April 25, 2017

How to Grow Your Jewelry Making Business for the Long Term

As a jewelry business owner who is also the primary if not only maker, one limitation is that you can only make so many items.

Now, the majority of makers discount this because their problem is the opposite. They are not selling enough and have too much that is sitting on their shelves. They truly believe they will never get to the point where the capacity is "too much". So how do you make this work for your business?

When your jewelry making business is structured in a manner which works with your limitations as the maker, you have actually set the necessary systems in place that will permit you to achieve complete business success. Sounds a bit odd but think about it.

Some makers make and list, make and list, make and list instead of building a solid foundation for their business. It's important to spend time marketing your items, reviewing your data and balancing your time in the right areas.

Ultimately you may be more likely to reach your goals if you can properly structure your business to reach the levels of sales and income without spending the majority of your day producing your product.

For openers, instead of making one-of-a-kind pieces, consider making multiples. This can cut down on the amount of time it takes to photograph, create content and descriptions for new pieces and you can use your time and materials more efficiently.

If it is one-of-a-kind products that you decide to produce then you must be certain that the prices you are charging are premium rates, because you will in fact be spending more time both listing and promoting it. Be sure that your one-of-a-kinds truly are one of a kind to be fair to your customer.

You may also consider customization of a single piece in your jewelry so your pieces can be personalized but not as time consuming as one-of-a-kinds. For example, if you make a charm necklace, perhaps offer the option to have initials hand stamped on a blank that works well with your piece.

Next, go over your line of products to see if and where you may be able to add lower-cost, quick-to-produce items. For example, if it took you two hours to make an intricate bracelet, can you also make a set of earrings to go with it that takes less time and materials to make? These options can add upsells to your line and encourage larger sales. In addition, if your customer can find earrings to match that bracelet from you, they may be less likely to wander to a competitor in search of those earrings. It's also a great way to re-engage with the customer who purchased the necklace but maybe missed the earrings.

Finally, give serious thought to the potential benefits of having someone trained and ready to work instead of waiting until you have already reached maximum capacity. It can take longer than expected to find those who fit well in working with your business and it requires planning. The last thing you want to do is add labor due to dis-organization or lack of clear direction for those who work for you.

Planning out your goals, revisiting your data, and making improvements can get you to your goals faster. Having help can free up your time to focus on other items that can advance you or give you the quality of life you have been working so hard for. It's possible that the amount you spend on an employee could be returned to your business multi-times over a short period of time.

Taking the time to plan ahead and maintain an organized system can do wonders for your businesses long term growth.

Find more tips for shop owners here.


JTM Designs said...

This REALLY struck a chord with me. THANK YOU!!

sarahbergman said...

Thank you Beaducation for all this!

Shabby Cottage Studio said...

This is all so true and I've read this many times, many places. I would love to see someone write an article on the behind the scenes logistics of a one person operation setting themselves up for creating multiples. How does one go about it? If you are growing your business how do you decide which items are better suited to multiples besides easy to make... How many components do you decide to order for each piece...do you make one and keep all the components stored in hopes of selling more than one of an item...things like that. :) I learn a lot through Beaducation. Thanks!