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Lies and Pitfalls to Avoid When Starting a Jewelry Home business

By Edited May 10, 2015 0 1

If you are proficient at anything and you are able to make a living out of it, you know how that really feels. It is not always about money, but as you know, there is nothing wrong with money. A lot of us dream of starting a business from home and making it to the big time. For those who have ever tried starting any type of business, you know that it will soon become an obsession. You will breath, eat, drink and sleep your business. You seem to be able to keep you dream alive because you always have the end result in mind. When it comes to starting a jewelry home business, there is abundant information on the internet. Most of the ideas published on the internet will tell you about how easy it is to work from home. There is nothing easy when it comes to starting a jewelry business or any other business. Anything with the word business in it is never easy. The following ideas will help you put things in perspective and avoid some of the pitfalls that inexperience brings with it.

Make your own jewelry: This might sound easy and fun after you've watched a few YouTube videos on how you can make beautiful jewelries. The problem is not the fact that you will be unable to produce them, but business implies selling and not just production. You have to understand that there is a difference between a hobby and a business. Anything you produce and don't sell is basically a waste of money and time. You also need to be aware of competition. No matter how good your final products are, there will always be someone who can do it better and cheaper. Furthermore, you will be unable to mass produce which means higher cost of raw materials, labor and you will have to sell at a higher price to get even. Making your own jewelry is not always a good idea for home business. You will be better off buying wholesale and transforming if need be.

Start a website: You cannot sell everything on the web. Apart from the fact that it will take you many months to get decent traffic to your site, you will need to build an ecommerce website. If you don't have a clue what that means and you don't have the financial means for someone else to do it for you; then you are back to square one. You need to ask yourself, how many women or men actually buy jewelry from the internet? Have ever bought jewelry from the internet? If the answer to the later is No, then why would anyone buy from your site? People like to touch and feel the jewelry before they buy. What you could do is to have a site to show case the jewelry you have available in store. It will be an advertising medium that will help potential customers find you. Internet is a double edge sword. If you put it on the internet, someone will copy your design and there is nothing you could do about it.

Good design makes money: That is a fallacy and Haute Couture is a good example. If you were to look at what the top fashion designers have on display, you sometimes will ask yourself, "is this fashion?" Beauty is in the eye of the beholder is a common phrase. However, most top fashion designers make a fortune from their collections. You might sometimes consider them ugly but they are still profitable. This brings us to the fallacy of good jewelry design. If you can combine good design and reasonable price, you might make money but that is not a guarantee. At times, bad design combined with good marketing will send you straight to the top. That is not to advocate bad design, but it states the reality of business. Most good businesses fail because they lack a good marketing strategy. Why would people want to buy from you if they don't even know you are selling? Marketing is a key to making yourself known. Why do you think companies behind the names Cola, Pepsi or Nike still spend millions on marketing? You would think they are famous enough and everyone is either drinking Coca-Cola, Pepsi and wearing Nike shoes. The secret is that you need to continue reminding your clients that you do exist. How many generations have known and drunk Coca-Cola? Coca-Cola reminds us that, what is good for our grandparents and parents is also good for us. It will also be good for future generations. That is what marketing is about and that is why a good design is not enough. Most consumers buy what they already know and are familiar with. Some people don't even bother to check if there are similar products or better products. They just head towards the same brand they recognize.

Handmade is the best: Handmade is mostly a hype. There are good jewelries that are mass produced and are worth the money. Handmade is slow and doesn't guarantee success. The only time you might want to do this is, when you are able to sell your jewelries for thousands of Euros. In order to have clients who are rich enough to pay for these, you will have to be well connected. The fact that you are starting a home business already shows that the only connection you have is the internet. You have competitors and those who will copy your design. You cannot afford to be complacent and think that your handmade jewelries will attract buyers just because your hands produced them. Most buyers don't care. However, they care about the price. That is to say value for money. If your product is good and correctly priced, you might stand a chance.

Starting a jewelry home business is not fun. The business takes the fun out of it. You need to approach it with a cool head. It might be a good idea to start it as a hobby and see where that takes you. You never know what might happen. You might design the next best thing after the Fabergé Egg.

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Comments

May 12, 2010 10:44pm
Sookie
any craft business can be a hard start. Customers don't always realize the time and effort that is put into the piece. Great article!
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