Starting up your own jewellery business can be very exciting, but it can also be a little bit risky. You are putting yourself out there and trying something new – and something you can make a big mistake. Let’s look at some of the major mistakes that many people have made when they are starting up their jewellery business, so that you can learn to avoid them.
Not Finding the Best Price on Materials
If you can get your jewellery making supplies and materials at an affordable price, you will have higher profit margins and a much more sustainable business model. However, many jewellery designers don’t think about this and they end up spending more on materials than they should when they buy craft supplies. Your best bet is to look online, where you will be able to find the best selection of jewellery and crafting supplies and compare prices quickly and easily. Avoid buying supplies at your local hobby store, which often tends to be the most expensive place for jewellery materials.
Buying the Cheapest Materials
The last point was about getting a good price on materials and jewellery making supplies, but it’s also a mistake to try to cut corners by buying the absolute cheapest materials. When you buy from the cheapest end of the jewellery and craft supplies, your finished jewellery products will end up being flimsy and tacky. Customers will be able to tell that they are not made with high quality materials and they will not be interested. Make sure that the supplies you buy are the right balance between quality and affordability and remember that it is better to make a smaller number of good quality jewellery pieces that you can sell at a higher price.
Not Making a Business Plan
Having a business plan is very important and it will ensure that you have clear goals and an outline of the steps that you need to take to achieve them. Include specific goals, such as how much inventory you need to create within a time frame and how many items you need to sell each month to break even or make a profit. Planning this out beforehand is very valuable because even if things don’t go exactly as you planned, you have a direction that you are working towards.
Forgetting About Marketing
Having a marketing plan is essential for your jewellery business. You could make the most beautiful pieces of jewellery in the world, but if no-one hears about them then you will not make any money. It is important to make a jewellery marketing plan so that you can effectively spread the word about your beautiful designs. This will likely include establishing a presence on social media, perhaps writing a blog and reaching out to your customers in as many creative and innovative ways as possible.
Not Standing Out from the Crowd
If you fail to be unique – this is one of the biggest mistakes that you can make. If you are selling items that are the same as everyone else, there will always be someone who can undercut. However, when you make something that is completely unique and one of a kind your customers will be happy to pay more because they know your designs can’t be found anywhere else. Think about the unique and original statement you can make with your jewellery and how it can be different from everything else out there.
Using Poor Quality Photos
When you are creating your online jewellery store, having good quality photos of your designs is so important! Invest time in each photo and make sure it is clear, well-lit and showcases your designs in an appealing way. This will show your customers how beautiful your jewellery is and make them more likely to buy it. It might even be worth paying for professional photos to be taken of your jewellery – it is an investment that will probably pay off in increased sales.
These are just a few of the major mistakes that many designers make when they start up their jewellery business. Now that you know, you can avoid these issues and increase your chances for success.