Why not? Jewelry is one thing that is always on demand. These days hand-made customized jewelry is in. If you can start a business like this, then it may turn out to be profitable. And when you blend your culture in the jewelry design, they are bound to sell, especially amongst the foreigners. But yes, jewelry business is highly competitive. In fact, when you are willing to start a jewelry business in Thailand, any business is competitive. So, worry not. Right away do not try to compete with the biggies. Instead, try to carve your own niche. Here are 10 tips to begin your jewelry business ASAP;
Jot Down Your Business Goals
When you are writing the business plan, make sure you mention these below mentioned points;
- Decide who your target audience will be as this will help you better your choice of designs and the marketing strategy
- Think how you can create the jewelry pieces that stand out from the competitors’ jewelry items and this will eventually help you to create your niche
Cash Flow Forecast is Extremely Important
You should have the capability to predict exactly how much cash you require to run your business monthly at least for a few months. The forecast will remind you that you will need to save the money and simply avoid overspending. There are a lot of examples, where you will see that businesses have failed just because they had no more cash left to buy raw materials and pay salaries.
A Creative and Unique Name is What You Need
To start a jewelry business in Thailand what you need is a creative and unique name. The basic rule to a good business name is that it must reflect your jewelry style. Get one such name and register it from your local office of company registration.
Online Marketing of Your Business
No matter how small it is, you should get your business marketed online. If not a website, but for the time being you can begin with a social media fan page and starting a blog site. This could be your first baby step to propagate your business. After that you can take it to designing your business’ website.
Do Research
To make your jewelry business successful you must do the research well. This way you will be able to have a better picture of your competitors.
Last but not the least, if you have decided to start your jewelry business, you should register it in order to get a business tax ID to operate. Of course, these legal formalities may not be your cup of tea. Hence, you can always hire a lawyer for these.
