How to Start a Crystal Business

Natural crystals, gems, and stones are thought to have healing properties for both mind and body. As a result, they are extremely popular and have carved out a multi-billion industry. If you want to get in on the trend, you’ll just need to buy crystals from wholesalers and sell them for a markup online and you’ll be in business!

Still, you’ll need to understand the nitty-gritty of the marketplace. Thankfully, this step-by-step guide lays out all you need to know to get your crystal business off the ground.

Step 1: Decide if the Business Is Right for You

Pros and cons

Starting a crystal business has pros and cons that you should weigh before deciding if it’s the right path for you.

Crystal industry trends

Most gemstones form as crystals((https://www.gemsociety.org/article/gem-formation/)) so let’s take a look at the gemstone industry in the absence of data on crystals.

Industry size and growth

• Industry size and past growth – The US crystal industry is valued at around $1 billion((https://www.bloomberg.com/news/articles/2020-05-28/no-longer-kooky-crystals-are-outshining-diamonds-in-the-covid-era)) while the global gemstone market is valued at around $30 billion, after growing more than 5% yearly over the past five years.((https://www.futuremarketinsights.com/reports/gemstones-market))
• Growth forecast – The global gemstone market is predicted to continue growing at more than 5% annually through 2032.

Trends and challenges

Trends in crystals include:

• Views for #crystals reached 7.5 billion on TikTok in 2021, underscoring their popularity with the younger generation.
• Trending crystals include Blue Apatite, Citrine, Black Obsidian, Malachite, and Red Jasper. Some that are always popular include Amethyst, Jade, Quartz, and Garnets.
• Many celebrities are big fans of crystals, including Adele, Gwyneth Paltrow, and Victoria Beckham. 
• Swarovski Crystals and Touchstone Crystal have led the way with crystal jewelry and decorations. 

There are also some challenges for crystal businesses, including:

• Environmental concerns regarding crystal and gem mining may threaten the industry. Crystals are a non-renewable resource, and laborers in crystal mining are underpaid, largely unsafe, and sometimes underage. Most crystal sellers do not disclose their source due to this controversy.
• Media reports argue that the promotion of crystal healing is a scam, and that there is no scientific basis for these claims.

What kind of people work in crystal healing?

Among those promoting crystals for alternative healing are Reiki practitioners.

• Gender – 86% of Reiki practitioners are female, while 14% are male.((https://www.zippia.com/reiki-practitioner-jobs/demographics/#gender-statistics))
• Average level of education – More than half (54%) of Reiki practitioners hold a bachelor’s degree, while 19% have a master’s degree.((https://www.zippia.com/reiki-practitioner-jobs/education/))
• Average age – The average age of a Reiki practitioner is 38 years old.((https://www.zippia.com/reiki-practitioner-jobs/demographics/#age-statistics))

How much does it cost to start a crystal business?

Startup costs for a crystal business range from $2,700 to $6,400. The largest expenses are for a website, your initial inventory, and packaging and shipping materials. You can choose to sell your crystals through sites like Etsy or Amazon instead of your own website.

Start-up Costs	Ballpark Range	Average
Setting up a business name and corporation	$150 - $200	$175
Business licenses and permits	$100 - $300	$200
Insurance	$100-$300	$200
Business cards and brochures	$200 - $300	$250
Website setup	$1,000 - $3,000	$2,000
Initial inventory	$1,000 - $2,000	$1,500
Packaging materials	$200 - $300	$250
Total	$2,750 - $6,400	$4,575

How much can you earn from a crystal business?

Prices for crystals range from $30 to $200. These calculations will assume an average sale price of $50. Your profit margin should be around 30%, due to the normal markup from wholesale.  

In your first year or two, you could work from home and sell 2,000 crystals in a year, bringing in $100,000 in annual revenue. This would mean $30,000 in profit, assuming that 30% margin. As your business gains traction, sales could climb to 10,000 crystals in a year. At this stage, you would rent a commercial space for your inventory, reducing your profit margin to around 20%. With expected annual revenue of an impressive $500,000, you would make a nice profit of $100,000.

What barriers to entry are there?

There are a few barriers to entry for a crystal business. Your biggest challenges will be:

• Competition in a saturated market
• Finding a supplier with good prices and quality merchandise

Step 2: Hone Your Idea

Now that you know what’s involved in starting a crystal business, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research crystal businesses in your area and online to examine their products, price points, and what sells best. You’re looking for a market gap to fill. For instance, maybe the market is missing a high-end crystal business.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your products or services

You’ll want to select crystals that are trending, which may change periodically, so you’ll need to monitor what’s happening in the market. You may want to specialize in crystals that have a certain healing benefit, or you may want to offer a variety. You could also offer additional products, such as candles and calming music. 

How much should you charge for crystals?

Prices typically range from $30 to $200 and vary based on the type of crystal. You’ll need to research typical prices. You’ll want to try to markup crystals between 20% to 50% over the wholesale price. You should aim for a profit margin of about 30%. Use our markup calculator to calculate your sale price and how much revenue and profit you will earn with different markup percentages.

Once you know your costs, you can use this Step By Step profit margin calculator to determine your markup and final price point. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

The largest demographic in the crystal buying market is younger people interested in healing benefits. They are looking mainly for crystals that relieve anxiety, remove negative energy, and promote health and wellness. You can find this demographic on sites like TikTok and Instagram.

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you may need to rent out a space to keep your inventory. Find commercial space to rent in your area on sites such as Craigslist, Crexi, and Instant Offices.

