How To Start Your Own Jewelry Making Business
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One of the greatest joys of being an artist is sharing your work with the world. Jewelry designers especially understand that because jewelry can be very sentimental for their customers. Starting a jewelry business is the best way to get your work out there and make new connections with appreciative clients.
How To Start Your Own Jewelry Making Business
You probably think of yourself as a jewelry designer first, and an entrepreneur second – if you think of yourself as an entrepreneur! But learning how to start a jewelry business is not as difficult as you might fear: it’s mostly a matter of time, effort and perseverance (and some technical stuff too). We’ve broken down the process into seven key steps for starting a jewelry business.
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Before you get into the nuts and bolts (or beads and clasps) of making your jewelry and starting your business, you need to be clear about what exactly your jewelry business is. The best way to do this is in writing – or, more specifically, by writing a business plan.
You may balk at the prospect of writing a business plan, but in reality, this plan doesn’t have to be as complicated or jargon-y as you think. At its core, a business plan is an opportunity for entrepreneurs to organize their thoughts about their business, stockpile their finances and resources, develop a marketing strategy, define their business goals, and create a game plan on how to achieve those goals. . in the short term.
Remember that your business plan is a living document. Once you launch your business, gain hands-on experience as a jewelry business owner, and become better informed about the costs involved in running a business and the buying habits of your audience, you can fill in any gaps you have left in your first plan – or create a completely new one.
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Along with your business plan, you should outline a business budget. First, make a detailed list of your initial start-up costs, such as tools and equipment; marketing material; licenses, permits, or educational courses; office or coworking space; wages for any staff you may hire; and your expected daily expenses.
Then take stock of how much money you have available and how much additional funding (if any) you need to launch and use in the coming months. Also know that there are tons of small business budget templates available if you need more guidance.
During this pre-launch phase, it’s a good idea to do a little market research. Look at other, successful jewelry companies that you admire and want to emulate in some way: What is their angle, and why is it successful? Who is their audience, and what are their marketing tactics? How and where do they sell their goods – do they rely solely on their website or another sales platform (such as eBay or Amazon), or do they also sell in brick-and-mortar stores? Market research is also important in determining how to price your jewelry appropriately for your audience.
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Next, you need to cover all the legal bases to ensure you run your jewelry business on top. If youare first planning to run your business from your home, check with your local clerk’s office about licensing and permitting requirements for home businesses.
Once you have finalized your business name, you will next decide on a business entity and register your business with your Secretary of State (if there is a business in your state operating under your chosen name, you will need to go back to the drawing board ). The easiest route to go is a sole proprietorship, which doesn’t actually require you to register in your state; in this case, you must file your business name as a “doing business as,” or DBA, unless you operate your business under your legal name. However, a property does not give you protection if your business has legal problems.
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The safest route to take is to register your business as an LLC. Registering as an LLC is an easy process, which you can do online in minutes; You can check out the SBA’s step-by-step guide to registering your business for more guidance. What’s more, LLCs protect your personal assets from business legal problems, but filing taxes as an LLC is relatively simple.
At this point, you may also consider getting business insurance to further protect yourself. Start by looking into product liability insurance, which protects companies from legal fallout if their product causes harm to a customer or other third party; and general liability insurance, which protects businesses from many common legal claims. When youare hiring employees, you should look into other types of insurance, such as workers compensation, unemployment and state disability insurance.
Finally, you can register a trademark for your company name, logo or designs through the US Patent and Trademark Office, which you can easily do online.
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Now that you are a legally operating business, it is a good idea to separate your business and personal finances. This is important for several reasons. To begin with, this separation helps keep your personal finances safe from business-related legal problems; and, more practically, it will simplify your tax filing processes.
Open a business bank account (most new businesses should start with a business checking account) and be sure to only deposit business income into that account. You may also consider signing up for a business credit card, which you can use for smaller, everyday business expenses. Plus, depending on the card you sign up for, you can earn valuable points, rewards or cash back that you can redeem and put right back into your business.
You don’t have to be an entrepreneur to know that starting a business requires money, and you probably also know that it’s difficult for new business owners to get business loans, from their local banks or from online lenders. Without a financial history, lenders do not have the data to determine the risk level of a new business, which means they cannot make an informed credit decision.
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For that reason, startup funding usually comes from your own pockets. Many new entrepreneurs bootstra their way, using their personal savings, loans from friends and family or personal loans from banks or online lenders whose funds they use to build their business. companies. Another option is to try your hand at crowdfunding, where generous strangers who believe in your business donate a small amount of funding for your project.
Now that you have laid the right legal and financial foundation for your business, you can start making your jewelry with a view to sales.
If you don’t already have one, you will need to purchase wholesale jewelry making tools, including proper safety equipment, as well as the necessary materials to make your jewelry. It can be beneficial to ask other jewelry designers about reliable wholesale suppliers; If not, put in a little elbow grease and research, research, research. It can also be beneficial to get a reseller license so you don’t have to pay local sales tax when buying in bulk.
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Once you’ve built up a solid inventory, you need to find a place to sell it. Most likely, your main sales channel will be an online store.
You can consider building your store through a service like Shopify, which makes it easy for merchants to create and manage their e-commerce stores. These services are often packed with useful features, such as customized sales reports and analytics, customer relationship management tools, and marketing tools.
Even before or while you sell your goods in a dedicated online store, you can sell your products on e-commerce platforms such as Amazon, Etsy or eBay (or a combination of the three). These platforms are especially valuable for new entrepreneurs because millions of customers search these sites every day for products like yours – so use them for their established traffic. These pages can also be useful testing grounds to see which of your products others are selling for, and at what price points.
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Whatever platforms you use to sell your jewelry online, it’s worth investing in a professional photographer (or a good camera, if you can use it yourself) to get your jewelry in good light, from many angles and in and out. a model. Product photography can often make or break a marketing decision, so quality photos are essential to building a credible brand.
You should also sell your jewelry in an analogous way. Start with a sell to your friends and family, and
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