Starting a permanent jewelry business is an excellent option to earn an income. This business is highly profitable and popular. Moreover, it has a promising growth prospect. However, the complexity of this business may cause you to wonder how to start a permanent jewelry business.
Permanent jewelry or forever jewelry is jewelry that is permanently attached to the wearer’s part of bodies, such as wrists, necks, or ankles. Consequently, opening this business requires particular skills and special tools. Below are the steps and the things needed to start this business.
Steps of How to Start a Permanent Jewelry Business
The permanent jewelry business is unique. Therefore, you must appropriately conduct the preparation for opening this business. You can follow the steps below when preparing for a permanent jewelry store.
1. Product Identification
As a permanent jewelry business owner, you must offer jewelry products and the process of installing the jewelry. Therefore, you must provide bulk chains in various choices, such as rose gold, gold, silver, and platinum chains, for your customers to choose from.
You can maximize your sales and profits if you provide a particular niche of jewelry products. Therefore, you must consider who your audiences are when purchasing bulk chains to sell. Moreover, you must make sure they match specific occasions.
2. Start an LLC for Your Permanent Jewelry Business
Welding permanent jewelry on your customer’s wrists or ankles is perfectly safe. However, business risks are always present. You may need to face legal issues due to negligence or other causes in the future.
Therefore, starting your permanent jewelry business as an LLC is an essential step of how to start your own permanent jewelry business. This type of business will protect your private assets if your business faces a legal issue.
3. Business Strategy Development
Having high-impact business or branding strategies can maximize profits and investment returns. The process of developing the best business strategies requires you to do these activities.
- Research your audiences, market, and competitors so you have enough data to develop a business strategy or business plan.
- Create brand identity, for example, logo, image, and color palette, to make audiences more aware of your business.
- Develop marketing strategies for different channels to execute your business or branding strategies.
4. Open a Permanent Jewelry Store
Opening a permanent jewelry store is one of the most essential steps of how to start a permanent jewelry business. Setting up this store is a complicated process. You must do several things to set up the store.
- Find a strategic location to set up the store.
- Furnish the store with furniture, equipment, and tools needed to run your permanent jewelry business.
- Hire experienced staff.
5. Promote Your Business
Without promotion, people will not be aware of your permanent jewelry store. Therefore, you must have excellent marketing strategies to promote your business. You can conduct your promotion on various platforms, such as Instagram, X, Facebook, and offline platforms to attract customers.
What do I Need to Start a Permanent Jewelry Business
Starting a permanent jewelry business requires you to have several requirements. What are they?
1. Startup Kit and Materials
One of the most important things you must have when opening a permanent jewelry store is a permanent jewelry startup kit. This kit contains various tools, such as a permanent jewelry welder, pliers, and jewelry cutters.
Aside from having this welding kit, you must also prepare the materials, such as gold chains, silver chains, etc. Make sure you only choose high-quality materials. High-quality materials allow you to provide durable and aesthetic permanent jewelry for your customers.
2. Training and Certification
It is essential to join permanent jewelry training before you open the business. This training will help you weld permanent jewelry safely. Make sure that the training gives you a training certificate. Therefore, you can display it at your store and your customers will not doubt your expertise.
3. Business Insurance
Having permanent jewelry business insurance is optional. However, having this insurance will give you peace of mind. It will protect you from financial losses caused by damage, theft, and liability claims.
You cannot perform all the steps of how to start a permanent jewelry business without the funds to invest in this business. How much is it to start a permanent jewelry business? You need at least $10,000 to $28,000 to start this business.
The amount of this cost depends on many factors, such as locations, marketing strategies, staff, and startup kit. You can minimize the cost if you start it on a small scale, for example, rent a small space instead of a bigger space and do the business with minimum staff.
Tips to Start a Permanent Jewelry Business
Opening a permanent jewelry store can be a profitable business venture. However, you may need to face some challenges when you operate this store. The most common challenges are getting funds to start the business, facing market competition, and attracting customers.
You can follow these tips to face business challenges and maximize your business profits.
Set up the Permanent Jewelry Business in an Already Established Business
Setting up a permanent jewelry store in an already established business, such as hair salons and nail salons, will give you some advantages. The owner of the established business generally will charge lower space rental costs than the costs of renting a store.
It is because you only rent a small part of the business venue. Moreover, setting the store in this venue will help you attract more customers. Therefore, you can minimize startup costs and improve sales.
Do the Business on Your Own
Cutting startup costs and operational costs can help you maximize your profits. One of the ways to cut these expenses is by doing business without hiring staff. This method will allow you to save up to $2,000 on staff salary per month.
Get the Funds from a Bank or Lender
Those who don’t have enough funds to start a permanent jewelry business can try to apply for a loan from a bank or lender. Lenders will likely give you a loan approval if you present a professional and detailed business plan.
Therefore, you must create a business plan before sending the loan applications. Your business plan must contain all the necessary information, e.g., business goals, costs, products and services definition, and marketing strategies, so lenders can have a clear picture of your business.
A permanent jewelry business offers promising profits due to its rising popularity. If you want to make money from this business, you must learn how to start a permanent jewelry business. Starting this business will require you to have a welding kit, training, and license.