Starting your own home based jewelry business (or any type of home business) isn’t a simple process. But don’t let the complexities stop you from fueling your passion.
Owning a jewelry business is unlike owning any other sort of business. For example, when you walk into a restaurant, you know what to expect. A tailor is a tailor. A motel is a motel. The same can never be said of jewelry stores.
Every jewelry business is unique, regardless of whether you operate from your home or a storefront. From products to style to materials and pricing, you’ve got plenty of options to create a one-of-a-kind home based jewelry business that will set you up for the rest of your life.
The hard part is figuring out all these things by yourself. And, not only do you need to be skilled on the jewelry side, you also need some business expertise to make your company profitable and successful.
These 20 tips can help you create a thriving home based jewelry business you’ll be proud to call your own:
Tip #1 -Create Your Mission Statement and Business Goals
There are plenty of reasons you might want to start your own home based jewelry business. What are yours?
Think about what you’re hoping to accomplish with your business:
Do you want to replace your current full-time job? Do you want a little extra income each month? Are you hoping to grow a recognizable jewelry brand?
Write down your goals and tailor a business plan around them. Knowing your mission up front can help guide future business decisions.
Tip #2 – Create a Name for Your Home Based Jewelry Business
Every business needs a name. Coming up with one isn’t always so easy, though.
If you’re going to create a business website, opt for a name that can also be your domain. You can check for domain availability with website hosting providers like GoDaddy.
You also want to make sure you’re not choosing a name that’s already taken, even if the name is available with your state’s local business registry. This will not only help with branding, but also ensuring your customers are shopping with your business and not a competitor’s.
When creating a business name, think about words that can help shape your brand. Strong verbs and adjectives can create emotion and excitement in your customers.
If you’re looking to target an upscale clientele, think about words that make your products sound high-caliber and expensive. If you’re going for mass appeal, choose a name that carries a universal tone.
This business name checklist might inspire you to choose a great name.
Tip #3 – Secure a Business License
You might not need a business license, but it’s a good idea to check with your local agency. Business licenses usually don’t cost much (around $250 per year in most places).
If you’re caught without one, it could result in hefty fines that eat into your profit.
Tip #4 – Design a Logo for Your Business
A logo helps to identify a business. It provides a consistent image for your company and tells people who they’re dealing with.
Some logos are simple, using just the business name in a specific font. Others include a small, simple image, like the upturned triangle in the Zales logo. Some are more complex, such as the swan used by Swarovski.
You will use your logo for nearly every aspect of your business, from receipts to business cards to website and print collateral.
If your artistic talents in jewelry design don’t extend to digital media, you can inexpensively hire a freelancer to create one for you. Sites like Guru and Fiverr can connect you with digital freelancers that specialize in logo creation.
Tip #5 – Set Up a Separate Bank Account for Your Business
Keeping your personal and business finances separate can simplify your life as a business owner.
For starters, it gives you a way to identify all business-related expenses without much effort on your part. This makes it easy for you come tax time to report your write-offs.
In addition, you’ll have a better idea of how much your business is making (or losing) at all times.
If you need a payday, you can transfer funds from your business account to your personal account. You’ll also have a record of how much you’re earning from your efforts.
Tip #6 – Establish a Cash Flow Target
Your business will have expenses, and you need to make sure you can fund them at a moment’s notice. Determine how much money you need at your disposal at all times.
Having enough cash on hand can ensure finances won’t prevent your business from succeeding.
Tip #7 – Define Your Target Audience
There are infinite types and styles of jewelry you could sell. Your product offering will largely depend on who you’re selling to.
Choose your target audience and tailor your products to their needs.
Remember, it’s not necessarily about selling what you like. Think about the kind of buyers you want to attract and let their interests guide you.
Tip #8 – Choose Your Type of Home Based Jewelry Business
There are several types of home based jewelry businesses:
- Do you plan to rely completely on e-commerce, such as Etsy or Ebay?
- Do you want to showcase your jewelry at farmer’s markets and craft fairs?
- Would you rather partner with boutique shops and split the profits?
