9 Things You Need to Know Before You Start a Bead Business
The decision to start a business is a tough one; knowing how to start is tougher. However, with the required skills and the right information, you can be equipped to become a successful entrepreneur.
If you have the needed skills in beaded jewellery making and are interested in either making it a full time job or a part time job to supplement your income from your day job, this article is for you. Here are a few tips you would need to know to kick-start your business from scratch to success:
1. Understand Capital: Start with what you have. Many people shrink from starting their own business because of the wrong assumption that every business needs huge capital to execute. With N25, 000- N50, 000 you can start a small scale beaded jewellery making business.
2. Decide your scope: You have to choose the type of jewellery design you want to specialize in, such as earrings, rings, necklaces, handbags or a combination of specialties.
3. Decide how to get your supplies: As a jewellery designer, you have the option of making your pieces from scratch, if you have the tools and the necessary training to do so or you can buy your materials from a supplier. There are many shops within and outside Lagos that sell materials for bead making. Ask around and I am sure you will find one near you.
4. Think of a creative name for your business: Take your time with this-your business name has to be memorable and professional. You also need to make sure your desired name isn’t already taken by checking online. If the name has been registered by someone already, it is advisable you find another name.
5. Secure your domain name: Before you make a final decision on the name of your business, it will also be advisable to check if it’s available as a domain name. In this era of IT, this is important because you want to be able to create a website to showcase your products in the near future. Be prepared to be active on social media platforms as well, if you are not.
6. Make it legal: Register your business name with Corporate Affairs Commission (CAC). It is hassle free and you will be glad you did in future.
7. Create marketing materials: Get business cards, which you can hand out to your friends and family as well as at trade shows and fairs like the business fair recently organised by Connect Nigeria.
8. Start: When you’re ready to start selling your products, take them to family gatherings, offices, shops etc. At first, this will be a daunting task but it will eventually pay off.
9. Get honest feedback: Talk to your customers and friends about your products and use criticisms to grow. No one is perfect at first trial.
10. Keep developing your skills: Take classes at craft stores. Watch Youtube videos for new designs. Connect with fellow business owners.
Owning a business is a lifelong learning process, so take advantage of all the resources that will help you grow your business.
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