How to Start an Online Fashion Jewelry & Accessory Business?
The cost of setting up a brick and mortar store is enormous compared to starting an online business. The physical jewelry shops have not lost their charm, as people love the tackle method of shopping, but the internet has become a breeding ground for jewelry start-ups. Both big brands and small independent designers are enjoying the taste of success through the online sales channel. Other than your inventory you need an additional budget only for their transportation.
To get started as an online jewelry seller, firstly you should create a robust business plan. Below are some steps that will act as a roadmap in starting your journey as a jewelry entrepreneur -
Choose a Business Name - First things first. When a person is planning for their store, they don’t give any importance to the name. Getting the store up and running becomes the sole purpose. Afterwards, they find the name they picked doesn’t match with their present business values. Changing the name required rebranding which is a pricey affair. They continue to have the same brand name since its inception. To not fall into this trap, look at your product range, define your potential customers and then brainstorm. For example- If you deal in Indian wedding accessories wholesalers, people should instantly make out you are a wholesaler.
Register Your Business - To not get into any legal issues you must register the business with the local authorities. Once your store is registered within your state, you can participate in commercial activities. In a startup, only a few employees are involved. At the time of registration, you will also have to choose the type of company. If you are a group of few individuals, a sole proprietorship is the best option. In case you want to start a wholesale fashion jewelry accessories business and not retail, then the public company is the right choice for you.
Acquire Merchant Account - As a jewelry seller, you should have a flexible system for accepting payment. Opening a merchant account in a bank gives you the benefit to wiggle room to accept all forms of payment: credit cards, debit cards, e-banking, e-wallet, etc. For buying wholesale fashion jewelry accessories, you will process huge transaction which is not possible without a merchant account.
E-commerce Site - For selling your product and reaching your target audience, you need a platform. There are no options, either to start your own website or list your product on third party E-commerce portals. While you will get a paramount sales on sites like eBay, Etsy, Amazon, but for becoming a brand, a standalone official site is required. You don’t even have to hire a developer, web builder and content management system comes into play here. In fact, these days Indian wedding accessories wholesalers also sell their product through online portals.