Start an artificial jewelry business with GST RegistrationHemlata Khandelwal / 2021-09-03 02:12:28
Start an artificial jewelry business with GST Registration
India's artificial or imitation jewelry business is the largest in the world and contributes to 5.9 percent of GDP in the Indian economy. It is projected to grow by leaps and bounds in the coming years and hence is a profitable business if you are looking to invest. Social media channels have expanded the scope of the initiation business. The demand for this jewelry is increasing in India. There can be no better time to start this business.
At this time it is difficult for people to go out and work during this pandemic. In such a situation, everyone is working from home. People are getting the opportunity to work from home. People who do not have a steady stream of money can create small-scale businesses and expand their online presence to survive in the competitive market. In that line, fashion continues to top emerging trends in the digital world. Women love to adorn themselves with jewelry. This will help in uncovering your talent and earn a handsome amount. Artificial jewelry is cost-effective jewelery that is handmade. It is a myth that only middle-class people will like these pieces given their low cost and simple designs. Many celebrities have been seen wearing artificial jewelery and looking attractive. Hence, many people these days use them to enhance their style statement. This has greatly expanded the scope of the jewelery business in India, thereby encouraging people to do what they want.
Overview of Artificial or Imitation Jewelery Business in India
Jewelery has always been a part of Indian culture and hence has a huge demand in the Indian market. In the earlier days, there was a high demand for jewelery made of gold, silver, diamonds, and other precious gems, but with the continuous increase in the prices of these gems, people's interest has shifted from that traditional gold and silver jewelry to modern ones And stylish artificial jewelry.
People are looking more practical in their shopping choices these days. A lot of them go with artificial jewelery as they are affordable and offer a wide variety as well.
There are lots of opportunities in this field. With the rapid increase in the use of online media, the artificial jewelery business is gaining more popularity.
Different ways of doing artificial jewelery business
We have seen that there is a lot of scope in the artificial jewelery business in the coming years but do you know how to start it. Before taking up any business, you must be clear with the approach that is to be used for doing business. There are so many different ways you can start a jewelry business. You should go for the one that suits you best.
- Wholesale Business from Home:
If you want to start an artificial or imitation jewelery business from home, one of the best things you can do is start a wholesale business. You need to buy the stock at a wholesale rate from the manufacturers and sell the artificial jewelery to various retailers or directly to the customers.
- Retail Business from Home:
Another way is to do retail business. You will buy goods from wholesalers and sell them to customers. The advantage of this is that you do not need to buy goods in bulk. You can get them as per the requirements of your clients.
- Your Own Artificial Jewelery Shop:
If you are really good at making jewelery by yourself, then you should try your hands on it and make your own label.
Instead of buying jewelery from other manufacturers and selling them, you can use your talents and create your own designs. This will give you an identity and also allow you to experiment with your designs and create something different from others.
- Sell on Online Platforms:
Online platforms like Flipkart, Amazon, and smaller ones like Bulb and Key do not have their own stores.
Many merchants and small business owners are registered on these platforms and sell their products on these online platforms. This is one of the best ways to sell artificial jewelery online. You don't need your own website; you can use these online platforms and sell your products on them which is much more convenient and easy.
The setup cost of the business is very low because you are using someone else's platform to sell your items. You can also try dropshipping. When you are registered as a seller on these online platforms but do not have your own store. You have tied up with some merchants and small businesses. Owners who provide goods for you. So, whenever an order arrives for you, you will ask these people to supply you with the required products.
- Find Your Location:
Jewelery business is a huge sector and you must know what jewelery you are interested in. Identify a niche that will be the hallmark of your brand.
- Business Planning and Funding:
Funding and investing is an important phase for any business. So, let us go through some of the things that you should know before investing in the imitation jewelery business. First, let's try to understand what an artificial jewelry business plan is. It is a document defining the goals, objectives, and strategies of your business. When you decide to get a bank loan or money from people, the most important thing you should have is a business plan.
- The future of the jewelery business in India is very bright:
- Have a strong online presence:
Your brand should be accessible to customers on the online platform. This is a very competitive category and since it is a low investment business, many players have launched in the market. So make sure you know where your customers are and then devise a strategy to target them. Be regular in terms of keeping your content top of mind.
