How profitable is jewelry business in Nigeria? It depends on what exactly you sell, where your business is located, how much you invest (both time and money), how devoted you are. Before calculating the profit, learn how to start a jewelry business and whether you’re ready for this.
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5 small jewelry business ideas
Before we move to some practical tips and magic tricks on launching and developing your business, you should decide on what exactly you are going to focus. It is even possible to start a jewelry line with no money if you start with the right idea.
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#1. Uniquely designed items
If you like to create jewelry designs, look for a master or a company which will help to translate your vision into reality. Both golden and silver items are in high demand. Meanwhile, ladies pay more attention to the form, looking for something that will express their individuality.
#2. Traditional jewelry
The first thing that comes to mind is wedding jewelry, but this is just one of the options. Nigerian ladies like to wear traditional styles for different occasions and celebrations. Traditional elements in modern designs have also become trendy. People need traditional jewelry to complete the looks.
#3. Beads
Yes, this deserves separate attention. There are so many items and designs created by using beads, both ladies who prefer the casual style and those who need to find something appropriate for a cocktail gown can pick beaded necklaces, bracelets, earrings, and pins.
#4. Luxury jewelry
This kinds of jewelry business requires significant investments at the beginning. Moreover, you’ll need to make sure you’ll find the customer segment that will be interested in such kind of items and will afford to pay for them. If everything works out, you’ll get loyal customers and good income.
#5. DIY
Completely opposite to the previous point, this idea requires some practical skills. You can sell jewelry you make on your own, find a provider (maybe someone among your friends or relatives creates nice DIY accessories), or contact several masters and create a “multi-brand” platform.
Starting a jewelry business step-by-step
Whether you are looking for directions on how to start a handmade jewelry business in Nigeria or plan to focus on a luxury segment, the things you have to do will not differ much at the beginning. Here’s a beginner’s checklist for selling jewelry.
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- Define the business goals. Create a mission statement, define your target audience, goals to achieve and time to spend for this.
- Create a brand concept. It should include the tone of voice, logo, value, positioning, overall communication strategy, etc.
- Choose a name. Go with something catchy, interesting, easy to remember, something that can be associated with jewelry (even not directly), and not occupied by other business or website (otherwise, you’ll get lost).
- Register the trademark. Many good names are already taken. Be quick to make your idea official until someone registers it first.
- Deal with the documentation. You’ll need to gain a business license, a permit for selling items, a separate tax number for self-employed individuals, and maybe some other specific documents depending on your local regulation.
- Register a business bank account. Separate it from your personal one. This will guarantee that you don’t risk losing your property if something doesn’t work out. It also helps to keep personal and business expenses separately – a thing clever entrepreneurs do.
- Take care of the stock and supply. Before you start selling, prepare a fair selection of items so your first users won’t be disappointed. Find people who will create or companies that will provide items for sale.
- Go online. Create an official website and pages on different social media. Regardless of what sales channel you prefer, an online presence is a must – this is what makes your brand recognizable and trustworthy.
- Work on marketing strategy. Invest in online promotion and take care of outdoor advertising if you find it relevant, organize contests and giveaways, find partners, consider sponsorships, participate in exhibitions and events.
- Don’t stop. Despite the initial boost, you’ll need to work hard to keep your brand successful, find new ideas, learn new Facebook algorithms, adjust to new trends and realities of life.
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Jewelry making business tips
- Your brand should tell a story that appeals to customers’ emotions. Use cases to explain how little details like jewelry can make their lives better.
- Focus marketing on major life events and celebrations. The majority buys jewelry for special occasions, not just because they feel like doing it right now.
- Work on your reputation online. Make sure customers leave comments. Always answer to those comments. Manage negative feedback in case you get it and enhance customer experience.
- Tailor your offers and especially ads to the target audience. Remember that these aren’t necessarily people like you.
- Create a discount program and support loyal customers. If they notice you care, they will come back and bring friends.
- Hire some experts to create an awesome team. If you don’t know much about finance or SMM, find people who do. This will benefit your business more than saving money.
- Work with the visual representation. Use high-quality creative images. People want to learn about what they consider beautiful and just scroll down ordinary things.
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