Earning money can be challenging when you are under the legal age in your area. You may be too young to be an employee in restaurants or businesses, and it may be too risky to venture by yourself. So, yes, you can be too young to sell jewelry.
You may be too young to sell jewelry on your own, but there are ways to earn money by selling! First of all, you need to talk to your parents or guardians and ask them for help. They will be handling the paperwork and other legal matters for your business.
You also need guidance from adults to brainstorm activities that you can use! Doing so will help you develop your skills and strengths for the benefit of your business. Please continue reading to know more about selling jewelry.
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Do you need to be 18 to sell jewelry?
The law about selling goods is relatively the same in every state in the U.S.. you can sell your jewelry as long as you legally own them. But, you will not have the legal capacity to make a contract of sale if you are under the legal age of the state where you live.
Do you need a permit to sell jewelry?
Businesses almost always need a license or permit to transact within a state in the United States. You may want to check with your state and ask if you need to submit any requirements to conduct your business.
Every locality has its regulations on business permits or licenses for various types of businesses. I recommend calling your county or city clerk’s office, which should be on the government section of your phone book.
Try not to feel overwhelmed by the legal steps you need to take care of because they are essential for your business. They are usually simple and straightforward processes that need a small fee.
How to start a small jewelry business?
Starting a jewelry business needs more than your talent and skills. You also need to plan and prepare certain things before you can begin. Follow this guide on how to start a small jewelry business:
1. Establish the basics.
- Create a business plan.
Like any other business, you need to create a business plan before doing anything else. A business plan is an essential tool that will help you focus on specific necessary steps to succeed. Your business plan will also help you achieve short- and long-term goals.
Do not worry too much if you feel like this step is too big for you. Your business plan does not need to be as complex as you may think. All you need to do is to organize your thoughts about the business. Define your goals, finances, resources, and create a game plan to succeed.
If you still feel overwhelmed, you can start by answering the following questions to create your business plan:
- What type of jewelry are you selling?
- Will you make the jewelry or buy it from a manufacturer?
- Do you want to rent an office space or operate from your home?
- Where are you going to sell your jewelry?
- Do you need to hire people now or in the future, or do things alone?
- How will you compute your retail price?
- How is your brand different from your competitors?
- Who are your target buyers?
- How do you plan to market your brand?
Remember that your business plan should be a living document for your business. You will get hands-on experience once you launch your business. By then, you will gain more information that can fill in gaps or fix minor details on your plan.
- Create a budget for your business..
Aside from creating a business plan, you also need to think about your budget. Create a detailed list of initial start-up costs and fees. Think about as many things as possible to ensure that you will not get stuck. Here are some things to include on your list:
- Tools and equipment
- Materials to make jewelry
- Marketing materials
- Business licenses or permits
- Office space
- Wages for hired staff
- Expected daily expenses
After making sure your list is complete, you need to determine how much cash you have available. It would help if you also decided whether you need extra funding to launch and operate.
- Observe and learn from competitors.
Learning from your competitors is also an essential task for your pre-launch. Take a look at other successful jewelry businesses that you would like to emulate. Figure out why they are successful or what their marketing strategy is.
Doing market research will also help you determine a fair price range for your jewelry pieces. You can also find out where it is best to sell your items!
2. Legalize your small business.
After you establish your business fundamentals, you need to cover all legal bases. Once you have your business name, you need to decide on a business entity and register accordingly. I suggest going for a sole proprietorship, which is usually the easiest route.
As I mentioned, businesses usually need licenses or permits to operate. You can check with your local clerk’s office on all the requirements you need before operating. You may also want to register a trademark for your business name, logo, and designs.
You may also consider applying for business insurance to protect yourself and your brand. Start looking into product liability insurance. This type of insurance will protect your business from legal fallout if your items cause any form of harm to a buyer.
3. Organize your finances.
Once you legalize your business, it is best to start organizing your finances. Separating your finances is crucial to keep your money safe from business-related legal issues. It will also help simplify your tax-filing processes!
You can open a business bank account and ensure to deposit only your business earnings. You may also want to apply for a business credit card to use for your smaller business expenses.
4. Find suppliers and create your jewelry.
You can now start creating jewelry pieces after establishing legal and financial foundations. Start by buying wholesale jewelry-making tools and materials, including safety equipment.
You will find many jewelry supplies shops online, but you need to ensure that you buy from the best ones. You can ask other jewelers about trustworthy wholesale suppliers or spend more time doing research.
5. Sell your jewelry.
Next, you need to determine where you want to sell your pieces once you make an inventory. You can sell them on dedicated online stores like Amazon, Etsy, or eBay. Leverage these e-commerce platforms because millions of customers scour these sites every day!
Regardless of your chosen platform, you need to invest in a good camera and other equipment to photograph your items. Product photography can usually make or break your audience’s sales decision. It is why you need to ensure that you post only quality photos.
6. Set up your brand and start marketing your items.
You also need to begin establishing your brand identity and use a robust marketing strategy. I believe that social media marketing is a must! Millions spend most of their time on social media, which you should use as leverage.
Set up a business page on Facebook, Instagram, or other platforms and include a link to your online store. But your marketing should not stop here!
Remember that establishing your brand and building an engaged audience on social media will take time. The key is to remain active and engage as much as possible. Try to respond promptly and kindly, and post at least once a day to stay active!
As your business grows, you can also start to invest in paid marketing strategies like Google Ads. Did you know that Google Ads works much faster than SEO and generates more traffic and leads? It will help you get immediate exposure and may increase your customers!
How much money do I need to start a jewelry business?
As I mentioned, you need to determine how much you need to start your business. Your start-up costs can be reasonably low, from $500 to $1000, if you already have everything you need to get started.
But, you may need much more, up to $20,000, if you want to enter the market at full speed. Remember that a much larger capital investment will get the ball rolling but will not guarantee your success.
It is why it is crucial to establish your business first. Go back to your short- and long-term goals, and decide how much you want to invest in your business.
Is owning a jewelry store profitable?
Now that you know how to start selling jewelry, you need to know if everything is worth it. It may seem costly to some, but owning a jewelry store is very profitable!
Markups for jewelry are high, so products sell far more than the materials, allowing more profit. But, the industry is also highly competitive. So, it would help if you built a robust clientele and continuously provide quality pieces to gain more customer confidence.
You also need to make sure that you are building your brand’s identity both offline and online! There are many competitors, so you cannot slack on your marketing strategy. The key is to remain creative, motivated, and determined to make your business successful.
Remember that gaining trust from your clientele will take time and may feel overwhelming. Try to stay focused! It will all depend on what you sell, who you sell it to, and where you sell it. Online selling is the trend now, so establishing your online presence is crucial for your success.