How to start an online jewelry business free
There are not many luxurious businesses out there that you can start with no monetary capital but this article reveals the most luxurious business you can start with zero dollars and generate thousands of dollars doing it.
I will be clear from the start that this is not a get rich quick scheme but it can make you money within 24 hours if done correctly and if you are above the average person who just sits there and does nothing for his business.
This business requires to have the will to study on luxury brands related to what we will be selling, evaluate their markets and have a keen eye to spot what is selling or what people may want.
You also need to be patient, to hold high integrity, and teach yourself some skills like how to create a free online shop and how to communicate with your customers.
The Business Revealed
What this article will teach you is selling luxury watches and Jewelry. This business has been around for decades but not many pay attention to it. I bet you also love buying jewelry but have never considered it a business that you could do and make a living out of it.
This is the opportunity we are gonna look at today and if you read to the end and work on it will work great for you and generate you a huge income online within days.
When people think of luxury jewelry business the first thing that comes to mind is where will they get the capital to buy jewelry and where to source the jewelry from. The truth is you don’t need the first which is the capital but you are going to need the second which is where to get luxury watches and jewelry to sell.
Why You Don’t Need Money To Start Selling Luxury Watches And Jewelry
To be sincere these days you don’t need to own any kind of merchandise to sell it. You just need to place yourself as a middleman in agreement with the original seller. What makes this achievable is the internet. With an online shop you can buy and sell anything around the world without leaving your home or office.
Being a middleman does not always mean you have be in agreement with the original seller because sometimes these sellers who do not understand business relationships will want to screw you in your own game.
What you should do in situations of uncooperative sellers is have the item in your own online shop at your own set price and then when someone buys it from your shop you now buy it from the original seller with instructions to send it as a gift and have it sent to the customers address.
You being a middleman in this business you are required to maintain high integrity, be a person who can educate your customers on the items they choose to buy and be very smart to outwit scammers as there are a lot of scammers in this business.
To be able to educate your customer means you have to educate yourself first and thus the need to put time in learning about what you want to sell. The internet is full of educational material on jewelry and you don’t need to spend money to acquire that knowledge.
It’s also good to have visual knowledge of some of the things you will be selling in order to spot fakes. The easiest way to get such knowledge is visiting local jewelry and luxury watch stores and have examine what they have. Do that in hours when they aren’t busy and don’t forget to form relationships with those local stores when you find great products that you can sell online for a profit.
Starting Selling Luxury Watches And Jewelry
How you are gonna start selling Luxury watches and jewelry is by finding exclusive watches and jewelry at a price which is well below the market price and sell them at a higher price though a little below the market price.
Selling a little below the market price helps you remain competitive and you may also become a seller to other middlemen if you product source is unique to you.
You will need also an online shop with your contacts on it to start selling and so you should create one. It’s free to open an online shop on various platforms so that shouldn’t be a worry. This should only take you a couple of minutes to do.
Luxury Jewelry and Watches Shop
Understanding The Business Better
When getting in to this business you want to choose what type of jewelry and watches you want to sell. You want to choose whether to sell classic items, new items or both. Personally I would do both and here are the reasons.
Classic items have their own markets but seem to do well when an item is popular but rare and it takes time to find unique ones. Items that were also produced or manufactured in limited quantities or editions do great in this category.
Selling newer items is easier but one got to do a deeper research when selling them to understand which brands sell well and which take time to sell.
You also want to decide whether to venture completely on jewelry or luxury watches or do both. Still even with this I would do both since they seem to complement each other and gives you a better chance to make money. But do remember that if you choose both you’re gonna need to gather more knowledge than a person dealing with only one of them.
Where To Get Luxury Watches And Jewelry To Sell Online
Let me start by saying this the more in-demand items you sell the better your chances of selling. The more unique your product sources are the less competition you get and that means becoming also a seller to other sellers.
The more you can get items in demand at very low or cheaper prices the more the profit you will make.
Seek also to develop negotiation skills, though these will develop within as your business transactions increase, as they will become handy when you are purchasing items for your clients.
Your best sources for jewelry and luxury watches are auction stores, local stores that have not started selling online, jewelry and watch wholesalers and jewelry trade shows. Also on online market places but there is a lot of competition on most marketplaces but not bad to try.
Jewelry trade shows happen once in a while but they are the best places to learn and form business connections with traders. Form a rapport and get contacts from available dealers that appeal to you and if possible have a business proposal with them.
