Introduction to starting Artificial Jewellery Business in India
If you were always interested in jewelry and like to advise people associated with style using various types of jewelry. Then a business related to artificial jewelry could be appropriate for you. But investment, the scope of this business, and several other things must be taken into consideration.
A Step-By-Step Guide to starting Artificial Jewellery Business in India
This article is the right place! In this guide, we are discussing how to start an artificial jewelry business from home.
Jewelry has always been a portion of Indian culture and thus there has been a great need for it in the Indian market. Earlier, jewelry made from gold, silver, diamonds, and other precious jewels was in higher demand, but with the constant hike in the prices of these jewels, the passion of the people has shifted from those traditional gold and silver jewelry to the updated, stylish and modern artificial jewelry.
There has been a growth in demand for artificial or imitation jewelry by 85 percent. India’s artificial or imitation jewelry business is seen to be one among the largest in the world which causes GDP at 5.9 percent in the Indian economy. It is projected to grow by leaps and bounds in the future.
People these days tend to be more practical in their shopping choices. Many prefer artificial jewelry as they are cheaper and even aids to select a wide variety. Thus, it indicates that the future of the jewelry business in India is very optimistic. There are several opportunities in this segment. With the rapid growth in the usage of online media, the artificial jewelry business is attaining more popularity.
Various methods to starting Artificial Jewellery Business
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We have seen that the artificial jewelry business has a great scope in the future, but do you have any plan on how to start it?
Before taking up any business, you should be aware of the approach that has to be used for doing any business and artificial jewelry business is not any exception.
There are several ways in which you can do a jewelry business. You should go for the one which is appropriate for you.
Wholesale Business from Home
If you want to begin an artificial or imitation jewelry business from home, then one of the main aspects you can do is to contact a wholesale person.
You should procure the stock from the manufacturers at a wholesale cost and sell the artificial jewelry to various retailers or even it to the customers directly.
Retail Business from home
The other way is to plan for a retail business. You will buy the goods from wholesalers which are sold to the customers.
The advantage here is you don’t need to buy the goods and stock them. You can get them as per the need of your customers.
Artificial Jewellery Store of your own
If you feel you are perfect at making jewelry by yourself, then you must explore your hands on it and create your brand.
Instead of buying jewelry from different manufacturers and selling them, you can use your designs and create your jewelry. This will impart an identity and also allows you to research your designs and make them somewhat different from others.
Sell through Online Platforms
Online stores like Amazon or Flipkart and smaller ones such as Bulb and Key don’t have their shops. There are many traders and small business owners who do get registered on these websites to sell their products in this way. This is one of the finest ways currently to sell artificial jewelry online.
You may not have a personal website; you can use these online platforms and sell your products that are very comfortable and simple.
The setup cost of the business is very minimal as you are using someone else’s domain for selling your items.
You can also explore drop shipping. When you are registered as a seller on these online platforms and lack your store. You have tied up with some traders and small business owners who will deliver goods for you. So, whenever any order comes for you, you reach these people to supply the required quantity of items for you.
Finding your niche
Now comes the most crucial segment of beginning any business. It’s time to select your niche. The jewelry business is a vast sector and you should know which category of jewelry items you will be keeping.
You should note and discuss it with your friends or relatives or you can talk to the merchants who are already into this segment or business who can properly guide you about how this entire business niche and items that have more demand.
Business plan for starting Artificial Jewellery Business
Funding and capital is a crucial aspect of any business. So, let us know some of the aspects that you must know before doing an imitation jewelry business investment. First, let’s know what stands to be a proper artificial jewelry business plan.
It is a document encompassing your goals, objectives, and strategies of your business. When you think about finding resources for your funding like bank loans or funding from investors, the most crucial thing you must keep is a business plan.
Raw materials required for starting Artificial Jewellery Business
It correctly said, ‘Half knowledge is dangerous’ because it is so essential to have proper knowledge and awareness of the raw materials used in your business.
Hammers, silk threads, woolen yarns, scissors, aluminum alloy, needles, different gemstones, casting machines are some of the raw materials that are needed for making artificial jewelry.
Jewelry making kit
You need to know about all the various jewelry making tools and machinery. They make your work somewhat easier and you can figure out different modes of doing your work. If you don’t know about the various tools used in your business, then you are missing some of the knowledge which is needed here for the business.
Necklace kits, Seed beading kits, Earring kits, and various other jewelry making kits are present in the market that will help you to run the business easily and at a good pace.
Workspace for starting Artificial Jewellery Business in India
The efficiency of your work is based on several things and workspace is one amongst them. Home is the most comfortable workspace that anyone will prefer. Doing business from home is very comfortable and makes you feel secure. You can easily handle your business along with other household tasks and the best part is that you stay with your family members while working.
Investment required for starting Artificial Jewellery Business in India
You need to invest Rs. 1.5 to 2 Lakhs for starting Artificial Jewelry Making Business in India. It is very easy to start and requires less investment. It mainly depends on your creative skills.
Profit margin in Artificial Jewellery Business in India
You can earn a minimum of 15 to 20% profits in this business at the initial stages later it increases to 40-45% based on the models and the pretty jewelry designs.
Marketing and branding for Artificial Jewellery Business
Just like any other business or a company, every new entity must-have marketing and branding during the initial stages to establish itself in the market. Marketing will help to gather information about the requirement of your clients so that you can work properly. It allows you to get your customers easily and work effectively. Similarly, branding is equally essential for any business. It’s not just about the logo and taglines; it’s about the emotional association that the audience feels with your brand.
A smart marketing and branding campaign will help in generating many sales for your business in the future. So, marketing and branding are highly suggested for any business.
Conclusion of starting Artificial Jewellery Business
A business is an idea to do an already preset thing differently. Individuals most of the time have an idea but never got appropriate support in terms of finance and several aspects.
It’s a very fascinating time-intensive business as a small-scale business and for planning as a startup. Many individuals plan to invest in these small businesses.
So, if you have the proper skills and thoughts, then don’t be reluctant to start something new in this segment.
Of course, the entire process will be full of encounters but will also render you a great amount of satisfaction which is very significant.
In case if you are interested in this: How To Start Distribution Business.