5 Things You Need to Know to Start Your Own Jewellery Business

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You have decided that you love to create jewellery and accessories and you are good at it. You have so many pieces that you cannot possible wear them all or give them all away. People want to know where you purchased your earrings, headband, or necklace. You have always wanted to have your own business, so where do you begin?

1. Know Your Strengths
2. Start Small
3. Know Your Target Market
4. Focus!
5. Be Prepared To Change Strategies

Know Your Strengths

I propose making an inventory of your skills. Just jot down on a piece of paper what you know you are good at as it relates to your proposed business. After this you should have a good understanding of the gaps you need to fill to get your business up and running.
Here is an example, my mother and I started EJ WIPS Designs and we had Human Resources skills, personal selling skills, and business management and marketing skills. We lacked accounting and detailed web development skills. We were able to take our business as far as we could until we had to hire an accountant and a web developer.

Start Small

One of the biggest mistakes we made when we started our business was to have too many product lines. Here was our line of thought: “WOAH! Wouldn’t it be great to have bags, and belts, and necklaces, and earrings, and be a full fashion accessory retailer?” We tried to start at point B instead of point A, and in the process, we wasted a lot of time and money. At the moment we retail handmade jewellery (necklaces, bracelets, and earrings) and African art. That is it.
My advice is to choose two or three of your best products and stick to them if you are doing festivals. If you are opening a retail store try to start in a small location. If you rent or lease a space that is too large you have to find the money to fill the shelves. Remember, you can always expand into larger spaces as you grow.

Know Your Target Market

It is very important to know who you are selling to. Don’t be fooled into thinking that you are going to sell everything to everyone. Do your pieces appeal to a certain type of person? Do you create items for males or females? People who like to stay on trend or people looking for timeless and classic looks? Knowing this will help you to choose festivals, store locations, and even the colours of your website and marketing material.

Focus!

Once you have started you need to focus. Make a list of the most important things that need to be accomplished and do them. Don’t be swayed by festivals that only cost $300 for three days if they do not attract your target market. Think twice about those cute headbands you want to start making if they are not part of your main product line.
Doing a few things well is better than doing many things mediocrely.

Be Prepared To Change Strategies

Not everything you decided that you want to retail will be received by the market well. Not every strategy you employ will work out. Be ready to change directions or strategies as needed. Make SMART goals for yourself and your business when you do this you will be able to determine when a product, festival, strategy or even your business in general is not meeting your expectations.

EJ WIPS Designs has employed these strategies and has greatly benefitted from them. If you need more information or advice in general

• Visit our website at www.ejwipsdesigns.ca
• E-mail us at emilynandjameelag@gmail.com
• Like us on facebook at www.facebook.com/EJWIPSDesigns
• Or follow us on twitter @EJWIPSDesigns

--> EJ WIPS Designs
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com