There is no better way of making money than by doing something you love. If you are passionate about creating handmade jewelry pieces and you are talented at it, you might consider starting your own business. Making jewelry gives you the possibility to be creative and showcase your artisanal skills. From delicate pearl pendant necklaces to artsy polymer clay pieces and bold birthstone earrings, the market is full of creative handmade creations, designed by passionate people, just like yourself. Although finding your place in this competitive market might be difficult in the beginning, it is for sure worth it. Read on to find out what might be hidden below the shiny surface.
Trends Change All the Time
Whether you’re planning on crafting resin cuff bangles, statement bib necklaces or delicate June birthstone rings, you need be mindful of the current trends. Timeless, elegant jewelry is always a safe bet, but the competition is serious. Just as you get used to the new dainty bling trend, you start seeing bold chokers and chunky chains everywhere again. In this business, you have to be on top of your game and keep an eye out for all the trend changes and adapt to them. Pick a niche that will allow you to evolve with the current trends instead of picking something you can’t adapt as fashion moves on.
Competition Is Huge
There are plenty of talented artisans out there that are trying to sell their own products online. Just on Etsy alone, a search for any type of jewelry reveals thousands of results. Although the competition is huge, there are ways you can stand out and create a successful business. Just be prepared to put in the effort.
Making the Pieces Takes Time
Compared to buying products in bulk, making your own jewelry takes longer time. Of course, it’s a different niche, but you still need to consider this before starting a jewelry making business. Make sure you are willing to work nights and weekends, at least in the beginning.
You Need a Brand Name and a Logo
Creating lovely pieces is the fun part of your new endeavor. However, before you actually open up a shop, you will need to decide on your brand name and create a logo. Branding is a very important part of any business, and the goal is to create an emotional connection with the customer.
You Will Have to Deal With Unsatisfied Customers
Just like in any business, you can’t please everyone. Every now and then, you will have to deal with returns and people asking refunds for various reasons, some more reasonable than others. Be prepared and don’t take any negative comments to heart, as there will always be negative people.
You Will Need to Invest in Advertising
One important thing to know is that the work doesn’t stop after the piece of jewelry is made. Actually, the business part is just starting. You will have to develop marketing strategies for your products, design ad campaigns and post on social media daily.
You Will Have to Take On Many Roles
Starting a business as an artist requires finding the right balance between your business skills and creative skills. Be prepared to juggle many different roles under pressure – customer service, digital marketing, finances and others – at least until you are be able to afford hiring people to help you.
Prices for Supplies Will Go Up
Although you are making your own jewelry, you still need to purchase your supplies from somewhere. You might find the best supplier for your needs but be prepared for increases in prices, especially in this economy.
You Will Need to Know How to Create a Business Plan
Instead of throwing yourself headfirst into your work, take the time to learn how to create a business plan. It doesn’t have to be perfect, but it does have to contain details about some fundamental factors and business strategies, like niche, upfront costs or advertising budget.
Know Your Platform
The modern world of consumerism revolves around online trading, so the most logical choice would be to start your jewelry venture online. Depending on your technical skill level, you could choose between creating your own website, using tools like Shopify to help you, or selling your pieces on a marketplace like Etsy.