How Profitable is Jewelry Business in Nigeria
Nowadays, the interest for jewelry business in Nigeria has been on the high side for quite a very long time. In this guide, you will learn the marketing ideas for jewelry business. Do you know you can make money selling jewelry from home? I will also discuss with jewelry business startup ideas as well as how you can become successful as a jewelry entrepreneur.
Jewelry business is a top-notch business in Nigeria. This is because a greater section of the population use jewelry in one form or the other. Jewelry is used as anklets, rings, paunch rings, necklace, wrist band, earrings etc. Jewelry comes in the form of precious metals such as gold or silver. It also comes as precious stones, beads, gemstones etc.
This shows clearly why the jewelry business stands as an evidence. Notwithstanding the sort of jewelry, you need to bargain in (gold, silver, precious stone, beads, ivory etc.), there will definitely be a market for it.
Are you searching for an approach to profit with less hassle? Purchasing and offering jewelry may be the correct business choice for you. With a good jewelry business strategy, there will be huge success for you and you will make it.
Listen, there’s sufficient space for you to profit by offering jewelry products for sale. These includes jewelry items such as rings, pieces of jewelry, arm ornaments, anklets, paunch rings, and other jewelry things produced using gold, silver, precious stone, gemstones, beads, and different valuable materials.
I encourage you to read further on to see how you can begin your own jewelry business and succeed in Nigeria.
Step by step instructions to Make Money Buying and Selling Jewelry in Nigeria
- Choose the Exact Kind of Jewelry You wish to sell:
Your first move towards beginning a fruitful jewelry business is to determine what sorts/type of jewelry to offer for sale. Such as, would you be putting forth jewelry made of just gold, silver, precious stone, or some other material for sale?
Determine if you Would be purchasing and offering just female jewelry? Giving responses to these inquiries and numerous more in comparative lines will help you choose what precisely you need to offer.
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While there are numerous valuable materials to checkout, it is requested of you that you go for gold jewelry, for example, gold pieces of jewelry, gold anklets, gold armlets, and so on. Take note, this is only a recommended approach. If you have an interest in going for some other sort of jewelry, then take after your heart.
- Get Acquainted with Jewelry Pricing System in Nigeria:
After choosing what sort of jewelry you will purchase and offer for sale in Nigeria, what follows is an understanding of Jewelry Pricing System. For example, you need to know how gold or silver is being measured, weighed and sold. You need to know how the costs of these materials vary.
Your prosperity as a jewelry vendor depends to a greater extent, on your capacity to spot low and high market swings. You would then make a move at the correct time to change and adjust to reigning market price.
Ordinarily, you will make purchase when the swing is low. Then, stop selling it for a while until the rates goes up. Then, you then offer it at a better average net revenue. There are numerous sites and other assets where you can track the most recent costs of gold and silver rates, alongside costs of different valuable materials. These are small jewelry business ideas you need to imbibe.
- Designate Your Jewelery business startup:
Understanding the market will help you make budget on jewelry business. In any case, you should remember that jewelry business, similar to some other field of business, includes some hazards. So, just come in with enough money that you can stand to lose.
Sometimes, you may wish to borrow money for the business. Then, whenever you make a productive sale, you can then pay back your loan. Maybe, with some interest. Presently, the jewellry business startup capital can be anything from N300,000 and N5m. Everything relies on the amount you have to purchase. It also depends on the risk you decide to take.
- Go Ahead and Stock Your Jewelry
Whenever the costs of jewelry falls, you have to purchase rapidly before the costs goes up. Online destination sites like EBay.com are the best places to purchase jewelry on the web. You can also purchase jewelry from open markets. Another way to get jewelry is to buy from individuals who have jewelry for sale.
In the event that you are managing just in gold jewelry, you may need to invest a considerable measure of energy searching for the best offers. This is because of the intricacies of gold. Yet, it’s not difficult to discover where to get gold jewelry. The best place to start is to ask people already into jewelry business in Nigeria.
- Spare/Preserve Your Jewelry
As soon as the cost of your desired chosen metal stays on the low side, purchase as much as you can lay your hands on. Save them until you have a large quantity of the item. Continue following the present costs of the material, so you know when to offer for sale and at what rate.
You might need to set a save sum on your sale. This means you can pull out of the sales if the required price is not archive. Set your save at what you would have the capacity to get paid in the event that you sold the jewelry straight to buyers. More often than not, you will get higher cost at auctions and marketplaces.
