Every jewellery making business starts somewhere – from the aged, splintered bench in the garden shed or confines of the box room, to the makeshift workshop in the garage featuring the old kitchen table and mismatched chairs. All homemade jewellery making business start off small, and some can develop into the large franchises you see today.
As your reputation grows and demand for your creations increases, it may be worth considering starting a fully-fledged, registered business. This process can be challenging, and a lot of first-time jewellery makers may find it daunting, which is why we’ve outlined exactly how to start a jewellery making business – from organising the legalities to building your brand.
Read on to find out how to start a jewellery business successfully.
Before starting a jewellery business…
Before starting a jewellery making business there are many things to consider, and it’s important to have some jewellery business ideas in mind. For example, what will you call your company? With so much competition infiltrating the industry, you need to think of a name that stands out, resonates with your customers, and suits your brand philosophy.
Pick a name for your business
One of the top tips on how to start a jewellery business, or when building any brand, is choosing the right name. Some jewellery business owners use their name to create their brand. Or, if you’re partnering with somebody else, maybe use both of your names or initials to create a united front? You could even coin them into a new word, if you’re feeling creative!
You can also develop your brand name based on your products. If your sole focus is metal stamping designs, try and incorporate this into your name. Or, if you specialise in necklaces, use that to get the creative ideas flowing. If you’d rather go with something that reflects your brand personality, get some scrap paper and jot some ideas down – this isn’t a decision you can take lightly. Eventually, you’ll come up with a unique name that stands out.
In her article in the Jewellery Making Journal, jeweller Mendy Ouzillou recommends the following:
“Be honest and decide how far you want to take your business… we know ourselves and our jewelry better than anyone else and with a little help from friends and family, we can come up with a great name upon which to build a great business” (Jewelry Making Journal).
Choose a logo
Like picking a name, choosing a logo for your company is equally as important when starting a jewellery business. Your logo is an opportunity to tell your brand’s story and create your persona, while being open to interpretation by the big wide world.
There are a few different types of logos you might want to consider for your jewellery making business, such as:
- Illustrative – simple images that convey your brand story, such as a diamond or other gemstone
- Font – will you choose to tell your brand story through a font-based logo, for a more modern interpretation? Or will you opt for elegant calligraphy?
Whatever you decide on for your logo, try and create a synergy between that and your brand name. This will help to create a bigger brand story that can help your customers remember you, and ensure that your overall image is cohesive. Choose your theme colour and logo size wisely!
Organise the Legalities
One of the main parts of learning how to start a jewellery business is understanding the legalities behind it. Setting up any new brand involves them, and they’re a crucial part of starting a jewellery making business. But what are the most important points to remember? When it comes to starting a jewellery business, you need to consider the following:
- Tax obligations – If appropriate, hire an accountant
- Because you’ll be working with precious metals, you need to make sure yours are correctly hallmarked (you can do this at your nearest assay office) Find out more about hallmarking with our guide: Do you need to hallmark your jewellery?
- Register – depending on the type of business you’re looking to set up, registration may differ. If, for example, you’re setting up as a sole trader, you’ll need to consider your annual turnover in terms of VAT, and your sales and expenses records.
Wondering how to start a jewellery making business the right way? You can discover more small business tips and advice about starting up at Gov.uk.
How much does it cost to start a jewellery line?
The costs of starting a jewellery making business will vary depending on a range of different factors. How much equipment are you having to buy? Do you need to rent a new space? And what alloys are you planning on working with?
As long as you have a plan set in place, and a budget that you’re willing to stick to, you can ensure that you stay on track. It may help to start by testing the waters and keeping your outgoing costs to a minimum until you know what you can afford – but selling your products for the right price will help to balance out the books. So if you’re wondering how to start a jewellery business, start off by learning how to price your products.
You can discover more small business advice about starting up at Gov.uk.
Other small business tips
There are some other considerations to make when setting up a jewellery business. Where will you operate from? Do you need to rent a commercial building? Or will you be starting a home-based jewellery business?
Will your business have a website? In this digital day and age, starting a jewellery business may be difficult without one, as having a website will maximise your opportunities and broaden your business’ reach. Read our article on setting up an online jewellery business for more information on building a site that works for your business.
With so much to think about when it comes to learning how to start a jewellery making business, it helps to access all the advice you can get. Check out one of our books “The Creative’s Guide To Starting A Business” for more useful small business tips, like writing up a plan, identifying your customers and getting to know your competition.
Looking for even more information and advice on how to start a jewellery business? Check out our latest articles dedicated to homemade jewellery making business owners in our business advice hub.
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