How to Start a Jewelry Business - Store, Home-Based or Internet-Based
Have you always enjoyed crafts? Making things with your hands is a relaxing and can be a profitable gift. If you have a penchant for jewelry making, start a jewelry business and let the world see the unique items that you can produce. A jewelry business is also a sound idea for jewelry designers.
What is a Jewelry Business?
As the owner of a jewelry business, you will buy and/or sell antique and new pieces of jewelry to the public. A jewelry designer will create unique pieces in gold, silver, and maybe platinum (if you can afford it) that may or may not hold a precious or semi-precious stone. Some jewelry designers create designs at a client’s request. For these pieces they can charge more since it is one of a kind and a special order.
How it Works
Jewelry owners also buy jewelry stock from wholesalers. This works for jewelry store owners who are not designers and prefer to sell pieces created by someone else. People will buy from you at trade shows or order online if you have a website store.
To gain credibility in the jewelry arena, it is recommended that you have some training in gem recognition and how to set and cut stones. You can apprentice under a jeweler to learn the craft. Some who start jewelry businesses have worked with or for other jewelers and now want to be out on their own. It is not required that you earn a certificate from the Gem Institute of America, but if you want to eventually cater to high end clientele, this will go a long way to inspiring confidence in your work.
A jeweler’s trade consists of creating settings and unique pieces (if you are a jewelry designer), cut stones, set stones, and appraising jewelry. Jewelers use a monocle called a jeweler’s loupe, vises to hold settings and stones, magnifying glass, pliers, and equipment to make jewelry. As a jewelry designer, you may already have most of these things. Count on an initial investment around $500.
Homebased or Brick & Mortar?
Where can you run your jewelry business? Well, the choice is up to you. A garage can be set up as a jewelry workroom where you create and store your pieces once they are ready. Any wholesale inventory can be cataloged and stored here. When you are getting started, home is a good place to be. Create an online presence and showcase your jewelry in your own storefront. Any original creations should be patented so that no one can steal your designs.
The business will equally work at a kiosk in the mall or a store in the mall. Be sure that you have done your homework on demographics and the viability of your product to your target audience in your area. Kiosk and store rentals are expensive so a good profit needs to be made to break even or better.
What Next?
- Get Educated: Pick up a copy of the Fab Job Guide to ecome a Jewerly Designer. It will show you what you need to get started in the design business, get customers and more.
- Start Your Business Plan: You can create your custom jewerly business plan here.
- Set up Your Website: If you want to showcase your pieces and get more customers, a website is a must. To quickly and easily put your professional website together, click here.
