Jewelry is a popular piece of item that can either be used for personal use or for giving away as a gift. If you have the natural ability to create jewelry, you could work with different materials for making different designs. There is a lot of competition in this industry. So you will have to work hard if you want to get your jewelry design business noticed.
Have you already decided to take your jewelry making talent into something more than a hobby? This is an awesome idea which is starting your own jewelry business can bring you extra cash or a full-time income. If you compete well, there are enormous chances for the fast growth of your jewelry business.
Jewelry making is a viable low investment business for hands-on creatives, but crafting skills are not required. Maybe you are the technical type instead, looking to learn a new trade like fine metalworking or precious gemstones. Or, perhaps you are DIY-stunted but have an incredible online business idea based on an untapped audience.
Whatever your motivation or skill level, starting a jewelry business comes with its own set of considerations and complications
“Jewelry business is highly competitive. Many new and established companies are competing in the market armed with their own marketing plans. Your new venture in this business too must come out with something special for the customers. Consider some time-tested advice before starting your business. “
Tips On How to Start A Jewelry Business
1. Write Down Your Mission Statement And Business Goals
This might be sounding like a waste of time, but it is actually very helpful. The mission could be something that describes the whole purpose of your business and what is essential to you, and what you are prepared to compromise. Decide what are your priorities and write down those in a few sentences before starting your business.
Determine who your target customers will be. This will help improve your choice of jewelry designs and marketing. Think about how to create jewelry pieces that stand out from your competitors’ jewelry items. This will help you create a niche. Decide how much money you would like to earn from your jewelry business.
Once you have narrowed down the broad category for your jewelry business, it is time to carve out a niche for your products. Start by defining your ideal customer (classic, trendsetter, brides, socially conscious consumers, etc.), and decide whether your products are occasion-specific (wedding, party, every day, etc.) This will determine how you market them to customers.
Once you have established your products’ aesthetics and nailed your customer profile, it should be easier to identify an overall look that will define your brand.
2. Do A Cash Flow Forecast For Your Jewelry Designs
You should be able to predict how much cash you need in order to run your business smoothly for many months to come. This forecast will remind you that you need to save money for later and you should avoid overspending. So, highlight some danger areas and plan how to best deal with them. Cash flow is one of the key tips you must consider for starting your business.
3. Register A Creative Name For Your Business
One of the most exciting parts of starting a jewelry business is choosing your jewelry business name. You need a business name that is catchy enough to reflect your style, creativity and also to draw the attention of target customers. Your business name is an important part of your image as a jewelry artist, defining who you are, what you do, and what style of jewelry you create. It will be on all your business literature, your website, and much of your packaging.
When deciding on your jewelry business name, it is recommended that using either all or part of your own name or an intriguing word or phrase that gives an impression of your work. Many famous designers’ jewelry is known by the designer’s own name, and you may want to go this route too.
On the other hand, there are many art and craft businesses with cool and interesting names that have nothing to do with the artist’s name. You have the fun of deciding how to express your jewelry in your business name. Whatever you choose, just be sure it is not a name that limits your business so you won’t outgrow it.
Since you have got the perfect business name, the next step when you start a jewelry business is to be sure no one else is already using that name and then register it to protect it. Registering your jewelry business name is important because even if you have been operating for years under your business name, if you haven’t registered it, someone else could register it tomorrow and you would lose the right to use that name.
Get a name and register it from your local office of business registration. Make sure to choose a name that relates to common industry terms that your potential customers may already be familiar with, isn’t already taken by others, and effectively conveys your brand message to your target audience.
4. Create A Logo For Your Jewelry Brand
You need a memorable logo to identify your company for your customers. This logo will represent your jewelry company and its unique items in a competitive market. You should understand who your target customer is so that your logo will appeal to that segment of customers. Also, you should have a clear understanding of the brand personality of your business so that you can create a logo that will represent your jewelry business well.
Remember, branding (the logo) is more than just the look of your brand. It also encompasses your voice, vision, and story. Fashion purchases are often emotional, and emerging brands can win customers by connecting on a personal level. Tell your story through your about page, inject yourself into your social media posts, and share the process and inspiration behind your designs.
There are a few different types of logos you might want to consider for your jewelry making business, such as illustrative and font/wordmark. Illustrative are simple images that convey your brand stories, such as a diamond or other gemstone. Font/Wordmark leads lots of jewelry making businesses opt for elegant calligraphy. Whatever you decide on for your logo, try and create a synergy between that and your brand name. It will help to create a bigger brand story that can help your customers remember you. Try to choose your theme color and logo size wisely.
