One mistake that jewelry business owners make - is that they do not go out and join exhibits or related industry. Yes, its important to do so. It is one way to get your brand noticed and promote it to your target market. On the other hand, without properly planning, this may be a failure too. Since exhibits are not free and trade shows have lease and joining fees, it would be best to analyze first if it would be worth it.
If you are a startup business, chances are, you are using credit cards and loans to manage your jewelry business. However, this may turn sour if not planned properly. Prior to starting your own jewelry business, take time to learn how to manage your finances first, what are your plans, how much you need, where will you get the funds, and how would you be able to pay. New businesses take time to create sales, so you must be ready for this fact.
If you are new in the jewelry industry, chances are, you may be focusing on lots of tasks and to-do's at once. The thing is, you need not to do them all. Learn how to deligate. Small adhoc tasks can be managed by an assistant. Bigger tasks like jewelry designs, branding and promotions, can be managed by you. However, some designers tend to forget the benefits of promoting and are just focusing on the design aspect. Remember, you can't continue creating designs without properly handling your time to market what you have already instored - unless you want to go bankcrupt.
Marketing your new business is a must. You can't just post your products and expect sales. You should be able to promote it, create great offers, advertise in the world wide web or even hire a social media manager to handle your online presence.
Nowadays, who else does not have a website or a business page? Every new business these days do hire website professionals to create their stunning websites prior to the launch of their brand. Websites and business pages really do help in increasing your reach and online presence. Yes, you may have a physical store, but it would be great if your brand would be known across the globe too.
Another mistake that startup jewelry business owners make is that - they do not hire professional photographers and just rely on their digital cameras or mobile phones. Jewelry is one product that is actually difficult to take a picture of, especially the silver ones or platinums which tend to blend on light background, and reflect most of the lights. Visual images of your designs are your best marketing tool. Consistent, quality photography is a key in looking not only professional but also making more sales online and off. Having great photos is the first gateway to get a buyer to notice your work.
Yes, it may be difficult to set your rate or your jewelry prices, but its a must to learn how to. Start learning how to set the prices right. You may need to consider the materials used, the hours of labor it took to create, the number of people who created it, and alike. One mistake that most jewelry designers make is that they set their prices wrong. Remember, you can never compete on price so do yourself a favor and price your jewelry the right way.
One mistake that jewelry makers normally make are they sometimes create random designs without further studying them. They just create a bunch of items and try to sell them. Quality is one thing that needs to be nurtured in order to cement your own brand. Study the market, and think of a great collection or story that you can offer to your market. Does your design speak something? Does it tell a story? Does it relates in today's industry?
Yes, it may be easy to start a business for some, but most of the time, its difficult to start on what you could offer. You may be a jewelry designer, but do you know who are your clients and target market? For instance; are you making jewelry as a luxury for VIP's? Or are you creating engagement rings for soon-to-be couples? It is important to know "for who" would the designs be so you will reach the right audience and of course, gain sales.
If you are planning to start a jewelry business, then you should first arrange your bank accounts. Have a separate bank account for your business and one for your personal needs. Avoid using the same account that you personally use, hence, use the same credit cards for your business purchases. You will have auditing issues in the long run.