Craft MBA
I love the art of making jewelry, especially with Nina Designs jewelry components. For years I have been thinking about taking the leap and selling my jewelry online. Over the years I have sold to friends, family and the occasional stranger at a restaurant. Last year I participated in two holiday sales – one of which was a complete disaster, and another that was a success, but both great learning experiences. With the holiday season approaching again (I can’t believe it either!) I have started thinking about my plan and I have realized that I need to take the leap and dive into the world of online selling (ok, maybe not diving, but at least dipping my toe in the water.)
I am a researcher, so naturally, I decided to get started by reading some of the articles in our own Nina Designs Library: Starting a Jewelry Business and Is It Time To Quit Your Day Job?
I also branched out and started looking on the internet for more information. As it turns out there are tons of great resources out there, but my current favorite is Crafting an MBA. Megan Auman’s thoughtful and insightful blog is packed with tips about running a small business, and specifically a small business that sells handcrafted goods, and I have been reading it every day since I found it. Her advice comes from experience and reading the articles she writes and the comments of her readers has really helped me understand more about the ins and outs of starting and running a small business.
In Why you shouldn’t pay yourself (and other myths about profit), Megan examines some common myths about running a small business and makes some compelling arguments to refute old ideas (you mean I can pay myself and my business just might be profitable in the first year?!)?
Megan truly believes that small businesses selling handmade goods can compete and flourish in the current economic market and I really recommend you spend some time at her blog as soon as you can. I think you will learn a lot.
What small-business blogs do you read? What tips would you give to someone starting their jewelry business?
Silver Pendants are gorgeous. We all know that but did you realize they are good investments too? In this economy, every marketing angle you can get is valuable. Don’t forget to remind your customers that silver jewelry is a great investment! If you tune in to just about any investment oriented news broadcast, you will hear the pundits pushing gold. The reasoning goes that with a weak dollar, a weak Euro and most countries deep in debt, other investments are risky while gold will surely hold its value. The fact that precious metals have increased in price so dramatically in recent years helps feed the frenzy. On the flip side, there are many companies offering to pay cash for gold jewelry. I have even heard of women throwing parties where everyone brings their old jewelry and a broker cashes it in on the spot. (Don’t do it! You can get a better rate at Rio Grande)!
What you may not realize is that silver prices have increased alongside gold. Over the past 10 years gold has appreciated about 400% and silver is a close second at 360%. In many cultures silver and gold jewelry is a woman’s only source of financial security. In the US, we have many other options, but it is nice to know that our silver pendants and silver jewelry are good investments!
10 Year Gold Chart
10 Year Silver Chart
Starting a Jewelry Business is often an idea that friends light upon together. Usually, they are friends who enjoy making jewelry together and find the idea of launching a joint commercial venture challenging and exciting. It feels like the natural extension of a fun hobby and a way to deepen and reinforce the friendship. When I am approached by friends at this stage, I always sit them down for “The Talk”. This is not the warm, fuzzy, encouraging pep talk they expect. Rather, I run them through various scenarios to test how well they have really thought through their endeavor.
Collaborating on designs is one of the best parts of partnerships
First, I ask if they are ready to marry each other. Not only that, but are they ready to marry into each others family? A partnership really is like a marriage. Everything you love about your partner will also drive you crazy. Everything that happens to your partner or their close family, also happens to you. If you think it is complicated running your own family, wait until you have to coordinate two families!
What happens if one partner gets divorced? Could an ex-spouse end up owning part of the business? What if a partner gets ill and can’t work anymore? What if one family is forced to move out of town? What if one person just decides they don’t want to do it anymore?
When those questions are answered it is time to move on to more practical issues. Do both partners agree on how many hours a week they can commit to work? Do they agree on how much money to invest in the venture and how much of the profits they will take out or reinvest? Do they have the same vision of how large they want to grow the company?
You get the idea. Partnerships sound appealing but they can actually strain if not end friendships. To avoid that, it is always better to ask the hard questions up front. If you are happy with the answers, go for it! But be sure to have a legal partnership agreement in place before you embark on your new adventure.
Designers, what is your experience with partnerships?
