With the successful launch of the new book 'Start And Grow A Profitable Jewellery Business With Jessica Rose', we invited the author and founder of Jewellers Academy, Jessica to share her advice on running a profitable jewellery business.
This blog post gives you a taste of what you can expect from Jessica's best-selling book, which is jam-packed full of practical advice and inspiration, ready to help you in your business journey.
Jessica has helped over a million people learn jewellery-making through online courses, jewellery diploma programmes, a membership site and YouTube tutorials. Jessica has a wealth of knowledge in this field and has spent many years mentoring businesses and talking to successful, creative jewellery entrepreneurs enabling her to bring you everything you need to make a success of your handmade craft.
Jessica's book is dedicated to helping you to build a successful, profitable and sustainable jewellery business. It will also guide you through creating and executing a solid plan to increase your profit, reduce your workload and prioritise your time.
The first thing to consider for any jeweller is the product.
This is often our favourite thing as we all love to make! If you are just starting out then my suggestion is to make what you like, learn different jewellery making techniques and generally have fun! This is how you find your own signature style.
Signature style means that when I look at your jewellery, your collections are cohesive and there is an identifiable style to your jewellery. Eventually, someone looking at your work should automatically know that it is made by you. But don't worry if you don't have a signature style yet. This is something that comes with experience so don’t rush this fun experimental phase.
When you start to hone in on a signature style, look critically at your work and check that it has appeal to your ideal customer.
Everything you do in business is for your customer so it is good to have a clear idea of who they are at the front of your mind. If you sell at fairs and markets this may be easy for you, you likely already know the type of person who is attracted to your work. If you are just starting out and are unsure, imagine it is you!
When you're thinking of your customer consider their gender identity, age, employment status, where they live etc. The more specific you are here the more you can ensure that when you are sharing something on Instagram or are writing a product description, you are writing specifically for and to them.
Remember to ask yourself what your customer will think and need before making any business decisions.
Marketing can sound like a scary word but it just means getting the word out. The first 100 sales in any jeweller's business come from your network. If you sell to 10 friends and family members and they each tell 10 interested friends - that is 110 sales. And once you have these sales you will be able to get reviews and momentum behind your business. So don't start out trying to attract strangers to your work, start with people who know you.
Pick a social media channel where your customers are likely to be - Facebook, Instagram or TikTok are the big three for jewellers right now - and start sharing on there.
Consistency is key so committing to sharing once a week is better than sporadic posting. Social media is all about video right now so you get more attention if you share video. My suggestion is to share one video each week on your social media (at least). And it doesn't have to be long - 7 seconds of video is enough.
Getting your pricing right is so important in ensuring your jewellery business is profitable. You can be making a lot of sales but if your prices are too low it isn't a sustainable business. Your pricing needs to take into account the cost of materials, the cost of your time and your profit. There are also different formulas for pricing if you are selling your work yourself or if you are wholesaling to shops and galleries.
This is a big topic in itself so do take a look at my free pricing masterclass which includes spreadsheets that you complete to calculate your price for you.
When you first start out selling your work I recommend trying a selling platform like Etsy. This is a quick way to get your pieces up for sale for friends and family and for potential customers. As a long-term goal, I do suggest you create your own website. This has become even easier and more user-friendly than ever as website platforms like Squarespace and Shopify want to attract new businesses to them. If this does sound daunting, is there anyone you know that can help you with this?
There can seem like a lot to do when you are working on your business but remember to take one step at a time. I have found that spending time focusing on one area helps me make real progress in my business.
Jessica Rose is a jewellery designer and award-winning entrepreneur. She is the best-selling author of the business book ‘Start and Grow a Profitable Jewellery Business’. In 2008 she launched the London Jewellery School and grew it to over £500,000 turnover within a few years. She has run 5 different jewellery businesses, written jewellery books and hosts a successful weekly podcast, helped over a million people to learn jewellery-making through face-to-face classes and online tutorials. Now Jess’ focus is on supporting designers to follow their passion and run their own successful jewellery businesses, on their terms.