If you sell jewelry online, like on Etsy, your own website, or some other platform, you probably know quite a lot about how this business model works. What you may not know, however, is that you may be able to save yourself a lot of money, time, and frustration on better acquisition practices.
The problems for most online jewelry outlets are theoretically simple:
• Having enough gemstones and other assets to create a good saleable range of products to attract customers.
• Managing costs effectively.
• Minimizing risk on outlays.
• Managing supply of gems and materials.
Anyone doing business for themselves knows that these “theoretically simple” things are in fact an obstacle course in practice. The theory is fine; the question is how to achieve any of these things and stay in business.
There are plenty of risks:
• Spending on new acquisitions can be very much…
