A Quick Guide To Starting A Jewelry Business

If you are into beading, metalwork, wire wrapping, or you simply love gold, silver, or diamond accessories, then a jewelry business may suit you right. Nevertheless, turning your passion for jewelry into a business is not as simple as you might think. To become successful in such an endeavor, you’ve got to learn quite a few things, including how to make a business plan, how to price jewelry, how to locate art shows, and how to sell at galleries, to name a few.

Regardless of what type of business you have, it is very crucial to have a plan of action. The problem with some entrepreneurs is that they never take time and effort to write down their goals and strategies on paper. Having a business plan is very important in obtaining financial aid or loans for the backing. Creditors usually look at business plans to see if the venture is feasible enough to generate income.

Pricing jewelry is one of the most difficult things to accomplish when it comes to jewelry business, as it is dependent on various factors such as location and required income. Nevertheless, selling can be made easier if you just know some of the basic principles of pricing and selling jewelry.

First, don’t make the mistake of thinking that low prices make selling jewelry a lot faster. This strategy isn’t always true, particularly on the subject of handcrafted jewelry items. Sometimes bargains make customers suspicious. While it’s tempting to believe that very low prices sell quickly, remember that when it comes to jewelry business, right pricing is the key.

In addition, consider the overhead and labor when pricing your jewelry. Overhead is any cost that is not directly affected to your product. Some good examples include travel expenses (when delivering supplies), office supplies, and tools. Concerning labor, being considerate yet realistic is very important. Guarantee that your employees are well compensated while making sure that you’re generating income at the same time.

For many jewelry business owners, looking for venues to sell their items is quite a challenge. Local art shows are usually the first consideration, but how do you start and where can you find the best places to sell?

Of course, you can never go wrong with local newspapers. Be sure to check your local paper regularly for event listings and similar advertisements. Weekends and holiday months are usually the best time to check as many newspapers provide a list of local galleries and craft fairs during these times.

What could be a bigger resource than the Internet? As you may already know, the World Wide Web is like a huge library of links for art or gallery shows. Make use of search engines and narrow down your search by providing your local city in your search inquiry. Art Fair Source and Festivals.com are just two of the many websites that provide lists to jewelry business owners.

When selling jewelry to art fairs, be sure to limit the items you set out for display in your booth, as too many items can be distracting and confusing to customers. If a particular jewelry sells, have a back up item to replace it. Also, it helps if you bring promotional materials and business cards to hand to potential buyers when they come to your booth. Should they want to contact you even if you’re no longer part of the fair, they have a business card or brochure to serve as reference.

Many things need to be learned before starting a jewelry business. However, with these things in mind, plus the passion to live your love for jewelry, you can be successful in jewelry business.