As the internet and online shopping platforms become more accessible, makers around the world can turn their passions into a business. For jewelry makers, the global acceptance of Shopify and Etsy have been monumental.
Even so, turning a jewelry making hobby into a successful business endeavor takes a keen business sense and ample planning. Here are some tips for building a successful at-home jewelry making business.
Build a Cohesive Brand
Building a cohesive brand will be the core of your jewelry making business. It’s important to understand that while your brand consists of your logo and color scheme, it’s so much more than that. Your brand is the tone you use when talking to customers, the summation of your ideal buyer, and what your business stands for. As a jewelry designer, all those elements need to tie into your design as well.
Take some time to define who you want to sell to, what adjectives describe your designs, and how you’ll use those elements to connect with customers. These elements of your brand should remain consistent whether you’re posting on Instagram or talking to vendors at a trade show.
Nourish Supplier Relationships
The cost of your supplies will directly impact your bottom line. Take time to shop around and compare prices and quality when purchasing supplies. Keep in mind that using the cheapest supplies isn’t always the best choice for your business.
Whether you’re looking for charms wholesale pricing or a very specific tool, take the time to nourish supplier relationships. Over time, this will help you negotiate deals and get ahead of any delays. Like any business, suppliers rely on customer retention and lifetime value.
Become a Social Media Pro
Having a strong social media presence can make all the difference when building a home business, especially for something as visual as jewelry. Take some time to learn the nuances of the various platforms and determine which ones work best for you.
If crafting social media posts and managing your platforms isn’t feasible, consider outsourcing to a virtual assistant to help. Consider using an automated posting platform like Buffer or Hootsuite and a free design tool like Canva to make professional-looking posts.
Don’t forget to encourage people who purchase your products to model them and tag your business for resharing purposes. This form of social proof is known as user-generated content and is one of the most successful ways to advance your business.
Protect Your Work
The challenge with a thriving maker economy is that people are more likely than ever to steal your original work. Consider putting a copyright on your designs to ensure that no one is replicating your work and undercutting your prices.
It’s also worth watermarking your images to prevent scam companies from using them and tarnishing your brand image. This is a common occurrence with scammers who sponsor posts on social media then vanish into thin air once they’ve made their money.
Manage Your Finances
To build a profitable business, you need to think like a business owner instead of a hobbyist. To do so, you’ll need to get comfortable with assessing your finances, managing cash flow, and forecasting to plan for the future.
At the bare minimum, you should invest in cloud-based accounting software to help you manage your financial picture and understand where your money is going. This software will also help you streamline your efforts during tax time, especially as your business grows.
When planning your finances, set tangible goals to help you advance your business. Use actionable tasks to drive your goals forward.
Invest in Photography
Finally, to be successful as a jewelry maker, you need to invest in high-quality photography. Work with a photographer to capture your work in the best possible light. If you decide to take your own photos, take the time to research photography methods and ask for an unbiased opinion before posting.
To become a successful jewelry business owner, you’ll need to balance your creative strengths with logic and strategy. Never stop learning and push to do a little better every day.
Nice post. Jewellery business is quite complex. There are some risks associated with the Gems and Jewellery export industry, such as gold rates, international taxes, currency fluctuation risk, credit risk, and so on. Bookkeeping is a crucial component that must be handled using modern technology.