Our mission at Halstead is to help jewelry makers build their businesses. It's why we developed the Halstead Grant for emerging artists and it's why you see so many jewelry business tips here on the website.
We all know that making jewelry is the fun part. But, the reality is that you will spend just as much time or more on the business side of things. This quick overview gives you quick, high-level jewelry business tips to consider.
1. Create an identifiable brand
Branding starts with your collection, which should have a unifying element that makes it your own. Design marketing materials that present a coherent message to the buyer. If your jewelry business is going well but you feel like it could be better, review your logo, tagline and other marketing collateral to see if they're really telling - and selling - your story. Listen to Samantha Skelton's tips on developing a cohesive collection with branding.
2. Know your target market
Who is your ideal customer? Identify where he/she will be most likely to buy your jewelry and then make sure you're there. Check out our tips on How to Target Customers Successfully. In today's marketplace, this is likely a combination of in-person and online sales. Craft an elevator pitch that speaks to your buyer: three sentences or less that sum up your artist biography and company tagline.
3. Evaluate your competition
Research your direct competitors and take a hard look at what sets your business apart. Do you offer special services like custom designs? Or, is your competitive advantage a large social media following? Jewelry is a competitive marketplace and it's important to know what you do differently and better than your competition.
4. Develop strategic pricing
This is one of the trickiest factors for most artisan jewelry makers. The key is to know your actual cost of materials, labor and overhead expenses and create a formula that strikes the balance between the actual price and the perceived value. Remember to consider wholesale first as you design a pricing strategy that relates well to your target market and competition. Check out our great article on Pricing Your Jewelry!
5. Make a Plan
Create a timeline for your jewelry business that includes specific steps you'll take to reach your goals. Consider revenue dollars, piece quantities and anticipated business costs as you outline your sales objectives. If you're planning to expand, decide how you'll adjust production capacity. Include necessary purchases and additional training on your timeline.
We have many articles to help you with running a jewelry business. Check them out!:
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