Starting a Jewellery Business

by Startacus Admin

Finance

If you want to be able to turn your idea into something real, you have to think about finance...Some of the first questions you will need to ask yourself are:

• How much everything is going to cost to set up?

• If you decide to work from home - would there be any renovation costs needed to the house?

• What is your wholesale price and your retail price? (selling a large quantity v’s one off pieces)

• How much would your monthly overheads be?

• How much capital would you need to start the business and how do you intend to raise the finance to do this? Have you considered a startup loan or other financing options?

• If you need any certificates / qualifications how do you get them and how much do they cost to do?

• Any Insurance costs to consider - working from home / health and safety etc

• Will you register as a sole trader?

• How are you going to manage your finances - will you do it yourself or get an accountant?

• Do you have an administration system in place to manage finances, orders and stock control?

Design and Marketing

• Have you created a Market strategy?

• Do you have any existing contacts in the jewellery industry you can speak to - get some free press from? Could you write about starting your Jewellery business in local newspapers / journals? Are there any websites looking for startups to tell their tale? Yes - Startacus is!! Here’s the link!

• How will you use Social Media to promote your business? Facebook Page, Twitter account?

• Can you have a mailing system / e-marketing system to email special offers to existing customers? Have you considered how you will be able to build repeat business?

• How do other craft makers market themselves and what local business, marketing and trade networks can you get involved in?

• Is there anyone famous that would be willing to wear your jewellery? - A little free press is rarely bad news!

• How will you package your jewellery and how can this help you market your brand?

• Do you need business cards and other marketing practicals?

• Have you worked out what your monthly marketing budget is ( if you have one at all!)  

Business Practicals

Red Tape to some....protecting yourself to others! You might want to consider:

• Any insurance practicals to sort?

• The legalities involved with employing any staff if you intend to in the future

• Do you have a bespoke database to records your customer details

• How will you charge customers - can they book online?

• Have you decided where you will work and be based?

• Will you start part time or full time?

In fairness the checklist above could go on and on....however, if you are still keen to start a Jewellery business, we hope that it helps you out along the way!

If you like what you see here on Startacus, why not become a member of our growing community? It's free! And you'll get all this - exclusive access to our Business Toolkit, discounts and offers galore for your business via our member only business deals, the chance to network and connect with loads of fellow self-starters, and maybe even become our celebrated 'Self-Starter of the Week' and tell the world your startup tale! Join right here for free

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Published on: 6th July 2013