I am so excited that you have reached this point in your new business. Having been in business myself for many years, I always love knowing when it is someone else’s turn to become entrepreneurial in their thinking and opening your own jewellery store has never been so easy as it is nowadays. The internet is the way to go, because often you don’t even need your own product to open up a store. Opening your own online store gives you so many options.
Here I will explain the option to have your own Jewellery store without having to stock a single piece of jewellery. Yes, that’s right, you don’t have to have your own stock – now wouldn’t that be great? This then allows you to have your own jewellery store the day that you suddenly decide, “I am going to do it!” This option gives you an instant business and the only thing you need to do now is to send traffic to your new website. This of course is the marketing side of all businesses.
Let me outline the steps you need to take to have an instant business.
First of all, you need to find wholesale jewellery suppliers. Then you need to scan their sites to see if they drop-ship. Drop-shipping is where you take the orders and the money; then you pay the money to these wholesale jewellery suppliers; they get the items out of their huge warehouses; they wrap them up and put a label on and then they ship your item off to your customer. Now, doesn’t that sound fabulous?
- No storage on your part.
- No inventory on your part.
- No worrying that you have over-brought a particular piece and can’t get rid of it on your part.
It’s the ideal way to go, especially if you do not have space, the facilities, or the time to do everything yourself. All you have to do is get your website up and running featuring a beautiful catalogue of all that they have to offer in their extensive warehouses – no one needs know that it is not your stuff. Then the next step is your marketing and sending traffic to your site. After that you start getting your customers who use your order form using information that they can view in your Catalogue.
Customers are happy to pay when they order and you have already warned them about the time it will take before the order will be actually delivered to their addresses. They are only interested in your terms and conditions – your refund/exchange policy.
Naturally you will be charging your own profit fee on top of the price you pay to your drop-shipping people. Everyone is happy. The customer comes to your website; views your extensive catalogue; orders from you; pays you; you then order from your drop-shipping people; give them the name and address of your customer; they get it all ready and send it out in the allotted time space; the customer receives the order; the customer gives you a review or great testimonial and everyone is happy.
Setting your own prices is the key here. Make sure you take into account all cost factors when deciding upon the price you need to charge your customers. Making a 15% to 30% profit on each item is not to be scoffed at. Offline jewellery stores add 65% onto each piece. I know this because I used to sell wholesale jewellery to jewellery shops once upon a time in my lifetime.
So be sure to
- See what your wholesaler charges per item.
- Add their shipping costs they are charging.
- Add your percentage profit to all of that.
Is the website going to cause you a problem? Then get someone in who can make a professional job building one for you. Or if you have experience in doing such things, then build it yourself. Some wholesalers even provide you with a ready-made website – check that all of the prices listed on this ready-made website are what are going to give you your own profit. In other words, make sure the prices can be changed at your discretion. Now you will have to also be careful here, because being supplied with a ready-made website will also include a fee for having access to such a service. Plus you have to take into account as well that you are not the only one they will be supplying a ready-made website to. You will have competition and all of your websites are going to look the same.
Remember in another chapter in this book, that I mentioned that the secret to success when in business is being able to stand out from the crowd? This is a pure example of what I meant by that advice earlier on.
Another option would be to have your own eBay store. eBay charges a fee for this as well but at least when you get a website from them, it will be a website design that is unique to you and your branding. Being able to bypass the original eBay stores and to set up your own affordable auctions will also be of great benefit to you if you choose this way to go. Here the only thing I would advise you on. Ensure that you have minimum reserve prices set to each of the items you have on sale. Otherwise you could lose a lot of money. Another thing you would need to be aware of is that shipping costs have to be taken into account here as well, so make sure you have provisions built into your website, that ensure that the customer is paying for all shipping and insurance costs and NOT YOU.
This is a great way to have your own Jewellery business up and running within a few hours of your opening day. Easy, affordable and so hassle-free.
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