How to start a jewelry business

Of all the creative businesses you can start, a jewelry business might bring the most variety. Whether you’re drawn to traditional designs or modern trends, there’s always something new to explore and learn in the world of jewelry. With such a diverse market, there’s a huge potential for profit.

As you refine your craft and grow your brand, this business will grow with you. If you’re just getting started, you can almost always find someone to buy your creations. As you develop your confidence, skills, and quality, you’ll be able to raise your prices until you’re earning much more than a livable income.

But starting a jewelry business involves more than just creating beautiful products. Let’s dive in.

1. Sorting the beads: Planning your jewelry business

Starting a business without a plan is like jumping out of an airplane without a parachute: risky and unpredictable. You might manage to get started, but the odds are stacked against you. Even if your business survives, the journey ahead will be much tougher without a solid plan.

On the other hand, many entrepreneurs struggle with analysis paralysis—the tendency to overthink and delay decisions out of fear of making the wrong choice. Many people say that if they had known everything involved in starting a business, they never would have taken the leap.

While it’s important to plan as much as you can, the key is to take that first step and get started.

Brainstorming

Right now, you probably have a million ideas bouncing around in your head. Brainstorming is the process of capturing these ideas and organizing them in a way that allows you to bring them to life.

Keep it simple. Don’t overthink the process. Choose a method you’re familiar with—whether it’s 3×5 cards, a text editor, or another tool—and start capturing your ideas. Write each idea on a separate card or every other line.

You can also use software for this, but choose something that’s easy to use and won’t slow you down. One of the most effective tools for brainstorming is mind-mapping software. Whimsical is an excellent option. It’s user-friendly and ideal for planning and organizing your ideas. Whimsical’s mind-mapping software works well and has easy and sensible keyboard shortcuts to help you capture ideas quickly.

Creating a professional business plan

A business plan is your roadmap to success, guiding your business decisions and growth. It outlines your goals, strategies, and the steps needed to achieve them. Without a plan, you’re left guessing what will work. Even worse, you’re making decisions based on hunches instead of data.

The ideal time to write your business plan is at the start of your business journey. But it’s never too late to create one. Even if your business is well established, a business plan helps clarify your goals, assess your position, and identify opportunities for improvement.

There are many resources available to help you write a business plan. The Small Business Administration has a great guide that walks you through the process step by step.

Benefitting from advice and mentorship

Advisors are experienced professionals who can guide you in starting and growing your business. They have experience with businesses like yours and can offer you valuable advice on what works and what doesn’t. In short, mentors can help you avoid many of the common pitfalls that come with building a business.

If you’re not sure where to find a mentor, the Small Business Administration (SBA) has a network of advisors through their SCORE program. These advisors are retired executives with years of hard-won experience and insights.

Even if they don’t know about jewelry specifically, they definitely know about business. Best of all, they’re willing to share their expertise with you at no cost.

2. Making it sparkle: Developing a web and social media presence

When you’re starting a new business, choosing a name for it is one of the first steps. This can be harder than it sounds.

You want a name that reflects the image you’re trying to project for your business, but finding a good domain name can limit your options.

Since finding a domain name can be trickier than picking a good business name, let’s start there.

Domain name

For many people, your website name will be your business name. You can veer away from it a little bit, but keep it recognizable. People need to be able to remember you and find you.

Here are a few pointers to help you find the perfect domain name:

1. Keep it short and simple. Choose a domain that is easy to spell, pronounce, and remember. Not everyone will visit your website through a link. Word of mouth still matters, and visitors won’t stick around if they struggle to find your site. Avoid tricky words (like fore and there), numbers, and dashes that are easily misspelled or misspoken.
2. Dotcoms are best, but there are alternatives. A few years ago, several domain extensions were added to combat the limited dot-com problem. Extensions like .jewelry, .luxury, and .store can make it easier to find a suitable domain name, but you should know that if you choose finsfine.jewelry, many people are still used to typing .com and may thus search for in finsfinejewelery.com.
3. Get creative. There’s a reason so many domain names are unique, non-traditional words. Back in the 90s, you could still get a single-word domain name like Amazon, Wired, or Purple without spending a small fortune. Today’s best domains have to be a bit more inventive. Some examples are Shopify, Airbnb, and Lyft. If you insist on a dot-com domain name, you may have to get a little creative too.

Google Domains is a great place to get your domain. It offers competitive pricing available, an easy-to-use interface, and no annoying ads or upsells.

Business name

Once you’ve found a domain name, you can decide on your actual business name. Your business name should closely align with your domain name. Most business names are the same as their domain name, so it’s a good idea not to deviate.

There’s a chance that your business name could already be taken, so your legal corporation name may be slightly different. That’s why it’s a good idea to come up with a few alternatives ahead of time.

