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6 Considerations When Starting a Jewellery Business in London
The jewellery market is big business. In the United Kingdom alone, revenue in the jewellery segment is set to reach £3.4 billion this year, with an annual growth rate of 2.3% from 2020 to 2023, according to Statista. Perhaps you’ve identified an opportunity here. Maybe an untapped audience has been discovered.
You could just have an interest in taking your jewellery making skills beyond the hobby world. Whatever your reason, the industry in which you’re looking to start a business has its fair share of considerations. For one, you can expect some tough competition, be it from fellow startups or big-name jewellers. But that shouldn’t deter you.
Provided that you have the necessary know-how and are willing to put in the work, you can establish a successful jewellery business in London. Below are 6 considerations to help you start off on the right foot.
Choosing an Approach
Products in this market can be broadly categorised into either fashion or fine jewellery. The former is characterised by low-cost materials, trendy styles, mass production and everyday consumers. Fine jewellery is typically made of precious gems and metals with a focus on craftsmanship and a more discerning audience.
It’s possible to find a gap somewhere in between these two categories. For instance, you have jewellery for special occasions such as weddings, which can tend to both the midrange and upper end of the market. You can also take a more niche approach, such as with 3D printing or unique materials.
Knowing exactly what you’re going to be selling will help you define your target audience, which is instrumental to a successful marketing plan. It will also help you determine how to present your brand to the world.
Product Design
If you’re going to hire assembly staff or pay a manufacturer to craft your jewellery, you’ll need to invest in some product design tools. Adobe Photoshop and Illustrator are popular options, as well as GIMP, Pixlr and DrawPlus. If you’re willing to spend a fair bit more, JewelCAD and RhinoJewel are recommended, especially for high-end products.
Outsourcing and Fulfilment
Let’s say that you’re not going to make your products on-site. In that case, you have two main options - keep it local, or take your manufacturing abroad. Using British manufacturers is a better option for high-end jewellers and improves your brand image. Shipping is faster and communication will be easier as well.
Fashion jewellers might prefer the low-cost nature of overseas manufacturing. Expect more options, but slower shipping and possible communication barriers. It’s also more difficult to verify the reputation of a company. Another option is to make use of a service such as Oberlo or Modalyst, which simply involves sending your designs to them.
Product Photography
Since jewellery is largely a visual product and you’re probably going to be selling it online (you definitely should), it’s imperative that you put the time and effort into getting professional images taken. Your best bet is to hire a jewellery photographer London as this will save you the cost of having to build a studio and pay for a capable enough camera.
You can consider this jewellery photographer from London, who is renowned for their work with jewellery businesses. Take a quick look at their portfolio to get an idea of what you can expect. Another potential consideration is hiring a model. Perhaps you have an attractive friend who can lend a hand while you’re still working on a tighter budget.
Making a Website
Once you have the above elements nailed down, you can move on to putting them together online with a website. Having an online storefront is naturally a better option than opening up physical space, especially when you’re starting off. You can use a platform such as Shopify to build your own digital storefront on their framework.
At this point, you should have a good name and accompanying domain name for your business, as well as a memorable logo that reflects your brand image. Optimising your website for search engines, establishing your company on social media and performing some advertising will need to be done in the foreseeable future.
Of course, you’re probably not a marketing expert or web designer, so you’ll need to outsource a number of tasks. There are many websites that can help you do this without spending a fortune. This includes Fiverr, Upwork, Freelancer, 99Designs and Gigster.
Shows
Aside from online marketing, pop-up shows, exhibits and artisan shows are another way to get your name out once you have a few products to sell. These events are also great for making industry contacts and learning a little more about your competitors. Don’t hesitate to stick your head out and get involved.
In a saturated industry like jewellery, it pays to stand out, be it with your unique designs or authenticity. Thinking outside of the box is rewarded here, and so is hard work. Go for gold!