Coming out of the pandemic, entrepreneurs started to look to the future. In the first 3 months of 2022, over 56,000 new companies were added to the total register.
Between January and March last year, there were 205,171 new incorporations, but also 150,810 dissolutions. A business dissolution is when a business formally closes.
Despite the large number of businesses that were wiped out due to Covid and other problems, 2023 could be promising for online start-ups. Ecommerce has grown massively over the last decade or so. Online retail offers many opportunities for entrepreneurs.
In 2010, the global ecommerce sector was worth $572 billion. Ten years on it was $4.2 trillion. This vast growth is partly due to individuals deciding that anyone can start an online business now.
Is it wise to start an online business this year?
The pandemic showed how important ecommerce was when lockdowns were in effect and social distancing limited people’s options. While the big winners were global enterprises such as Amazon and Uber, many small businesses can benefit from being online.
Finding a niche is vital for online success, and one upcoming area is jewellery. Normally, if you want jewellery you would go to a high street store. Now, an online search for personalised jewellery for her and him will bring up a variety of vendors.
A very important reason why businesses such as jewellers are moving online is due to lower overheads. Online businesses tend to have fewer overheads than high-street stores
Many people use the internet for side gigs
In 2022, around 19% of Brits said that they had a side gig. One of the attractive things about starting an online venture is that it can be started as a side gig and slowly built up until it is a proper business. Interestingly, the second biggest-selling niche on Etsy during the pandemic was jewellery. Many online businesses can be started without any employees, and run solo at first. And they can be operated from home in most cases.
High inflation and the cost of living crisis make starting a business a risk, but the right online business could offer a side income and require very little investment.
What are the best choices for online startups?
There are many steps to starting a business, and identifying a niche is one. A business plan is vital too if you are to judge how your venture will create profit and if there is even a demand for it.
Dropshipping is still viable in 2023, although it is perhaps not as profitable as it was in the past. Selling arts and crafts has taken off due to sites such as Etsy. Ecommerce platforms have made it easy for anyone to open a store online and start trading.
Ecommerce has grown massively over time, and digital retail covers a wide area now. Even auto traders sell vehicles online, and virtual showrooms help customers shop for a new car from home. However, this short article is aimed at how a jewellery store might be created and become successful.
Jewellery store creation
There are plenty of resources to explain how to create a business plan and gain financing. So, this article will concentrate more on the retail aspect.
Recent years have shown how much need there is for online retail. Admittedly, lockdowns skewed statistics surrounding ecommerce, but the convenience of shopping online has seen stores traditionally seen in the high street move to the net.
Platforms including Wix, Shopify, and Etsy, make creating online stores simple and fast. And if you choose the right niche you could be in demand. One sector that is growing online is jewellery sales. More jewellers are moving online, and people are more trusting of digital retail now.
Also, third-party ecommerce solutions will have secure payment options which will facilitate making sales secure and easier.
Build your jewellery brand
You can either design your own jewellery or find a manufacturer for supply. So, your brand is either going to be simply retailing other makers’ pieces, or it will be based on your creations.
Define what audience you want, set your price point, and create listings. Every business needs a website, and this will form the home for your brand. And social media can help you to promote your start-up.
Social media marketing
Setting up a business as a side gig or going full tilt at it solo means you will have to juggle a lot of roles. You can farm work out, but this will impinge on your budget, cash flow, and profits.
Social media is a necessary part of doing business online today, and platforms such as Instagram are perfect for jewellery posts. Build up a following by creating interesting posts around your jewellery with aspirational messages and images.
The more like-minded people you follow the bigger your audience. If you grow your following organically, you will be sure that you have an interested audience and potential customers.
Use local SEO
The beauty of the net is that you can reach a worldwide consumer base but don’t neglect your local audience. If you are creating your own jewellery then building a local reputation can bring very positive results.
You can build your brand locally through the use of SEO by taking control of Google My Business, and creating backlinks to relevant local authorities. Write articles for local websites and build backlinks to push your site up SERPs.
Start small
Website creation is vital for your start-up, but perhaps you prefer being involved with the creation of jewellery to the nitty gritty of the business. If so, then Etsy is possibly the platform for you. As mentioned before, statistics show that during the pandemic, jewellery was the second biggest selling niche on Etsy so while there is competition, there is also demand.
Create your own style and brand, and list your jewellery in your store. And if you need inspiration look at Ifshe or other jewellery sites to see what is selling now. If you create jewellery, you can minimise how much stock you have. This will also reduce the risks of cash flow problems.
Be competitive and offer secure payment methods
With overheads being considerably lower for ecommerce than running a traditional store, you can afford to be competitive.
Many customers buying jewellery would much prefer to visit a physical store and see rings and necklaces up close. However, many consumers are willing to use online jewellery stores now because the items are less expensive.
The hardest part of making sales online is building trust, especially if the item is expensive so secure payment methods are a must. By trading competitively and securely, you will be able to attract more consumers.
Summary
There are dozens of options for creating an online business from dropshipping to fitness instruction. But, jewellery sales online are increasing as consumers are showing they are not averse to making purchases of this type now.
Choose how you see your brand and what your audience looks like. Set your price point, build a website and store, and delve into social media. Digital marketing will help your brand to grow and gain loyal customers. Social media networks help with word of mouth, and this kind of marketing is affordable for start-ups.
Photo by Jackie Tsang on Unsplash
