As your reputation grows and demands 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 jewelry makers may find it daunting, which is why we’ve outlined exactly how to start a jewelry making business.
Pre-Launching a Jewelry Business
Before you launch your business, it’s essential to have some jewelry business ideas. What will you call your business? With so much competition infiltrating the industry, you need to think of a name that stands out, that resonates with your customers, and that suits your brand philosophy.
Picking a Name for your Business
Some jewelry business owners use their name to create their brand. Alternatively, if you’re partnering with somebody else, maybe use both of your names or initials? Alternatively, even coin them into a new word? If you’d instead go with something that reflects your brand personality, get some scrap paper and doodle some ideas.
If your sole focus is metal stamping designs, try and incorporate this into your name. Alternatively, if you specialize in necklaces, use that to get the creative ideas going. Eventually, you’ll come up with a unique name that stands out.
Picking a Logo for your Business
Like choosing a name, on the other hand, selecting a logo for your jewelry business is equally as important. Your logo is an opportunity to tell your brand’s story and create your persona while being open for interpretation by the whole world.
There are a few different types of logos you might want to consider for your jewelry making business, such as:
- Illustrative – simple images that convey your brand stories, such as a diamond or other gemstone.
- Font/Wordmark – will you choose to tell your brand story through a font-based logo? Lots of jewelry making businesses opt for elegant calligraphy.
Whatever you decide on for your logo, try and create a synergy between that and your brand name. It will help to create a bigger brand story that can help your customers remember you. Choose your theme color and logo size wisely!
Setting up any new business involves legalities. When it comes to starting a jewelry business, make sure that you consider the following:
- Tax obligations- If appropriate, hire an accountant.
- Hallmarking- Because you’ll be working with precious metals, you need to assure that yours are correctly hallmarked.
- Register– depending on the type of business you’re looking to set up, registration may differ. If, for instance, 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
Other small business tips
There are some other considerations to make when setting up a jewelry business.
- Where will you operate?
- Do you need to rent a commercial building?
- Alternatively, will you be starting a home-based jewelry business?
- Will your business have a website?
In this digital age, having a website will maximize your opportunities and broaden your business’ reach. With so much to think about while setting up a jewelry business, it helps to access all the advice you can get.
P.S. Royi Sal Jewelry, as a decades-long leader in silver jewelry design and manufacturing, invites you to download our latest magazine here and profit from the exceptional or best-seller jewelry designs in affordable prices for 2019 you will find in the magazine. Click here to download it now.