1. Have realistic expectations. Don’t listen to the hype where jewelry retailers tell you they managed to rack up as much as $24,000 a month. Avoid comparing your newly-set up wholesale jewelry business to established companies that already have a loyal customer base. Gross exaggeration of how much new businesses can bring in doesn’t take into account the number of years stores and establishments have worked hard for to earn that kind of revenue. Keep in mind that there will always be the element of competition and remember that practicing strategies to get cash flow away from these competitors will fulfill basic financial needs.
2. As with any business, timing is always everything. Before actually setting up any kind of business, find out if the products or services you plan to offer are needs or wants. In these tough economic times, consumers tend to be more conscious in terms of their spending habits so it’s important to determine if consumers will decide to purchase from you. The good thing with wholesale jewelry is that it never goes out of style. It’s not a trend or fad that dies out with time. Women always invest in good fashion jewelry so it is safe to assume that starting up a wholesale jewelry business is a good way to earn money.
3. A year’s worth of resources should be enough capital to help you get started with your wholesale jewelry business. This simply means having enough capital to cover a year of fixed costs, as if you earned no income from the business at all that year. Gaining market share from competitors takes time and money so you need to be equipped with sufficient capital to survive.
4. Research the wholesale jewelry industry. Having enough knowledge to actually start a jewelry business is a requirement if you want your business to succeed. Experience is an invaluable educator that helps you learn the ins and outs of the wholesale jewelry industry.
5. Consider the risks and rewards and think about whether everything you’re doing is worth the sacrifice of time and money. Ask yourself why you are in the wholesale jewelry business. The answer should be able to motivate or discourage you from setting up a wholesale jewelry store. You may find out that a 70 hour work week may not even be enough once you start your own business – any kind of business for that matter. Over time, your business will surely grow but at what cost to your social life and sanity?
Pitfalls are bound to happen when starting up any new business. The tips provided here are designed to help you, the new business owner, manage a start up wholesale jewelry business. A successful wholesale jewelry business grows over the years while allowing you the flexibility and financial freedom to call your own shots.