Due to the previous recession and the lack of jobs, many people have turned into direct-sale and in-home business during the past few years. They want to earn a living or trying to create their own brands, so they ventured in new markets and they were able to create new trends.
Now, is it possible to create your own gold jewelry business? We’ll try to explore this possibility. For the jewelry part, there are plenty of successful home-based and direct-sale jewelry makers. The problem is, governments have a very different set of laws and regulations when it comes to gold.
First things first, there are few reasons why should I consider making a home-based business or peruse direct-sale of gold jewelries.
The first reason is that it doesn’t have the petrifying startup cost other business models usually have! Leasing a good shop at high-street and preparing the shop is not necessary for someone works from home, right?
Another reason is lesser transportation and maintenance costs. Going to the office everyday and paying the shop’s rent is other business models’ problem.
Moreover, you work with your own pace, without the need to worry about facing the boss or that person who gets on your nerves.
However, the main reason behind the increasing popularity of home-business is Job security. No worries about layoffs or government shutdowns.
Now, it comes for what’s needed to create my own home-based gold jewelry shop. Because we don’t want our business to shut down right after it starts, a good lawyer and some research about the country’s legalizations is required. As said before, governments have almost exclusive laws for business that involves gold. Therefore, an expert and extensive research about the laws is essential. Documentation of every step is a sound move that might prevent a later disaster.
If all the paper work is ready and it is possible to create a home-based gold jewelry business, it will be time for researching the business itself. Yes, more research, because knowledge and planning ahead is much better than entering the gold market blind. A reliable supplier, target market segments, potential customers, new market trends and competitors, all need to be studied first.
After the perpetrations are done, it comes to starting the whole thing by advertising yourself and your products. An online website, business cards, brochures and fliers are home-sale and direct selling best friends, just make sure they contain contact information otherwise they are a waste.
As for the gold industry, online presence is almost a must. People get real skeptical when it comes to gold. They need to see what they are buying, and they have to feel it’s safe. Gold is bought as hedge asset and safe-haven if people faith in paper money and governments starts to shake. That’s why online presence is important, for everyone being able to search for your product and your credibility.
Again, legal issues might make or break the business. Researching and doing paperwork and homework is the first and the most basic step. Asking for an advice of an expert is never a wasted move.