The five beliefs you need to let go of to make a profit in your jewellery business
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If you're looking at the amount of money you made last year from your jewellery and are disappointed then don't despair - we've all been there. Even if your sales were good if your profit is not then something is wrong with your pricing. Here are the 5 beliefs you need to let go of to make a profit in your business.
Pricing your jewellery is not just about the numbers.
It's your judgement about your self-worth and your perception of the jewellery you have made. So one of the biggest barriers to charging what you should be for your jewellery is you.
I have been working in the jewellery industry for 12 years and I have seen the same beliefs around money come up again and again. Take a look at them below. Be honest with yourself - which one/s relates to you. Isn’t it time you challenged that belief and let it go?
If I charge too much people won’t buy from me
One of the big fears is if you raise your prices you will stop getting sales. It is interesting that actually the opposite is true! The perceived value of your work is a big factor in whether people buy from you and one of the ways you communicate this to potential buyers is through the price of your work. If you price looks too low people think that it must be bad quality, can’t be real silver etc etc. Getting your pricing right helps show the customer your worth and the worth of your jewellery.
2. I’m still learning/I’ve only just started, I can’t charge what professional jewellers charge
There are lots of things wrong with this! Firstly, you are doing your skills a disservice. Yes, you will continue to learn and improve and you should never stop doing that but that doesn’t mean that what you create now isn’t worthwhile. Second, if in the future you do feel that your work is ‘good enough’ then you may find it harder to raise your prices as you will already have ‘taught’ your customers what to expect of you.
3. I live a comfortable life and I love what I do. I don’t need to make money from my jewellery
If making jewellery is a hobby or side hustle for you that’s great but your time and effort is still worth a proper reward. If at some point in the future you decide to make jewellery your business or you want to have it as a source of income when you retire then you will face an uphill struggle to get the right customers. You also do other jewellers who are trying to make a good living a disservice by undercutting them.
4. People will like me more if I charge less for my jewellery
Your pricing is often linked to your self esteem - the idea that low prices will keep everyone happy and on your side. The reality is that when you charge what you need to make a good profit some of your previous customers may not want to buy from you but you’ll find a group of people who will value what you create and that is when you are really in business!
5. I will be judged by other jewellers if I charge more
The world is so open now because of the internet. We can see what other people are making and doing on social media and this is making us more concerned about being judged by our peers. One of my favourite sayings is
You'll worry less about what people think about you when you realize how seldom they do. David Foster Wallace
Do you notice everything that people share on social media? I bet you don’t! And if you are judged the thing that upsets people the most is being ignored! Don’t let the fear of someone’s judgement make you play small.
THIS IS SUCH AN IMPORTANT TOPIC FOR ANY JEWELLER TO MASTER…
So I will running a FREE live online webinar to help you get it sorted for 2020! I’ll be covering:
How to effectively charge for your jewellery
Formulas and spreadsheets to use in your business
Working out retail, wholesale and cost pricing
How to use more complex pricing such as sales, discounts and different currencies
Having the confidence to charge the right amount and understanding profit in your business
Plus a Q&A session to get your specific questions on pricing answered!
In this session, I will start with simple pricing techniques and work up to more advanced considerations so it is suitable for all levels of jeweller from complete beginner through to seasoned pro.
Plus we make pricing fun… yep I said fun!
There are 4 dates and times to choose from. Click the link for your chosen time and sign up now. Spaces are limited so grab yours now.
(times are Greenwich Mean Time)
Tuesday 14th January 2020: 8pm - Join here >
Thursday 16th January 2020 : 1pm - Join here >
Monday 20th January 2020: 8pm - Join here >
Thursday 23rd January 2020: 11am - Join here >
And if you can't make any of the times do still sign up so you receive an email link to the recording to watch when you're free.
I really hope you can let go of some of these beliefs that are not serving you so that you can start running the jewellery business you deserve.
With love
Jess x
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Why under-pricing your jewellery is losing you sales >