Do you imagine yourself turning your hobby into a profitable business? It’s everyone’s dream to do what they love. When work becomes play, you are put into effortless abundance in your life. Starting a jewelry business can provide a full-time income for you.
Jewelry is a huge part of our lives. It’s part of culture, heritage, and is every-evolving. It can be used for yourself or to give as gifts. Being a person that is into arts and crafts puts you in the perfect position for starting a jewelry business. The possibilities are endless. You’ll be able to make your own designs and choose materials that are in line with your mission.
Although it is a passionate hobby, the business side must also be in order. The fine jewelry industry sold approximately $61 billion in 2017 with an increase of 6% from the year prior. It is a booming business, and very competitive. If you differentiate yourself well, you have a good chance at becoming a successful handmade jewelry business owner.
In this article, we’ll share five tips on how to successfully start your jewelry business. Let’s review what it takes to launch your pieces.
Tip #1: Create a Mission Statement and Define Business Goals
Your brand will be the face of your work. You must identify with what you show the public you stand for. Your art means much more than your pieces of work. The mission and story behind your business are not only worth sharing with people but essential in gaining loyal customers.
Defining your mission and your goals are the first step in creating your brand. Before starting, ask yourself why you are launching a handmade jewelry business. There are reasons deeper than only financial gains. What is your story? And, what do you want to be known for?
Keep these marketing considerations in mind as you explore the identity of your business:
- Ponder what type of pieces you see yourself making. What materials would you use and what price point do you want to set yourself at. This will help you determine who your target market will be.
- Find out what is your differentiating factor. What sets you apart from the rest? Who will be your competition? What is unique about you, your pieces, and your business.
- Estimate how much money it will take to achieve your vision.
Tip #2: Register Your Brand
Your brand will be everything. Once you figure out your identity it is time to choose a name for your business, a logo, and perhaps a slogan. All of these will have to be formally registered so that you hold the rights to your brand. You wouldn’t want to work hard and have your name stolen because you did not protect it correctly.
Tip #3: Market Your Business Online
Having an excellent internet presence is essential. Hire professionals to create a logo and website. An online shopping cart would be a great tool to generate more sales. You want to make it as easy as possible for people to browse your designs and arrange to ship.
Effective marketing materials both in print and online are essential for you to promote your jewelry business. Social media platforms are a great way to build a buzz around your brand. It is also a great way to advertise and target your key audience.
Being active online will put you in front of distributors such as online boutiques and other key connections to help you grow. To create a great online presence keep these points in mind:
- Write a quality blog.
- Present videos.
- Use search engine optimization.
- Create a digital marketing plan.
- Carry-out effective e-mail marketing campaigns.
Nowadays, it is expected for you to be on social media. It is the direct and most intimate way to connect with your customers besides seeing them in person. Create a buzz around your brand. Networking is key for you to launch a successful business.
Tip #4: Contact Your Local Chamber of Commerce
Once you register your business and get a tax ID number, you’ll be ready to do any type of business transaction under the law. It is important to be in touch with your local chamber of commerce and other business development centers in your area. It is also a great chance to network and connect with collaborators and investors.
Tip #5: Create What You Passionately Love
The last tip seems basic but can make or break you. Your purpose will come through your pieces. When you create a business around something you are truly passionate about, you will dedicate yourself with an unmeasurable devotion. This gives you priceless momentum to create a business that will stick around.
Having your own business is an exciting endeavor. A handmade jewelry business can give you immense satisfaction and financial stability.
Whatever you set your eyes on, there are tons of resources out there for you to add to your toolbox. Now that you have decided what you want to do, the sky’s the limit.