7 Tips for Starting a Successful Jewelry Business
Are you a creative person who loves to craft jewelry? If so, you might be thinking about starting your own jewelry business. The jewelry industry is a competitive one and the future success of your business rests on a solid foundation. However, with the right knowledge that can be gained through a jewelry design course, and by following a few simple steps, you can create a profitable business selling your eye-catching art. Find out what you need to know to get your business started below.
1. Choose your jewelry style
Ideally, you want to craft jewelry that has a distinctive brand to ensure it stands out from competitors. However, at the same time, your jewelry should also fall into a standard jewelry category, as picking a style can help your customers easily identify your work. Standard jewelry style categories to choose from include:
- Fine jewelry – made with precious or semi-precious gems and stones, and designed for upscale customers and special occasions.
- Fashion or costume jewelry – made from inexpensive materials and metals, being aimed at trendy, everyday customers.
- Mid-range jewelry – includes an emphasis on uniqueness and design, and makes a statement.
2. Establish your start-up costs
The start-up costs for a jewelry business can be reasonably low, ranging from $500 – $1000 or even less if you already have the materials needed to begin. Most costs are for materials and tools, including the purchase of manual design tools (such as pencils, design boards and design templates), as well as 2D, 3D, and jewelry-specific design software.
As your business grows, you’ll need to budget for higher production and material costs, which will increase as you sell more products. Should you also want a brick-and-mortar store, factor in the cost of rent and utilities to your budget.
3. Select a business name
Selecting a name for your business may take some time and thought, as you’ll need to choose a name that’s catchy, creative, and effectively conveys the message and mission of your company. Make sure you check to see if the name is available as a domain name on the Internet so you can build a website that can showcase or even sell your jewelry. If you want exclusive ownership to your business name, consider having your business trademarked.
4. Choose your suppliers and product development process
Many online jewelry suppliers offer wholesale jewelry making equipment, tools, and materials, including raw metals, gemstones, semi-precious stones, beads, pearls, and metalworking equipment. Consider asking other jewelry artists which wholesale suppliers they recommend, and attend as many trade shows as you can to expand your supply contacts.
For product development, plan how you’ll create your artistic designs. Some options include by hand, at home, in a factory, or through outsourcing. Your choice will depend on the complexity of your designs, the materials used, the price point, and your skill level. Some fine art jewelry production requires specialised certifications or training, such as soldering, weaving, or silver and goldsmithing. If you’re just getting started in the field, consider taking an online course to help you identify your creative path.
5. Identify your target market
Maybe you’re creating fine jewelry for special occasions such as anniversaries or engagements. Perhaps you’re 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. Not sure who you’re looking for? You can gather insights and information about your customer base by setting up social media accounts through Pinterest, Instagram, and Linkedin.
6. Devise multiple marketing tactics
As the jewelry market is competitive, you want to use a multi-pronged marketing strategy to get your work to stand out to potential customers. Create marketing materials like business cards with your website URL and email address on them. Consider developing an e-commerce site through inexpensive hosting platforms like Shopify. If your budget permits, look into hiring a PR firm to advertise your designs. Social media is an easy way to market your works and reach a vast audience, and a simple picture of your jewelry with an inspirational quote on Facebook or Instagram can produce amazing results.
7. Find places to sell your jewelry
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.
Fuel your creative fires with a qualification in jewelry design
Are you ready to immerse yourself in a career full of creativity and adventure? Give your jewelry designs life and your business acumen a boost by enrolling in the International Career Institute’s Jewelry Design course today.