5. Find Places to Sell your Jewelry / Market Your Business Online or Shop
If you think about selling your jewelry online, then you should create a quality website on reputable web hosting. Create an online presence for your jewelry business and start selling your jewelry pieces to customers across the world. You can also open a shopping site on Etsy and eBay and find out more about placing your jewelry in online boutiques.
When it comes to the words on the page, you will want to make sure it complements the visual aesthetic you have created with your design and product photos. Product descriptions should reflect your brand story and include details like sizing, materials (important for metal allergies), and, if applicable, material sources.
Selling online through your website or a proxy is one of the easiest ways to sell your jewelry. However, you may find success by selling your designs at small pop-up retail and artisan shows. Not only will you get the word out about your brand, but you get the chance to meet and interact with your customer base and share your passion for creating jewelry. You may also want to contact local retailers for wholesale and consignment sales of your designs.
6. Do Your Market Research
If you want your business to be successful, then market research is another crucial step you need to take. Market research is an organized way of learning about your competitors as well. Keep in mind that market research includes exploring the marketplace, finding out what a customer wants, and determining how you can meet those wants and needs. It also involves finding what is missing and then filling that niche.
Identify your target market. Maybe you are creating fine jewelry for special occasions such as anniversaries or engagements. Perhaps you are aiming to appeal to the millennial crowd with more geometric, minimalist works. Or you might have material that many people find exciting and desirable. Regardless of which it may be, you need to determine who the people are that are most likely to purchase your designs. This is so you can craft your marketing plan to speak to that consumer population. You can gather insights and information about your customer base by setting up social media accounts.
7. Get Help From Your Local Chamber Of Commerce
If you have decided to start your jewelry business, you should register your business and obtain a business tax ID number to operate. You can seek advice from a local economic development center in your area. It is essential that your business is registered to avoid all sorts of legal problems and getting penalized.
8. Product Photography and Effectively Utilize Social Media
Product photography can make or break your online store. A professional photographer is skilled at making models feel comfortable and setting up complicated lighting. Other additions to your photoshoot team include stylists, makeup artists, and assistants. While working with skilled people will yield better results, it doesn’t have to blow your budget. When shooting your photos, it is also important to offer two different views and angles of your products.
Create your social media accounts to get your business known on diverse social media. Since the jewelry business relies more on showcasing a wide range of jewelry items, use Instagram and Pinterest, which are image-based social channels.
9. Make and Do What You Love / Production
When starting your jewelry business, you should make every piece of your jewelry look different from your competitors’ offerings. Apart from being visually appealing, you must take care of its packaging design that needs to be empirical and make the consumer prefer your product over the competitors. You should be doing the creative work of making jewelry pieces from your heart. Remember that you will be working for hours. So encourage your workforce and engage yourself with your business.
Handcrafting jewelry can be one of the most involved yet personal and versatile of the production methods. Depending on materials and design, some methods of jewelry production require specialized training or certification and expensive equipment.
Handmade costume jewelry often involves the assembly of existing elements such as chain, wire, beads, cast pendants, etc. and it doesn’t require special training or equipment beyond pliers, jewelry hammers, glue, and wire cutters. This type of business is easier to scale, as you can purchase elements in bulk and templatize assembly to outsource it to interns or staff.
Rather than making the jewelry with your own hands, you can have your designs manufactured by someone else. This is not ideal for fine, custom, or OOAK jewelry, but it can be cost-effective for fashion jewelry produced in larger quantities. There are two main options for outsourcing which are American/local manufacturing and overseas manufacturing.
If you elect to make the jewelry in-house, you will need a workshop space for you and your team. When setting up this space, consider maneuverability, safety, and storage.
10. Be Patient With Yourself
You should keep in mind that it takes time to build a successful business. Do not expect to get overnight success after you open your jewelry shop. It may take even years before you taste success. So, have patience! There is nothing wrong to have high expectations, but at the same time, you need to be realistic.
After all this information, you have a right to know about invests and costs. Start-up costs can be fairly low–probably $500 to $1,000, or even less if you already have everything you need to get started. You can expect to earn $10,000 to $250,000 per year, depending on the number of pieces you churn out, how desirable they are and how aggressively you market your wares.