In recent years, a growing number of people have been leaving the corporate workplace to pursue their dreams as an entrepreneur. Are you a hobbyist jewelry designer with a passion for the artistry that goes into each and every piece you create? If so, maybe that’s your calling. Maybe you can turn that passion into profit with a home-based custom jewelry business. Here are a few simple tips to get you started.
Before You Quit Your Day Job
Where so many budding entrepreneurs go wrong is to leave their day jobs before they are bringing in any money at all, let alone a profit. Unless you have a savings that will pay the bills for at least 12 to 24 months, it’s best to keep a salary coming in while you start and grow your business. Financing may be an option, but remember, you’ll need to pay that back. Unless your newfound artisan jewelry business is bringing in a positive cashflow, it’s better to keep those paychecks coming in.
Get Legalities Out of the Way
Without going into too many details here, you probably know that you’ll need to form a company of some kind, decide on a business name, and register with the appropriate tax entities (like the IRS). Get your business and occupational licenses in order as well. Check with the Small Business Administration for how to find what you’ll need to do in your area. If you don’t want Uncle Sam swooping in with massive fines and penalties, it’s best to take care of all that in the very beginning.
Gather All Your Tools & Supplies
As a hobbyist, you probably have many of the tools you’ll need to begin designing jewelry on a larger scale. However, there may be some tools you haven’t invested in yet and your probably don’t have a sufficient amount of materials needed to go into a larger scale production. One suggestion would be to find affordable sources for such things as chains and bands. You can find sterling silver chain wholesale so that all you need to worry about is creating the bauble that will hang from it. Few artisans really craft their own chains, so this is an important consideration.
Dedicated Workspace Is a Must
If you have a family, this is a critical step when forming a home-based business. You must set aside a workspace where you won’t be interfered with when designing and creating those masterful pieces. Actually, it is recommended that you always separate work from living spaces, family or no family, because you will be better able to see what you are doing as a job rather than that hobby you’ve dabbled in for so many years. Keep it professional.
You Can’t Do without Marketing
Finally, you’ll need to find a way to tell the world about your lovely, custom-crafted artisan jewelry. While you may not have the money to pay a marketing company, there are ways you can begin announcing your new product line to your market. Start with a website you can develop yourself with user-friendly content management systems like WordPress. You can have a site up and running in just a single day!
As a final tip, remember that the better you are at showcasing your jewelry, the easier it will be to build a customer base. You might want to build an audience through social media like Facebook, Instagram and Twitter to gain followers you can convert. Remember, it takes time, so patience and funding are critical. Don’t give up too soon because success is just around the corner.