Tips to set up a Jewelry Business

You will see people selling their jewelry at markets and craft shows, but there are many things you have to consider when you get into this business. The competition can be fierce and there are certain supplies you are going to need. It can be challenging to make your jewelry business stand out from the rest, but one of the best ways of setting your jewelry business out from the rest is by providing options like a website and store-front sales.

Supplies and Materials

You can increase the profits you make on your sales by obtaining beading supplies. Go online and do a quick search and you will see the many options you have, find a good manufacturer for your jewelry supplies. It is a good idea to order more than you need so you can account for mistakes. It also gives you the freedom to try out new ideas and creations. If you want to know the exact amount of beading supplies you need for the project, consult the direction or pattern, and this is going to involve bead count. While getting into the jewelry business doesn’t mean coming up or designing new pieces (most choose to use a pattern booklet for inventory), it is going to set you apart from the rest. When ordering beads and elements, look for unique options that are not found everywhere. This is going to help you create pieces that have their own personality.

There are some other tools you are going to need when getting into the jewelry business. Some of them include tweezers, wire, shears, pliers, a lamp, a workbench, zip bags, and wire wrapping. You can also get additional jewelry findings like clasps, earring loops with backs, posts, hook-and-eye pins, extenders, and chains are some other things you are going to need. You can get them from specialty jewelry shops or online through various retailers. It is not a good idea to buy them from a hobby shop because they are the most expensive option. The only time to consider a hobby shop is when they have a sale.

A Jewelry Business Plan

It is a good idea to have a business plan when getting into business, and this includes a jewelry business. This is where you get the chance of organizing and analyzing goals and defining how you are going to achieve them. You are going to set yourself apart from the rest by having a business plan because many people are doing it as a home-based jewelry business. When making a business plan, make sure you have included goals in time-frame specific entities like the amount of inventory you should have after a given time and the projected sales numbers. Make sure you include a section of how you are going to reach your goals. The business plan should also state how you plan on making your business different from the others. For example, producing unique designs, quality customer care, and innovative selling techniques.

Pricing Inventory

The pricing of your inventory is going to determine your success. When pricing your pieces, make sure you factor in the materials and time involved, and also the individuality of the piece. Don’t price your jewelry too high – this is a mistake many people tend to make. The price should be competitive while leaving you with a good profit. If you price your pieces too low, it sends out the wrong message to the consumers: they can think that they are cheap because poor quality materials were used. To further determine the price of a piece, look at the “projected value” to a customer. Design books can help you when pricing, but it will be up to you to decide.

Website and Storefronts

There are different ways of selling jewelry. The internet has become one of the best options for selling them, but it is common to find people selling them to their friends and family. Another venue for selling is a flea market or craft fairs. Local consignment shops provide you with a way to sell too. You need to choose a venue that is going to suit your business model. You also need to think about the profit you are going to make with each of the options. You have to pay a space rental fee for fairs and flea markets, and consignment shops take a royalty for each product sold. If you choose to sell your product in such places, make sure each product has a logo tag so that consumers can identify your business, which is important because you want consumers to associate you with quality pieces.

If you want to succeed in the jewelry business, set up an online storefront where people can submit orders. Doing this increases the number of customers you can reach, but you have to create a bigger inventory. Don’t open an individual website if you don’t have an abundance of labor to create pieces or a sizable amount of jewelry because you don’t want the customer to be disappointed. If you have little inventory, consider online consignment shops.

Creating a website can cost you from free (when doing it yourself) to hundreds of dollars. Invest in a quality professional camera when you open a web storefront because you need to have quality photos. Instead of placing the pieces on a blank white background, have a model wear them. Try out different photo techniques because they can have a big impact on your sales.