Running your own jewelry business can be an exciting and rewarding experience. From deciding what type of jewelry to make to finding the right suppliers to working with clients, there are so many factors to consider.
This guide explores the pros and cons and tips to make your business a success.
Benefits of running your own jewelry business
One of the biggest benefits of running your own jewelry business is that you have full control on the design, production and marketing of your jewelry. This allows you to create one-of-a-kind pieces that your customers will love as much as you do, and market your brand exactly the way you prefer.
You’ll also be able to price your pieces according to value in order to sell directly to your ideal customer while avoiding those pesky middlemen fees.
Moreover, by managing the entire process from production to customer service yourself, you can build strong relationships with your customers, keeping them coming back for more.
Disadvantages of running your own jewelry business
That being said, there are obviously also some downsides to running your own jewelry business.
Your costs can be high, depending on the materials you use and taking into account additional costs such as marketing, subscription costs (eg of your webshop platform), photography, accounting, packaging materials,... and of course labor costs.
Plus, it can be challenging to keep up with industry trends and find new clients if you don't have the right resources and connections.
Finally, since mastering the entire process from production to customer service falls solely on your shoulders, it is important that you stay organized, otherwise you run the risk of falling behind on orders.
Inventory management tips for a jewelry business
Keeping inventory is something that doesn't necessarily make anyone happy, I think. But it is very important to have a good inventory management system if you want to run your jewelry business efficiently .
This means that you ensure that you keep track of your orders that come in but also monitor the supplies you have at hand and, if necessary, reorder them in a timely manner.
Investing in the right software can ensure that these processes run efficiently, stored data is secure and fulfilled orders are handled on time .
Financial considerations when starting your own jewelry business
One of the most important considerations when starting a jewelry business is the financial aspect. In addition to start-up costs, you have ongoing expenses such as (manufacturing) jewelry parts, stock storage and maintenance, subscription costs, rent, taxes,... and any personnel costs that must be taken into account.
My golden tip: Be sure to research and develop a detailed financial plan both before you embark on your entrepreneurial journey and once you grow. This way you will never be faced with unwanted surprises.
Marketing strategies for a growing jewelry business
No business without customers! Creating an attractive online presence is essential to attract new customers and get noticed.
Create content such as videos, blog posts and photos of your jewelry, share it on social media platforms and use ads, influencer partnerships or other collaborations to increase your visibility.
But not only reaching new customers is important. Don't forget to pamper your current tribe! They are essential to grow your business.
Do you mainly want to focus on local customers? Then the traditional advertising methods such as newspaper ads and flyers can certainly be a good choice.
CREDITS: KEELIN DESIGN
In my 8.5 years as an entrepreneur I have learned a lot, through trial and error. Because that's what entrepreneurship is: A rollercoaster!
It's a beautiful journey with lots of moments of happiness and happy-dances, but it's certainly not all sunshine and rainbows, let's be honest about that.
Too few entrepreneurs share, in my opinion, the real and raw of their life as an entrepreneur. Instagram is full of highlights of all the blissful moments of happiness, dozens of orders that go out every day, the most successful launches of a new collection,... But we all know that this is only one side of the whole story and certainly not a daily reality .
Therefore, I would like to conclude this article, breaking through 2 major prejudices which, unfortunately, many entrepreneurs hear:
"Oh, you own a webshop, that's easy for sure."
No, it's hard work. There is not only a financial cost that must be covered every month, it also requires a lot of dedication and time: Research, marketing, logistics, customer service, accounting, taking product photos, writing texts,... Easy? No definitely not. A fantastic way to establish your brand and reach customers who are just as enthusiastic about your products as you are? Hell yes!
"Gosh, it is just a side job..."
Just a side job... That remains a difficult one to hear. I am indeed fortunate that, in tough financial times like these, I don't have to pay my bills and provide my family with food with the proceeds of my jewelry sales. But also having a secondary occupation, it means you have fixed costs that have to be covered every month.
No sale = loss. Permanent loss = having to give up on your dream.
Nobody starts a sidehustle with the idea of not having to sell anything. We all want to share our passion with the world, fulfill our dream, do what we love to do every day.
Just a side job means that we have far less time to develop our business and establish our brand. There is far less time to put into designing, photography, the webshop, social media, marketing, doing research,... Which very often leads to frustrations as an entrepreneur.
We, as small business owners, don't have just a side job, we do not have a little "company". We take ourselves and our business very seriously. We're on a mission. We have dreams, desires and a goal. We work really hard but also enjoy every moment of our journey. For us, every customer counts, every order large or small. The fact that others believe in us is the most amazing feeling ever.
So, in the name of all sidehustlers, makers, small business owners, creative entrepreneurs, solopreneurs,... THANK YOU for the support, the love, the trust,... YOU ROCK MY (OUR) WORLD!!