Do you dream of turning your passion for jewelry-making into a business? More people are starting businesses and side hustles they enjoy to pay the bills. A recent report revealed that a whopping 85% of people hate their full-time jobs.
So how can your turn your creative hobby into a career? Setting up a jewelry business can be tricky if you don’t know where to start. If you do it right, you could create a profitable and enjoyable career.
Are you interested in learning more about setting up a jewelry business? Here is everything you need to know to get started.
How to Start Your Own Jewelry Business
Is it time for you to quit your day job and start your own jewelry-making business? If you have the tools and knowledge to craft beautiful pieces of jewelry then you might be ready to start making money from your creations.
Decide whether you will start full-time or part-time to maximize your chances of success. You should be financially prepared to start your new venture without impacting your monthly income.
Write a Business Plan
Before you start buying materials or searching for customers, you should write a business plan. In your business plan, you should include details about your product or service, finances, and competition. Consider how you will market your product and whether jewelry making is the right option for you.
Writing a business plan will increase your chances of success as an entrepreneur. Does your business fill a gap in the market? Identify your target customer by doing some market research.
You should also include details about the products you’ll be selling such as cost and retail pricing. Getting the pricing wrong could scare off your customers before you get started. Check out what your competitors are doing to get a feel for how you should price up your own products.
Design Your Brand
Do you make luxury jewelry or fashion jewelry? Your brand design will depend on what type of product you are selling. Defining what you sell will also help with developing a business name.
Coming up with a memorable brand name and logo is everything. Ask friends and family to offer their thoughts on your ideas before deciding on the overall look of your business. Think about what you want your customer to see when they look at your products.
Check to make sure that no other business has the same business name as you. Run some checks with the trademark office to get the green light for your new business name.
Form Your Business
When you know the name of your business you can start filing your legal documents. You’ll need to register your business to make it a legal entity. You can also trademark your business or product to prevent other companies from taking your ideas.
There are a few different ways that you can form your business. The best option is to register as a limited liability company (LLC) to protect your personal assets. You could also register as a sole proprietor but this will not provide as much protection.
Depending on your state, there may be licenses or permits that you need to sell jewelry. Check with your local authority to make sure you are doing everything above board.
Buy Equipment & Supplies
Making jewelry requires lots of different equipment including wires, beads, and chains. If you are making luxury jewelry you might even need a 3D printer. You’ll also need to source quality gemstones and metals for higher-priced products.
Now that your passion is a business you may need to work quickly to produce results. Additional storage and specialist tools will help you run your business smoothly.
What you need to buy will depend on the type of products you want to sell. Try looking in local craft stores and other small businesses to find inspiration for your new pieces.
Develop a Marketing Strategy
Spread the word about your wonderful business through promotions, social media, and trade events. Your customers will only find you if you promote your products in the correct channels. Attend networking events and collaborate with other business owners to form valuable connections.
The quality of your product photos will also speak volumes to your potential customer. Ask a professional photographer to take some high-quality photos of your products to showcase on your website or online store.
All of your paperwork is in order and you are ready to sell your products. Do you want to start an online business or sell jewelry in person? Start off with one method of sale before branching out to different locations.
There are various websites that allow you to create an online store for free. Once customers start visiting your store you can think about expanding and developing your website. You could also sell through social media platforms and other selling websites.
Opening a physical store to sell your products is more complicated than starting online. Try selling your products at craft fairs and trade events to develop some interest in your jewelry before committing to opening your own store.
Start Your Jewelry Making Business Today
Starting your jewelry business will take time and preparation to ensure success. Remember to test out your products with your customers first to see what is popular. Once you know what your customers like you can put time and energy into producing more of those products.
Are you looking for wholesale jewelry-making supplies for your business? Take a look at the dazzling bundles and kits at our website. You’ll also find DIY videos, project inspiration, and more to help you on your journey to success.