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How to Run a Successful Wholesale Jewelry Business during a Down Economy

With prices increasing everywhere – monthly bills, mortgages and gas expenses – it’s difficult to keep a business profitable. Whether you’re starting a wholesale jewelry business or taking over an established store in the wholesale jewelry industry, there are helpful tips to help you maintain your establishment and make money. Below are some helpful hints to help your wholesale jewelry business succeed, despite the crashing economy.

•Reduce overhead expenses – When you’re running a wholesale jewelry store, especially for those just starting out, there are unnecessary expenses that can easily be avoided. If you can’t afford to hire staff, rent a building or purchase marketing, there is no need to worry. When money is low, all you have to do to make up for the loss is to be your own employee and handle all the marketing, buying, selling and researching yourself. Just remember, it is smart to always find the extra money to hire a good accountant because this will help you avoid future financial issues.

•Offer customers a unique selection of wholesale jewelry - Search for wholesale jewelry suppliers that offer one-of-a-kind wholesale jewelry pieces. If you offer customers rare wholesale jewelry, retailers will swarm your business in no time. Additionally, you may want to think about offering services not provided by others, such as wholesale jewelry repair, because this will give you an advantage over your competitors.

•Know when to raise wholesale jewelry prices – It is important to keep wholesale rings or wholesale bracelets at a reasonable price. If you have to raise prices to make up for a rise in raw material costs, be sure to explain this to your retailers and customers to avoid any miscommunication.

•Never sacrifice quality for price - For those making their own wholesale jewelry, sacrificing quality to maintain low prices is hardly ever a good idea. Not only is this dishonest, but it could eventually lead to a loss of customers. If costs go up, it is better to increase your prices than it is to sell low quality jewelry.

•Look and be professional - Hire models, get a website, take good photos and display the most gorgeous wholesale jewelry pieces you have to offer. Everything should scream “quality”. This may require you to spend a lot of money to help set up your shop, but every penny is certainly worth the investment. Looking professional helps build trust, so customers feel safe buying from you.

•Love your customers - Establish rapport and good relationships with your valued clientele. Good customer service is key. By treating customers well, your wholesale jewelry business will grow due to customer referrals.