Artificial jewelry business idea in India: I am getting a lot of requests for low-budget business ideas that are commissionable with a small size or a single unit, yet unique. You can start any business with its minimum capacity if the business is not an asset-intensive type like a showroom, hotel, or warehouse.
To remain different from others and not dilute the long-term objective of my blog I will not break my promise but also not let my readers down. I give a thumbs up to the demand of my readers and will share a unique jewelry business idea that can be started with a minimum of Rs 100K INR and from home.
Introduction
If you are interested in making money by selling artificial jewelry, you can start your own business. You can sell these products directly to your customers or through an online marketplace. You need to do market research and identify the customer segments who are likely to buy these products.
There are two options open to do jewelry business. You buy from the manufacturer or dealer then package them and sell. The other option is by making and selling jewelry materials. In that case you are required to invest in the necessary equipment and materials.
This business might sound like as usual, but I will put an additional USP (Unique Selling Proposition) on the old theme. The niche will remain the same, but changes will come in category, procurement & sourcing. So, without keeping you in suspense any longer let me disclose the business concept.
But before that, let us see the problem that the business will solve.
Problem Statement
Lifestyle products especially imitation and semiprecious jewelry have a never-ending demand for variety, design, and looks but the supply side behaves differently by misbalancing the value proposition of end-users, which means the right products are not reaching the right customers at right time. In simple terms, there is a gap in the supply of territorial imitation jewelry across India.
Example
The middle-class working women of Guwahati lack a supply of Rajasthan-made design with a balanced value proposition, which means correct pricing, and correct design. If the customer goes online or to the shop will experience high prices due to less supply and high demand.
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So, the business will take this gap as an advantage and ride on the supply side to become a profitable business venture.
I know my languages are not in the line of home-based business, where generally a profit and loss picture get drawn when a business case is discussed but believe me knowing the right problem based on which business model will be built up is important for aspiring entrepreneurs.
That will help you make correct decisions for the business else excitement will go on play with you and run you, in such a scenario you are not running the business but your emotion.
Let us come back to the jewelry business.
Jewelry business concept and investment details.
- The jewelry business will deal with semiprecious jewelry by creating a distinct category on the basis of design pattern and origin.
- The business will create its own brand own packaging
- The jewelry business will focus on the correct pricing strategy, generally, imitation and semi-precious jewelry gives more than 100% margin, keep your price affordable (Do not cross 100% margin), and let desired value meet the perceived value.
- The business can source jewelry and other packaging stuff through any B2B platform available in the market like Indiamart. (I am not promoting Indiamart, this is for your information only)
- Invest 5K on the packaging, 80 K on jewelry, and 15 K on social media marketing. Please
- Please do not forget to take the required license from the local government authority.
- Please do not go for more than 5 Categories and restrict 5 to 10 Subcategories of each category.
- Do direct sell prospecting also, evaluate credit risk before giving credit to any customer.
- Please research product origin, craft, gharana, etc. then make a beautiful catalog (Please take the help of a professional graphic artist)
- Do not compromise on presentation.
If you can maintain all these, I am sure you will be able to sell 80K products easily @ 1.6 Lakhs within 90 days’ time. Please keep maintaining proper stock hence need to roll sales revenue proportionately.
Artificial jewelry business must adapt itself to local tastes. It has been gaining popularity in recent years and is slowly becoming a favorite among people who wish to make a statement with their bijoux. The variety of styles and designs available on the market is enough to satisfy every person’s taste.
Best of luck!
