what makes a successful jewellery business in 2023?
A question I am often asked is what makes a jewellery business successful? In this post, I am going to share the things that I think are crucial to success this year. 70% of the advice I give you here is relevant no matter what year it is but I do have some advice that is very specific to the financial circumstances in 2023.
focus
It is always tempting to try to juggle lots of priorities thinking that this is the way to grow but slow, steady progress is the way that real growth happens. If you aren’t focused you can’t put all your energy behind your actions and you may find you aren’t making the progress you want.
So how do we do this?
Firstly, you need a plan. I like to split the year into quarters of around 90 days.
Quarter 1: January, February, March
Quarter 2: April, May, June
Quarter 3: July, August, September
Quarter 4: October, November, December - Christmas sales focus
Then I would like you to set three goals for the year, one goal for each of the first three quarters. The fourth quarter for jewellers is typically a focus on Christmas sales as that is usually a jeweller’s busiest time. However, if your busy time is in another quarter simply move your focus on sales to that quarter.
Some ideas of what to focus on are - developing a collection, build/refresh my website, grow my social media, develop my bespoke pieces, brand or re-brand my business, develop my making skills, photograph all my pieces, sell at three craft markets etc.
For example:
Once you have your overall goals, work on them in turn. What would success in this area look like? Then break that down into smaller actions.
The key lesson here is to do one thing at a time and do it well. 90 days is a good amount of time to really commit to getting something done and complete. But remember, don’t get distracted!
if you can, invest
If you can, this is the year to invest in yourself and your business. With the increased cost of living, many people are going to be pulling back this year and if you need to do that too then I completely understand.
However, the people that can and do invest in their businesses this year are going to have an advantage and they are going to stand out more than they would have in previous years.
But what do I mean by investment?
Investment can mean either time or money (or both!). You can invest money in employing experts to help you grow your business. Or you can invest your time in doing it yourself.
What could I invest in?
Some examples of good investments for you and your jewellery business
Jewellery training - if you are ready to upskill then do take a look at our Diploma programs
Jewellers Academy Diploma program >
Business training - As jewellers, we spend time, energy and money in learning our craft but business matters can be left to chance. And if you don’t know what to do then don’t blame yourself - how can you if you haven’t had business training?
Check out our 8-week Jewellery Business Bootcamp that starts on 3rd February 2023 (and runs once per year).
Photography - getting professional photographs, model shoots etc
Branding - working with a graphic designer to create or elevate your brand
Website development - getting an expert to help you with your website
Stock - I can’t tell you how often I speak to jewellers about growth. When I ask them about their products, those that are struggling for sales don’t have a strong range of products ready for customers to buy
case study
Do have a listen to this podcast interview I did with Corrine Whillock of Lulu and Boo Jewellery. She made 30K in the first year of her jewellery business and she spoke with me about the investments she made in her business.
charge more
Whatever you were charging last year, you need to charge more this year. The price of everything has gone up so it’s important that you’re charging more especially if you are investing. The whole point of an investment is that there is a return on that investment and your pricing is your way of getting that return. And remember, people know that prices are going up this year so they won’t be surprised.
focus on the long game
It takes time to build the foundations of your business and can take any business, regardless of industry, 3 years to start making a profit. So it is important to have a plan, work on one thing at a time and start building good habits. Can you do one thing a day, however small, towards the growth of your business?
The key to success is to keep going. I’ve had many ups and downs in my businesses and if I had given up during one of the down times I would not have been able to benefit from the growth that inevitably came next.
social media: prioritise reels and video content
As always, the key to success with social media is to be where your customers are - whether that is Instagram, Facebook, TikTok, LinkedIn etc
2023 is seeing a move from the more curated social media feeds where everything has to look perfect to more ‘real people’. People buy from people they know, like and trust. If we can share about our business, what we sell and relevant things about ourselves as the jeweller behind the business - this is what will build connection.
Right now, jewellers are doing well on Instagram and with Instagram reels. If you can only do one social media post a week I suggest that it is an Instagram reel. (And if you can do more that’s great too).
You can find free training on Instagram reels and more here >
sell to your network first
Many jewellers just starting out feel daunted about all they feel they have to do to get set up - set up a website, make stock, develop a brand, find packaging, set up social media accounts etc
Yes, all of these things are good to do but they shouldn’t be where you start. The start is always to make some jewellery and reach out to your friends and family to tell them about it, ask them to buy and ask them to share your jewellery with their network.
Your first 100 sales will likely come from friends and family and their connections. If you get 10 people in your network to buy from you and they each get 10 of their friends to buy - that’s 110 sales. And then you can ask those people for reviews and further recommendations. And then you have a solid foundation to build from.
customer experience is key
You want to ensure that your customer’s experience is a happy one when shopping with you. Once you’ve set up an online shop or however people can buy from you, make sure you test it or ask a friend to test it for you. Is the information clear? Is it easy to buy from you? Remember that if there are any barriers to buying then you may lose customers who were ready to purchase.
Also, consider the shipping and unboxing. Handmade jewellery is a real treat and we want our customers to be excited to open our parcel and want to buy from us again.
email is still the most effective way of selling online
If you don’t already have one, start an email list for people interested in hearing from you. Many websites e.g. Squarespace etc already have the ability to collect email addresses and send out newsletters. Alternatively, you could look at a dedicated mail client e.g. Mailchimp, Mailer Lite. Put the link to sign up to your newsletter everywhere! In your link in bio on Instagram, in your email signature, on your website. At least once a month, share about your newsletter on your social media. It can take time to build up your list and you just need to keep going!
allow time to grow and be creative
When we are the maker and business owner we do all the jobs! So remember to allow time for your creativity to remember why you started the business in the first place!
Have you found this blog post helpful? I hope so
If you would like my help with starting or growing your business this year then I’d love you to join me on the Jewellery Business Bootcamp
Starting on 3rd February 2023 and running for 8 weeks you get:
WEEKLY TRAINING:
Each week a batch of new video trainings are released for you to learn from, along with a weekly workbook and notes to go alongside the pre-recorded videos.
You can watch these sessions anytime you like and as many times as you like.
WEEKLY LIVE SESSIONS:
Alongside this there is a LIVE Q&A webinar each week to get any questions answered on that weeks topics with Jessica Rose and expert guest speakers
FACEBOOK GROUP:
The cornerstone to the programme is the Facebook group, here you will get daily motivation, support from your fellow jewellers and instant access to be able to share your progress throughout the bootcamp course and beyond
MEMBERSHIP:
By joining the Bootcamp you will get annual access to our membership site complete with over 20 jewellery making courses, jewellery photography, branding, business courses and much more.