How to Start a Jewelry Business in Bangladesh
Start a Jewelry Business in Bangladesh
It’s undoubtedly an exciting prospect while starting a jewelry business in Bangladesh. In spite of being it highly competitive, many new and established companies are competing in the market armed with their own business plan. It comes out with something special for the customers when you start a new business.
Before starting your business consider some time-tested advice. But, this is not only an awesome business idea but jewelry business can bring you extra cash or a full-time income.
Also, starting a jewelry making business comes with its own set of considerations and complications whatever your motivation or skill level. And although it’s a saturated market, there’s still wiggle room for newcomers who can bring a fresh take to an old-school craft or carve out a new niche.
Why Start a Jewelry Business in Bangladesh
Customer tastes are shifting to less traditional and more personal, increasing demand for smaller designers working in alternative and less expensive materials within the wedding industry. Also, Bangladesh women are fond of jewelry, such as golden, imitation, designer sets etc.
Moreover, when it comes to a wedding ceremony in a house of Bangladeshi people, they can’t think without jewelry. Besides, there are growing demands of the growing population for the jewelry products.
Once upon a time, the business of high-end designers and massive chain retailers were dominating over the country.
But, still, the popularity of this jewelry has not down when it comes to any festival or events, especially a marriage ceremony. So, it’s a smart selection start a jewelry business in order to earn loads of money.
Steps to Start a Jewelry Business in Bangladesh
Whether it’s used or for giving away as a gift, Jewelry is a popular piece of item in Bangladesh. That’s why jewelry business in Bangladesh is popular than many other businesses. You could work with different materials for making different designs if you have the natural ability to create jewelry.
As there are lots of competitions in this industry, you’ll have to work hard to make your business enticed. As you know it’s easy to start a business, but difficult continue if you don’t know the business steps. Well, let’s know the steps that will make your business long lasting.
First Step: Business Plan
In the business plan, write down what your mission statement and business goals are. Although it might be sounding like a waste of time, it’s actually much essential. A business plan is not only something that describes the whole purpose of your business but it’s essential to you, and what you are prepared to compromise. So, before starting your business, decide what your priorities are and write down those in a few sentences. And pay attention to the following points when writing your business plan:
- Marketing plan
- Sources of expenses
- Market research
- Determine your potential customers
- Know your customers
- Identify how much money you need for your business etc
Second Step: Business Set up
If you want to start grouping your existing designs into product lines then this is an excellent time. It’s either being by product type like earrings, necklaces, bracelets or by specific collections that have a similar style. Also, in order to make sure your inventory and orders are easily tracked once your online presence is up and running, it will be useful to start naming or numbering your products individually.
And if you want to start taking product photos of your jewelry designs for online use then the best opportunity is right now. That’s why you should have varying views of each product so that your online customer can view all your collections in detail. But, if you’re still unsure about product photography then it may help to call upon an experienced product photographer for the best results.
Third Step: Digital Marketing
You’re ready to kick-start your marketing efforts when your jewelry business in Bangladesh is functioning properly and customers can start making transactions.
Now, invest some capital in digital advertising and get your website appearing in Google’s search results if you’re in a position to do so. Also, invest some time in adding a blog to your website instead when you don’t have the capital or know-how for advertising at this stage.
As you need some great topics for building your online presence and building relationships outside your current customer base, you can post about your design process, behind the scenes looks at your latest collections and interesting pieces on the latest trends in jewelry etc.
Fourth Step: Estimate the costs
In order to run your business smoothly for many months to come, you should be able to predict how much cash you need. When you need to save money and avoid overspending, this forecast will remind you.
Because they had no cash left for buying raw material and paying the salaries, many businesses failed. That’s why you need to find out how to best deal with them that highlight some danger areas and plan. In this case, one of the key tips you must consider for starting your business is cash flow.
Fifth Step: Market Research
When you want your jewelry business in Bangladesh to be successful, market research is another crucial step you need to take. If you want to learn about your competitors then market research is an organized way. Also, find out your wants and need and the way of meeting them.
Moreover, it’s not finding out what is missing but filling that niche as well. Things that are involved in market research-
- Discovering the marketplace
- Knowing what a customer wants
- Identifying your needs
- Solving process of the needs
Sixth Step: Get Patient
If you want to make a successful business then you must get patient. After opening your jewelry shop, it’s not wise to expect to get overnight success. Even, before you taste the success, it may take years. That’s why get a patient that has no potential alternative be. Although nothing wrong to have high expectations, you need to be realistic at the same time.
Some Other Steps to Follow to Start a Jewelry Business in Bangladesh
- Register a creative business name
- Seek help from your local chamber of commerce
- Formulate time for your design production
- Register your business name
- Get your trade license and permits
- Get your resale tax number
- Create a logo for your jewelry brand
- Effectively utilize social media