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How to Start a Pearl Party Business
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In this article, we will talk about the pearl party market and about you can how to start a pearl party business. So, you can become a party hosts by applying to a marketing company that sells oysters and pearls. After buying your starter kit, you can start organizing your online parties to sell your product and open your business in the pearl industry.
Let’s see below more on how to become a pearl consultant and the factors to consider, with the target audience, potential customer, experience for customers, personal sales and professional networks and with win extra cash.
Pearl Party
Pearl party have a basic formula: a particular host opens dozens of oysters in live with skilled live streamers for several hours, with pearl display, and people who party attendees can bid and buy the oyster shells. Usually, people pay around $20 per oyster and receive the pearl in return. Some companies manage these parties and charge around $29 and up to $200 to put the pearls into jewelry, in pearl necklace, pair of earrings.
These oyster-opening parties have been going on for years, and a good deal of direct marketing schemes are done in the homes of the enterprising hosts with online presence. These sales take target audience in social networks, such as Facebook Live, and hosts take full advantage of this niche of online business.
A few years ago, a home party achieved $500 in sales reported by one woman, and today with the industry size a live-streamed party brings in around $6,000-$7,000 on a live stream for target market.
How to Become an Entrepreneur in the Oyster-Opening Parties
The most popular the how to start a pearl party business and fastest way to become a pearl party hosts is to start working as an independent consultant in some multi-level marketing (MLM) company. Most MLM company structures work similarly.
- First, you must sign up to become a consultant; pearl party companies make applications available online. Some companies have a lengthy application process, while others allow you to apply and start working immediately.
- When you are approved, you will need to purchase a starter kits to attendees; virtually all MLMs require this initial investment, and some require consultants to buy more products to have on hand.
- Once you have your small inventory, you can start organizing your online pearl parties, Facebook lives, events, etc. So you can sell and market your products and earn your commission around 20% to 25%
- You will be able to recruit new consultants and earn a commission on their sales.
- Within the company, you can move up in level based on your sales figures and the recruiting you do. In this sense, the commission percentages will increase as your story goes up.
With technology to your advantage, you can have sizeable virtual pearl parties through Facebook Live with wider audience . The revenue from the parties only increases. You can make up to thousands of dollars per party, so some consultants can make over $100,000 yearly.
Licensing
All companies that import oysters from a foreign company must obtain an import and export license, according to the US Fish & Wildlife Service. The company It’s Pearl Time reported how it purchases the proper licensing and that its independent consultants have the company’s licenses and permits.
As the company acts as a wholesaler, which is different from your case as you are separated, it is good to make sure with the company you want so that you can ensure that everything is being done the right way.
The Marketing
Many MLM companies insist on saying that you are your own boss, that you can set your own hours, and that you have a high earning potential. However, they demand that consultants buy more inventory to spend more.
It is essential to beware of the pyramidal nature of MLM companies. While consultants succeed and make a living selling to other clients, MLM companies are driven solely by recruiting. Profits come from sales made to new consultants buying inventory, not actual sales.
According to the US Federal Trade Commission, the line between an MLM company and an illegal pyramid scheme is that to have a legitimate structure, the company must pay for retail sales and not require recruiting more consultants.
Quality of Pearls
One important tip is to be aware of the regular quality of the pearls. Some consultants, clients, and experts in the field report concerns about the quality of some MLM pearl companies. Jeremy Shepherd, the pearl expert in an interview, noted that the rating system many consultants use is made up, has false perception. Anyone can value pearls because they don’t have a specified value.
Jeremy Shepherd also noted that it is obvious to experts that a large proportion of the pearls sold at consultant parties are cultured for commercial purposes, i.e., a pearl factory, freshwater pearls are inserted into saltwater oysters and end up being pearls gone.
So, if you are considering being a consultant for a particular company, evaluate the product’s quality before committing to a giant stock for your sales. You might even seek help from a reputable jeweler or an expert.
Becoming a Pearl Specialist
Suppose you are interested in working with pearls but wish to work with something other than a multi-level marketing company. In that case, you can pursue a career as a pearl specialist. There are courses for pearl specialists that are offered by the Cultured Pearl Association of America (CPAA).
The CPAA provides an online course that will teach you about pearls and allow you to become an expert in the field, with a certificate upon completion of the system. Registration can be done online even if you are interested, and the fee is $600. Still, the CPAA provides some discount coupons occasionally and even free registration.
Once you have your certification or your specialized training, you can pursue roles such as the following:
- Pearl/jewelry designer
- Pearl Appraiser
- Pearl Buyer
- Pearl Jeweler or bench jeweler
- Wholesaler/ Pearl Farmer (import/export license may be required)
- Auction specialist
You will have many opportunities, and many may be at the Gemological Institute of America.
Financing Your Business
There are different ways to get financing for your pearl party business. Still, looking at them is essential because every decision could have financial implications for your business and yourself in the long run.
Many founders find themselves in a tricky situation where the start-up costs are high, in fact, a few hundred dollars, so it is essential to share the methods we will see below if you are thinking about ideas for the future.
- Borrowing money from friends or family
- Bootstrapping by tapping into your savings account
- Bank lending
- Raising money from outside investors
- Getting money from a Hard money lender
There are more options to be able to finance your business. These were just five options that we highlighted. Here, we will emphasize the importance of making the right decisions and what you believe is the best for the current moment.
There is no correct answer when deciding how much money to invest in starting your business. In this sense, analyze all the possibilities before deciding which path best suits your business and you. Also, consult an accountant before making any decisions.
Necessary Tools
Many things should be thought about when starting a pearl party business. One of the main elements is tools, equipment as pearl sizer, pearl display, oyster shells and supplies. Here are some tips to help you:
- Establish what equipment, supplies, and tools you will need. All of this will depend on the business model you start, market demand and the products and services you offer. So make a list of supplies of all the things you are going to use. This includes expensive items and less costly items.
- Do some research with different suppliers. Since your affair will be the pearl party business, this will be the time to shop around. Compare the quality and prices of other suppliers to find the best deal, analyze whether it is quality pearls, beautiful pearls, pearl chic, real pearl, the grades of pearl, the exquisite pearl colors.
- Consider renting your equipment. If you are on a tight budget, renting or leasing your equipment can be a good alternative. So you can wait to buy everything right away, as in the case of expensive items that do not need to be used regularly.
- Have everything written down. Once you have decided on your supplier, check all the details you wrote down before making your purchase. This can help you avoid future problems.
- Organize and control your stock. When running your business, it is vital to keep everything organized, because there is ongoing costs. Always keep track of your tools, equipment, and inventory to see what you need to replenish and what you still have for yours target market.
These steps are essential, and following them correctly will help ensure that you always have everything you need to run your business without any complex problems.
Your Online Account
Ads can be a good strategy because they will target the audience, but they will come at a cost. Because of the algorithm, platforms like Instagram and Facebook will show your ad to people interested in shopping on your site. These ads are based on data collected from around the world.
The data that will be collected will be used to control exposure to specific people. It works like this: an individual who likes jewelry and sees your pictures will see related ads.
Final Thoughts
To become a pearl party consultant, the requirements may vary by company. Some have a more detailed process, while others allow you to do everything online. Starting a party business will be hard work, and you need to know what you are doing.
We hope that this article has been helpful and that this guide contains all the information you need to be able to walk down this new path. With all these tips, the success of your new business is in your hands. How you make your presentations and treat your customers will contribute significantly to this business. Don’t just try. Always do your best.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.