A great joy of being an artist is sharing your work with others. A jewelry business allows you to get your work out there and meet new people who appreciate it. Especially jewelry designers are well aware of this since jewelry can become particularly sentimental for their clients.
You most likely consider yourself a jewelry designer first and an entrepreneur second — if you consider yourself an entrepreneur at all! But, in contrast to popular belief, learning how to start a jewelry business is not as challenging as you might think: It all comes down to time, effort, and perseverance (and a few technicalities, too). We’ve divided the process of starting a jewelry business into seven essential steps.
Establish your line
Before you enter the beads and clasps of creating your jewelry and launching your business, you must first define your jewelry business. The best way to achieve this is in writing — specifically, in the form of a business plan.
Get your business legalized.
Following that, you’ll need to guarantee that you’re operating your jewelry business legally. First, inquire with your local clerk’s office about home business licensing and permit requirements if you intend to run your business from home.
Keep your personal and business finances separate.
Now that you have a lawfully operating business, you should start separating your business and personal finances. This is critical for several reasons. This separation will protect your finances from business-related legal issues and simplify your tax-filing processes.
Find the required finances.
You do not have to be a tradesman to understand that starting a business requires money. You’re probably aware that it’s difficult for new business owners to secure loans from local banks or online lenders. With no financial history, lenders have no data on which to base a new business’s risk level, preventing them from making an informed credit decision.
Look out for jewelry suppliers.
Now that you’ve accepted the necessary legal and financial foundations for your business, you can begin creating jewelry to sell it.
If you haven’t already, you’ll need to shop wholesale jewelry-making tools and equipment, as well as proper safety equipment and materials to make your jewelry. Asking other jewelry designers for recommendations on reputable wholesale suppliers can be helpful; otherwise, put in some effort and research, research, research. A reseller license can help you avoid paying local sales taxes when purchasing bulk.
Start selling your jewelry.
Once you’ve accumulated a substantial inventory, you’ll need to find a place to sell it. Your primary sales channel will almost certainly be an online store.
You could build your store using a service like Shopify, allowing entrepreneurs to create and manage their e-commerce stores easily. These services include custom sales reports and statistics, customer relationship management tools, and built-in marketing tools.
Make your small business a brand.
As you develop your sales channels, you should also build your brand identity and implement a small business marketing strategy. Creating a logo is a great place to start, and it’s essential for establishing your company’s aesthetic. Plenty of logo-creation services are available online if you can’t find a graphical designer in your network.
Conclusion:
The work doesn’t stop once you’ve launched your jewelry business; it’s just a start. But don’t get so captured in the industry that you miss the sight of why you started your jewelry work in the first place: your passion for your craft, which the most successful artists never stop honing. Even if you’re a trained jeweler, you should consider furthering your education with online or in-store classes. You can find free jewelry-making tutorials on YouTube if you don’t want to spend a portion of your business budget on education.
Remember that starting a business takes time, even if it’s just a side hustle. If you’re important about your venture, make it a priority to dedicate enough time in your schedule to launching and managing your business. Even if it’s just one hour at the end of the day to work on a piece of jewelry, write a few social media posts, or review sales reports or marketing performance.