Do you sell jewelry? That’s great! A lot of people are looking to be their own boss to manage their own time, do what they love and earn money while doing it.
If you are a lover and a maker of jewelry for years, the idea of starting a jewelry business probably comes naturally to you. Happily, there are a lot of online marketplace for handmade goods such as Etsy and plenty of local arts and craft shows that will help you get your work out to the masses!
To ensure success, here are some jewelry business tips you might have never heard of (don’t forget to watch the video at the end where you will find golden tips for your business):
1. Supplies
If you want to increase your profit when selling, it is always a good idea to get jewelry supplies in bulk. You can easily do a research online and make sure to order more supplies than you need in order to account for mistakes as well as inspire new ideas and creations.
Tip: To know the exact amount of supplies you need for your piece, consult the pattern or directions, which usually will include the supply count.
Managing a jewelry business does not always require designing new pieces but creating new designs is one way to set the business apart from many others. Consider ordering unique jewelry supplies and elements that are not found in general run-of-the-mill jewelry shops to ensure that each piece is packed with personality.
2. Pricing
When you price your items, do not forget to include your costs for materials, your time, your overhead (insurance, utilities if you have a studio, and office supplies), but that does not mean you need to charge $5,000 for a necklace piece.
While there are no hard and fast rules for pricing your handmade jewelry, the general rule of thumb is to calculate your materials costs, plus anywhere from 25-40% profit on materials; and a fee for your time.
And Please! Please! Please! Don’t forget to charge a fee for your time, Even if you only want to charge for the time you spent creating your handmade piece, it’s important to recognize that the time you spent working to create inventory for your jewelry business is valuable.
3. Display
There will come a time that you will need to attend trade shows to expand your reach. Develop an attractive display to convey your story and showcase your quality. I will include resources below for jewelry display inspiration.
4. Marketing
If you want to sell, tell a story! Sometimes, we focus too much to become professional and leave out the personal.
Don’t get me wrong! Being professional in your business is vital but one of the biggest missteps is actually not making it personal.
Keep it balanced. One of the strongest choices you can make as a business owner is to give your customers a genuine glimpse into who you are. It allows them to make a stronger connection to the work. By making that connection, they’ll be more likely to remember your work and return.
If you want more tips, here are some posts we have published before that you might find useful:
- 10 TED Talks Every Jewelry Designer Should Watch
- Avoid These 10 Mistakes Jewelry Designers Make in Business
- Cool DIY Jewelry Display Examples
- Tips to Grow Your Jewelry Business
- 9 Cool Jewelry Display Trends On Instagram
- 6 Unusual Jewelry Instagram Photography Inspiration
- How To Ship Jewelry Safely
- 9 Handmade Jewelry Ideas From Simple Materials
- 10 Tips To Spot Fake Vintage Jewelry
Golden Tips:
Tracey Matthews from Flourish & Thrive Academy talk about some of the mistakes she made right out of the gate when she started a business. She also gave some solid advice (6 tips exactly) that you can do right now to set your biz up right.
Special story: She talked about why she had to pay $50 grand extra one year to the IRS – No bueno… don’t make this mistake!
Here’s a free downloadable pricing sheet for your own use.
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