What do you plan on selling and why? Think about whether the jewelry or other products you intend to sell are right for your intended market. Diamond jewelry is probably not the right product for a flea market! Some good ‘off-line’ venues that I have used include:
Craft fairs and outdoor festivals — generally in the summer time. You can usually get a table at these events for $20-$50 for the day. You will want to have a good selection of inventory; if you do you can usually gross anywhere between $150-$400 (based on my experience). If you hav. Your sales will be directly related to your quantity of inventory.Winter bazaars, church sales, holiday festivals — Oct-December. Check the local paper. Many churches have these annual events and tables are pretty inexpensive. These events are nice because people come to spend $ on gifts.
Home-based jewelry parties. You can host an event yourself, or have a friend host it and give her some free stuff as compensation. I like to have a good friend or relative host - that way I am pretty sure they will follow through. Ask your friend to invite her friends, relatives, etc. for the party. You provide some light snacks and bring all your stuff. Again, people come to buy and you have no competition! If you get people to one of these you will make out pretty well, and you don’t need to have as large a selection. I have made up to $1500 in an hour and half! Typically, I’d gross $300-$500 in a pretty short time.
Flea markets– usually in summer and holiday season. These can be boom or bust. It depends on whether, traffic, etc. Generally people at these want to spend very little, so the low-end stuff sells best. Good place to experiment since the tables are usually only $20 or so. I know people that go to the same flea markets every week and do very well with lots of repeat customers.Store/ mall-cart. This is a much bigger leap since the overhead is so high compared to the above venues. I have done neither so cannot offer any good advice in except to plan really well and consider all the costs involved.
Friday, September 26, 2008
Tuesday, September 16, 2008
Tips for Buying Wholesale Silver Jewelry
Are you a small business owner or thinking of starting a new business? If so I have listed some tips here to help you decide what to stock up on. I have been selling in wholesale silver jewelry for 14 years and along the way learned a few things I would like to share through this blog.
What should you get for re-sale? What products sell best? Which stones sell best? These questions can make the buying process frustrating and stressful. Stunningly, when I look back over the past 14 years in this business, my investment is approaching $1 million; the only reason I mention, is that I realize I must have learned something of value along the way ... and am happy to share.. Here are a few kernels of knowledge I have accumulated along the way in regards to designing and producing silver gemstone jewelry:
1) Diversify product types - offer a range of products, even if you only have $100 to invest initially. Instead of buying 15 pendants, get 5 rings, 5 pendants and 5 pairs of earrings. Get most rings in sizes 6,7, 8.
2) Go after bright colored, natural gemstones in your jewellery. I don't care what season it is, the dull colored, brown stuff does not do well. Really light colored stones (such as s light peridot with no faceting or topaz) do not sell. I personally can't stand cz - I think I tried once to sell with no results.
3) Popular stones: based on my sales, the most popular stones are: Amethyst, Amber, Turquoise and Rainbow Moonstone. Keep these stones in stock at all times. I have a page on my site where you can Search By Stone.
4) Don't stockup for the 'season'! I mean, don't get all hung up on getting a specific line for fall, summer, etc. I move a large volume year-round and I am literallly (I should probably not admit this) a fashion idiot. Ask my wife. It's true. But somehow I am able to pick out and design pieces and color schemes that work. In very few cases only do I carry seasonal lines - like in summer I stock a lot of toe rings and shell jewelry. Other than that I don't give the season much thought and everything I put up on the site sells in about 45 days.
5) Go with your gut. If you like the line - ie. the workmanship, the colors of the gems, the look... you are probably on to something.
6) Vette your sources - This is 80% of the battle. You must be comfortable with the quality of work, consistency, timliness and service of your supplier(s). If you get this relationship refined you will feel confident in expanding your line.
7) Take some chances - Don't be afraid to try a new product, tactic, idea, etc. For every success I probably fail 4-5 times. It's the way of the entrepreneur. And if you have read this far down the list chances are you are on :)
8) Procure mostly items you can retail for $15-$30 with a 2.5 time markup on average. Roughly 60% small to medium, 20% small, 20% large pieces. All low-end and your display looks cheap. All high-end, and it will sit for a long time.
9) Get some chains to go with the pendants. But not 100% because some people already have chains they like. Maybe 1 chain for every 3 pendants.
10) Buy less than you can afford. If you have $300 to invest on your products, unless you have a long-term relationship with a supplier and know exactly what you want, don't spend it all at once. And check to see if they have a return policy. Whenever possible use companies that do not require a minimum order and have a generous return policy (like us!).
What should you get for re-sale? What products sell best? Which stones sell best? These questions can make the buying process frustrating and stressful. Stunningly, when I look back over the past 14 years in this business, my investment is approaching $1 million; the only reason I mention, is that I realize I must have learned something of value along the way ... and am happy to share.. Here are a few kernels of knowledge I have accumulated along the way in regards to designing and producing silver gemstone jewelry:
1) Diversify product types - offer a range of products, even if you only have $100 to invest initially. Instead of buying 15 pendants, get 5 rings, 5 pendants and 5 pairs of earrings. Get most rings in sizes 6,7, 8.
2) Go after bright colored, natural gemstones in your jewellery. I don't care what season it is, the dull colored, brown stuff does not do well. Really light colored stones (such as s light peridot with no faceting or topaz) do not sell. I personally can't stand cz - I think I tried once to sell with no results.
3) Popular stones: based on my sales, the most popular stones are: Amethyst, Amber, Turquoise and Rainbow Moonstone. Keep these stones in stock at all times. I have a page on my site where you can Search By Stone.
4) Don't stockup for the 'season'! I mean, don't get all hung up on getting a specific line for fall, summer, etc. I move a large volume year-round and I am literallly (I should probably not admit this) a fashion idiot. Ask my wife. It's true. But somehow I am able to pick out and design pieces and color schemes that work. In very few cases only do I carry seasonal lines - like in summer I stock a lot of toe rings and shell jewelry. Other than that I don't give the season much thought and everything I put up on the site sells in about 45 days.
5) Go with your gut. If you like the line - ie. the workmanship, the colors of the gems, the look... you are probably on to something.
6) Vette your sources - This is 80% of the battle. You must be comfortable with the quality of work, consistency, timliness and service of your supplier(s). If you get this relationship refined you will feel confident in expanding your line.
7) Take some chances - Don't be afraid to try a new product, tactic, idea, etc. For every success I probably fail 4-5 times. It's the way of the entrepreneur. And if you have read this far down the list chances are you are on :)
8) Procure mostly items you can retail for $15-$30 with a 2.5 time markup on average. Roughly 60% small to medium, 20% small, 20% large pieces. All low-end and your display looks cheap. All high-end, and it will sit for a long time.
9) Get some chains to go with the pendants. But not 100% because some people already have chains they like. Maybe 1 chain for every 3 pendants.
10) Buy less than you can afford. If you have $300 to invest on your products, unless you have a long-term relationship with a supplier and know exactly what you want, don't spend it all at once. And check to see if they have a return policy. Whenever possible use companies that do not require a minimum order and have a generous return policy (like us!).
Subscribe to:
Posts (Atom)
Posts
