How To Start a Successful Costume Jewelry Business
Costume jewelry, also known as fashion jewelry, is made to compliment certain fashions. They are normally cheaper than fine jewelry, and are made to be accessories rather than keepsakes. If you want to open your own retail jewelry business, there some steps you should follow to start a successful costume jewelry business.
- Apply for a tax ID number for your business. You should check with your local city and county offices on how to obtain a tax ID number and any other permits your state may require to operate a business. Having a tax number and the correct permits will allow you to buy your jewelry in bulk, and distribute it.
- Determine who your target audience is. This will be the main group of people you are planning to sell your costume jewelry to. Figuring this out will help you in determining what to purchase and how to advertise.
- Figure out how you will acquire your costume jewelry. Are you planning on making it yourself? Or will you be purchasing it already made from a retailer? No matter how you plan to get it, you should look into buying the jewelry or the supplies in bulk. Contact different manufacturers to inquire about wholesale pricing. You can also try to buy liquidated inventory from other retailers.
- Find at least one venue to sell your costume jewelry. You can build a website to sell your products and reach customers worldwide. You can opt to run a brick and mortar store. This will require finding an accessible location and leasing it. You may have to obtain a business loan to
help you pay for the upfront cost of the store. You can also choose to sell your jewelry at craft fairs or flea markets. - Promote your business in a way that will reach your chosen audience. If you are marketing your jewelry online, you can create a blog or a social networking page for your business. Join forums that center around fashion and jewelry and link your store in your signature. If you have a physical store, you can advertise in the newspaper classifieds or send out coupons and grand opening fliers in the mail. Ask owners of complementary businesses if you can leave fliers or brochures for their customers to take. If you are targeting college students, you can
post notices on local college bulletin boards.