Starting your own bracelet business can be a very rewarding experience. With the right planning and execution, you can make your business a success. This article will outline the basic steps you need to take to get your business off the ground.
Here are the 10 steps you can take to get started on building your very own bracelet business.
10 Steps to Launching a New Bracelet Business
1. Choose Your Type of Bracelet Business
The first step in launching a bracelet business is to identify the type of bracelet business you want to launch. You might choose from the following types among others:
- Handmade bracelets
- Bespoke bracelets
- Personalized bracelets
2. Name Your Bracelet Business
Give your bracelet business an identity so people will think of it as a well-known and respected brand. You can take the name of your bracelet business from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your bracelet business is to make it sound appealing and trustworthy so potential customers will be interested in your products.
3. Determine Your Bracelet Business Model
There are several possible types of business models for a bracelet business including:
- Direct sales
- Online stores
- Home parties
No matter which model you choose, make sure that it aligns with your business goals and the products you offer.
4. Choose a Legal Form for Your Business
By incorporating your bracelet business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your bracelet business will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common bracelet business structures.
5. Write a Bracelet Business Plan
All bracelet business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
Read our article about how to write a bracelet business plan.
6. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your bracelet business.
For example, since you’re planning to manufacture products, you’ll need to apply for a business license.
You must also register your bracelet business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
7. Determine Your Budget & Apply for Funding as Needed
In developing your bracelet business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your bracelet business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your bracelet business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting a bracelet business to help you determine if funding is needed.
8. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your bracelet business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in other software to help with tasks like marketing, social media, and product development.
There are many affordable options available for small businesses. You can purchase most software programs as a monthly subscription.
Read our article about the technology and software you need to run a bracelet business.
9. Market Your Bracelet Business to Potential Customers
Before you start selling your products, you have to let the world know you exist. The first step is to create a website so people can learn more about your products and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the bracelet business industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Bracelet businesses should consider the following promotional strategies for which you should start getting prepared:
- Develop a social media profile for your business and start sharing content
- Participate in online jewelry and bracelet forums
- Attend trade shows related to the bracelet industry
- Submit articles about your business to online directories and blogs
Read our article about how to market your bracelet business for more tips.
10. Get New Customers & Grow Your Business
When you promote your products you’ll start to get interest from potential customers.
Make sure you’re ready to serve these customers. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your bracelet business.
Read our article about how to effectively grow your bracelet business to learn more.
Starting a Bracelet Business FAQs
The bracelet industry offers entrepreneurs a number of reasons to start a bracelet business. First, the industry is growing at a healthy rate. The global market for bracelets is expected to reach $62 billion by 2025, according to a report by Grand View Research.
There are also numerous opportunities for creativity and differentiation in the bracelet industry. With so many different styles of bracelets available, businesses have the opportunity to cater to specific niches and target markets.
There are a few key things you need to start a successful bracelet business. First, you need to have a strong understanding of the bracelet industry and market trends. You also need to be creative and have an eye for design.
In addition, you need to have good business acumen and be able to effectively market your products. Finally, it’s important to have the right technology and software in place to run your business efficiently.
Starting a bracelet business from home is a great way to get your business off the ground quickly and efficiently. When you start from home, you eliminate the need for office space and other overhead costs.
Create a dedicated workspace in your home. Then, get the necessary technology and software in place. Finally, start marketing your business to potential customers.
Starting a bracelet business online is a great way to reach a large audience of potential customers. When you start online, you’ll need to create a website for your business. Be sure to include high-quality product photos and descriptions, as well as helpful information about your business.
After you launch your website, start promoting it through social media channels and consider networking with other people in the bracelet industry.
Here are a few tips to help you get started with starting a bracelet business:
- Research the market. Before you start your business, it’s important to have a strong understanding of the bracelet industry and market trends. This will help you create a successful business plan and make informed decisions about your products and marketing strategy.
- Be creative. When you’re designing your bracelets, it’s important to be creative and have an eye for detail. This will help you create products that are unique and appealing to customers.
- Have a business plan. A well-crafted business plan is essential for any successful business. When you’re starting a bracelet business, your business plan should include information about your target market, product strategy, marketing plans, and financial projections.
- Invest in good quality materials. The quality of your bracelets will have a direct impact on your sales. Be sure to invest in high-quality materials so you can create products that are built to last.
- Find the right partners. When you’re starting a bracelet business, it’s important to find the right partners who can help you grow your business. Look for manufacturers, wholesalers, and retailers who share your vision and are committed to helping you succeed.
A simple checklist to use when starting a bracelet business is as follows:
- Choose Your Type of Bracelet Firm: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Bracelet Business: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Bracelet Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write a Bracelet Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Bracelet Business to Potential Customers: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the products they truly need.
- Get Customers & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your products.
Starting a bracelet business can be a fun and profitable endeavor. The above checklist has provided you with the information you need to get started on the right foot.