A lot of entrepreneurs make a good living by sourcing products at the source and retailing them, which involves importing goods and that also means paying duty. In order to ask the main question of this article, you need to do some number crunching, which should reveal the markup after all costs are covered.
Check out your competition
This is vital; if you are planning to open a store in your home city, for example, or you are going to sell the jewellery online, you need to see what other jewellers are offering, especially regarding price. If you determine that there is a market for the jewellery you are planning to offer and the profit margin is acceptable, the next stage is to source a reliable jewellery manufacturer.
Thailand
Ask any jewellery expert where to find the best manufacturers and Thailand will be top of their list; when you look at the quality of jewelry made in Thailand, you understand why this is the number one destination for top-quality jewellery at affordable prices. Such a company would have an extensive catalogue to suit all price ranges and forging a working relationship with a reputable jewellery maker is essential for long-term success.
Importing jewellery
You will need to engage the services of an import/export agent, one with experience in the jewellery sector and they will handle all the paperwork and when the costs are paid, the goods are released to you. Of course, the jewellery manufacturer would have a minimum order, which might be $500 or around that mark and air freight is cheap with jewellery being light. Of course, you want to pay minimum duty and your agent can advise you on this.
Digital marketing
Whether selling in a retail outlet or via a website, you will need a dynamic digital marketing plan to get your message to the right people; start by Googling ‘digital marketing agencies near me’ and check out a few websites. Social media marketing is a very powerful strategy, especially if you are selling online and search engine optimisation is a critical service to drive traffic to your website.
Crunch the numbers
At the end of the day, it is all about profit and after crunching the numbers, if you find there is an acceptable mark-up, you are good to continue with your planning. In order to run a tight ship, planning is essential and with a 3–5-year forecast, you have something to aim for. Click here for information on competitor-based pricing.
To conclude, the answer to the question of whether or not you can make a profit from importing and selling jewellery very much depends on the costs involved. Setting up your business in Thailand would definitely help, as you would be close to your jewellery manufacturer. If you create a comprehensive business plan that covers all aspects of the enterprise, you should enjoy a level of success.
