April 26, 2010

Starting a Jewelry Business

Filed under: Business — Tags: , @ 8:30 am

Jewelry Businesses range in size from small part time affairs to large corporations. I am a firm believer that for jewelry, bigger is not always better. Before you decide to start or expand a jewelry business, take the time to get clear on your priorities. Are you primarily interested in making money? If money is your chief motivator, I can tell you right now that there are many other businesses that are more profitable.

Are you looking for a way to spend more time designing and making jewelry? Hobbies actually optimize design time. Any art form that is turned into a business will usually decrease the time you have to work in the studio. Running a full time jewelry business, you will be lucky if you get to spend 10% of your time making jewelry. You would be amazed at how many hours get sucked up in book keeping, marketing, shipping and other generic tasks. Ask yourself, “Am I willing to spend 90% of my time running my business?” If the answer is yes, then by all means, jump in! If the answer is no, you might want to sell just enough to keep you in beads.

Job or Hobby?

In short, use caution before you turn your jewelry hobby into a full time business. Running a Jewelry Business is just as difficult, if not more so, than any other business. Read my articles Starting a Jewelry Business and Is It time to Quit Your Day Job? for more thoughts on the subject.

Here are a few helpful websites for starting a jewelry business: The Internal Revenue Service, or IRS, for information regarding basic business decisions. Start here to find out your state agency for sales tax. And, go to Home Jewelry Business Success Tips for answers to many of the questions you may have.

  • http://www.jewelryvogue.com/store/ zen cart jewelry

    we are starting a jewelry business too, and we could communicate with each other if you want to do so.

  • http://www.sugarpusslondon.com Carly

    Very insightful article – a lot of people jump into the game thinking – ‘that looks easy, I could do that’ – but the truth is it’s tough. It’s helpful if you have one specific talent or can source items that are really unusual and rarely found – but even then that’s no guarantee. One of the most commonly overlooked things is PR/marketing – don’t underestimate the power of free news release sites but be very careful when opting for something like google adwords (you could waste thousands of dollars by not managing this correctly) – if you’re running your business online you might want to start off somewhere like etsy or ebay rather than jumping in head first, especially in today’s economic climate. If you do decide to go ahead – good luck!

  • http://www.home-jewelry-business-success-tips.com Rena Klingenberg

    Thank you so much for the kind mention of my Home Jewelry Business Success Tips site! Also, I so agree that marketing and managing a jewelry business to the point of success requires more time than the fun jewelry-making part of the business does.

  • http://www.fairietaledesigns.com/ Rachel @ Fairietale Designs

    Thank you so much for this series. I recently started my own home-based jewelry business with an Etsy shop, and there was a lot of valuable information in these 10 steps. I’m looking forward to putting the tips into practice and seeing where it takes me!

  • ninadesigns

    Hi Rachel,
    Thanks for the sweet words! Good luck with your Etsy shop! :)

  • Navneet Agarwal

    What a thoughtful Article @ninadesigns:disqus
    I too run a Jewelry Business, and its no Child’s play.
    Will definitely read your other blog too and note some tip to taste the Success.
    Btw take a glance at my site :
    http://www.wholesale-cabochons.com/