You never mentioned if you will have a brick and mortar business or online? It's very important for the future of your business. There is basically 3 kinds of jewelry businesses. Here they are:
#1. Brick and mortar jewelry business
#2. Online jewelry business
#3. Traveling jewelry sales business from show to show
And, frankly, it does not make much difference whether you are selling wire jewelry or any kind of jewelry, these are the 3 formats you will be working from. So pricing is very different from one format to the other. It's like popcorn. If you buy it at the Movie House, it's $7 for a large cup or box. If you buy the same popcorn at the dollar store or some grocery story, it is considerably cheaper.
Years ago I made a video about making and selling a simple birthstone ring which I sold for $10 and you could sell them all day and all night for $10. Or that's what I thought. Then a student emailed me who lived in Santa Barbara, California, and said she sold the same ring for $35!!!!!!!!!!!!!!!!!!!!!
So the type and location of any store will determine prices. Let's look at all 3 businesses and see where they are going:
#1. Brick and Mortar Jewelry Businesses are going out of business all over America. This is the kind of business that used to have their own jeweler, fix watches, and do just about anything for their local customers. But these shops for the most part are going by the way of rare antiques. In other words there are very few left and I would not go into one of these businesses unless the business was in a very big and successful mall. And expect to pay a lot of rent, supplies, etc It is now a very big business with big expenses._________________No matter what the prices here would be at the very top level of pricing.
#2. Online Jewelry Business - This can be a very good choice if you are HIGHLY SKILLED IN THE WAY OF ONLINE MARKETING. And, if it is a business for profit, it's a lot easier to buy jewelry already made rather than make it. The focus here is online MARKETING. Let me give you an example. BLUE NILE jewelry company makes as much at their one online store as 167 brick and mortar stores!!! It's 167 to 1. So, yes, there is huge potential but if you do not know how to market online or do not have someone like that on your staff, forget it.___________Pricing at this store will be according to what it is you sell. And you will be competing with China, India, and a few other companies with your jewelry. Prices cab go up or down depending on the look of your store, your reputation and your product. It's a dice throw at the moment.
#3. On the road Jewelry Show -- This can be a tough schedule and you must travel all the time but right now you can go where the crowd is. You don't have to beg them to come to your site. For my money this is and would be my choice. You will have to produce something unique but all you need is ONE GOOD PRODUCT. You don't need 500 pieces of jewelry -- just one that sells. ____________ This business model is sure to be a winner but how much of a winner is depending on you.
A FEW MORE TIPS
*14kt gold jewelry is almost forgotten *In the last 10 years 4 of my friends who sold gold on the road have been murdered *Silver is the hot commodity but very very competitive *Other metals are selling ok but with much smaller margins of profit *Road shows attendance is at an all time low and booth fees are high
I don't think I'm qualified to say anything about pricing at a brick and mortar store because it is changing so fast and it's just not my market. I would strongly recommend you get started with a little bit of each right from your home in a small way and then let the business grow. You are sure to win! Most people don't want to do that and that's why they go out of business.
Right now think small, keep your prices low, keep your expenses lower and do a lot of research among business owners to see what's what. And I can help you if you want wire jewelry prices. Try our Pricing Genie. It is not perfect but you can get a close price. This is a member service at this time. And, if you join the bootcamp, you can get consulting for only $9.95 !!!!
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Master Wire Sculptor