Starting Your Own Jewelry Business
You can earn extra cash or even a full-time income by starting your own jewelry business with your talent for creating jewelry designs. Jewelry is great for gift giving and for personal use as well. There are hundreds of jewelry designs and materials to use. Some are conventional and others are non conventional, such as stones and odd shapes of wood. Although money can be made with jewelry sales, the competition is tremendous. Getting your jewelry designs noticed is key to your business, so find out how to start your own jewelry line to see if it is a company that will work for you.
Assess your mechanical abilities and design skills. Make drawings of your ideas. First, begin designing jewelry for yourself, your family, and your friends before you actually invest much money into your business. Compare your jewelry to the competition’s and research thoroughly before you try to sell yours, but don’t let the competition make you fearful.
Do your research and then purchase the tools and materials that you need to make your jewelry designs. Purchase in bulk or wholesale to save on production costs. Use a spreadsheet to create an inventory system, making it easy to order supplies as you need them. Keep jewelry supply company sites as bookmarks on your computer.
List your business goals and write your business plan. Decide who your target customers will be. This will help define your choice of designs and your marketing plan. Create your niche, the designs that set your jewelry apart from the competition. Determine how much profit you want to make. Set the prices for your jewelry designs, taking into account the amount you spent for supplies, your operating costs and your investment.
Plan where you will sell your jewelry, who is your target audience, and focus on one area or a combination of areas. Set up an online store, go to craft shows or farmer’s markets, do home parties, or sell to local boutiques. Sell to your target audience on social media.
Set up your company, get a tax permit and tax identification number. Check out business insurance and get liability coverage. Get official permits and licenses. Then design a startup logo that can be saved on a computer and have sales flyers, cards, letterheads, and glossy brochures printed. For the financial part of your business that you don’t understand, take classes and read books to learn what to do.