Sharing your art with the world is one of the greatest joys of an artist. Jewelers are especially aware of this since jewelry can be a very special accessory for their customers. It is a great way to showcase your work and make new connections with clients.
You may think of yourself first as a jewelry designer and then as an entrepreneur. However, it’s not as hard as you might think. It takes time, perseverance, effort and a few technicalities to learn how to start your own jewelry business. Below, we will be discussing the five steps required to start a jewelry.
Make A Budget For Your Business
It is important to create a budget for your business. Start by creating a list of all your startup costs: marketing material, tools and equipment, educational courses, permits, licenses, office space, wages for staff, and daily expenses.
Next, determine how much cash and additional funding you will need to start your business and run it over the next months. If you need additional guidance, there are many small-business budget templates.
Learn From Your Competition
It’s a good idea for the pre-launch period to conduct market research. Look at successful jewelry businesses you admire and want to copy. What is their strategy? What is their target audience and what is their marketing strategy? What and where are they selling their products? Do they only sell on their website, or another selling platform like Amazon or Alibaba? Or do they also sell in bricks-and-mortar stores? It is important to do market research before you decide how much jewelry to charge.
Separate Your Personal And Business Finances
It’s a smart idea to separate your personal and business finances now that you are legally operating an enterprise. This separation is important for several reasons. This separation will protect your personal finances from any business-related legal issues. It will also simplify tax filings.
You can open a business account by opening a checking account. Be sure to only deposit your business earnings into this account. A business credit cards can be used for daily, smaller expenses. You can also earn cash back, points, rewards, or valuable points depending on which card you sign up.
Entrepreneurs don’t have to be entrepreneurs to understand that starting a business takes money. And it can be difficult for new business owners to obtain business loans from local banks or online lenders. Lenders don’t have the financial information to assess a business’s risk and can’t make informed credit decisions because they don’t have any data.
Startup funding is often largely funded by your own pocket. Many entrepreneurs start their own businesses and use their savings, loans from family members, personal bank loans, or online lenders to fund their business. You can also try crowdfunding. This is where generous strangers give small amounts of money to your project.
Locate Suppliers To Create Your Jewelry
Once you have established the financial and legal foundations of your business, it is time to start making jewelry with an eye towards selling.
You will need to buy wholesale jewelry-making equipment and tools, including safety equipment, as you create your jewelry. You can ask jewelry designers or jewelry manufacturers for recommendations on reliable wholesale suppliers. If not, you will need to do your research. You may also find it useful to obtain a reseller license in order to avoid paying local sales tax when buying in bulk.
The Bottom Line
Even if your business is just a side-business, starting a business can be a tedious task. If you are serious regarding your endeavor, it is important to make time to launch and manage your business. Even if it’s only an hour, you should be able to create some social media posts, check your marketing reports, or even just to finish a piece. Keep in mind that launching a business is not an overnight task. Thus, you should make sure that you think through this so that you will have a successful jewelry business.