Mermaid's Dive Necklace
In my most recent reviews of our jewelery findings inventory, I have noticed a trend towards pieces with an ocean theme. Sales have spiked for items such as the sweet little
sea-horse charm in silver and in gold, the
seashell charm and the
small mermaid charm. Could this be due to the changing weather? Maybe designers are anticipating sales for their clients that come through and purchase items during their summer travels? Regardless of the cause, I have taken note of this trend and will respond by increasing our on-hand inventory to meet the needs of our customers. I will also review our on-hand quantities of other ocean themed items that may not have shown up in my inventory review just to be sure that those are completely stocked as well. Get them while they are hot so that you don’t miss out and I will also do my best to make sure that we won’t run out! How do you respond to trends that you notice in your orders?
CONTEST DEADLINE. The deadline for entry to win a beautiful selection of silver charms, jewelry links, and stamping blanks ends tonight at 5 p.m. PST. To get to our contest click here, then just vote for your favorite necklace & you could win! The winner will be announced Friday on our blog, so be sure to check.
I was recently asked by a Jewelry Business beginner if she should sell wholesale, retail or both on the internet. She wondered if she should have two separate lines, one for retail and one for wholesale. In general, I think it is fine to sell both wholesale and retail as long as you take a full mark-up on your retail items so that you don’t undersell your wholesale customers. For instance, if you sell earrings wholesale at $10pr to a store that turns around and sells them for $30, you should not sell them retail online for less than $30 or you will alienate your wholesale clients. (I think it is OK to sell at a price point between wholesale and retail at private home parties).
Should I sell retail or wholesale? Or both?
That being said, there are some high-end stores and galleries that won’t purchase from anyone who sells retail online. (Though this is less common than it used to be). In this situation, it would be smart to have two separate lines, with two separate names, if you want to capture wholesale and retails sales through the internet. Keep in mind that you would in effect have two separate businesses at that point, which could get complicated very quickly.
Designers, how do you manage your wholesale versus retail sales?
25% Overstock Sale
Spring cleaning is a nice way to look at reviewing your jewelry findings inventory. In the spring, new blossoms arrive and we are inspired to refresh and renew. Here at Nina Designs I just reviewed our inventory of jewelry findings. As a result, over 40 additional styles have been put on
Overstock Sale at 25% off. Many styles that were already on overstock sale have been increased to 40% off.
40% Overstock Sale
These are wonderful items with the same high quality you expect from Nina Designs. We just have more on hand than we need based on current sales. As soon as inventory levels on these items drop down to current needs, the sale will end. Get them now while they’re discounted! Also, if these items inspire you, don’t worry – we will continue to carry them, just with lower inventory levels.
In addition to Overstock Sale items, we also offer steeply discounted Closeout items. These Closeout styles will no longer be available once we sell out. There are some beautiful styles at up to 65% off. When using closeout styles in your jewelry, be sure to mention to your customers or the friends who are enjoying your work that the pieces used are “limited edition” because the parts can no longer be purchased once we sell out.
I hope this information will encourage you to take a look at our Sale Items. You never know what treasures you may find and buying Overstock and Closeout styles are a great way to stretch your dollar in this challenging economy. All of us at Nina Designs frequently take advantage of Overstock sale items and buy them before the sale ends!
It pays to spend a little extra time figuring out a jewelry display and packaging system that strengthens your jewelry identity. In previous blog posts I discussed the importance of maintaining a clear vision of what makes your jewelry unique and how that vision can inform your jewelry display which in turn helps you clearly communicate your jewelry identity to your customers. The way you package your jewelry is another opportunity for you to reinforce your vision. But for many of us defining that vision seems to come more naturally than developing all the supportive packaging and displays. I find that this is an ever-evolving process. I’m constantly changing the way I do things, and finding a new way to more clearly express my point of view to customers.
