Have you already decided to take your jewelry making talent into something more than a hobby? This is an awesome idea – starting your own jewelry business can bring you extra cash or a full-time income.
Jewelry is a popular piece of item that can either be used for personal use or for gift giving. 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’ll have to work hard if you want to get your jewelry design business noticed.
“Beginnings are always messy.” – John Galsworthy
As exciting as starting up a new business is, there are so many questions such as ‘where to start, am I doing it right and how to start a jewelry business?’ which can feel overwhelming. Don’t worry. In this article, we have shared top 10 essential tips you must know before starting a jewelry business.
Here Are 10 Essential Tips On How to Start A Jewelry Business
1. Write Down Your Mission Statement And Business Goals
Mission Statement! This might be sounding like a waste of time, but it’s not actually. The mission is something that describes, what’s the whole factor of your business is – what’s essential to you, and what you are prepared to compromise. Decide what are your priorities and write down those in sentences before starting your business.
Are you thinking how to write your business goals? Have a look at below given points:
• Determine who your target customers will be to help improve your choice of jewelry designs and marketing
• Think about the factors what set your jewelry apart from the competition to help you in creating a niche
• Decide how much money you would like to earn from your jewelry business
2. Do A Cash Flow Forecast For Your jewelry Designs
Cash flow forecast is one of the crucial things you can do to ensure that your business does not fail. It shows the future of your bank account. You must have heard that some businesses close because they run out of cash.
So you need to manage a cash flow forecast that will highlight some danger areas, which will give you a chance to plan how to best deal with them. You have to go through this exercise in order to prove that your business is working good in real life.
3. Register A Creative Name For Your Business
Running a jewelry business is not a piece of cake. You need to do a lot of things to create a memorable brand globally. Registering a creative name for your business will help you go long ways.
Do you want a business name that is catchy enough to reflect your style, creativity and also to draw attention? Okay, you will have to pay a small fee to register your business name. Your local office of business registration will help you in providing information on business name registration ideas.
Some of the important points you should keep in your mind while registering a name for your business:
• Make sure to choose a name that draws a professional presence and relates to common industry terms that your potential customers may already be familiar with
• Be sure to select a name that isn’t already taken by others
• You need to choose a name that effectively conveys the message you want to convey about your business
4. Create A Logo For Your jewelry Brand
Whether you are running a jewelry empire or you want to sell your hand-crafted jewelry pieces online, making a logo is the foremost step that will help you to create a memorable brand. So you need to get a logo in a high-vector format that can be used online. The perfect logo has the power to attract people for connecting with your brand instantly. Jewelry logo designs must yield enough power and charm to attract people and add value to the products at the same time.
A person’s jewelry is usually selected to help reflect their personality and your business logo should help cater to that. There are some important steps you need to follow when you are creating a logo for your brand:
First of all, you should understand who your target market is so that your logo will appeal to that market (a logo for a teenage girls costume jewelry line would be vastly different than a logo for a high-end or expensive jeweler)
Secondly, you should have a good understanding of your brand personality so that you can create a jewelry logo that will represent your jewelry business well
5. Market Your Business Online
Are you interested in selling your jewelry online? If yes, then create a quality website to show off your jewelry designs and give information about your company. According to Wikihow.com, an article says that selling your work on the web is a good way to get started.
Create an online presence for your jewelry business and start selling your jewelry pieces to the customers around the world. For this, you need to register with online local business directories and websites like Google Places if you want to create your own website. You can also open shopping site on Etsy and eBay and also find out about placing your jewelry in online boutiques.
There are some of the best ways that you have to follow if you want to market your business online to gain visibility and reach your target audience:
• Build a noteworthy Blog
• Build Video Tutorials on YouTube to reach a large audience
• Do Effective E-mail Marketing
• Social Media marketing strategies to turn the potential buyers into actual customers
• Search Engine Optimization (SEO)
• Content Marketing and Referral Marketing
6. Do Your Market Researching
Market research is another crucial step you need to do if you want your jewelry making business to be successful. Market research is an organized way of learning about both your and your competitors as well.
There are few things involved in market research, which include:
• Exploring the marketplace
• Finding out what a customer wants
• Determining how you can meet those wants and needs. It also involves finding what is missing and then filling that niche
7. Get Help From Your Local Chamber Of Commerce
Have you decided to start your jewelry business? Okay, that’s a nice idea! But you want to register your business and obtain a business tax ID number to operate. If this is the case, seek advice from a local economic development center in your area. It is essential that your business is registered to avoid all sort of legal problems and getting penalized.
Local economic development organizations are built up to provide free advice to those who wants to start their own business. They can also give assistance regarding cost, and accounting you need when starting even a jewelry business.
8. Effectively Utilize Social Media
These days, everyone has their social media accounts, be it a Facebook, Twitter, Instagram or Pinterest, so you can be sure to have your message send across easily. So, creating your social media accounts is the best way to get your business known in the industry. If you’ll start using them, everyone is able to see what you have to say. After all, everybody wants a brand that interacts with its customers.
Since the jewelry business relies more on showcasing the varied range of collections, you need to emphasize especially on your Instagram and Pinterest accounts. There are certain things you need to follow:
• Regularly post photos and make sure to answer all inquiries
• Posting your Blog on social media channels 2–3 times a day usually works best
• Make sure you always include links to your products in your Etsy, ArtFire and other online shops so that interested customers can make a purchase
9. Make What You Love
When you are getting started with your jewelry business to make money, you should make every piece of your jewelry different from others and stands out among competitors. When making jewelry pieces to sell, the most important thing to remember is that you need to put your heart into what you create.
If you love what you are doing or making, you are sure to get into a positive mood. You will not feel stressed even after hours of working. So encourage yourself and the workforce who work for you every day.
10. Be Patient With Yourself
This is one of the crucial factors to remember when you are starting a jewelry making business – it takes the time to build a successful business. Do not expect that you would get overnight success after you open your jewelry shop. When you build a successful jewelry business, remember that it will take years instead of months. So have patience! There’s nothing wrong to have high expectations, but at the same time you need to have to be realistic.
Starting a jewelry business can be one of the most thrilling things you will ever do. We have made sure that we have included most of tips to help you on how to start online jewelry business.