- Focus on good product photos:
Since you run an online business, it's important to have good photos. Customers do not have the option of physically viewing the product, so the images must be clear and give sufficient detail. Invest in a good camera and take proper pictures. Below are some of the components that you can include in your artificial jewelery business plan.
- Hire people based on your knowledge:
It is impossible to do everything on your own. Hire people based on their knowledge and expertise.
- Business Administration:
Anyone who puts money into your business will be interested to know how your employees work. Mention here about your team and what are your plans for upcoming hiring for your team. Your employees reflect a lot about the working style of your business and are a key criterion for showing that it is qualified enough to be invested in your business.
- Financial Planning:
In this section, you will need to talk about the sales and revenue figures for your business. The three most important aspects you need to mention here are:
- Income Statement
- Cash Flow
- Balance Sheet
- Raw Materials for Artificial Jeweler:
They say, 'Half knowledge is dangerous. It is very important to have a proper understanding and knowledge of the raw materials used in your business.
Hammers, wool yarn, silk threads, scissors, needles, aluminum alloys, various gems, casting machines are some of the raw materials required for making artificial jewelry.
- Jewelry Making Kit:
It is necessary for you to learn all the tools and equipment for making jewelry. They make your job a lot easier and help you explore different ways of doing your work.
If you are not aware of the different tools used in your business, then your knowledge is lacking somewhere.
Necklace Kits, Earring Kits, Seed Beading Kits, and many other Jewelery Making Kits are available which makes your job easier and faster.
- Build a Team:
For any small or home-based business, their team is the biggest strength. Some of the things you should consider while hiring a team for your business are:
- Know Your Goals:
You must know very well what you want your business to achieve. When you have clear goals, you know exactly what type of team you want to hire.
- Hire on the basis of knowledge, not experience:
Well, there are many people who have experience but lack in their skills and vice versa. So, try to focus on those who have relevant skills and not just run after so-called experienced ones.
- Be Transparent:
Try to involve your employees in all the decisions you make or at least make them aware of it. There should be complete transparency in the work culture otherwise it will have a negative impact on the employees and eventually create an unhealthy workplace.
- Pay Them Enough:
You cannot do all the work alone. So, hire some people who can help you with your work and pay them a decent amount. You can offer them money as well as some additional benefits, which will increase their enthusiasm and they will work for you with utmost dedication.
- Jewelry Photography:
They say, “A picture speaks more than a thousand words.” With the rapid growth of social media platforms like Instagram, Pinterest, etc., people have realized the importance of good pictures. No matter how good your jewelery is these days, if you don't have great pictures, no one is going to look at them.
Therefore, having unique jewelry photography ideas is a must. You can learn some jewelry photography tips and start taking some great pictures of your product. If you don't want to do jewelery photography on your own, you can hire someone who has experience in jewelery photo shoots to do it for you. Last but not least, the ultimate goal of any business is to generate sales. Jewelry photography is going to be of great help in increasing the sales of your business. Good photos always attract customers and in a way also show professionalism.
- Build an Online Store:
In this digital age, where people spend most of their time on the internet, having an online presence is very important for your business. It helps to get more profit. If you tell your customers that you are available online as well, it in a way increases your credibility and helps in building better trust with the customers, and ultimately brings more sales for your business.
- Marketing & Branding:
Like any other large company, every small business needs marketing and branding. Marketing helps you understand the needs of your customers so that you can act accordingly. It really allows you to get to know your customers properly and work in an efficient manner. Similarly, branding is equally important for any business. For this, you will need to take Trademark Registration. It's not just about logos and slogans; it's about the emotional connection the audience feels with your brand. You have to make them feel that your business follows the same principles and values ??that they believe in. Branding helps in engaging customers by creating a personal touch. A smart marketing and branding campaign results in a lot of sales for your business in the long run. Hence, marketing and branding is highly recommended for any business
Sales refer to the number of products and services sold in a given period of time. Every small business owner should have the knowledge of how sales can actually help them grow their business.
Which registration is required to start an artificial jewelry business?
GST Registration online and Trademark/ Brand registration is required to start an artificial jewelry business.