Social media

Next, you’ll want to choose your social media handles. You can get a little more creative with these and add a short word or two in case an exact match isn’t available.

Just avoid picking something that looks like random letters and/or numbers, because this could make your business seem untrustworthy.

Unlike your domain name and business name, your social names can usually be changed later, giving you flexibility as your brand grows.

3. Mining the rare minerals: Funding your venture

Please keep in mind that nothing in this article constitutes financial advice. You should always consult a professional before making any decisions about funding a new venture. The information here is intended to provide ideas to help you get started.

Getting external funding comes with risks and it’s not always necessary. There are low-cost ways to get started without taking on debt. For example, you might turn $500 into materials and equipment to get you started. You could even make your money back by selling your first few pieces on Etsy.

Tips for finding funding

But if you decide funding is essential for your venture, here are five key tips to consider:

1. Know your numbers. Refer to your business plan to ensure you’ve calculated your needs accurately. If you’re asking for funding, know exactly how much you need and why.
2. Set realistic goals. While it’s wise to have some wiggle room and a safety net, keep your estimates precise and achievable.
3. Prepare for tough questions. Investors will scrutinize your plan to make sure it’s a safe investment. Anticipate their questions and know your plan inside out.
4. Have a backup plan. Don’t assume that the first funding source you approach will throw a bag of money at you. Explore multiple avenues and methods to secure the funds you need.
5. Stay patient. Many successful entrepreneurs had to knock on countless doors before one finally opened. It could take dozens of tries before someone is willing to give you a loan. It may take time, but persistence pays off. Don’t get discouraged.

Sources of financing

There are several ways to fund a business. Here are five options:

1. Bootstrapping and savings: This is the top recommendation. If you can, start small and build up slowly. Today, you don’t need to become a captain of industry to succeed. It’s easier than ever to start with minimal resources and reach a global audience.
2. Friends and family: A family member or close friend with an entrepreneurial spirit or experience might “get it” and be willing to help. They might provide funding for some starter equipment or even become a business partner.
3. Grants: Many government and business grants are available to support certain communities, farmers, and nonprofits. These grants can provide funding to help grow your business. Just don’t pay for the info. It’s all available for free online if you take the time to research.
4. Bank loans: This is the most traditional method of funding a new business. If you think this is your best option, then review your business plan carefully before you present it to your local bank.
5. Crowdfunding: If you have something completely original to offer, platforms like Kickstarter can help raise the funds you need to get started. You’ll need to create a prototype to attract backers. Crowdfunding offers more than money—it provides market validation. If people love your idea, you’ll have early fans ready to support you. If people don’t like your idea, you’ll know you to consider another direction.

4. Sorting out the lockets and clasps: Getting a grip on legal matters

Just like with the financial information, nothing written here constitutes legal advice. Always consult with qualified professionals before making significant decisions.

Legal considerations are crucial when starting any business. These include everything from trademarks to taxes to partnership agreements. While many small businesses may assume legal issues won’t be a problem for them, and while that may be true at first, problems can sneak up on you. Considering your legal needs from the start can help you to avoid any potential problems down the road. Don’t let a lack of basic housekeeping trip you up.

Here are seven things to think about to start:

1. Incorporation: Decide what type of business entity you want to have. A sole proprietorship, which is just you, is straightforward but offers limited protection, while a corporation offers you stronger legal and financial protection. Incorporating turns your business into a separate entity as far as legal and financial matters are concerned. It separates your personal assets from your business assets (and protect them), which reduces personal liability.
2. Federal ID: An Employer Identification Number (EIN) serves as a unique identifier for your business, similar to a social security number for individuals. You’ll need one to open a business bank account, file taxes, and collaborate with other businesses. Other countries may each have a similar system in place.
3. Local licenses and permits: Almost every city requires a vendor’s permit for minor activities such as selling at a local farmer’s market. The county and state may also require permits. Make sure you do thorough research for your area before you get started. Online-only businesses may not need a permit, but be sure to verify the requirements to avoid any issues.
4. Intellectual property: There’s a chain of hot wings restaurants in Phoenix, Arizona, called Long Wongs. The thing is, it isn’t actually a chain. There’s only one official Long Wongs, but they didn’t trademark their name. So now anybody is free to call themselves Long Wongs. If you don’t protect your intellectual property (IP), someone could easily steal your ideas and put them into production without you getting a penny. They can also damage your reputation by selling inferior products. You can protect your IP by registering trademarks, copyrights, and patents.
5. Taxes: Nobody loves taxes, but they’re an inevitable part of earning income. It’s important to start tracking all income and expenses early on. And it’s important to start putting enough money aside to cover taxes. You can probably figure out your own taxes in the early stages of your business, but once you have more than a few employees, you may want to seek professional help.
6. Insurance: If you don’t have a physical facility or a shop, you may never need to worry about this. But if there’s even a small chance that someone could get hurt on your premises or by your product, it’s a good idea to make sure you’re covered.
7. Contracts: Most businesses nowadays are online and worldwide. Neighborly handshake deals won’t cut it anymore. To keep everyone honest, make sure you have written contracts for all your business relationships.

