Jewelry design and manufacturing is a viable low-investment business for creatives with a hands-on approach. Jewelry making and selling are among the most common forms of online entrepreneurship. For those who are DIY-phobic but have an excellent online business idea and are looking for creative ways to make money, this may be the answer. To help you get started, we’ve put together this guide on how to make money online. Some newcomers can fit into an untapped niche or bring a new perspective to traditional craft in a saturated market.
For starters, there are a lot of people out there. Then, starting with concept and design, we’ll work through manufacturing and distribution to conclude with marketing.
First, ask yourself: am I ready to craft fine jewelry or fashion jewelry? Or perhaps you’re more interested in the middle ground. It’s important to note that each market has its own set of materials, processes, pricing points, and target audience:
Fine Jewelry as Small Jewelry Business
- Manufactured with both semiprecious and precious metals, as well as gems
- Fine jewelry is often the most expensive in the market.
- Produced by hand using high-quality materials and rarely in bulk
- For the affluent/wedding/special occasion client
Fashion Jewelry as Small Jewelry Business
- Fashion jewelry has a broader market
- Low-cost metals and materials are used in their construction (beads, wire, plated metal, plastic, synthetic gems, etc.)
- You will benefit from lower costs of jewelry-making supplies
- Fashion jewelry can be produced in smaller quantities
- Once you get things rolling, you will get customers daily
In-betweeners as Small Jewelry Business
- Jewelry made with mid-range materials is included in this category (textile, metals, semiprecious gems, wood, 3D printing, etc.) collectible, made-to-order, unique piece of jewelry or highly skilled work of art
- There is always an emphasis uniqueness or originality of the design.
- Variable, but generally in the mid-range price range
- Best for the occasion/statement, collector/gift-giver/design-savvy client
Acquiring Jewelry-Making Supplies
If you’re serious about establishing a small jewelry business, you must pick a jewelry-making supplies store that has your interest in heart. It’s not just about the pricing. If it were all dependent on cost, everyone would be ordering cheap metals abroad. Instead, find jewelry-making supplies that have experience working with DIY crafters – like Xinar! Xinar has been working tirelessly for over twenty years in bringing the best jewelry-making supplies to the world. Our jewelry-making supplies are sourced domestically and are proudly manufactured in the United States.
We believe in giving our best price upfront, so you won’t have to bargain anymore. Explore our super extensive inventory of supplies from beads to findings, and you get the best price immediately. Furthermore, we are also committed to being environmentally friendly, so don’t expect a mountain of plastic when you order in bulk from us.
What about quality? Take our sterling silver charms, for example. Our sterling silver charms are manufactured via the lost wax casting method, a traditional method of making charms.
Our silver manufacturer uses a very involved process from creating the master to despurring the final product. We love that our charms are of equal quality with the most expensive sterling silver charms out there, whether it’s in the US or the UK. We bring the quality you need so your small jewelry business will prosper.
Creating a Small Jewelry Business Website
Logos, packaging, and websites all fall under the umbrella term “branding.” Establishing the aesthetics of your products and nailing down your target market should make it easier to identify a general aesthetic that will serve to define your brand. This is an essential step for a small business, so don’t rush it.
You can create a primary Shopify store with a free theme and make your logo using a free online logo maker on the low-cost end of things. If you’re stuck for a domain name, we’ve got you covered with tools to help you brainstorm. Next, maintain a portion of your cash reserves for professional product photography. Later in this post, we’ll talk about how vital jewelry photography is. Finally, work with a designer on a complete branding package for your business, from the logo and website to packaging and marketing materials, for those with a larger marketing budget.
Is a as Small Jewelry Business Profitable?
Jewelry sales totaled $348 billion in 2018, with fashion jewelry accounting for most of that total revenue. This post is for those who want to turn their hobby into a profitable small business. Of course, a jewelry-making company has its own set of challenges and considerations, regardless of your motivation or skill level. However, you can turn your hobby into something profitable with the right effort and market conditions. Who knew that DIY-ing had this upside?
What Type of Jewelry Sell Well?
Once you’ve narrowed down your jewelry business’s broad category, it’s time to focus on a specific market segment. Begin by determining your ideal customer and whether your products are occasion-specific. This will help you decide how to market them to your target audience. The following jewelry types consistently sell well:
- Hoop earrings
- Gemstone rings
- Pendant necklaces
- Charm bracelets
- Personalized pendants or charms
- Engraved wedding bands
- Engagement rings
Dealing with Jewelry Trends
Stay updated on the latest fashion and jewelry trends by reading blogs and following influencers in the industry. You can also see how many people worldwide are searching for a particular term using Google Trends.
Other trends or consumer habits, such as a desire for personalized experiences (engraving, for example) or ethically sourced materials, could also be considered. In addition, you can definitely use your jewelry know-how to start your own business.
Getting Ideas for New Jewelry Designs
A solid aesthetic, unique jewelry design, and consistent branding are the keys to success as a fashion industry newbie. Identify your overall signature style before working with a designer to develop your brand and design individual pieces. A jewelry design app, a Pinterest board, your digital mood board, or even a physical bulletin board or sketchbook can all be effective ways to gather inspiration. Images, colors, and textures can be collected from these sources to identify commonalities. Keep finding new ways to be inspired.
How to Develop a Strong Brand Name in a Saturated Jewelry Market
Branding is not the same as building a brand. You have a brand if you have a voice, a mission, and a vision. In the end, it tells customers what they should think of your products. Emerging brands can win customers by connecting with them, which is often the case with fashion purchases. Your About page is probably the best place on your site to tell your story, and your social media posts are a great place to show your personality.
Your Small Jewelry Business Needs a Business Plan
If you don’t plan to pitch your idea to investors or seek other forms of outside funding at the beginning, you may not need a formal business plan. But, to be sure, it’s an excellent way to get a better sense of your target audience and goals for your business.
How Do I Price My Jewelry?
How do you come up with the price of handcrafted jewelry?
When it comes to determining the price of a piece of jewelry, there isn’t a one-size-fits-all formula. A jewelry pricing formula, in my opinion, is only the first step in determining an amount of jewelry’s final price. First, choose a starting price that ensures that you won’t sell the piece for less than you paid for it. Then, finally, adjust the final retail price to reflect its value to your specific market.
Make sure that any jewelry pricing formula you use accounts for your supplies, overhead costs, and time as the most critical factors.
If you’re selling your handmade jewelry, you’ll want to buy your supplies as cheaply as possible – at wholesale or in bulk.
The basic formula is:
Base price = (materials + packaging costs) x 4 + your prorated hourly rate for crafting + 10% of that total for overhead costs.
