In Home Jewelry Business
Acrylic Beaded Choker
Starting A Jewelry Business
It is very exciting and yet scary to start a jewelry business of your own design. There will be mixed emotions when you actually are ready and able to become self-employed.
One of the best methods to experience business on a small scale is to work out of your home. This will be an awakening reality to acknowledge your readiness for the business world.
When I first started into business much of what friends, other businesses, established business advisers recommended was overwhelming and it seemed that much of it did not apply. But, this information should not be wasted. Use whatever will work for you. Unfortunately, some things will be by trial and error. Learn quickly and correct.
Starting in the home is a good place to start as it will give you time, experience, knowledge, savings and an understanding of how your business will be successful.
There are many business basics which apply to everyone. The starting list for the home will be brief when compared to opening a large business. If you decide that making jewelry is not as profitable as you thought it would be closing your doors will be easier than closing a major business.
Selling For Profit
Before starting a business a hard look needs to be taken at your creativity, skills, abilities, and commitment. As the master brain of your company selling and making profits are the priorities of a successful business; otherwise, it is a hobby.
Questions to be considered:
- Do you have a product which will sell and earn you a profit?
- Are you specializing in a particular jewelry niche or will you be a generalist and offer a variety of choices for your customers?
- Do you have an awareness of your competition?
- Are you able to maintain a well stocked inventory?
- Are you a salesman?
Jewelry is very competitive and plentiful. This is why you truly need to know that your product will sell. Will your jewelry be easy or difficult to sell? Salesmanship is critical to moving products. Every salesman needs to know their product and their target customers. The in-home business owner must be the master and the salesman of its merchandise.
Think about this: You are the expert of your jewelry creations and the master salesman. As you expand the business you will become the trainer of new employees. You will become the expert and the authority of your merchandise responsible for the design, advertising, and marketing of your creations.
This is the importance of starting small and slowly building a business. Every business needs to know which products are the building stones for the company and which are supplemental, seasonal, or a fad.
Metal Jewelry Worker
The Home Workspace
The required space in the home will include the waiting room, office, working space, and storage.
Did you decide on outside retailing or wholesale sales?
This decision means that customers will not be coming to your home. Meetings will be held at other dealer locations or showing merchandise at arts and crafts shows, parties, and other similar outlets.
Work anywhere in the house, garage, carport, closet, bedroom or another dwelling on your property as customers will not be coming to your location. However, city, county, or state licenses and permits and zoning may have some rules and regulations which may be applicable to your jewelry making.
Are customers invited into your home? Check into legal responsibilities including insurance. The work setting will need to be presentable when customers are permitted to enter the home.
The home setting needs to present a favorable business image. The waiting room for customers or clients needs to be comfortable with displays and showcases of your work. If you are allowing customers to see how you work, the workroom and office areas need to reflect your working style, yet be clean and attractive. Excess inventory, display units, and other unnecessary items should be in a storage area out of the customers view.
What is your working schedule?
A calendar will be needed to record working schedule, appointments, meetings, and arts and crafts shows and events.
Working at home is very nice. It is important that you let family and friends know your working shift to minimize interruptions. If you have to work when the family is in the home develop a code.
For instance, family time is when you take a break in the living room or at mealtime. The only time you are to be taken away from your work is in an emergency. Do not feel bad or uneasy setting rules for family and friends. This will create respect for your time and work.
Business Must Do List
Preparations to open your business will take a few days, a couple of weeks, or longer. But after these "must do" items have been completed; the doors open for customer activity.
- Legal business name, legal designation (corporation, sole proprietorship, etc.) and logo
- Essential business cards, brochures, and stationary
- Office and work space essentials
- Bank and Credit cards
- Business licenses, permits, and zoning regulations for a home business...city, county, and state
- Financial backing and budgeting
- Hiring self, sub-contractors, or employees
- Home location, a community location, or mobile
- Art and craft organizations
Every person who is considering opening a business is advised to have a business plan. Truthfully, how can you consider a business plan when you are not sure what it is or how your business will succeed?
Perhaps you have the wherewithal to design a business plan, but when put it into action the results are failure. It is important that the merchandise which you create will sell. Test market your designs with friends, neighbors, and strangers. Take a few months to sell at garage sales, carport sales, private parties, consignment shops, online, and small community events to survey customers and record sales and comments.
After sampling and completing a personalized market research you will have a better sense of what to include in your business plan.
- What are your goals and how will they be achieved?
- After sampling your sales, how can you do more consistent sales and produce inventory?
- The jewelry market is very competitive. Are your products competitive or more unique?
- What steps or plan will be needed to fulfill your goals?
- Which market outlet is best for your type of jewelry?
- What type of people are interested in your line of merchandise?
The business plan needs to be flexible as there will be interruptions while pursuing these plans. Business plans are an ongoing guide for business owners. Plan for the week, month, year, and longer.