- Are you making your own jewelry or will you order wholesale pieces and sell them at retail prices?
- Does a hybrid of two or more of these options appeal to you?
There is no single format that’s better than another. It depends on your unique goals, audience, pricing, and your ability to market your business.
You should consider the pros and cons of each before you select your format.
Tip #9 – Select Multiple Suppliers
A jewelry hobbyist might be able to wait a couple weeks for a delayed shipment, but your business depends on having readily available materials to keep your inventory full.
This factor alone means you need more than one supplier. This ensures you have plenty of products to choose from, plus you’ll have a backup plan when items become backordered or delayed.
Tip #10 – Invest in Photography Equipment
A picture is worth a thousand words, and you want your jewelry to speak to your customers. Having good photography equipment and lighting can make your pieces look professional and enviable.
You don’t need to invest a lot. A simple lighting kit, some jewelry displays, a tripod, and some editing software is all you really need.
Tip #11 – Create or Order Sample Pieces to Stock Your Inventory
You need to show your customers what you’re capable of, even if you’re making custom made-to-order pieces.
Start by setting a budget for your initial inventory using wholesale pricing, then create or order pieces to stock your shelves.
Tip #12 – Take Photos of Your Finished Products
Use your photography equipment to take professional-quality photos of your inventory. You can edit them in free online software like SumoPaint or Canva to create a polished look.
Tip #13 – Consider How to Package or Display Your Jewelry
Packaging and presentation are key to building your brand image. For example, stuffing a $100 bracelet into a plastic ziplock bag might make the customer feel the bracelet isn’t worth the ticket price.
When considering packaging options, consider how you’re delivering each piece: by mail? At fairs and events?
Your packaging should be conducive to your delivery method, your brand, and the piece’s value.
Tip #14 – Research Jewelry Pricing Strategies
Aside from calculating cost of materials, there are other fees that should be offset by your pricing strategy.
Labor fees, website hosting, credit card processing, shipping, packaging, and event fees should all be considered when pricing your jewelry.
Your markup percentages may vary with each piece. Or, you may settle on a set markup.
Research various pricing strategies to see what makes sense for your home based jewelry business.
Tip #15 – Build Your Jewelry Website
Put your new photos and logos to good use by creating your own business website. Website creators like Wix or Squarespace make it easy to build your own site, even if you don’t have much design experience.
Or, set up an account on eBay or Etsy to promote your products.
Customers can shop your inventory 24/7 and purchase directly from your website.
Tip #16 – Create Your Marketing Collateral Arsenal
People won’t find your business by accident. Market yourself with branded business cards, flyers, postcards, business letters, and other collateral to get the word out about your new home based jewelry business.
Make sure you include your logo, website, and other contact information on your collateral to help people find you.
Tip #17 – Market Yourself on Social Media
There are countless ways to use social media to expand your audience and showcase your jewelry.
Use live video sessions, create blog content, share photos of your inventory, or hold drawings for free sample pieces.
Tip #18 – Seek Out Your Local Chamber of Commerce
Your local Chamber of Commerce can give you information on local vendor showcases, craft fairs, and other events in your area.
You don’t need to become a member to use their services, but you might gain extra benefits from being a paid member. For example, some chambers offer exclusive networking events and members-only information that could help grow your business.
Tip #19 – Build Your Business Network
Your network will be your net worth as you’re starting out. The more people you can network with, the faster you can get the word out and grow your brand.
Tip #20 – Partner With Other Local Artisans
Boutique store owners, soap and candle makers, salons, and other crafters might be able to help you sell your products.
Build partnerships with other artisans or small business owners to increase your audience reach and find new channels to distribute your jewelry.
Being in business for yourself doesn’t have to mean being by yourself.
Getting started with a home based jewelry business is the hardest part. The jewelry market is competitive, but that doesn’t mean there’s no room for you.
Focus on creating a high-quality product your audience will love. Never stop marketing. And don’t give up too soon.
Success will find you if you’re looking for it.
Visit our online resources for more great home business ideas.