Jewelry Display for Silent Auction
Last week I was asked to donate to a charity in my hometown of Portland, Maine. I needed to make sure my design inspirations and identity were clearly communicated, without me actually being there. I was a little uncertain about how to do this and was worried about how to keep it looking cohesive and easy to display for the organization’s silent auction. I thought about how to keep the jewelry easy to view with out stands or props. The natural option was to simply use small jewelry boxes with my business card inside. Plants and biology inspire my jewelry, and I wanted to make sure this element was made clear to the audience. I decided to write a short bio that would tell a bit about my concept. I formatted the text to fit perfectly inside the lid of my jewelry box. Now my info is not only on display, but goes with the piece of jewelry and it’s new owner.
I think a good way to improve upon this, would be to design a business card in which the backside doubles as an earring or necklace card. The text on my card is a little distracting to the earrings, but a redesign with my info on one side and just my logo on the other side would make for a great multi-purpose card.
Every great office needs a great mascot decked out in silk bows and sterling silver charms! And we found ours in a lovable, absolutely adorable poodle/dachshund puppy named Dolce. As her name suggests, she is as soft and sweet as spun sugar, and a delight to have in the office. She follows Nina around everywhere, but we all take turns rubbing her pink belly and taking her for walks in the neighborhood.
Celebrate all the furry friends in your lives that provide unconditional love and endless enjoyment with our pet themed charms. Our collection is ever popular and just keeps growing. We started with our silver word charms: I love cats, I love dogs,, and wild thing. Before long we designed a series of whimsical paw print charms and a round charm featuring a cat silhouette. Be on the look out for our next cat charm, a textured version of a kitty sitting pretty, and a little dog bone charm that offers a small surface for stamping Fido’s name. And, for all you horse lovers out there, we are coming out with a series of horse charms and pendants soon!
Meet Dolce
Upcoming dog bone charms in the making
I have been to more than a hundred beadshows as the tradeshow manager at Nina Designs and I have collected amazing jewelry findings and beads in my travels. The ladies in the office always ask me where and how I find my goodies, so I have decided to share some tips to finding unexpected delights.
- Scan every booth as you walk up and down the aisles. There are hundreds of new products at every show, so give each booth a good look before passing it by. Ask the vendors about new products or which products have been popular. Nina Designs isn’t the only company that realizes having new designs is important to customers who want to stay on top of the trends.
- Ask vendors for their recommendations. If you like their product, it probably means you trust their taste. I am always happy to recommend my favorite vendors.
- As you scan the booths, also pay attention to your experiences with the vendors. I prefer to develop relationships with vendors who are friendly and knowledgeable about their products. Having a relationship with your vendors can be really beneficial. Not only will they be helpful and courteous, but they will listen to your suggestions, bring special products just for you, and possibly even give you better discounts – this is especially true if you are buying stones.
An Awesome Street Vendor in Tucson
(more…)
Everyone knows social media can open whole new vistas for marketing your business – whether that’s selling silver jewelry findings or skincare products. But I didn’t know how fun it could be. When I first began managing our Twitter account months ago it was completely new terrain. And, as with anything new, I was hesitant and timid, not wanting to break some rule of Twitter-etiquette. I was only using Twitter to alert followers of new styles posted, new Nina Designs blog posts, new design ideas, and sales and promos.
Sunshine Industries
Then I discovered a Tweet from
Dawn Floen of Sunshine Industries long after it was sent. She wrote: “@ninadesigns doesn’t seem to be following anyone. How will they know when I put up photos of work I’ve done with their gorgeous components?” I didn’t even realize I should follow people! That did it. I resolved myself to just get over it and jump in, and now I’m having a blast. Thanks, Dawn! And everyone, please be sure to check out Dawn’s amazing artisan jewelry I discovered through Twitter!
Now I know how important it is to interact with others on Twitter. You can’t just post routine news and expect people not to get bored. Besides, it’s much more fun to talk to people, and share discoveries and inspirations. In just two days, I have subscribed to our followers’ lists, created our own list of many talented jewelry designers, re-tweeted interesting tidbits, and made friends. With a little poking around I have discovered many talented jewelry artisans, inspirational blogs, and indie artists of all kinds.
Twitter is a unique and fun way of surfing the Internet. It allows you to find like-minded people who share your interests and see what they’re doing.
Join Twitter and get up to the minute Nina Designs News!