- Primary Concern
The way to profit from the jewelry business is to purchase low and offer high. The general purpose is profit maximization. Alongside, try to locate the best offers or deals you can get, and offer for sale at place you can get the good benefit. If you play your card very well you can turn it into a full time job. Understanding the business well, it mode operandi will kick you to the top.
How to Market Your Jewelry in Nigeria:
See below, simple tips on how to Market Your Jewelry in Nigeria:
- Inform People of your jewelry business.
The best advertising tip for your jewelry business is to be “flawless” with your information dissemination. For the most part, be completely forthright and reasonable. Tell people about your jewelry business and encourage them to patronize you.
- Advertise on Social Media
Whether your own a website or an online store or not, advertise your jewelry business on social networking sites like Myspace, Facebook, LinkedIn and Twitter. These avenues allow you to utilize and give you access to a wide number of individuals. It is very important that you reach people who share your interests. You can likewise purchase cheap advertisements through a large portion of these online networking destinations.
These avenues allow you to utilize and give you access to a wide number of individuals. It is very important that you reach people who share your interests. You can likewise purchase cheap advertisements through a large portion of these online networking destinations.
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- Make a Blog/Website for Your Jewelry Business
This is another method of reaching your potential customers/clients. Truth be told, people would like to visit your blog to see samples of jewelry products you have.
- Make a Video to Promote Your Jewelry Business:
This gives more visuals about your jewelry business, and it’s an awesome approach to sell.
In a situation that you have a Mac PC, iMovie will work fine to create your own jewelry showcasing videos. Or, on the other hand in the event that you have a PC, Windows Movie Maker will do.
- Open a Jewelry Shop
People would feel more at home if they can visit you at your office location. Your customers need a place where they can meet you and do business. They would also be able to see live samples of your jewelry products for sale.
- Run Jewelry Promotion Ads on Facebook
For certain occasions, make a point to publicize your business to your Facebook fans. It is an incredible strategy, in light of the fact that you can target customers as indicated by specific socioeconomics. These includes: age, sexual orientation, area, population etc. associated with your business.
Likewise, you can set a strict every day spending plan and select to what extent you need your publicizing campaign would run. This has been extremely effective in helping you acquire tremendous new likes and clients.
- Wear it!
Each individual you meet is a potential client. Wear a bit of your jewelry consistently, wherever you go. Be neighborly, positive and showcase to everybody you see.
At the point when individuals compliment you on your jewelry, say thank you. Give them your business card, and say nice words to buy their interest.
You can say, “since you like these studs or this ring, arm ornament, neckband or whatever it might be, please visit my office, site etc. to take a closer look at my other jewelry”.
The individual will joyfully take your business card and you now have another potential client.
- Give out Your Business cards
Have business cards with photos of your work on them. While it’s enticing to utilize the online print organizations’ free layouts for business cards, it’s not advancing YOUR jewelry. For a couple of pennies for each card more, you can incorporate a photo of your jewelry on them.
Wear it! Nobody will wear it with more pride and euphoria than you will! That will radiate through. At the point when individuals ask you “where did you get those from?”, you can react with the most ideal answer – I sell them!
- Make Presentations at Jewelry Talks, Workshops etc.
Plan to attend and give a free talk on jewelry making. Also, discuss a part of jewelry history, jewelry sales etc. This is a brilliant approach to get before a crowd of people of potential clients.
If you need a complete business plan, please let us know. Or, you want us to help you set up this business, kindly contact us. Otherwise, Please check out these other business ideas you can do
How To Start Cinema Business In Nigeria
How to Invest in Cinema Business
This article will provide the needed and necessary information on how to start up a cinema business in Nigeria. It is necessary because cinema provides a means of comfort to all people of different class.
Definition Of A Cinema
A cinema is simply defined as a place of relaxation. It is a place where movies or films. This movies displayed are for entertainment purposes and you are charged for each movie seen. Cinemas have improved the businesses of people as you cannot see a movie without having at least popcorn or an Ice Cream in your hands.
This article will therefore talk on you can start up a cinema business and be successful with it.
