How To Start Imitation Jewellery Business From Home
In this article we’ll learn about the complete process of how to Start Imitation Jewellery Business from home with minimal investment. We’ll also deep dive into purchase and sales pattern of such small scale business of 1 gram gold jewelery.
Since entrepreneurship is the new trend and we see newbies, home makers and even students gathering the courage to start such business at the comfort of their home. (mostly).
But, the biggest issue is mentorship. We all learn about ‘Sole Proprietor’ in our commerce subject but the practicality of which is far from theory.
So, we’ll be covering important aspects of a home based jewellery business like process, financial management and basic marketing tactics. Let’s begin with it.
Process To Start Imitation Jewellery Business:
The process of such a business is very easy, further subdivided into few segments and the first benchmark of which is related to stocking/ Purchases (for any product based business, this is the first step.
1. Identify The Right Wholesaler/ Manufacturer:
The quality of the product sells itself. Recently if you’re a viewer of Shark Tank, it was said by one of the judge that any product if its good will take off with minimal marketing (Source). That’s exactly how the product market works.
Specially Jewllery that’s a long term investment (even if its imitation) your customer would see quality first, price second. So, choose your manufacturer smartly.
Also, your cost being the biggest barrier to make a sale, make sure the deal is fairer than the fair.
2. Procurement of Stock in Imitation Jewellery Business:
How to much to purchase and keep it stored is always a biggest challenge for any business. The whole dropshipping businesses are totally based to slightly eliminate this issue of maintaining stock as inventory.
In small scale business (that operates at home) the storage has a lot more limitations with respect to its space, resources to maintain it and unpredictability of its movement.
Being a manufacturer of Imitation jewelry, we advice to small scale resellers to maintain minimal goods so that their huge amount is not stuck in the working capital. You guys can write to us on Instagram for more suggestions in this regard.
3. Identifying Marginal Profit of Home Based Jewelery Business:
Unlike real gold, the imitation jewelry businesses aren’t regulated with common price model. Hence, a smart ass person can sell it at 3x the original price and some jack ass person can even purchase it. The biggest boon for big players of imitation jewelery is biggest bane for the small scale operators.
Without a label, the bargaining comes as the biggest tool of customer. Here’s where the marginal profit of business specially in imitation jewellry gets affected.
This can be solved with a simple process: Cost of the product + Expenses incurred + Storage Cost + Maintenance = Actual Product Cost without Profit.
Actual Product Cost + Margin = Selling Price.
This is not factually or accounts wise appropriate. So, consider it as a rough notes of a half minded mathematician.
Related Link: Lexus Resellers program, Check Now
4. How to Sell Imitation Jewelery:
One of the biggest question of small scale business owners who don’t even have a board or an outlet, has only 1 fuel to run the business vehicle and that is, Social Media pages.
Forget about selling and focus about reach. Basic social media tactics can actually help you get right kind of audience.
We’ll leave you with a simple tip for the social media is, try following people who lives in your area or location (filter them with hashtags) and you can build audience of potential buyers.
At Lexus we cater multiple resellers who starts their business with 10k and the margin on an average is 50 to 60%, that means they earn 16K minimal in a week span, keeping 6k as profit. Join our WhatsApp group to stay connected with such information, even non-purchasers can stay. Here’s the link
This was our take on how one can start a imitation jewelery business with minimal investment. Stay connected with us as we keep publishing such content. For queries, our Insta ID is already in the article somewhere in 2nd point. Happy reading, take care.
