6 things to invest in to grow your jewellery business
Blog
I wholeheartedly believe that you can start a jewellery business on a shoestring budget - I certainly did! However, there often comes a time when investing in yourself and your business can help you grow faster.
Here are some of the key areas for growth and how to spend your money wisely
to level up
If you are struggling to get sales and at the price you deserve the there are usually two things you need to look at - your branding and your photography.
BRANDING
If your jewellery business has been running for 18 months or more and you just aren’t getting the traction you need to build on it is worth taking a long hard look at your branding. When you first start out it is good to do your branding for yourself as you’re a designer with a good eye. But as you grow it is worthwhile hiring a graphic designer-specialist to work on your brand identity. Having a consistent and recognisable brand helps elevate what you do in the eyes of your customer.
Your brand is more than just a logo, it can also include the fonts you use, your brand colours, the way your photograph your jewellery and more.
If working on your branding is your next step check out 10 mistakes jewellers make with their branding. You could also check out this video interview I did with Hannah Belton from Ditto Creative who have done the Jewellers Academy branding
To do:
Get recommendations for graphic designers from others and look carefully at their portfolio. Does their style suit what you have in mind for your business? Approach a few designers to get quotes and a feel for what they can help with and who you could work well with.
PHOTOGRAPHY
Alongside your branding, you may also want to take a look at your photography. When you’re selling online your images are all that the customer has to make their choice. Even if you don’t sell online, having a social media presence helps you to show what you can do to potential stockists, craft markets etc.
You can either take the time to develop your own photography skills or you could outsource this to a product photographer. You may also choose to invest in your photography equipment including camera, tripod, lights, display materials etc
To do:
If photography is your area for growth and you would like to hire a photographer to do it for you, check out this guide to commissioning a photographer for your jewellery business
And if you would like to learn how to do it yourself, check out our online Jewellery Photography course
to create A NEW COLLECTION
MATERIALS
For a lot of jewellers, their next step is to create a new collection. If so you’ll want to invest in materials.
If you’re creating a fine jewellery collection remember that you can work in silver and then gold plate your pieces for photographing. You can also work with less expensive gemstones for creating your initial pieces for photographing and promotion. For example, if you’re making a diamond engagement ring collection you can use moissanite as a much more affordable alternative to a diamond.
Remember that handmade jewellery can always be made to order which helps to minimise the amount of your money that is held in your stock. If you’re stocking a shop or gallery, this is a consideration when you agree on the amount of stock you need to make.
To do:
Plan out your new collection and start a shopping list! Remember that you may need some extra materials for experimentation and mistakes so build that into your plan. Take a look at our list of jewellery suppliers worldwide
to grow
STAFFING AND OUTSOURCING
If you’re madly busy and struggling to get everything done then, first of all - congratulations! This is such an exciting time. It is often the case that when we start looking at the need for help and support it is probably well overdue!
To do:
The first thing you need to do is to look carefully at the tasks in your business, what needs to be done by you and what could potentially be done by someone your employ.
For example, the management of the business and the jewellery designing will normally be done by you.
But there are likely some tasks that could be done by someone you hire, usually on a freelance basis to start with. This could include:
jewellery making, polishing, stone setting etc
packing and shipping
social media and website
photographing your jewellery
You won’t necessarily hire people to cover all of these areas at once so do take a look at what would free you up the most to start with. If you are busy working in your business you can’t be working on your business and so your growth can slow.
If you are thinking of how to outsource some areas of your business here are some resources:
How to commission a photographer
Outsourcing in your jewellery business using a remote bench assistant
to save time
TOOLS AND EQUIPMENT
Sometimes what will make the biggest difference to a business is a tool or piece of equipment. Perhaps it is a barrel polisher, engraver, rolling mill, new torch, jewellery kiln - the list is endless!
To do:
Do some research and find out what you need to do the job, which brand you should get etc. It can be worthwhile investing in a piece of equipment that you will use for years and that will speed up your processes. I’ve worked with a few jewellers who have taken the plunge to invest in what was a big purchase for them. They have almost always found it made a massive difference to the growth of their business and they usually end up wishing they’d done it sooner!
to develop your greatest asset - you!
TRAINING/MENTORING
You are the biggest asset in your jewellery business so investing in yourself is ALWAYS a good idea. Take a look at what would help you grow - perhaps you want to develop your jewellery making skills. Maybe it’s a focus on design. Or your business acumen.
To do:
Do take a look at our courses here at Jewellers Academy!
Search for opportunities to learn both near and far. I have travelled to learn as much as 250 miles with overnight stays required in order to learn from the best and I have never regretted it.
You could also look at other support for your business including coaching and mentoring. These types of programs can be expensive but in my experience, they have always been worth the investment.
If this has got you thinking about the investment that could make a difference for your jewellery business then I would love you to apply for JewelFund.
JewelFund is my grant programme and I am giving away three grants of £1000 each to jewellers this year. You can be anywhere in the world. The money is yours to spend on your jewellery business, it is not a loan.
And it’s free to apply so there’s absolutely nothing to lose.
Sound interesting?
Find out more and apply for JewelFund here >
You might also enjoy
Interview with Julie Nicaisse, winner of JewelFund in 2020
5 things I wish I’d known before starting my jewellery business (podcast episode)
How to manage stock in your jewellery business with the Resilient Retail Club