A jewelry making business is ideal if you are a mom working from home. For one thing, it doesn’t have to take up a lot of space. You can easily make beautiful items to sell from a small desk. It is also something that you can get on with when it suits you. Meaning, you can earn money while you fit your work around family life.
Depending on the number of pieces that you make in your jewelry making business, you could earn $10,000 a year doing part-time work. Furthermore, you can begin with start-up costs of only $1,000. With that in mind, here are some things to consider when your jewelry hobby moves on to become a new home business.
Look out for trends in a jewelry making business
The trends in making jewelry, particularly for keepsakes are always changing. Keep an eye out in the trade magazines and on websites such as Pinterest and Instagram for the up-to-date changes in fashion. At the moment, metal stamping with mottos such as “I love you to the moon and back,” are extremely popular.
Classic baby fingerprint jewelry made from precious metal clay are also staples that sell well all year round. Next year, however, the trends may change. This is why it is important to keep your finger on the pulse.
Marketing what you make in a jewelry making business
If you are making jewelry from wire and beads, you may find that the best way to market your products is through social media. Particularly, Facebook is a good place to start and is entirely free.
You can use your business page to market your jewelry to a wide audience easily through the like and share process. You can even make sales in your jewelry making business via social media. Taking your products to local markets and craft fairs will also help you gain a good reputation.
Granted, your jewelry may be more high end, using gold, silver and platinum. Then, it is worth making an investment and advertising in style and jewelry magazines. Anyhow, don’t forget bridal magazines and websites. These can provide you with customers looking for something perfect for that special day.
Keep a percentage of profits for stock in your jewelry making business
When you’ve sold your first items of jewelry, it is extremely tempting to go and spend the profits as celebration. However, your business is only going to be successful if you invest back into it. Considering this, keep a percentage of profits back to spend on stock.
If you are making jewelry from raw metals, such as silver, gold, copper and platinum, keep an eye on the market on a regular basis, too. There will be certain times of the year that the prices are lower. This is the time to replenish your stock of materials.
Shopping around for your jewelry making business
Buying your stock in bulk in your jewelry making business will help you get a better price. Using websites such as pandahall.com or internationalcraft.com, you can make wholesale orders that will drastically cut down on your business expenses in the long term.
You may be buying sheet metal. Then, this will also be cheaper if you order it in larger weights. In addition, it is also worth considering making your own fittings such as jump rings, rather than buying them ready made. This can save you a lot of money.
Don’t forget record keeping in your jewelry making business
Once your jewelry has become more than a hobby and is turning into a business, it is time to make sure you keep thorough records. This is so that you can complete your tax forms correctly at the end of each year.
You should make sure that you record of all of your expenses as well as your profits. Don’t forget that if you are working from home, you will be able to claim a percentage of your home bills for your jewelry making business.
For instance, you may be using one of your five home rooms exclusively for your jewelry making. Then, you will be able to claim up to 20% of the electric and heating bill in relation to that room.
Making jewelry is a wonderful hobby to turn into a jewelry making business. You can make a real difference to your family finances, whilst doing something you love.
Author: Jane Edwards – Freelance Writer