The jewelry market is booming, so making bracelets to sell can be a lucrative business opportunity. Before you begin gathering your materials and scoping out new designs online, it’s best to understand the needs of your customers. That way, you can make bracelets that your target market will want to purchase.
Conduct Market Research
The first step in making bracelets to sell is understanding to whom you are selling. What kind of customers are you targeting, and what do they value? Create a customer profile of your ideal customers and include their demographic, geographic, behavioral and lifestyle characteristics. For example, are you targeting women ages 45 to 55 who have a high income and want to follow fashion trends, or are you targeting men ages 18 to 25 who don’t have a high disposable income but are interested in unique jewelry from around the world?
Review market research and trend forecasts to understand what is popular in the jewelry market right now. Are your customers interested in metallic and leather materials, or do they prefer wooden bracelets? Consider what kind of designs your customers like. Do they value abstract shapes, or are they fans of clean, straight lines?
Be sure to pay attention to your competitors. What other homemade bracelet businesses are selling to your customers? Look at their products and analyze their designs. It’s important to create bracelets that are unique so you have an upper hand over your competition.
Purchase Materials for Making Bracelets to Sell
Once you have determined what kind of bracelets you’re going to sell, source the materials you need for making your unique designs. You can purchase affordable materials online, such as strings, leather, beads, clasps, cords and metals. You can also visit local craft stores in your area to purchase materials from them. Ensure that your supplier can provide inventory in the quantities you need for your business.
Figure out Where Your Customers Shop
Decide where you will sell your bracelets based on where your target customers shop. Will you open an online store using an e-commerce platform like Shopify, or do you have a brick-and-mortar location at which you can sell your goods? You may also consider selling your bracelets at craft markets and local fairs. Are there any retailers in your community that would partner with you to sell your products?
Establish a Price for Your Bracelets
Figure out a price for your bracelets based on what your target customers are willing to pay. You will need to consider the cost of your materials plus your time and labor. Making bracelets to sell can be a very time-consuming and complicated task. It’s important to base your price on your expenses plus how much profit you need to make in order to sustain and grow your business.
In addition, try to understand what value your customers place on your bracelets. Are they looking for high-end, customized products? You may be able to charge a premium for the individualized service. Do your customers value deals and only purchase when there’s a promotion? Keep that in mind as you set your list price.
Promote Your Unique Creations to Your Target Market
Decide how you will promote your bracelet business. Your options include:
- Advertising in print publications or online magazines
- Direct marketing via email, post mail or phone
- Personal selling in one-on-one interactions with your customers
- Sales promotions with discounts and coupons
- Public relations through press releases, community involvement and sponsorships
Establish your bracelets’ unique value proposition and use that messaging throughout your promotions. Do you use sustainable materials, have a unique manufacturing process or create one-of-a-kind designs? Use messaging that shows off your business’s benefits while appealing to the needs of your target market.
- bracelet and pearls image by Dumitrescu Ciprian from Fotolia.com