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Running a Jewellery Business

There are some clear advantages as well as disadvantages to running jewellery business. While jewellery making can be a realistic business idea for creatives, managing your own brandcomes with its own set of complications. Before starting my jewellery line, I did International Marketing degree, had work expirence in Cartier, followed by a course in gemology and jewellery design at GIA (Gemological Institute Of America) to learn as much as I could about diamonds, coloured gemstones and creating jewellery. My educational background provided me with a good base, wealth of knowledge and gave me a great exposure to the industry, but there are certain things that educational institutions donít prepare you for, learning first hand how to carve out a niche for yourself, branding, and then marketing and selling your pieces, is truly a reality check. Thatís when you really know if your business is going to fail or survive. Today, Iíll be covering the pros and cons of running a jewellery business which will hopefully guide you in your decision.

ProsÖ

Running a jewellery business has its perks, but the best part is that itís extremely rewarding. Being able to create something of your own from scratch then seeing it come to life culminates into a strong sense of accomplishment. Seeing positive results - like your jewellery pieces worn by others - is also very fulfilling.

As a creative, it has been extremely satisfying to work alongside so many talented people in the industry. Being exposed to beautiful gems and seeing your ideas come to life and someone actually loves them as much as you do, keeps me inspired and motivates me to keep my business going.

ConsÖ

Running a jewellery business can be very demanding and often requires a considerable amount of time and energy. If you think most of your day will be spent on the creative process of designing new collections, think again. Youíll spend the majority of your time wearing many hats from marketing to accounting and finance to legal - plus, everything in between.

Thereís a lot of paperwork and analysis involved in running a jewellery business. A few examples are bookkeeping, tracking sales, and managing inventory. Being an entrepreneur requires you to have excellent time management skills. You also need a high level of self- discipline. Itís critical to stay focused and not allow distractions to consume your time because the day goes by extremely fast.

There are times when demand is low and it can be tricky to predict whether or not your products will sell - and when they will sell. This can cause many issues to arise like stressed financial situations, sitting on inventory that take up space, or not having the cash flow to keep your day- to-day operations smooth. Youíll need to be resilient in finding a process that helps you work through these challenges. However, things often change so rapidly that it can be stressful and frustrating. Remember that this is part of the process and it takes time to get acquainted with how the business works. 

Tips for getting startedÖ

Be prepared for the bad days but donít let them discourage you from reaching your goals and achieving your dreams.

You also need to consider where youíre setting up your business since consumer buying behaviours vary diversely across different cities. My business, Lemuria Jewels, is based in London where the buyers come from an older generation. Following tradition, many still prefer to shop in historical Hatton Garden also known as Londonís Jewellery Quarter. However, in a city like New York, the industry is much more developed and the buyers in general are more knowledgeable. Customers generally know more about what theyíre looking for and arenít afraid to venture out of NYCís Diamond District. Knowing these patterns can make you more aware of how to position your brand and reach your ideal target market.

To avoid expensive mistakes, make sure you consult with professionals like lawyers and accountants. An accountant can help you set up a bookkeeping system and guide you in handling your finances while a lawyer ensures youíre obliging to your legal responsibilities and that your designs are protected.

As you can see now, there are many moving parts to running a jewellery business, but Iíve covered the most critical factors to consider before you get started. Creating a jewellery linemay seem purely creative but cultivating the right business skills is equally important. At the end of the day, this industry comes with tons of perks and benefits but it demands hard work! If thereís a specific topic youíd like me to cover in my series of ďhow to start a jewellery businessĒ, feel free to leave them in the comments!


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