Crafting jewellery provides a wonderful opportunity for creative expression and is a well-liked pastime. It’s possible that you’ll come to the conclusion that you should go ahead and convert it into a business for one reason or another. Take a look at these helpful hints if you want to turn your jewellery passion into a profitable company.
A lot of individuals find that having a creative outlet that involves their hands, like making jewellery as a pastime, is just what they need.
Many people eventually go one step farther and establish themselves as independent jewellery designers and makers. The transformation from jewellery maker as a pastime to owner of a jewellery business can be challenging.
Make a Plan
First, take some time to reflect on your current position and the long-term vision you have for your jewellery business. Do you just recently graduate and have high hopes of making this your lifelong occupation? According to Michael David Sturlin, “I began working as a goldsmith when I was 17 years old with the intention of making it my vocation.”
That was over half a century ago. Since then, I’ve been sitting on the bench, where I labour and earn my living.
Are you dissatisfied with your present line of work and considering making a switch to a different line of work? Or perhaps you are more like Fiona Webster, who has aspirations “to develop a lifestyle that allows me to focus on my creative streak while doing something that I enjoy.”
Having a clear idea of where you presently stand and where you want to be in the future can help you build the correct mentality for conducting business.
Someone who wants to produce jewellery as a major career for the next 40 years may need to design their business in a different way than someone who wants to transfer occupations or have a career later in life.
If you want to rely only on the profits from your jewellery business at some point in the future, you should be aware of this fact and begin treating it as though it would eventually become the case.
As you embark on the journey of starting your own jewellery business, you should give some thought to locating a mentor. This might be a teacher or instructor from one of the jewellery classes that you’ve taken, or it could be a formal mentor from the organisation that you join.
If you choose to get valuable experience in the jewellery industry by working for another jeweller while you get your own firm off the ground, that jeweller can serve as an excellent mentor.
Your mentor will be able to assist you with issues about jewellery as well as questions concerning business, as well as assist you in networking and expanding your circle of jeweller friends.
Get started with your jewelry-making business as soon as you’ve made the choice to transform your passion into a business. Many jewellers begin their businesses on the side while they continue to work full-time jobs.
While some people are fearless and launch themselves headfirst into a full-time endeavour, the majority of jewellers begin their businesses on the side. Beginning on a part-time basis enables you to save money for your business without having an impact on the revenue you now receive.
When you work for your jewellery business on a part-time basis, one of the requirements is that you be able to effectively manage your time and learn to make the most of the time you have available.
When do you plan to start working on your company? It’s possible that you’ll need to find time in addition to your normal employment and on days off.
Getting your first sale (other than from friends and family) may be the most challenging aspect of beginning your own business, but once you do, all of your hard work and effort will have been worthwhile.
Make Progress Towards Running a Full-Fledged Jewelry Business
Learning a variety of jewellery-making skills is likely going to be a primary emphasis for you as you get your company of manufacturing jewellery off the ground. To be successful in the jewellery industry, however, you will need to transfer your attention to the responsibilities involved in running the firm itself.
Working on a business plan is the most effective approach to get this transition off the ground. Not only will writing a business plan assist you in concentrating on what it is you need to get done, but it will also be of critical importance in the event that you ever find yourself in need of finance for your company.
It is never too early to begin educating yourself about the financial aspects of running a jewellery business. There is a wide variety of software available to assist you in managing the financial aspects of your company.
If you want to learn how to keep track of the finances of your company, you might want to think about enrolling in some programmes offered by an agency such as the Small Business Administration.
You should also focus on developing a collection for yourself and ensuring that you are aware of the most recent fashion trends.
When you are just getting started with your passion, the jewellery designs you create may be all over the place as you experiment different techniques. However, as you go closer to establishing a business, your jewellery should start to take the shape of collections that are cohesive with one another.
Beginning the Process of Developing Your Marketing
It’s wonderful if you have some nice jewellery. But how will anyone buy it if they don’t see it? When it comes to getting your company off the ground, putting some of your time and money into developing a solid marketing plan will make all the difference.
When you are trying to sell your jewellery, having a presence online is really necessary. It is essential to have your jewellery seen in the online world, and the best way to do this is to sell it on a website, social media, or a website dedicated to selling other products.
Selling your wares in person at events such as fairs and art displays is another effective strategy, but you should try not to rely too much on this approach. Making a decision on where to sell your product is vital since it will have an effect on your marketing strategy in the future.
Consider your ideal consumer and the stores in which they like to shop. Selling to a woman who is 35 years old and stays at home to raise her children is not the same as selling to a woman who is 35 years old and has a successful profession.
Spend some time learning about your clients so that you will have a better idea of who to target with your future marketing efforts.
How do you plan to present your brand to the public? It is time to give some thought to your company’s brand identity, including its logo, packaging, voice, and overall design.
Consider the image you wish to project as a company as well as the manner in which your voice need to be expressed on your social channels, website, and email correspondence.
This also applies to your brief business presentation! How are you going to persuade someone to purchase your jewellery in such a little length of time – at most, just a couple of minutes?
Is Now the Right Time to Resign From Your Day Job?
How do you tell whether it is time to turn your jewelry-making hobby into a full-time enterprise? Take some time to consider the following:
- Do you have access to the necessary equipment as well as a designated area to run a jewelry-making business?
- Is the money you make from your side hustle sufficient to cover your expenses?
- Are you planning to reinvest more and more of that money into your company in the future?
- Do you have a specific plan for setting prices?
It is a personal decision that only you will be able to make, and that decision is whether or not your jewellery business is ready to take on full-time work. You should have reached a point where you are content with your current level of financial security where you do not feel the need to continue working at your second job.
Spend some time thinking about how you want to expand your business. Do you anticipate needing the services of an employee? Will you need to contract out the manufacture of some of your components, such as part of the casting? You might also want to think about contracting out some of the work that has to be done for your company to freelancers at some time in the future.
It is an expensive hobby, and as the pile of jewellery started to grow and the wants (micromotor, rolling mill, 35 different hand tools, burrs and everything else), it seemed logical to start selling – particularly when I got to the stage that my husband said he would be prepared to buy my jewellery.
“I have focused on learning the technical skills of gold smithing, but it is a time-consuming hobby, and as the pile of jewellery started to grow and the wants (micromotor, rolling mill, 35 different