Starting your very own business is a venture most people would be very hesitant to talk about. Not that it’s illegal or anything, but because of the risks that it entails. But you don’t need a huge pile of cash or a very good credit rating (though it is preferred) in order to start your own business venture. You just need to have an idea to what business you want and the guts to make it happen. And if you’re into arts and crafts, then this one might fit your hobbies well – personalized bracelets.
Personalized bracelets (and other items such as personalised keyrings and name bracelets) are among the latest addition to the accessories most people look for. As most bracelets sold in jewelry shops are not as affordable as they are claimed to be, innovators in the accessory business found a way to incorporate this trend to new materials, create a much affordable version, and thus, the rubber bracelets were born. This trend was popularized through the Livestrong Band, a colored silicone rubber bracelet created by Nike for Lance Armstrong in 2003 which was also called “baller band” and “wrist band”. Through the exposure that it has garnered, it became a high cost-high return instrument used for different campaigns, and other social purposes.
Tips in Starting a Personalized Bracelet Business
Here are some tips on how to start a business that produces personalized bracelets
1. Decide what kind of bracelets you want to sell.
From being “awareness ribbons”, it became an accessory for both men and women. Almost every teenager is wearing one. But generic bracelets took away all the hype from the trend. Teenagers were looking for something new, something more personal. This of course, led to personalized bands/bracelets.
Personalized bands or bracelets are made from different materials. This should be considered during the “planning” phase of your business. Rubber or silicone bracelets (most commonly used as your everyday band) are more flexible and come in different colors. The level of personalization is very high in this material as you can choose the color, the additional bling (some rubber bracelets have installed digital watches), and other things which make it “yours”. In-line or “tennis” bracelets (because it is often seen used by tennis players) has also a high level of customization but should be kept at a minimum as the color of the bracelet itself isn’t as flexible as its rubber counterpart. And leather bracelets (the ones you see in heavy metal musicians and fans) are less versatile and should be used with extreme caution as it is not an ideal day-to-day accessory. Slap bracelets, metal strips which are “slapped” to the wrist to fit, is also very customizable though its customization should be carefully planned as to not mortify its beauty. One way to customize a slap band is for it to be hand stamped.
2. Identify the materials you need to get started.
When you have selected what type of bracelet to produce, the next step would be to identify the materials needed for personalization. It is important for the “would-be” entrepreneur to look for quality materials for the venture. Starting from small purchases of different items would be advisable as you still have to expose the item to potential buyers. Marketing your product is also essential as you should build hype for your product. You could start by posting photos of your products in social networking sites (Facebook, Twitter, multiply, Pinterest, etc.) or in your own blog site (if every you have one). Once the product has built interest, pricing the product is next.
3. Take time to decide the best price for your products.
As a start, your pricing should just be above your total cost (around 10% mark-up). This is to promote your product further (this phase is crucial as your first customers will be the benchmark for your product’s future sales and customers). As your business is in its early stages, be patient as the frequency of orders won’t be that much. Just remember that you are still trying to build the product’s credibility to potential customers and it is very likely that your craft will prosper after some time.
Starting any business is not easy. You need to learn how to go with the flow and adapt to changes. Keeping yourself level-headed, patient, persevering, time-conscious and savvy will help you making your own business a perfect fit. It’s not about how much money you invest in it, its how you maximize every cent you use to make things possible.