5 steps to becoming a wholesale jewelry distributor
If you’re thinking about starting a new business or even adding a revenue stream on the side, wholesale jewelry distribution is a popular choice. And for good reason!
Jewelry is in high-demand year-round, and with ever-changing fashion trends, there are always customers looking for more. People not only love adorning themselves with beautiful trinkets as a statement to their style, but it’s a beloved way of gifting a special person in their life.
If you have a passion for fashion, wholesale jewelry may be just the business for you. There are several ways you can start up a profitable jewelry business, and it doesn’t have to cost an arm and a leg.
Choose a Business Model
There are two types of business models to choose from:
1. A Business-to-Business Model (B2B) is where you will buy jewelry at wholesale prices and sell it to other retailers.
2. A Business-to-Customer Model (B2C) is where you will buy wholesale jewelry and sell it directly to the customer. You can do this through a permanent store, at-home parties, or online.
The B2B model is a good option if you have product storage space and money for initial investments. This is also ideal if you prefer less customer service as a part of your jewelry business, as the retailers you sell to will be conducting most of the customer service work.
On the other hand, becoming a B2C distributor is great if you want lower start-up costs, don’t have a lot of storage space, and love interacting with customers. This is also ideal if you’d prefer the option to work exclusively online.
Of course, you can also include both business models as a way you maximize your potential income.
Secure a Jewelry Niche
It’s no secret that specializing in a niche will allow you to narrow your target market to create more engaged and loyal customers. You can choose from a variety of options, including costume jewelry, fashion jewelry, or fine jewelry. You can also choose between silver jewelry, gold and platinum jewelry, beaded jewelry, and so on.
Get Business Savvy
Once you’ve sorted out some of the most important details, it’s time for a plan. It’s a good idea to create a basic business plan. This will be a guide to how you will run and promote your business, who your ideal customers will be, and what your missions and values are.
Your business plan should include the following:
• A summary of your products and services
• Customer problems or needs that you’re business is satisfying
• A marketing and sales plan
• Your team (are you going solo or will you need to hire employees?)
• A financial strategy
You may notice your business plan shifting as you go along and that’s OK. The goal is to have a starting point to guide you through the process.
Promote Your New Business
Once your wholesale jewelry business is ready to launch, it’s time to start promoting!
You can promote your business through paid ads, blogs, social media marketing, email marketing and newsletters, online and in-person networking, contacting retailers, and creating deals and discounts.
With so much popularity and a myriad of styles and varieties to choose from, becoming a wholesale jewelry distributor can be a successful and rewarding venture. And likely the best part about this business; being your own ambassador and adorning your beautiful jewelry for people to see!