So you are an
aspiring jewelry artist. You have taken
some courses in jewelry making; you did your research on sourcing materials and
wasted no time getting to work.
Family,
friends, co-workers and friends of co-workers have taken notice of your baubles,
and you want to know how to transform your hobby into a thriving business.
This edition
of Splendor Sidebar takes a look at some
things you need to consider when starting a jewelry business.
COUNT THE COST
According to
my research, start-up costs will vary greatly depending on the type of jewelry
you make (bead, gemstone, gold). The
amount can run anywhere from $1,000 to $20,000.
Factors such
as whether you want a website designed, hire a photographer, or purchase
business stationery will also influence how much your start-up costs will
be.
However, some
jewelers, like Pamela Love, focused on purchasing materials only, opted to take
their own photos, and developed an initial online presence via Etsy.com.
GET ADVICE
Jewelry designer
Jennifer VanBenschoten recommends seeking tutelage from your city’s chamber of
commerce: “These organizations exist to provide free or low-cost assistance and
advice to anyone who wants to start their own business, and are often staffed
by successful small business owners.”
Creating a
business plan outlining your goals, as well as looking into getting a business
license are most likely two pieces of advice that will be given.
A PRICE TO PAY
A profitable
business begins with setting accurate prices for your jewelry. Costs for materials, including packaging
materials, and the time to make a piece must be included in your
calculation.
Understanding
your market—who buys your jewelry—helps in choosing the best venue for your
baubles: church bazaar, consignment store, or high-end craft shows. You may choose to sell lower-priced items at
a church bazaar and sell higher priced, one-of-a-kind items at a craft
show.
If you choose
different venues for multiple revenue streams make sure to keep prices
consistent to the venue you choose. Also
be prepared to pay for booth expenses to show your wares.
INCLUDE SOCIAL MEDIA AS MARKETING
TOOLS
Branding and
marketing your jewelry business is important.
Connecting with current and prospective customers is essential to
growing the business, and social media provides a free source to “advertise”
your brand.
Independent
jewelry designers including Jennifer Fisher and Irene Neuwirth implement
Twitter, Instagram and Facebook to supplement their overarching marketing plans.
They share
photos of new inventory, inspiration boards, and a glimpse into their
day-to-day activities. VanBenschoten
recommends posting to social media at least 3 times daily.
BE PROFESSIONAL
Whether your
start-up costs are small or large always present a quality product to your
customers. Megan Kutchman, who
specializes in writing about the highs and lows of owning a home jewelry
business, offers this advice:
“There is
much to be gained from a memorable presentation. When you sell a piece of
jewelry, how you package and present it to the customer can be a factor in
convincing them to return for more.”
BE PATIENT
Building a solid
business takes time and is often a learning experience for many new to the
industry. Sale and marketing strategies
will need to be re-evaluated and changed from time-to-time.
Depending on
your market, jewelry sales may drop or the cost of materials, as is the current
case with gold, may skyrocket requiring that you change from18-karat gold to 10-karat or bronze.
Kutchman says
this: “The beauty of a jewelry business is that you can scale it to be as large
or as small as you are comfortable with.
How large you grow is completely up to you and how well you manage your
jewelry business.”
For
additional info on building a jewelry business be sure to check out fine
jeweler Wendy Brandes’ frank commentary.
Also take
time to peruse Tracy Matthews and Robin Kramer’s blog Flourish and Thrive Academy where the duo “teach you everything you
need to know about starting or running your jewelry business.”
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