- You Must Conduct Personal Research
You should know that you are starting a business you know nothing about so you should not think of making money immediately. You need to meet people that have been in the business for long and are successful. You also need to meet with experts in event planning, studio recording and decorators as there they are the ones to tell you where the right place to set up your business, the cost and the design. These people can help you set up your cinema outfit.
- Make A Tour Around
This is simply visiting other established cinemas. From the visit you will make, you will be able to know how a cinema operates, the risks involved and how to avoid them.
- Get Products Authorization Or Franchise
After setting up your cinema business, it should be noted that it is not compulsory to sell the products of other people. You will benefit a lot from it on the long run.
- You Must Be Competent and Qualified
In order to run a successful cinema business it is important to be trained. This training can be done in business schools as you will learn how to manage tickets sold out for movies and cinematography.
- Reach out To Movie Dealers And Distributors
It is of high importance to get in contact with the people that deal on movies; most importantly the most sought after and highly anticipated ones. This will make your cinema spot attractive as you have what the people are looking for Admission form.
- Space And Arena
Nigeria is a place that when establishing a business you must have a large expanse of land or a big space. In the cinema business, you need to have space big enough to house your equipment’s and tools.
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- Get Good Cinema Facilities And Equipment
The look and decoration of your cinema will determine if customers will come. Therefore it is important to have the latest gadgets and equipment to keep your business growing.
- Always Set In An Income Alternative
This simply means that you are not to fully depend on the income made from cinema as it can fail you at any time. Therefore it is important to have a second choice of income. This can be in form of having a little restaurant, selling popcorns etc.
- Get A Good Advertisement Avenue
It is important and necessary to let people know about what you are doing. You can get to make people know about your cinema business by advertising. Advertisement can be done through newspaper, fliers, television, radio and the internet.
Hindrances To A Good Cinema Business
- Insufficient Funds
A good cinema business needs adequate funds to operate without problems.
- Negative Attitude And Mentality
Having a negative mindset is not the best thing as you begin to doubt yourself. As it is said “what you confess is what you possess” therefore be positive and always believe in yourself.
- Economic Problem
As it was earlier discussed, your location determines the growth of your business. If it is situated in a region where diseases are rampant or have continuous security challenges you are bound to lose customers.
- Moral Behaviors
As a seasoned business person you are, it is important to guard against extra moral behaviors like drinking, smoking, sex acts etc. Your establishment can be brought down by government authorities it they get to discover things like this are happening in your business.
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- Lack of Commitment
Generally speaking now, it is very important to put God first in everything we do. Your business is bound to fail if God is not involved.
The article above has been able to show you the step on how to successfully establish a cinema business this is a summary of everything discussed.
- You must conduct personal research.
- Make a tour around.
- Get products authorization or franchise.
- You must be competent and qualified
- Reach out to movie dealers and distributors.
- Space and arena.
- Get good cinema facilities and equipment.
- Always set in an income alternative.
- Get a good advertisement avenue.
How to Build Powerful Customer Service In Business Enterprise
6 Ways to Improve Customer Service in the Workplace
The desire to have a good relationship with your clients cannot be overemphasized. As it is known, without clients there is no business. Indeed, your customers are constantly right; believe it or not. A business cannot be established or grow when customers or clients are unhappy. In order for your business to grow your customers must be happy. That is why this article is written to provide an explanation on the seven sensible approaches through which you can have an amiable relationship with your customers and clients
Client Retention And Business Growth
There’s one factor we need to recognize about the consumer and this is the idea of consumer retention. This is of high significance in nearly all business ventures. It revolves across the provision of excessive best services and the upkeep of exact relationship along with your clients and consumers.
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In other words, if you want to continue keeping clients, then your commodity and service must be attractive and exceptional and there must be an amazing relationship among you and your consumers. This is the communication flow which must not be damaged. Customers and clients in addition to staff and top level managers must be aware of the whole things that are happening because it is important.
While you work hand in hand with the rules and regulation of client retention in commercial enterprise, you are beating the competitors within the business; out of your competitors and making sure that there is a non-stop flow of capital in your business for the growth of your business enterprise. That is because after you lose your customers, your competitors make profits. So, how do you keep a good customer relationship along with your clients and consumers?
How To Keep A Good Client Relationship With Your Clients And Consumers
Apart from providing high quality goods and services and attractive in precise conversation together with your clients, does it mean there are no other methods to build an extended-lasting relationship with your clients? Don’t be amazed, there are. We have numerous methods and exact aspects you need to have a long–lasting business-client relationship. I am hoping you gain from them and start moving up to your enterprising dreams.
