There are a lot of people who have the talent to make handcrafted jewelry. They will often make pieces for themselves or friends and family. When they are good at it, they are often encouraged to sell their pieces. This means that they are being told to start a handcrafted jewelry business. It certainly is a possibility in Canada to start this type of business. Still, there is a lot to learn before venturing into this.
Starting With a Business Plan
The handmade jewelry artisan may be stepping outside of their comfort zone when it comes to starting a business like this. They are experts at making jewelry but don’t have a lot of business knowledge. This is not something that can’t be learned, however. It has to begin with a business plan. This will give some direction as to how the business is to progress. It will also provide the craftsperson with some confidence.
The Target Market
The craftsperson has to determine who is going to be interested in buying their jewelry. This is partially determined by the style of jewelry they create. For example, if they make bold and funky types of pieces, then their target market will be the younger generation. If they specialize in refined and petite types of pieces, then they will need to go after a totally different group of buyers.
Those that are being recognized as producing quality beautiful handmade pieces will build a name for themselves, and this will become their brand. They may become recognized for their style, or for the materials used.
Another thing to consider is if a particular piece of jewelry is going to be made. Some may prefer only to make rings. Others favour earrings and necklaces. The individual should start out with what they do best. Later on, they may want to expand their offerings or think about partnering up with other jewelry craftspeople who make other types.
Although for the handmade jewelry, there is no requirement for a lot of equipment, there are still other supplies that will be needed. The individual has to be sure that they have the cash on hand to buy these. Often when a customer is ordering a piece of jewelry, they will only put a deposit down. The craftsperson has to be sure they have enough funds to buy everything they are going to need.
Supply and Demand
Making handmade jewelry can be time-consuming. As the artisan becomes more recognized, they will receive more orders. They have to be sure that they don’t overextend themselves to the point where they have to compromise their work or are not able to fill orders.
This is often a challenge for the individual who is used to making handmade jewelry. They often don’t have enough confidence in their work to price it to where they will make a profit. The best step is to do some research as to what other handcrafted jewelry businesses are doing with regards to their pricing.