand what your customers want, know your vendors, maintain quality and ethics, and stay well informed about market trends. You are good to go. There will be ups and downs, but you must stay motivated and never give up.