What does it take to run a 50k jewellery business?
with Jessica Rose
Growing a business is an exciting journey but you can often feel stuck not knowing how to get to the next stage…
I work with jewellery designers at all levels, from start up to large established businesses. I am often asked how to grow a jewellery business so I have identified different activities that businesses making 5k, 30k and 50k a year are doing to grow their businesses.
Knowing the differences between a typical £5k, £30k & £50k jewellery business is helpful so that you can identify the key areas you need to work on next in order to progress and increase your revenue.
Every maker should be able to support themselves
I passionately believe that every maker should be able to support themselves though their businesses. In order to live comfortably after all your outgoings, 50k is a good number to aim for but if you are aiming higher, even better! The sky is the limit. I work with jewellers of all income levels from £0 to £1 Million revenue per year.
4 Key Areas of Growth
I’ve identified four key areas of activity in your business and the different activities at different income levels: marketing, sales/distribution, product and brand. You can see them below and can download and print out a one page pdf version for your studio (see the download button below).
Take a look through the actions and make a note of anything that you don’t yet do. This will help you prioritise and start implementing changes in your business.
Typical activities in a jewellery business sized 5k
Monthly average: £420
MARKETING
Regular posting on social channel
Starting an email list
Friends and family networks
A few shows and events per year
PRODUCT
Clear product range
Selection of options
Identifying signature style
SALES & DISTRIBUTION
Selling on etsy or website
A few markets/ events per year
Taking on commission pieces
Brand
Basic brand package with initial logo, colours and typography
potential additional streams
Experimentation phase: may try, selling online, markets/events, etsy, third party sites, stocking local shops/ galleries. Open house, home sales etc.
Typical activities in a jewellery business sized 30k
Monthly average: £2,500
MARKETING
Dedicated and growing social following
Sending regular emails to a list (weekly)
Fully functioning, clear ecommerce store
Abandon cart checkouts
Social proof/ reviews
PRODUCT
Clear signature style and unique/ specific offering
Some form of bespoke/ personalisation
Collections of items tailored to customer
SALES & DISTRIBUTION
Fully operating ecommerce store with regular traffic
A few select events per year
Starting outsourcing: help with packing or making
Email and phone line with regular customer service
Brand
Professional photography, product shots, model shots, brand shots.
Professionally designed brand identity
potential additional streams
Picked a key sales channel
Additional income maybe teaching jewellery or a hybrid of online & wholesale.
Typical activities in a jewellery business sized 50k
Monthly average: £4,170
MARKETING
ALL of the £30k elements plus...
Regular, timed, planned 'Launches'
Clear customer and business tailored to them
Marketing Partnerships such as wholesaling, press, podcast interviews. Actively seeking publicity Social media on semi-automation or outsourced
PRODUCT
Clear product strategy for current and future offerings,
designing and planning a year in advance
Higher ticket options available
Clear defining USP
SALES & DISTRIBUTION
All from £30k plus...
Outsourced Packing
Help with making
Likely an assistant doing the two.
Started supplying wholesale?
Brand
Brand integrated with values, product and customer
Value-led
Regular photos, videos and content marketing
being shared across platforms
potential additional streams
Focused on key channel of growth and multiple
income options around that.
There is a lot there so if you feel slightly overwhelmed I always suggest that you start with one action you can take and spend all your energy on that before moving onto the next action. You can download the free pdf here for reference:
