There are so many success stories about the person who started an online jewelry or other online store and made $500,000 in the first year. They just seemed to do it overnight. They designed a jewelry website, put on some products and the sales just kept coming. It happened so fast that they were up all night, sleeping on the floor of their new offices and begging friends to help pack and ship all their orders. They quit their day jobs that they hated. Now they sit on their favorite vacation spot while others fulfill their orders. They just check their emails and bank accounts periodically to check on their new found riches. I hate to be one to ruin this fantasy. This may be the case for a lucky few, but for most online stores this is hardly the case.
If your business is approached with the immediate need for profitability then your expectations are unrealistic. You will be in a hurry to succeed only to find that your haste caused your failure. The key to eventual success is to proceed at a slow and steady pace. Focus on survival and spend your money very cautiously. You will be faced with many learning experiences regardless of your level of business experience. Each experience will build your knowledge base. You will make some mistakes. The trick is to recover from them quickly and learn from them.
My advice would be to start small and begin with a low dollar inventory. The beginning of your business is a very important phase. You will need to learn about running your business without the stress of carrying high dollar inventory such as 14k gold, diamonds and gemstones. A terrific way to begin your online jewelry store is to start with lower cost inventory items such as sterling silver or beaded jewelry. This can include silver necklaces, earrings, bracelets and charms. Once you understand how to manage your business using these products then slowly begin to integrate some inexpensive 14k gold, gemstone and diamond jewelry into your product mix. As you grow begin to add more expensive jewelry items.
This approach will give you time to really learn your business. You will understand how to manage your cash flow, marketing and the seasonality of retailers. Also you will learn all the computer aspects of your operations. This includes marketing, search engine optimization and data management. Since you are an online business you are very different from a traditional brick and mortar jewelry store.
I wish you success in your online venture. My journey has been slow, steady and has finally achieved some level of success and recognition in the online world. Even if I could sit at my favorite vacation spot all day counting my riches I wouldn’t be happy. I love what I do. It’s interesting and challenging, and as a result, it doesn’t feel like work at all.