- 1
Will you still love making these when you have to make 100 of them?
Carefully plan. This may seem inconsequential; however, many people who start their own business selling jewelry, art or crafts really have no concept of what it will take to actually make a living at it. Be brutally honest with yourself. Make a list of pros and cons. Answer the tough questions. Do you have the time to make the product and shop it around? Do you have weekends available to attend shows? Do you have the money to invest in supplies and advertising? Will you still love creating your jewelry if you are forced to make lots of it? How much time are you willing to invest in the process before you decide to stop? All these questions must be considered before you take on the responsibility of your own business. - 2). Check out your competition. Unless you already are creating something that is so completely original that people are going to flock to your booth, checking out your competition is a wise move. Visit arts and crafts shows, jewelry shows or even department stores. See what's currently on the market. Your best option are the arts and crafts shows, since this will be your biggest market. Look carefully at the designs, and observe what's selling and at what price. Study the different booths and design displays. Which booth is drawing the most attention, and why? Record your observations, particularly the prices people who are buying jewelry are paying. This will give you a range that you can use to sell your product.
- 3). Plan your budget. How much money do you have to invest in this venture, and when it is gone, what will you do? Make a list of your possible expenditures. Include supplies, advertising, booth space rental, packaging, office supplies, business cards and display costs. After you have those estimates, double the total. This is what you will need every year you plan to do business. Remember, most artists and crafters don't make any money the first couple of years. Can you afford the expense?
- 4
Is this jeweled egg different enough to sell?
Design your product. You now have some idea of what's out there, but you have to ask yourself the question, "Why would someone come to my booth instead of all the others, and what will keep customers coming back?" Repeat business is the key to surviving in a tough economy. Jewelry is not a necessity to survival, so you have to come up with an idea that will be so great it will make people feel that they have to have it. Stress "one-of-a-kind" and "handmade" in your advertising. Add something unique to your jewelry. Is it all natural? Is it made from "green" materials? What makes your product special? - 5). Apply for your seller's permit. No matter what state you are in, you'll need a seller's permit. Contact your local tax department for the forms to complete and send in. Once you have the permit, you'll be able to sell anywhere. You'll also be able to purchase your supplies wholesale, which can add up to a significant savings. Remember that you will have to file sales tax with the state each year, so your records must be accurate, and your receipts must be saved.
- 6
Will your booth draw customers?
Create, price and sell your product. Photograph some samples. Most art shows require digital or slide photos of your product for judging. Shoot your photos using a light box to minimize reflections. Once you have some samples and your photos, gather information on different shows that are available on the weekends and apply for booth space. This will require you to come up with some kind of display for your jewelry. You can also take your sample pieces to specialty stores or stores that feature local artists. Make sure your pieces are priced appropriately for the market. To calculate your price, add up the cost of each item in your piece, and fix a minimum amount for each hour you spent making it. Take this total and double or triple it, if the market will allow this markup. For the first year, keep your pricing low to generate traffic and sales, then slowly increase your price as you get regular customers.
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