Starting a jewelry business in the Beehive State is a worthwhile proposition. You don’t necessarily need high-level technical expertise to succeed. While it may need a lot of capital, you can buy supplies in bulk and keep a high, diverse, and fresh inventory. Many wholesale jewelers such as AAA Jewelers in Utah offer competitive prices, giving you plenty of opportunities to purchase high-quality items at a discount.
Although the usual route aspiring entrepreneurs in this field take is reselling mass-produced jewelry retail, it’s not your only viable option. Here are some interesting ideas you should consider to start a promising venture from scratch:
Rent Out Exquisite Items
Be the Uber of jewelry in your local communities. The sharing economy is booming because more and more individuals find it more practical to rent costly commodities that are otherwise costly to buy. After all, people these days hardly use the same fashion items repeatedly.
The best part about opening a jewelry rental shop is you wouldn’t need a brick-and-mortar store. You can keep your supplies at home and market them online. Social networking sites allow you to attract your target customers in specific locations, promote products with ease, and engage with interested parties 24/7. Opening accounts on Facebook, Instagram, and Pinterest are free, so you’ll have one less overhead to worry about.
Open a Consignment Shop
Most people love quick cash without having to acquire any debt and pay interest. Many individuals trade in unwanted jewelry for convenience. Opening your own consignment store gives small-time sellers a platform to find buyers fast. As the middle-person, you’ll earn commissions without having to buy items out of pocket to replenish your inventory. Since you don’t have to pay a seller if an item doesn’t get sold over a certain period, there’s less risk on your part.
Offer Fool’s Gold
Not all gold-jewelry wearers are willing to pay top dollar for high-end gold pieces. Gold-plated items are affordable, fashionable, and indistinguishable from pure gold jewelry. Since fool’s gold is more prone to tarnish and damage, as everyone knows, there’s great potential for repeated business to make your venture sustainable.
If you aspire to sell pure gold jewelry in the future, selling gold-plated items can be a good gateway business. As you learn the trade over time, you may attend seminars to develop a trained eye to differentiate assess gold jewelry with mastery.
Focus on Engraving
Jewelry engraving makes a good backyard business. A state-of-the-art machine doesn’t require a lot of space and can operate only when there are orders. You need have to undergo extensive training to use the equipment safely; you can become a master laser engraver in no time with practice. Apart from individual customers, you can also market your customized jewelry as promotional items to corporate clients.
Any of these ideas can make a rewarding side hustle, but beware of the challenges. There’s great demand for different kinds of jewelry, and the competition may be fierce. Study the market and listen to your heart to choose the most suitable jewelry venture to you.