The market for jewelry is already a crowded one, especially in a world where 20% of new businesses still fail within a year of opening.

But that’s not to say that new jewelry businesses can’t launch into this competitive arena, carving out their own space to thrive and sell. If your dream is to take your jewelry-making talent to the next level, a few simple steps can help you start your business to great success.

Keep reading for seven tips on how to start a jewelry business in today’s market.

1. Write a Business Plan

This first step may not be especially glamorous, but it’s important to start with the basics. Your business plan doesn’t need to be overly complicated; it just needs to define your strategy.

A business plan can help you think through the early needs and goals of your business. It will force you to consider your finances, your company structure, your resources, your marketing strategy, and your short- and long-term business goals.

If you’re already feeling overwhelmed, don’t! The next steps will help you consider some of the things you’ll need as well.

2. Think About Your Budget

Money continues to be the top reason most business owners stress. Set yourself apart by thinking through your startup costs, including the tools or equipment you’ll need to make your jewelry, the cost of marketing, any licenses or permits, rent for a workspace, and other details.

From there, consider the cash you have on hand. You may need to get additional funding from an outside source as needed.

3. Make It Legal

Once you’re ready to get up and running, take steps to make your business legal. Decide on a name for your business, take care of any licensing or permit requirements, and register your business under the type of structure you’ve decided. (For most small jewelry companies, a sole proprietorship or LLC may be all you need.)

4. Get Additional Funding

If you need additional funding for your startup, you’ll need to find the right source. From asking friends and family to starting a crowdfunding campaign, there’s a funding source for every business owner. Weigh the pros and cons carefully before you get started.

5. Make Your Jewelry

Now is the time to purchase any tools and equipment you need for your inventory, and to start making jewelry! You may also need safety equipment or other necessary materials, so keep that in mind as you move forward. Don’t forget to search for wholesale suppliers for things you’ll need on an ongoing basis.

6. Sell Your Jewelry

When your inventory is ready, it’s finally time to start selling! You may want to start selling on established sites like Shopify or Etsy, or you might opt to build your own e-commerce website. If you can work with local retailers to get some of your pieces in stores, that’s also a great option.

Note that you’ll need to consider the type of jewelry, cost of materials and work, and your target audience as you set prices. Consider this pricing guide to help you find the best dollar amount.

7. Establish Your Brand

While you start selling, it’s also important to establish your jewelry brand. The right marketing strategies can help you showcase what you offer and set yourself apart from others in your area. Make sure to harness the power of your website, plus social media, to make the most of your launch!

Know How to Start a Jewelry Business

Knowing how to start a jewelry business is the first step to success. Before you make your first moves, study and research on your own to develop a plan that will help your new business thrive. With a little hard work, you can take your hobby to the next level and create a solid jewelry company to call your own!

Want more of the tips you need to thrive in the business world? Check out our other posts for more helpful guides.