10 Steps to Starting a Jewelry Business

Making the leap from a hobby jewelry maker to starting a jewelry business can be both scary and exciting. If you find that you are no longer able to give jewelry to friends and family, and are hoarding worn out pieces, it may be time to consider selling some of your jewelry.

The beauty of jewelry business is that you can scale as big or as small as you are with pain. . Start by selling some of your work on a marketplace such as Etsy, a local farmer’s market or listing in shops. but next to you As you feel comfortable, you can expand to have your own site, in the market dedicated to the market, and also by supplying department store links. How big you grow is all up to you and how well you manage your jewelry business.

1. Business Plan
Before you take that step from hobbyist to entrepreneur, take an hour or two to outline what you want to do with your jewelry business and the steps you want to take to get there. You have a clear plan at the beginning, so focus on the main aspects of running your business and keep your eyes on your goals. For example, if your goal is to foster strong contacts and focus on selling directly business, you will be far ahead. otherwise if you want to have a strong presence in your local area. This plan doesn’t need to be a formal business plan like you need for a bank loan, but rather a personal guide to help you on your way.

2. Safe Source jewelry supplies
One of the most important aspects of any business is controlling costs. If you bought your jewelry by selling it, you won’t be able to make as much profit as when you buy your jewelry wholesale supplies. There are several reputable sources in the area and sometimes in the local area. Take the time now to research the teams that carry the supplies you need, and find out what their organizational requirements are. Some popular online companies include Rings N Things, Wreck Beads, Rio Grande and Supply Jewelry.

3. Obtain a business license
Licensing requirements vary by state, check your local business listings, but typically, you’ll need to sell your jewelry. to have a state license. I am applying for business licenses to collect sales tax on all sales, which are remitted four or more times annually to the state. Not all states collect sales tax, but your local business board will be able to tell you what you need. Many Lupine companies will not sell you wholesale without a business license or accompanying resale certificate (again, state dependent). The fee for acquiring a license is usually for small businesses. In the state of Washington, for example, it is $20 paid one time.

4. A reason for everything
The IRS states that you must pay taxes and tax returns on any income-generating activity you will be working with. the intention of making a profit. If you sell two pieces of jewelry a year and you don’t intend to make it a business, you don’t have to report the sales tax. But if you plan to start a jewelry business, then you will have to claim income and expenses and tax Return with your income. every year This is not as demeaning a task as it seems. Make sure you start off on the right foot by keeping all your receipts and keeping track of your things and tax time will be a breeze.

5. Track Inventory
Before you get started, you should also know that you need to keep track of your inventory, as well as your jewelry supplies and finished pieces. Knowing this at the beginning can save you a lot of capital at the end of the year, when you are sure to count all the details and supplies. The track can be as simple as a piece of paper with the name of the item, the number in the category and the price of each. If you have an Advance or Open Office, it can be a speculative card. Simply add the number to your inventory every time you buy a component, and then remember to deduct it every time you use the supply to create a new piece of kit. Do the same with your completed pieces and at the end of the year you will already have the information that you owe on your tax return.

6. Decide where to sell your jewelry
This should be included as part of your business plan. When you are ready to start selling your jewelry, decide where you want to sell it. Some common methods of selling jewelry include online community markets like Etsy or eBay, on your website, and giving to local shops. , wholesale to other businesses, farmers markets and craft shows. Each sales method is very different from the other, so following as many as you’re comfortable with will help you expand your reach and multiply your income streams.

7. Create Marketing and Packaging Materials
There is much to be gained from a memorable presentation. When selling jewelry, how you present the package to the buyer can convince the manufacturer to pay for more. Most important, of course, is the quality of your jewelry, but giving the price itself memorable content can help you in the mind and networks. Since branding is so critical to business memorability, you may want to spend the money to hire a professional to create your business brand. You don’t need to spend hundreds of dollars, but try to hire as much as you can afford. Etsy.com has many quality designers selling their work at very reasonable prices. Search around to find someone who can create your vision for you. Many specialize in branding jewelry things and offer personalized cards, earring hanging tags, price tags and even web bands and logo design

8. The price of your kit
This method of starting a jewelry project is often more difficult for beginners to get a good grip on. Don’t be afraid of asking your jewelry too high; often at the disadvantage of lower prices to make a profit. When you price each piece of jewelry, you need to be sure to include everything that goes into that item. Just because one grain costs you pennies doesn’t mean it doesn’t count in the cost calculation for the item – pennies over time add up to dollars cut into your profit when it’s not counted. Two things commonly left out of the pricing equation are materials and labor. You must pay yourself an hourly wage; You don’t want to work for someone without adequate compensation, lest you shortchange yourself here. Hanging materials such as hang tags, big business cards, tissue paper and gift bags all add up and on. price your jewelry.

9. Be Prepared for the Occasion of Guilt
A common mistake many business owners make is waiting too long. building a business takes time and effort, and most growth comes from word of mouth. In order for word of mouth to spread, you need to put yourself and your brand out there in the public eye. This will not happen overnight, and sometimes the results of your work will be disappointing – this is all part of running a business. Have a positive mindset from the start and learn to overcome disappointments such as a display device performing poorly or a quality output from a bad component. Knowing to expect these little road bumps before you start can help put you directly on the road to success by giving you the foresight to understand that this will happen no matter how hard you work.