Do you think that you might like to start earning some extra money at home, but have no idea as to just how to get started?

Thanks to the internet, it’s much easier now than it’s ever been to start your own business.

There are many wholesalers who sell their gorgeous jewelry at amazing prices as compared to retail prices. Look for jewelry to sell anywhere that you think you can find it. I know of a particular store in my area, that sells off it’s gorgeous jewelry once a month for a dollar a piece. If that ever happens in your area, you should purchase as much of it as you can afford.

If you’re not interested in selling your wares to retail outlets, there’s always the option of setting up your own website. Setting up your own website can be an economical way of getting your business off the ground, but be mindful of your costs while you’re in that process. It can very quickly get expensive to begin selling online. Some of the costs involve getting pictures taken of your goods (which can be numerous and expensive if you’re having an actual photographer take your pictures), domain registration and hosting, shopping cart program, etc.

A better idea for getting your fashion jewelry business off the ground would be to get set up on ebay! Ebay is a wonderful way to start out with your own business, regardless of what that business might be. It doesn’t matter what you’re selling, there’s bound to be a market for it on ebay. I started out selling my goods on ebay, and even though I’ve been selling fashion accessories for about 5 years, I still sell on ebay because I have customers from all over the planet. If I were to open a physical store for my products, the cost would be astronomical as compared with what it cost me to set up on ebay, and my sales would basically be limited to whatever
foot traffic came by my store. Ebay does away with that problem.

Finding reputable wholesalers to order your product from is a snap. Check out your local phone book, or alternatively, are many online. Most of my wholesalers are nowhere near where I live, but I order my product from online catalogs, and have it shipped to my home.

I absolutely love what I do, and I tell other stay at home moms about it as often as I can. It’s easy, and it allows me to make some really good money while still being able to be here for my children.

Diana M.

Copyright 2006 Diana Milani All Rights Reserved

Diana Milani is a stay at home mother of 2. She has owned her own successful businesses for 5 years, and says that she would “never go back to working for someone else”. Learn how to start a business that you love at http://startyourfashionjewelrybusiness.blogspot.com.

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For those of you who are thinking about selling gold jewelry, it is crucial that you understand fully how to determine the price for gold jewelry. Not only this can help you to tell a good deal from a bad one, it also helps to analyze your competitors and understand the market better before you make any investment.

Gold price
The most important part of wholesale gold jewelry trading is to understand the breakdown of the cost of a piece of gold jewelry. Let‘s say the current good price is $500 per ounce. To calculate the cost of gold for a piece of 14 karat gold jewelry that weighs 3 gram without any stones, we first divide the price per ounce by 31.5, to get the price per gram, which is $15.87. This is the price of pure gold. To convert this to 14K gold, knowing that there are 24 karats in pure gold, we divide $15.87 by 24 and multiply the result by 14. The price per gram for 14k gold is roughly $9.26. Therefore, the total cost of the gold for a 3 gram ring would be $27.78.

Labor Cost
Another major part of the cost for a piece of gold jewelry is the cost for labor, especially for pieces set with precious stones. Gold jewelry generally requires some filing and polishing after it is cast out of the mold. The labor cost can sometime be as high as $2 per gram, depending on the origin of the jewelry and the style. In addition, the cost of setting any stones on a gold jewelry can be over one dollar per stone. Certain advanced setting such as channel set and invisible set cost even more because of the high level of craftsmanship required.

Markup of Competitors
A good way to analyze if a certain style of gold jewelry is profitable and beneficial for a business is to understand your competitors’ prices. Since you already know how to calculate roughly the cost of a piece of jewelry, and therefore the price that you can get it, buy looking at the markups of your competitors, you may get an idea of how severe the competition is. For instance, if the competitors are marking up the jewelry three times of the cost, the competitiveness of that style is not really that high. On the other, if everyone has the same pricing and the markup is 50% above the cost, the style might have already saturated the market.

Volume trading
Another angle of looking at the pricing issue is that when the competitors are marking up at a low margin, the item is probably accepted by a lot of consumers. The justification behind it is that when the profit per piece is low, and people are trading them actively, there probably is a high demand for it. On short, the higher the profit margin, the low the volume of sales and the low the profit margin, the higher could be the volume of sales. Another point that is worth noting is that the volume theory also applies to jewelry vendors. If you buy in large quantity, pricing should go down automatically. Therefore, running a successfully business involves getting the balance between all the factors within the resources and infrastructure you have such as employees and capital.

Closeout Jewelry
Since jewelry business is highly time-sensitive, styles that were once popular several months ago may not sell at all couple months later. Therefore, when buying gold jewelry wholesale, you should estimate the monthly sales and stock according to the sale volume. For example, you may want to stock a certain style for two months worth of stock and restock it when it runs out in order to minimize the closeout items in the inventory, which is sometimes referred to as inventory shrinkage.

By understanding the market and your competitors, you can reduce the mistakes during your entrepreneurial endeavor, thus increase the chance of succeeding tremendously.

Scott Murff got his MBA from MIT business school and currently is the marketing manager in 14K gold earrings that specializes in wholesale gold jewelry including gold and cubic zirconia body jewelry.

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