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Adventures in Business

Posted by Kelly on 7/11/2019 to News
Adventures in Business
People frequently ask me about how to start a jewelry making business. Although Antelope Beads is a supplier of jewelry-making components, I have a lot of experience and history in starting businesses in general. So I have used that knowledge to ask some questions you'll need to answer before starting your own jewelry making business.

The first and biggest challenge facing any prospective business owner is, of course, the initial decision and then finding the initiative to follow through with it. Owning and running any kind of successful business is hard work, so your major challenge is to understand the commitment needed to make it happen. Are you ready to make that commitment?

Will this be a lone venture or will you need help?

Next question - what kind of jewelry do you make? Do you make necklaces and chokers, or bracelets and anklets, or do you create sets that coordinate with each other or that make fashion statements? What do you want to make to sell? Will you concentrate on a type and style, or do you plan to design a variety of pieces? Do you want to specialize? Some make jewelry exclusively for weddings, for men, for kids, for leisure or for formal events. If you're just starting, experiment with different types and then settle on what fits with you.

Will this be part time for some extra money or are you planning to build a business for a source of income? Where will you work and how much time can you invest? Are you planning to do business online or will you have a storefront? Do you have money for start-up expenses, supplies, for help and for advertising? Do you have a marketing plan? Where will you sell your creations?

Before you can actually set your decisions into motion, you'll need to research the legal requirements for the type of business you create and what you need to do business in your area. You will need to collect sales tax required by each state on things you sell. Your local authorities also may require licenses and insurance, especially if you have a store where people will visit. The government will expect you to pay income tax. Are you experienced in keeping records or will you hire an accountant for that?

This list of basics is far from complete, but at least it will give you something to think about.

If you need some guidance with design ideas go here.

I would love to hear about your process and your progress. What you share with me will also help your contemporaries. You're not in this alone. If you have questions or comments, you are always welcome to contact me.