5. Showing off: Marketing

Marketing has changed a lot in the last 20 years or so.

Traditionally, marketing focused on pushing products or services onto consumers. It was one-way communication where businesses talked at consumers, rather than with them. Television, print, and radio ads are all examples of traditional marketing.

Modern marketing, on the other hand, is all about engaging with people and creating followers. It’s about building relationships and understanding what people truly want, rather than telling them what they should want. Websites, social media, and search engine optimization (SEO) are all examples of modern marketing techniques.

Because people now have so many options, access to research, and increased savvy, traditional marketing is much less effective. Fortunately, there’s a lot of information available on how to be a modern marketer.

Thinking like a marketer

Modern marketing combines social skills with a set of technical skills. It’s about how you talk to people and understand what they want, as well as how you use analytics and other technologies to promote your product. Learning marketing involves a lot and can seem overwhelming, but here are three of the most important concepts to grasp:

1. Understand strategy vs. tactics. Strategy is what you plan to do, while tactics are what you do to make that strategy work. Tweeting every day is a tactic. Automating social media campaigns on multiple platforms, launching press releases, and encouraging customers to showcase your products with a hashtag that leads back to you are parts of a full strategy.
2. Identify your audience and lead them. Modern marketing is about understanding and connecting with your target audience. Some people may value jewelry not because it’s trendy but because it reflects their individuality or appeals to people in their social circles. If you can find out what groups of people your jewelry appeals to, you can establish yourself as an influencer within those groups.
3. Get out on the long tail. You can do a quick Google search to learn about the “long tail,” but in essence, it means focusing on niche markets instead of competing with industry giants like Tiffany & Co. By creating a unique style and owning your niche, you can establish yourself as a world leader in that specific space.

To dive deeper into these concepts, check out Seth Godin’s work. So far, he’s written 20 bestsellers, and he shares insightful advice on his daily blog. A great starting point is his book This Is Marketing. Even if you plan to hire marketers, reading the book will help you understand this critical aspect of your business.

Doing the actual work

There really is a lot to know about marketing. The more you practice marketing, the more intuitive it will become. But for now, stick with what you know.

Social media is probably the best way to advertise a jewelry business. Most likely, you don’t personally use every single social platform. Start with the platforms you use most so you can leverage your familiarity as a starting point.

Then expand to other platforms as you gain understanding. Platforms like Udemy offer some of the best online courses for learning marketing. User ratings and reviews can help you find the best courses. Most courses cost less than $200, with frequent sales that reduce prices to as low as $11.

There are other places to learn marketing, of course. But be careful, because most marketers are in the business of making money, and they won’t give away their info for free—even if that’s how they got it themselves.

6. Choosing the rings and things: Focusing on materials and manufacturing

This is an area where the business you’re trying to create directly determines the information you need.

If you want to create a handcrafted boutique of your personal creations, you may want to get gems from independent sellers and other materials from smaller manufacturers. But, if you aim to mass-produce pieces, you’ll probably want to find a manufacturer and set up a supply chain.

Handcrafted jewelry

Handcrafting your pieces individually doesn’t limit you to a small-scale business. With the right equipment, you can cut and polish your own gems and craft exquisite fine jewelry. Specializing in custom pieces tailored to individual requests is also an option.

Even simple beaded bracelets can sell for $50 to $200 each if you craft them with care and your customers value their uniqueness. Success ultimately depends on your niche and understanding of your market.

Most thread, wire, solder, and other supplies are widely available on platforms like Amazon. However, wholesalers and independent online shops may offer better prices or quality.

There are often bead shops located here and there. If you’re fortunate to live near one, visiting can be inspiring and a lot of fun. For gems, jewels, and crystals, it helps to establish connections with trusted sellers. You can find independent sellers on platforms like Etsy and Craigslist or even at your local farmers’ market. TJ’s High Resonance Rocks is an excellent example. He offers a huge variety of pieces at very reasonable prices.

Trade shows and flea markets often offer some great bargains. One prime example is Quartzsite, Arizona, which is a mecca for gem hunters, snowbirds, and nomads. During the hot months, it’s a sleepy desert pit-stop town. In winter, tens of thousands of people descend on Quartzsite to visit at least one of the hundreds of open-air markets featuring all kinds of trinkets and lots and lots of jewels, minerals, and gems. It’s worth the trip, and there’s plenty of free desert camping.

