Five keys to running a jewellery business that pays the bills
What is the main difference between jewellers that make a bit of money on the side and those that do it full time?
There comes a point when we really want to take our jewellery business up an notch and work on it full-time but sometimes this feels like a distant dream. Let's take a look at some of the key steps you can take to build a jewellery business with profits.
1. Be sure to have regular contact with your customers
It sounds obvious but it is crucial! Engaging and communicating with your customers regularly makes a huge difference to your sales in the long run.
This might be through regular Instagram posts, blogging each week, email communications, selling at a regular market or doing lots of events throughout the year. Whatever your method, the important thing is to be in touch and to give value to your customers as much as you possibly can.
You may sell the majority of your work at Christmas or certain times of the year, but having contact all year round will keep you in their hearts and minds, so when they next come to buy jewellery, you are the natural, obvious choice.
How can you increase your interaction with your customers? Make a commitment to speak to them at least once a month. (More if you can)
2. Don’t underprice your work
And if you can, make expensive jewellery so that each sale is really worth your while. Selling pieces for £5-£25 is ok for a while but if you want to make say £30,000 a year that’s approx, 2000 pieces you need to sell! On the other end of the spectrum, sell engagement rings for £2,000 each and you only need to make 15 sales to reach your goal.
Although we aren't all engagement ring makers we can use this idea, the more luxury your jewellery, the more you can charge and it is always worth having some expensive pieces in your collection even if you make pieces that are more affordable too. You never know who might be interested in getting the premium option.
3. Stick at it (for at least 3 years)
The cold hard truth is that it takes usually 3 years to start making a real profit. Not just as a jeweller, in most new businesses.
Don’t give up before the magic happens. Give yourself time, work hard at it and have another income to support yourself in the early days so that you can sustain the business before it is ready to sustain you. Three years is nothing in the grand scheme of things. You may have this business for 20 years or more. And it will give you the opportunity to create something you truly love, so enjoy the ride.
4. Know your brand and what makes you stand out
Being a jeweller is a bit too broad, to build a successful brand we want to have an identity.
Know who your customer is, picture them, name them if it helps, understand their lifestyle and build your business to suit them 100%, they will love you for it and become loyal customers.
Invest in great branding, amazing photography and creating the very best version of your business you can. It won’t happen overnight but over time you will see your baby grow into something wonderful that makes you proud and your customers very happy. It's a great feeling.
5. Diversify your income streams
It helps to have multiple income streams, teaching is a great option (one that I love). If teaching isn’t for you then consider different products/ services. Offer collections as well as bespoke work, jewellery at different price points for a different type of buyer. Consider wholesale and expanding your network of stockists. Other options include writing projects/ tutorials for jewellery magazines or to sell on Etsy, some jewellers sell supplies or gemstones too. Depending on your passions, there are always a bunch of options for making additional income through jewellery.
Let's work together on making it happen!
As you can see there are lots of things you can do to help make your side business and full-time project. That was a quick whistle-stop tour through some of the key points to put in place when building a business you can live off of. There is always more to share with you...
If you would like to learn more about growing an incredible jewellery business then come and join us in the Jewellers Academy Membership. It is a year-long programme of working together to build your business and grow your customer base. You can find out more here >
You can sign up on the button below and get started straight away on developing your making and business skills with us.
A quick reminder of some of the benefits of becoming a member...
- Access to all our making courses and core jewellery business courses (current ones and a ton of great new ones on the way)
- Monthly live masterclass and Q&A session
- Supportive members only facebook group
- The brand new Jewellery Photography Course (priced at £199) launching soon
- Exclusive discounts from suppliers such as Cookson Gold, Kernowcraft and 10% off day and evening courses at the London Jewellery School
We will support you to...
- Create a jewellery business
- Launch your first range of products
- Set up your website and get sales through it
- Build your audience and profile as a jeweller on social media
- Develop your making skills in silversmithing, metal clay, stone setting, beading and wire work and wax carving (to name a few)
- Meet lots of lovely new jewellers
- Create a career out of jewellery
Questions? If you have any questions don’t hesitate to get in touch.
Have a great week Jewellers and I will see some of you in the membership very soon