- Understand Your Customer First
You cannot build a functional relationship with someone you do not know or understand. If you must offer a customer the best of goods and services, you must know who the person is first. You need to know a few things about the custom like where they come from, the kind of work they do, what they like and what they dislike, what they feel about your business and how they can also contribute to making your business great. It is high time you started addressing your customer with sweet names instead of just calling them “customer”. If you know them by name, it will be easier to be a bit cordial with them in your business transactions. Customers like to be addressed by name. They love it.
Having an idea of the marital status of your customers is also important. Also, ask about the welfare of their spouse and send them greeting cards. Also, ask about their state of health. That will prove to them that you love them and that you care about them, and not just after getting their money.
- Have In Memory Their Normal Requests And Specifications
Every customer is peculiar in his or her own way. Also two customers cannot be identical nor have equal type of need because everybody does not like the same thing. Take into consideration, imagine that the next time your consumer walks in, rather than asking the customer what he/she wants, you simply say, “Madam or sir, can I get you your normal?”
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This tells the consumer that you recognize his/her specific and regular requests. If the client orders for something special do well to offer him or her exactly what is needed and on time. That is a super way of growing top consumer relationship in your business.
- Offer Freebies From Time To Time
It is necessary to once in a while provide some freebies. This is an excellent way of attracting both new and already existing customers to patronize your business. It symbolizes care and love even though it is an oblique request for more customers into your business. You could constantly give out freebies which include gifts, run promos sales and provide bonanzas. Additionally, you could provide quality discounts and surprises to your dedicated customers.
- Leverage On Consumer Criticisms
You can take your business to your desired level by means of leveraging on the customer grievance and feedbacks. You ought to get hold of this in a proper way as they speak exactly what the customer thinks and what they think about your product. Never turn down the complaint whether they are good or bad feedbacks.
Devise a way of improving upon your services anytime you get such from your clients. It is an incredible chance for you to realize where your business is lacking and the way to improve on it.
Taking the advice of your customers as a priority is a way of showing that you care for them and their desires. Your clients can be more than glad to recognize that their feedbacks were accurately noted.
- Never Allow Preferential Treatments
It is highly offensive to offer preferential treatments at the place of work. It will make the customers think that they are not as good as every other customer. To reduce negative complaint from your customers, it is recommended by no means to engage in any form of preferential treatment or favoritism amongst customers that one is preferred above the other for any reason.
Such treatment is far against the norms of business to select out a consumer and favor such mainly in the presence of others who were there before him or her. It is far stressful; in preference to doing that, look out for a way of entertaining your customers as they wait to take their turns. Put up a TV set somewhere in the business premises and offer sufficient seats in which your customers can sit down as they are waiting for their turn.
- Respond Quickly and Don’t Forget To Say Thank You
It should be known that it may not be possible to send an immediate response to every electronic mail and phone call or text messages you obtain from the consumer. It is encouraged, however, that you attend to such as quickly as possible. You could usually give immediate computerized replies pending the real solutions
It does not matter the condition you are in; try as much as possible to make sure that the responses are quick and at the right time. Usually say thank you at the close of each transaction. It shows that you care about your consumer.
How To Start a Gemstone Business in Nigeria
The Basic Principles to a Successful Gemstone Business in Nigeria
Several questions arises from doing gemstone business because a lot of people are new to this business (just entering the market) while some others are just reading about it for the first time.
It is a known fact that one of the best sectors for business is the mineral sector and it has been identified that Nigeria is blessed with lots of mineral resources and about 35 mineral deposits have been discovered in the nation. Nigeria is a country blessed with unique kinds of diamonds such as topaz sapphire with a large market out there demanding for these minerals.
What is Gemstone and its Physical Properties
A gemstone is a kind of attractive mineral but after being polished and cut is traditionally used to make jewelry or other adornments.
Some physical properties of Gemstone which distinguishes the mineral include its lustre, although most of them are tough. Rarity is another attribute that brings value.
Stone according to this is valued dependent on not the amount available but also from what is called the 4C which is interpreted as Clarity, Cut, Carat Weight and Colour.
Colour: Color is an important element for gemstones as there is no stone without color. If the color of a stone varies from this variety either being darker or lighter, more vibrant or less, it becomes less precious the stone will be. Colour generally consist of three dimensions: hue, tone, and saturation.