Mass-produced jewelry

If you prefer selling large quantities without all the handiwork, you two main options. You can either become a reseller or a manufacturer.

Manufacturing jewelry is the tougher route. Here’s an overview of what it entails:

1. Find material suppliers. Prioritize partners who ethically source your materials to maintain integrity and sustainability.
2. Find manufacturers. Choose those manufacturers who can consistently deliver top-quality results.
3. Find a fulfillment partner. Secure a fulfillment partner to store, manage, and ship your inventory efficiently.
4. Find staff and services. Build your team and access support services. Once you have everything lined up, you will need dedicated staff to help keep all the balls in the air, so to speak. Supplement your efforts with external support services like marketing, accounting, and HR to help you manage your staff and more general business aspects.

Reselling is another option. Platforms like Alibaba provide access to low-cost wholesale jewelry, which you can ship to a fulfillment partner or directly sell on marketplaces like Amazon, which also offers fulfillment services.

7. Making it click: Using the right software

Running a business once required a lot of people with specialized knowledge to manage each aspect. Today, modern web apps and software make it possible for one or two people to manage operations effectively with minimal expertise. The software makes it easier for anyone.

With numerous tools out there, it’s best to focus on the most versatile tools that minimize the learning curve. Here are three essential software solutions for any business:

1. Google Docs, Gmail, and Meet

This cloud-based suite will let you and your team communicate and work together in real time. As your business grows, Google Workspace scales to support businesses of every size—from small startups to massive enterprises.

2. Jotform

The premier tool for automating communication, Jotform’s versatility means you’ll constantly find places in your business processes where it’s the perfect match.

3. Notion

This powerful knowledge management tool provides a collaborative editing environment that gives you smart tables and lets you embed other software into your pages. You can even embed Google’s and Jotform’s tools into your Notion pages, making it a great center for all your business processes.

8. Bringing the accessories together: Working out your business processes

You may never scale beyond one or two people, but it’s still a good idea to consider how your business is structured in case you ever do. Establishing systems can save you a lot of time and effort you might otherwise spend figuring out how you completed a task previously.

The E-Myth by Michael Gerber is an excellent book that will teach you how to work on your business, not just in your business. The 4-Hour Workweek by Tim Ferris is another outstanding resource that offers you strategies to automate and outsource many aspects of your business.

Here are some common processes and tools for managing them:

1. Accounting: This process involves bookkeeping, payroll, and taxes. QuickBooks is still the most popular choice for small businesses and self-employed individuals.
2. Human resources: This area covers hiring, termination, benefits management, and more. You can tackle most of your HR with Jotform. You can use it to receive resumes, fill out legal documents, manage employee lists and information, and much more.
3. Customer service: Keeping your customers happy is arguably the most crucial aspect of your business. This is another area where Jotform is your friend. You can create forms to collect service requests, return requests, product feedback, and more.
4. Research and development: Constant innovation is essential to keep your customers engaged and excited about your brand. You can track all of your research using Google Docs. It’s also great for collaborative work.
5. Marketing: As discussed earlier, Google Docs can assist with campaign management. Jotform has many marketing templates you can use to collect email addresses, conduct market research, and much more. Buffer simplifies social media marketing by automating posts, while Mailchimp helps you launch professional email campaigns without getting flagged as spam.
6. Quality assurance: It’s vitally important to make sure your product meets the highest standards. Jotform can help you streamline the inspection process, while Jotform Workflows automates decision-making policies and procedures.
7. Shipping and receiving: Today, you no longer need a huge warehouse to store all your products. Fulfillment services (of which there are many available) can handle storage, packing, shipping, returns, and some aspects of customer service. Amazon is one reliable fulfillment provider.
8. Manufacturing: For effective manufacturing management, you’ll need extensive record-keeping and documentation. Google Docs should provide everything you need.
9. Storefront: Jotform’s Store Builder tool can make setting up an online store one of the easiest steps in launching your business.

Giving it a final polish

There’s a lot involved in starting a business, but the most important thing is to start! Don’t overthink it, overplan it, or spend too much on it. And don’t psych yourself out. Just roll up your sleeves and get to work.

Of course, upfront planning is required, but it’s mostly to get the ideas out of your head and somewhere safe. Once you’ve done that, just get back to work.

The information in this article is a lot to digest. You can safely bookmark it and forget most of what you read. But keep it in the back of your mind. When you need more information, come back here for help figuring out your next steps.

Whatever success looks like for you, here’s to you taking the first steps and achieving it!

Photo by Anastasia Shuraeva