The traditional Tupperware party has been updated for the twenty-first century as a pearl party. Women gather virtually rather than in person to crack open oysters in search of beautiful pearls. Thanks to a pandemic-driven boost, pearl parties are all the rage among certain groups, which means this is a legit business opportunity.
You’ll need to have experience and put in a lot of work to launch a successful pearl party business. You’re in luck since this step-by-step manual contains all the knowledge you need to succeed in business while having a good time.
Step 1: Find Out if this is the Right Business for You?
Positives Vs Negatives
| Utilize a home office and set your own hours Entry barriers are few and initial costs are low. Just a few rules and regulations to follow | Hard to determine the worth of a pearl A difficult task is stocking enough oysters. |
Industry Trends
- business analyst Statista estimates that the overall jewelry business in the US is worth just under $60 billion and that the jewelry market in the world is worth close to $230 billion.
- According to growth projections, the market for pearl jewelry will reach a staggering $20 billion in value by 2025, up an astonishing 13% over the previous five years.
- There are more than 50,000 jewelry stores in the US, according to market analyst IBISWorld.
- More than 120,000 individuals are employed by US jewelry stores[5] in terms of total personnel.
Cost of Starting Pearl Party Business
Starting a pearl party company might run from $7,000 to $20,000 on the low end and upwards. Oyster procurement and promotion will be your largest expenses.
Is Pearl Party Business Profitable?
The typical income from a pearl party is around $1,500, and you should be able to obtain a profit margin of roughly 70%.
In your first or second year, you might host 5 parties monthly, bringing in $90,000 in annual sales and $63,000 in profit. Once you build a reputation, you might host 12 events per month and earn $2,000 from each one. This would result in a nice profit of about $200,000 and annual revenue of $288,000 for you.
The potential for income is really unbounded. Vantel Pearls, a well-known business, earned about $500 each party prior to the epidemic. They now often earn $6,000 to $7,000 from their live-streamed parties, and they have even made as much as $17,000.
Entry Barriers
- Low participation due to the fact that pearl parties are still not widely known. To spread the word about your company and draw in a solid clientele, it could take a few weeks or even months.
- A fledgling business might not have the confidence to sell pearls to customers. Since pearls might be pricey, keep in mind that it might take some time before buyers feel comfortable giving you their money.
Step 2: Create a Strategy
Identify a Gap
Currently in its infancy, the pearl party market. The key to making huge profits can, like in any rising business, be found in your ability to spot chances. Developing a following on social media, especially Facebook, is the first stage.
Examine pearl party companies’ offerings, costs, and client testimonials by conducting a Facebook and Instagram search.
Solutions
Knowing exactly how a pearl party company runs will enable you to take advantage of opportunities that will help you stand out and, most importantly, draw in the proper clientele. People congregate during pearl parties, where hosts crack open oysters to expose multicolored pearls inside, either in person or via live streaming.
- The host introduces the oyster stock, and guests purchase pearls they find appealing.
- When the host opens an oyster that was purchased, the pearl is visible.
- The host evaluates the pearl for an average price of $30 to $40.
- The purchaser then consents to either have the pearl set in jewelry or sold to a jeweler.
- Additionally, guests may ask the host to provide pearls if they so desire.
Pricing
Selling oysters that contain pearls is the main way that a pearl party business makes money. Because they are rarer than freshwater or cultured pearls, wild or saltwater pearls sell for higher money. Wild pearls can fetch between $300 and $25,000, whereas a strand of cultured pearls can be purchased for $50 to $2,000 on the open market.
An oyster usually costs around $20. A pearl can cost between $29 and $200 to be embedded in something. Even in the early months, depending on how many guests you have, you may make up to $3,000.
Target Market
Women between the ages of 18 and 45 make up the target market for a pearl party business; you can discover these women on Facebook, Instagram, and LinkedIn.
Location
You can stream live parties online from your home in the early phases of a pearl party business. But if your company expands, you might need to rent an office space and hire personnel for a variety of positions. On websites like Craigslist, Crexi, and Instant Offices, you can find rental opportunities for commercial space in your neighborhood.
You may want to adhere to the following general guidelines while selecting a business space:
- accessible by public transportation in a central location
- With plenty of natural light and ventilation
- As your firm expands, your lease might be made more accommodating.
- a space that is ready to use and doesn’t require any substantial upgrades or repairs
Step 3: Write a Business Plan
Every company requires a plan. This will serve as a manual to help you through the launch process for your firm while staying focused on your major objectives. An investor’s and partner’s ability to comprehend your company and its goals is also enhanced by a business plan:
- The executive summary, which should be written once the plan is finished, provides a concise summary of the entire document.
- Overview of the business, including ownership, vision, mission, and corporate goals.
- Clearly state your products and services that you are providing.
- Analyze the market by performing a SWOT analysis and evaluating trends like changes in demand and development potential.
- Create a list of the benefits of your services and compare them to those of your top competitors after conducting a competitive analysis of each.
- Develop sales, marketing, and promotional tactics by considering your companies’ USPs (unique selling propositions).
- Overview of the management team, including a corporate structure, information on each member’s responsibilities and educational background.
- Operational Plan: The operational plan for your company outlines logistics, office location, essential assets, and other purchasing decisions.
- Financial Plan: Three years of financial planning, which includes startup expenses, break-even analyses, profit and loss projections, cash flow, and a balance sheet.
- Include any other financial or business-related documents in the appendix. Management Team: A description of the management team, including an overview of their positions, backgrounds, and organizational hierarchies.
- Operational Plan: The operational plan for your company outlines logistics, office location, essential assets, and other purchasing decisions.
- Financial Plan: Three years of financial planning, which includes startup expenses, break-even analyses, profit and loss projections, cash flow, and a balance sheet.
- Include any additional monetary or
Step 4: Create a Marketing Plan
You should still spend in digital marketing even though some of your business will come from infrequent web visitors. It’s crucial for new firms to spread the word because it will increase brand and client recognition.
Establish links between your social media accounts and your website once it is live. The ability to create interesting posts that promote your items on social media makes it an excellent tool for business promotion:
- Facebook is a great tool for paid advertising since it lets you target particular demographics, such men under 50 in the Cleveland area.
- Instagram offers similar advantages to Facebook, but with different target markets.
- Website: SEO will help your website rank higher in relevant search results, which is essential for boosting sales. Make sure to optimize the calls to action on your website. Play around with the text, color, size, and positioning of calls to action like “Book Now.” Your events may grow dramatically as a result.
- Google and Yelp: For companies that depend on local clients, listing on Google My Business and Yelp might be essential to attracting attention and clients.
Kickstart Marketing
To raise awareness of your services and establish your brand, make use of your website, social media presence, and in-person activities. Below are a few ideas.
- Install striking signage for your website.
- Post flyers in your area and at trade shows.
- Make a video and upload it to the internet. If you use comedy, it might become famous.
- Send regular emails to consumers and prospects as part of your email marketing or newsletter strategy. Individualize them.
- Create a blog and publish regularly. Share your content across many websites while changing it up.
- To encourage consumer referrals of new clients, consider offering incentives.
- Choose platforms that will allow you to reach your target market and run targeted social media marketing.
- Influencer marketing: Pay individuals with substantial social media followings to advertise your pearl events. With smaller audiences and cheaper rates, micro-influencers are available.
- Create a podcast — By doing this, you may connect with your audience on a more personal level.
- Share client endorsements praising your pearls, as shown in testimonials.