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Crystal Company Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• Name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “crystals” or “crystal healing”, boosts SEO
• Name should allow for expansion, for ex: “Crystal Oasis” over “Crystal Decor”
• Avoid location-based names that might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Crystal Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

• Executive Summary: A concise summary highlighting key aspects of the business, including its mission, goals, and potential for success.
• Business Overview: A brief description of the business, its industry, and the problem or need it addresses.
• Product and Services: Clear details about the offerings, emphasizing their unique selling points and value to customers.
• Market Analysis: Examination of the target market, including demographics, trends, and potential for growth.
• Competitive Analysis: Assessment of competitors, their strengths and weaknesses, and how the business will differentiate itself in the market.
• Sales and Marketing: Strategies for promoting and selling the products or services, including target audience, channels, and promotional tactics.
• Management Team: Introduction of key team members, highlighting their qualifications and roles in driving the business.
• Operations Plan: Explanation of day-to-day business operations, from production to delivery, ensuring efficiency and scalability.
• Financial Plan: Detailed financial projections, including income statements, balance sheets, and cash flow forecasts.
• Appendix: Additional supporting documents, such as resumes, market research data, or legal documents, providing supplementary information for potential investors or stakeholders.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to crystal businesses. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your crystal business will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC, which just needs to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization, and answer any questions you might have.

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number, or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan.
• Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding a crystal business. You might also try crowdfunding if you have an innovative concept and a long-term plan for growth.

Step 8: Apply for Licenses and Permits

Starting a crystal business requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration (OSHA), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package. They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account.

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your crystal business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as Vend, TAKU, or LS Retail, to manage your purchasing, inventory, sales, and payments. 

Accounting

• Popular web-based accounting programs for smaller businesses include Quickbooks, Freshbooks, and Xero. 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial. 

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using website builders. This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization (SEO) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Marketing

For your crystal business, whether it’s focused on healing crystals, gemstone jewelry, or decorative pieces, the marketing strategy should focus on showcasing the beauty, uniqueness, and potential metaphysical properties of your crystals. Emphasize the quality of your stones, the ethical sourcing of your products, and the personal, spiritual, or aesthetic value they bring to customers. Here are some powerful marketing strategies for your future business:

Kickstart Marketing

• Professional Branding: Your branding should reflect the natural beauty and spiritual essence of crystals. This includes your logo, packaging, and store or website design.
• Direct Outreach: Connect with local wellness centers, yoga studios, and boutiques to introduce your products. Attending or participating in holistic fairs and wellness events can also be beneficial.

Digital Presence and Online Marketing

• Professional Website and SEO: Develop an attractive, user-friendly website showcasing your crystal collection, with detailed descriptions and high-quality images. Implement SEO best practices to optimize your site for search terms related to crystals, healing stones, and gemstone jewelry.
• Social Media Engagement: Utilize platforms like Instagram, Pinterest, and Facebook to showcase the beauty of your crystals, share customer testimonials, and post about crystal healing properties and uses.

Content Marketing and Engagement

• Educational Blog: Share posts about different types of crystals, their purported healing properties, and how to use them in daily life.
• Customer Stories and Testimonials: Feature stories from customers who have had positive experiences with your crystals, whether in healing practices or as beautiful additions to their home or wardrobe.
• Live Streams and Video Content: Host live sessions showing new arrivals, conducting Q&A sessions about crystals, or demonstrating how to use and care for them.

Experiential and In-Person Engagements

• Workshops and Classes: Offer workshops on crystal healing, making crystal jewelry, or incorporating crystals into meditation and wellness practices.
• Participation in Fairs and Markets: Regularly participate in craft fairs, holistic expos, and local markets to sell your products and engage directly with customers.

Collaborations and Community

• Collaborations with Wellness Influencers: Partner with influencers in the wellness and spirituality space to showcase your crystals and reach a wider audience.
• Community Engagement: Participate in community events or collaborate with local businesses for special occasions, offering crystal-based products or services.

Customer Relationship and Loyalty Programs

• Loyalty Rewards for Repeat Customers: Implement a loyalty program that offers discounts or special access to new collections for regular customers.
• Custom and Bulk Order Incentives: Encourage custom or bulk orders by offering special pricing or exclusive services, like personalized crystal selection.

Promotions and Advertising

• Targeted Online Advertising: Use platforms like Facebook and Instagram, as well as Google Ads, to reach individuals interested in crystals, spirituality, and natural wellness.
• Email Marketing: Build a mailing list to inform subscribers about new crystal arrivals, special events, and exclusive offers.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your crystal business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your crystal business could be:

• Calming crystals to end your anxiety 
• Sustainably sourced, beautiful crystals
• Renew your wellness and remove negative energy from your life

Networking

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a crystal business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in crystals for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in crystals. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business. 

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a crystal business would include:

• Packagers – package and ship crystals
• General Manager – staff management, ordering, accounting
• Marketing Lead – SEO strategies, social media, other marketing

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed, Glassdoor, or ZipRecruiter. Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Crystal Business – Start Making Money!

Sometimes the most successful entrepreneurs capitalize on trends, and there is no doubt that healing crystals are hot right now. The hashtag #crystals has attracted more than 7.5 billion views on TikTok, so clearly, Gen Zers and millennials are into it. It doesn’t take a large investment to get into the crystal business, you can run the business from home and put a nice chunk of change in your pocket. 

You’ll need to do some marketing to build up a customer base, but you’re likely to get repeat customers and referrals once you get going. You’ve got the business basics down now, so you’re already on your way to launching your successful crystal company!