Also learn who is a wholesaler and what items you can get from them at cheaper prices to sell online. You should have a notebook to note down the dealers, what they are selling and what customers are buying the most.
The best online marketplace to get an idea of what watches and jewelry are selling is Chrono24 as well as other marketplaces such as Amazon and Ebay. When you find a selling item make sure to bookmark the address or page you found it and save it for a later research.
Chrono24
Jewelry Markets Research
When you have found items you are interested in then it’s time to see whether they will make you money. The best place to do market research for luxury jewelry and watches again is Chrono24 marketplace. But do not limit yourself to only this site as there numerous other sites out there.
On Chrono24 just type in the search bar the name of the watch and compare your ideal price with the models that show up on the search results. Search results brings you all watches in the specific brand and type you are searching with their prices so you can evaluate whether you stand a chance with what you want to sell or otherwise.
Alternatively go to Google and type the name of your watch or jewel and add “market charts” to the search phrase. Most likely Chrono24 will show up with the Google search results and you can open it up in a new tab while you examine other sites.
Market charts will show you item price over time and help you determine whether an item is worth listing in your shop.
Google will also be your number one tool when researching on luxury jewelry or watches to evaluate whether they are real or fake if you have never come across those items.
How To Sell Luxury Jewelry and Watches Online
Selling jewelry and watches requires you to have an inventory or sort of a record of everything you have listed online at your store. The record should show where you found the item and it’s price.
Regularly check on the sites you got the items you listed to see if still available to avoid disappointing interested buyers. Always take down those that are no longer available but if you already have a client who needs the item that is no longer available propose to them to give you a few days to get them some or propose another item that comes close to what they wanted. Proposing a similar item requires you to know what they were looking for in detail to compare to the option you are giving them.
To maximize your chances of selling you want to put your jewelry and watches before the customer who is looking for them. I propose you do the steps listed below as they will get you sales much faster.
Sell on multiple marketplaces. Online market places are where buyers visit when they need a particular item and if your item is listed in these shopping sites people have a high chance of seeing them and taking actions. I recommend you list your items in at least 10 marketplaces when you are starting and increase to listing to more than 20 marketplaces.
Create social media pages based around what you are selling. Facebook and instagram pages should come in first with this but you should also consider Twitter. Twitter audience is very responsive and you encounter very low competition marketing to them.
Utilize a free social media managing app or software to save time when you have numerous accounts so that when you post in one account your post is also posted on your other accounts. (for inspiration see @luxurybazaarofficial below)Create more connections with dealers and other sellers so that when they don’t have a particular item they may reach out to you if you would have it. When you also don’t have what a customer wants refer them to one of your contacts who might have it. This creates more business for you
Maintain high integrity and create experiences to your customers. Most jewelry buyers are repeat customers and if they are not pleased with your service they won’t buy from you unless you are the only person who has what they want.
Educating customers on their purchase is one way of creating such an experience. Also treat every customer with respect great businesses are formed based on good customer relationships.
Remember this: Always keep a record on what you sold, for how many times and the customer’s views. This will help you chose what to list on your shop and know how to respond to customers who have queries on certain products
Instagram @rmgrandeur
What to do when you have enough sales
When you have generated enough revenue its good you start buying your own merchandise. You not only want to make money you also want to have a physical business that you can live on when you retire or that you can leave your kids or family.
Your own stock will also allow you to participate more as a dealer, showcasing and selling your merchandise in local jewelry trade shows. This creates more credibility for you and links you to more dealers who will with do business with you. It becomes even more enjoyable this way.
By the time you start your own physical business you will have enough market data to guide you what to buy and who to sell it to. You will have enough experience to take your business to levels that average dealers won’t be able to beat.
Keep working until you get to that level!
Summary
It is possible to start a luxury watch and jewelry business online with zero dollars.
To start a jewelry and luxury watch business without spending requires you to develop skills in creating online shops and become a middleman selling brands and luxury items on behalf of the original seller or dealer for some profit.
Luxury jewelry and watch business requires you to be patient, hold high integrity with customers and educate yourself on stuff you are selling which will in turn help you educate your customers on their purchases.
Selling on multiple platforms and marketplaces will give you a better chance of success.
Always keep track of the jewelry market so as to give yourself the advantage of selling items at higher profit margins than the average seller.