This article is aimed at providing you with an easy-to-understand guideline on how you can start a jewelry business in Nigeria. As you read to the end, you’ll learn all you need to know to venture into the jewelry business in Nigeria.
How to start jewelry business in Nigeria would be discussed below:
Learn the Basics of the Jewelry Business
The first step of venturing into the jewelry market is to learn the basics about the things you’d be selling – jewelry and precious stones. One of the things you ought to learn at this stage is being able to tell an original or quality piece of jewelry from a fake.
When you’re able to identify original jewelry pieces, you’ll know how to attach prices accordingly. You would want an already established jewelry merchant to put you through on how to identify original jewelry pieces. You could use 3 to 6 months to understand the jewelry business, depending on how fast you learn.
Carry Out Market Survey
The next line of action after you have gotten a grasp of what the jewelry business entails is to do your feasibility studies to find out if venturing into this line of business has prospects for success.
Check around to discover if you have a potential audience for your business when you start. For example, you will find venturing into jewelry business in the rural areas of the country less lucrative than if you did it in the urban centres.
Craft Your Business Plan
Next, write your business plan for your jewelry business. A business plan for a jewelry business should contain important details like the size of capital you intend investing, the size and cost of renting a shop, the sort of tools needed, and any other thing that you think would be crucial to the success of your business.
You could take cues on how to write a business plan from the internet. Check Google for guidelines on writing a business plan for your jewelry business in Nigeria. Alternatively, you could pay an experienced business plan writer to craft your business plan for your jewelry business.
Get Your Startup Funds
With your business plan to guide your path, get the capital for your business to get started. Note that jewelry business is quite capital-intensive to venture into, even if you plan on starting small.
On average, you may need about N1.3 million naira to start. This figure should cover paying your rent for a year, getting jewelry equipment, and buying the jewelry pieces you’d ultimately sell. If you do not have up to the above-quoted figure, you could use N500,000 to start, however, on a small scale.
Get the Relevant Tools and Equipment for Jewelry Business
Running a jewelry business in Nigeria requires that you have some relevant tools, such as jewelry testing chemicals, jewelry creating kits, and show glasses. You may also need to get other things like lighting for your shop, a fan (or air conditioner), and padlocks, and other forms of security to protect your jewelry pieces against pilferers and burglars.
Rent and Furnish a Shop in a Suitable Location
At this point, what you need do is to rent a shop and furnish it. When you want to rent a shop, take certain things into consideration, such as the location and the amount to be spent on rent. You wouldn’t want to spend so much from your capital to rent a shop.
Concerning the location of the shop, ensure the shop you get is situated in a place that people pass every day. The ideal location could be in a market, in a mall, or a shop facing a busy road.
Buy the Jewelry
With your shop rented and furnished, buy the jewelry pieces wholesale. Be careful not to be fake jewelry pieces. So, take your time and find a reliable dealer on jewelry products to buy from or you go with someone who is already in the jewelry business.
As stated in the trailing paragraph, you need to buy the jewelry pieces wholesale so you can make a profit. In Nigeria, Kano and Lagos states are where you’d find jewelry wholesalers. Balogun market in Lagos Island LGA of Lagos State is one example of where you can find jewelry wholesalers in Nigeria. Once again, be careful not to buy fake jewelry.
You can also get quality jewelry pieces from Turkey, Dubai, Doha, and other cities in the United Arab Emirates.
After you’ve got the jewelry pieces, ensure to store them in an environment with a good temperature to maintain their quality.
Begin Selling Your Jewelry Pieces
At this juncture, start selling your jewelry pieces. Spread the word to family and friends that you’ve started selling jewelry pieces. Also, let your well-to-do friends, neighbors, and acquaintances know that you are selling jewelry. The rich have the purchasing power to buy your jewelry pieces at good prices.
In addition to spreading the information that you’ve begun selling jewelry items via word of mouth, use social media to reach out to your potential buyers. Share details about your business on your page. You can even run paid adverts on various social media platforms to reach an even wider audience. Having a website for your jewelry business is a welcome idea too.
Online e-commerce stores, like Jumia, Konga, Jiji, OLX, and so on, are additional avenues that you can sell your jewelry products on. You could also sell your jewelry pieces to malls and supermarkets.
Types of Jewelry Business Ideas to Consider
Below are ideas for jewelry business in Nigeria:
You may choose to focus only on buying and selling gold pieces. You may buy raw gold or already crafted jewelry pieces like necklaces, rings bracelets, etc.
Gold and Silver Business
Here, you sell both gold and silver pieces of jewelry. This way your customers would have options, either gold or silver jewelry items or both.
Precious Stones (e.g. diamonds)