Gloria-Jean Browne : Profitable Home Jewelry Business
The Secret to a Profitable Home Jewelry Business
By Gloria-Jean Browne
The secret to a profitable home jewelry business is not only designing and making jewelry that you enjoy, but also designing jewelry items that are salable and have a strong market demand for.
In order for your jewelry designs and your home jewelry business to be successful, you must know the market you intend to sell to you must do some market research.
Most jewelry designers make a habit of making what they want to make, then try to find people to buy it. If you sell your jewelry just for the fun of selling, then you probably won't require any market research. But if you're serious about selling and want to make money you should make every effort to find out what the marketplace wants or need, then, try to produce it. If you expect to make a living from your jewelry, you must not only have a quality product, but you must also design what is marketable.
There is a great deal of competition in jewelry, and to succeed you must know what you're doing. If you fail to grasp the importance of such things as market research, record keeping and promoting your home jewelry business, you will likely not make any money selling your jewelry.
Many jewelry designers think that market research is only for big companies with big budgets, while all they want to do is make and sell a few handmade jewelry items. If you only plan to sell a few items then there is probably no need to bother about researching the market.
But if you want your home jewelry business to succeed and make substantial profits, then you must sell your jewelry in significant quantities. In order to sell in significant quantities you have to know the market, you have to know what people want to buy, you have to know where these people are, how to reach them, and how to let them know about you.
You will have to narrow your target customer, because your jewelry designs and home jewelry business are so personal you will not aim to sell to everyone, unless you plan to invest in big advertising campaigns. If you try to cater to what everyone wants then your market is too open and competition stiff.
Everyone has different tastes and you won't be able to satisfy them all, so you must work to develop the markets where your ability and designs will be appreciated markets that fit you and your jewelry. Once you have learned which group of buyers is drawn to your work, you must then aim your designs specifically at pleasing that group.
As part of your market research you will need to know what is the profile of your typical customer (i.e. age, sex, location, interests, style, etc.). In investigating your potential customers, you must consider WHO will wear your jewelry.
In finding the answers to these questions ask yourself: Who do you think would probably buy YOUR jewelry, or who are you making your designs for? For example do you want to reach sophisticated, or professionals? Young and funky? Everyday or party wear? What about bridal or prom jewelry?
Also in your market research you NEED to know what your competition is doing. You will learn more about what is selling where, to whom, and at what prices by carefully observing the competition. Once you have an idea of what you want to make, surf the net, attend as many shows, go to as many stores, and seek out as many other points of sale as you can for the same style of jewelry as you wish to market.
Then ask yourself: Can customers easily get what YOU make from someone else, perhaps at a lower price than what you would have to charge to make a profit? Is your jewelry unique or is the market already saturated with the style of jewelry you want to make? Like I said earlier COMPETITION IS STIFF so your designs have to be unique, they have to be different!
Once you have identified who your customers are, or to whom your jewelry is appealing, you can then cater to the taste of this typical customer and seek the best ways to reach him or her.
The next questions now are: How do you plan to distribute your jewelry to your customers (i.e. craft shows, wholesale to retail outlets, specialty shops, your studio shop, holiday boutiques, party plan, website, etc.)? How will you inform customers about your jewelry?
Market research can be very important in helping you to avoid later disappointment. If you investigate beforehand, you will find that your efforts at marketing will have a much better chance for success. When you know what is happening in the jewelry business, you can see how your products fit into the picture and make changes accordingly.
You should always be finding new ways to reach potential customers with your jewelry designs and new ways to keep repeat customers buying.
People's tastes and wants and needs are constantly changing, and you have to be aware of these changes at all times.
You will have to consistently make sure that your are presenting the right product in the right way to the right market at the right time. That's the only way make your home jewelry business successful and to make sales grow! •
© 2008 by Gloria-Jean Browne. All rights reserved.
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