Starting a jewelry design business is an exciting and creative endeavor that can take you far on the road to success, when you follow the right course. Many people start businesses without planning for success. In order to plan for success, it's important to avoid some common mistakes. It's easy to avoid these mistakes with the right information.
Mistake #1: Having No Creative Experience
The jewelry design business is competitive, and if you don't have a creative edge or niche in mind, you won't get very far. Along the same lines, if you have no creative design experience, it will be apparent in your work. It will be hard to find a good customer base without quality products.
On the other hand, if you have worked for a jeweler or designed your own jewelry for awhile, you have a good base knowledge that will give you the edge you need to start.
Mistake #2: Lack of Funding and Supplies
Starting a jewelry design business will require a good base of practical tools and supplies to get you started. You will also have to replenish your supplies as you start to sell, so having a financial resource will be vital.
Not only do you need the supplies to make your jewelry, you also need the resources to sell your jewelry. That means a website or local ads. You will need business literature, including business cards. You will need a mode of transportation if you intend to market your product to stores or boutiques.
Mistake #3: No Knowledge of the Industry
It will be important for you as a jewelry designer to have some knowledge of the jewelry industry. This includes basic knowledge of the types of metals available to design jewelry and the best beads or gems to incorporate into your work. You will need to find out where to get your metals or other supplies from, on the wholesale level.
Mistake #4: Having No Business Plan
It doesn't matter what type of business you are starting, a business plan is always a necessity. Even a rough draft of a plan is better than starting with nothing. A business plan is place to identify your goals, your ideas and your plan of how to attain and maintain lasting success. It will include a financial piece, which is vital if you intend to take a loan out for you business. It will also include how you intend to sell your product and what your growth line looks like.
Mistake #5: Having No Marketing Plan
Although a marketing plan will be a part of your general business plan, you will need to extend that piece on its own. This includes building a niche for your business. You will need to decide what you will focus on, such as the type of jewelry and the materials you will use. Your extended marketing plan should also include your business name and brochures with samples or a catalog.
Your jewelry designing business will be as successful as the work you put into it. Don't forget to register your business, if necessary, and apply for a business license.