Hue is the belief of color noticed like yellow, red or blue.
Tone defines the degree of darkness or lightness of an item.
Saturation defines the level of purity of a colour.
Cut: This is the design or shape of a stone in addition to the accuracy of the proportions of the stone and complete. The cut reveals a gem’s beauty.
Gemstones are usually cut into shapes. Furthermore, they are fashioned or are sometimes carved into different designs. In the Cut property of Gemstones, there are two other sub-properties namely Proportion and End, respectively.
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Proportions involves appeal and the equilibrium of the design. End identifies the detail of this workmanship. A cut will demonstrate the optical properties of a stone. While all other variables are even in terms of (colour, clarity, and carat weight), a more better-cut gem will increasingly be valuable.
How To Begin a Gemstone Business
Possessing a broad assortment of diamonds is vital. Mostly when having a target on diamonds or jewelry, you should be be able to purchase gemstone beads and carve one off designer beads which are in hot demand. One of the ways to build a long-lasting confidence in the heart of your buyers would be to get a huge choice of gemstones. Through the means of a gem testing lab like the GIA, where you will be able to test these diamonds and include a certificate. It will make your buyers to make decisions even as they build trust in your business.
Strategize On Methods of Targeting and Attracting Buyers
When starting out, necessary precautions needs to be taken but the first step to take when starting the business to attract buyers is start for pleasure, majorly as a hobby and also note that you can avoid mistakes only if the precautions are adhered to. Try out your ideas for beginning. Although there’s a need to do some market research too but ensure that your goods are much better than what others are offering.
Try to Build That Trust
One thing about Gemstone business, is that it needs lots of trust and confidence from both the parties (seller and the buyer). When you are enthusiastic about the business, your clients will have confidence to buy from you.
Invest Your Time and Money
You also have to give it your all, invest your time to the business. In this business, the most important thing to do is to invest large quantity of money. Gemstones are costly, and sapphires and the diamonds are the most of all stones.
Have an Escort Especially One Who Knows the Market while Purchasing
It is advised that while trying to source for the product, that you visit the market with someone who knows the market well, especially someone who knows the in-and-out of Gemstone business so that your trade will be worth your cash. You will also find several stores offering the products online and off the streets. For drop-shipping, the shipping expenses will be added. In all these, always try to check up first with someone who has knowledge of the business.
Make A Choice Of What Sort Of Gemstones You Would Like To Market
Before buying a gemstones, you need to decide what sort of gems that you would like to market. Decide if you will establish the market of genstones in retail marketplace or at wholesale. There will be a need to use a cutter to cut the stone if you would like to make the stones in various forms and quality to the market, putting more money into your pockets by selling cut gemstones.
Make More Money Selling Cut Gemstones
By improving the marketplace and making more money, one thing which you would do is to buy a machinery and you probably would have to employ a gemstone cutter the capital you will require will probably be greater. Be assertive that you buy exactly what you would need.
In situations where cut stones will be sold by you, it’s compulsory that you get a gemstone cutter. The cutting of this product can add to the cost and increase to several thousands of dollars.
According to experts, in cutting stones such as diamonds and sapphires in respect to gemstones you would have to pay great rapt attention. This obviously means that the purchase price of the jewelry or the diamond is dependent upon how it’s cut. Which is the main reason why having good knowledge of cutting gemstones is significant to your success in the business.
Strategize and Re-strategize on Your Sales Options
After all been said, you need to identify buyers or potential buyers who may be interested. You may be able to sell your items on the internet or also off the streets. Major investors can be your customers especially for those who like to collect precious things You’ll have the ability to cater for their needs by identifying your target clients. You would need to survey the market for more opportunities in the gemstone business. Produce the quality, quantity of the gemstones in addition to the cost for affordable to everyone. You have the opportunity to promote your business to more clients by promoting your products online. With that, you can have the opportunity to make even more money.
In the Nigerian marketplace, gemstones are very precious but the current market is saturated and will take up as much volume of the product without having any effect on the purchase price against supply. The higher the quantity available, the better your bargaining power.
The price of gemstones can increase by 10 percent to 15 percent once the item is cut.
At this juncture, you must be aware that gemstone export has been a recurring event and just a few people are profiting from it due to lack of information.
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