What Kind Of Jewelry Business Should You Start？

So you want to start a jewelry business, but there are so many different ways you can start one. You can sell natural diamond and gold jewelry, you can sell lab diamond and gold jewelry, you can sell grills, you can sell watches, you can sell silver jewelry, or you can sell all of the above. So in this video, we will break down what kind of business you should start. Alright guys, so this is a great question that I get all the time, so let's talk about it. First, let's talk about whether you should start a gold jewelry business or a silver jewelry business, and the pros and cons of both. Let's talk about starting a real gold and diamond business first. So I understand that not everyone will have a ton of money to start their business with, and the great news is that even if you don't have a lot of money, you can still start a real gold jewelry business. You just have to start by making and selling cheaper pieces first. Also, you don't need to have a huge inventory of all kinds of products. As long as you have a unique collection of a handful of items, you can start a Shopify store and start a business. Let me show you guys an example. So this is a ring company called Stilo. If we look on their site and all the products they have, they only have a handful of rings. That's their entire collection. And you can do the same thing, but with light gold items like small chains and bracelets, pendants, rings, earrings, and other small jewelry, which only cost you about $100 or so to make. And your goal would be to make around double on each item. You want your jewelry to be affordable to most people. Just make sure there's something unique about your collection. If you're going to be selling the same stuff as everyone else and competing against brands that are established, it's going to be very hard to sell items. Next, you're going to start building your social media and promote your store. As you build your business, you're going to reinvest all the money that you make back into the business. And when you have repeat customers and more money to work with, you can start introducing more expensive items. I always have people emailing me telling me they got their first sale, and a lot of the times it's either from someone they know locally or it's a social media order. Whenever you make a custom piece for someone, always post it on your social media and tag them so people know you're legit. Instagram is basically your resume, and it's important that people can see your customers and that the customers are happy with your work. If you're on a budget, you can also start taking custom orders for simple jewelry such as name tags or small custom pieces. And here's an Instagram page that does just that. Pieces like this are very easy to make, and making small affordable custom pieces for people is a great way to start a real gold and diamond jewelry business. Now let's talk about the pros and cons of starting a real gold and diamond business. When you sell real gold jewelry, you basically don't have a risk of losing money. You can only lose a small amount on the labor if you don't sell a piece. And you can just melt that piece, get your money back, and make another one. The pros of starting a real gold jewelry business is that it's a safe business. Like I said before, you can always take the diamonds out and reuse them. And you can melt the gold, get your money back, and make a new piece. Gold prices have been climbing, so if you already started your business, any inventory you have already went up in price. And you made money, and you erased any labor costs. So starting a real gold business is the safest way to start a jewelry business. And you will also have good margins. If you make a piece for $100, you'll be selling it for double what it costs you to make it. The only problem with selling real gold jewelry is that you want to be near a jewelry district, and going and getting pieces made will take time. You will have to print waxes, get the pieces casted, and take them to get diamonds set and polished. So it's not a business that's hands off. Now, if you have a good amount of money to work with, and you already have some proven products that sell, you can just make a bunch of jewelry at once, and in a few weeks, you'll have a good amount of products made fast with different bench jewelers. So you can do it that way. You can go and make a bunch of pieces for the entire month, and have products to sell for your store. But that will require money, and for most people, they'll have to run around the district and get pieces made. If you don't live near a jewelry district, you can still start your gold jewelry business. But you will have to send out waxes, and have the casted pieces sent back to you, and then have local bench jewelers or jewelry repair stores do the diamond setting and polishing. So it will be a bit of a hassle, but definitely still doable. So you can start a jewelry business from anywhere, even if you don't live near a jewelry district. You can get real gold jewelry manufactured overseas, but again, you will have to place good order amounts to get the good prices. If you're selling niche items like grills, again, you'll have to make the teeth molds and carve the wax, so that will be a hands-on thing. But selling real gold jewelry, whether it's natural or lab diamonds, will give you the highest margins. And you can eventually build out a real store that carries everything from small earrings, to chains and bracelets, to having the ability to do custom orders for things such as grills and diamond watches. You can even open up a physical store if that's something that you want to do. The second way to start a jewelry business is by selling fashion jewelry. Fashion jewelry is real jewelry. It's silver and gold plated jewelry, which usually has stones like moissanites. But it's jewelry which is much more affordable to people. I only consider these two options real jewelry. Anything that's stainless steel is not real jewelry. The pros of starting a fashion jewelry business are that, again, you can start with a small amount of money, and you can build out an entire collection of unique products. You can place an order with overseas manufacturers, and they will ship you an order of an entire box of products. Everything from chains and pendants, to rings, to whatever else you want. And you don't have to go anywhere and get anything made. Everything is delivered to your doorstep in top-notch quality, with your brand name lasered on the jewelry and custom packaging. And the products are ready to be sold. And the best part is you can do this from anywhere in the world. The other pro is that you can use third-party warehouses and sell products in the US market even if you don't live in the US. And because these products are cheap, they sell much faster. Because people don't have to give them too much thought to purchase. They see the item on social media or an ad, and they make an impulse purchase. There are also many advantages as far as collaborations with influencers when starting a business like this. I'll explain this in the next video. The downside of this type of business is that if an item doesn't sell, you will not get the majority of your money back. You will usually get around 50% of what it costs you to manufacture the piece back, meaning you will only get scrap for your silver. If there's $10 worth of silver in your piece, the manufacturer will usually charge around $20 to make the piece wholesale, and you will sell it for around $40. The good news about that is even if you make some products that people aren't fans of, you can discount them and sell them at break-even. And even if you guys have to scrap them, these are very small losses. You won't be mass-producing a product that's unproven to get many sales anyway. So as long as you're smart, there really isn't much risk. So when making a decision on what kind of jewelry business you should start, it really comes down to your own personal preference and how easy it will be to operate your business. Do you want to be more hands-on, or would you rather get products delivered to you and focus on marketing and building your brand? And of course, how much money you have to start your business with plays a part. Let me know what kind of business you guys are interested in starting, and also what questions you have in the comments. A jewelry business is one of the best product-based businesses you can start, because whether cheap or expensive, most people wear some type of jewelry. I hope this video was helpful to you guys. Please hit the like button and subscribe, and I'll see you guys in the next one.