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April 15, 2022
Wondering if jewelry making is profitable must be the biggest and most elusive question entrepreneurs and creatives ask themselves every day.
Today, however, we decided to address this discussion once and for all by providing answers to some of this question.
So, is jewelry profitable? Can you live off jewelry making?
the truth? Well, it depends on the situation. Whether you make (and sell) jewelry for a living depends on what you sell, how you market it, and how your audience accepts it. At the end of the day, the profitability of any business will depend on whether you target the right market for your product.
On the other hand, there are hundreds of jewelry makers selling their unique pieces on platforms like Etsy and eBay. So if you look at the profitability of jewelry making from that perspective, our answer to whether jewelry making is profitable is yes.
So the bigger question is - what do you need to do to make your jewelry business profitable? What can you do differently to find a marketplace and easily sell your work?
Tips for Running a Profitable Jewelry Making Business
Find a niche and stick to it
Before you start creating and selling on Instagram, you need to first consider the fact that the jewelry market may have enormous potential, but it's also packed with people selling pieces that are almost as good as you imagine and draw in your scrapbook resemblance. So if you're going to stand up to your competitors and gain market share, you have to figure out a way to break through.
We recommend finding a unique theme with untapped potential and taking advantage of it. When you own unique items or jewelry that are sold to a specific group, it means your position in the market is established.
So even if you're passionate about jewelry making and hope to sell your creations someday, you shouldn't start by buying or borrowing design ideas from the wider market. Nor should you start a dropshipping business. You need to create and sell something different to your audience.
At the same time, you need to identify a topic (in a niche market) that you can easily break into and profit from. Focusing on topics simplifies marketing and advertising, because you're selling to a specific group of people specific content that only they (and their friends/relatives) will buy, share, and talk about. Even if people from different parts of the world buy it, they will take this action because you have something unique and interesting to them.
What we're saying is that you need to focus on an unrealized interest. Just be patient and pay attention. It's there, somewhere; for you to find and click.
To identify these untapped opportunities, use the internet, do polls, and listen to what people are saying, looking for or complaining about.
invest in quality
If you want to profit from jewelry making, never underestimate the value of quality jewelry. Put all your creativity and source of high-quality materials into it. At the end of the day, people buy value and quality over quantity.
The best part about quality is that as long as you have a few happy customers, then you are on your way to success. As you know, one bad review can be the reason your business crumbles. So no matter the pressure, you may be at a disadvantage, never stress the importance of quality.
If your niche is all about personalized jewelry, then do your best and make the best custom jewelry possible.
Know the value of the jewelry you sell
For example, you should know that the profit margin recorded from selling diamond jewelry will be much higher than the profit margin you would get from gold jewelry. Depending on market conditions, gold is subject to significant market volatility, which means that if you invest in this line of business, you should price your product based on market conditions.
How to Make Money Selling Jewelry at Home
Despite the competition, you can make money from jewelry manufacturing even if you sell jewelry at home due to the huge demand/consumption of jewelry and the growing niche of jewelry business. However, you cannot rely solely on this market dynamic. You have to do something to make your hobby or side business profitable. Here are some things you can do to turn things around.
As mentioned above, you need to find a niche and theme. In this case, we recommend that you decide to choose between clothing and fashion jewelry, fine jewelry, vintage, or something in between.
For example, costume jewelry is trendy and low priced because it is usually mass produced and jewelry is made of cheaper metals/materials.
On the other hand, fine jewelry has a high price point, these pieces are made with semi-precious and precious metals/precious stones, these pieces are made with high craftsmanship, they are ideal for special occasions, luxury events or weddings.
If you choose to sell any other jewelry or faux jewelry that isn't actually delicate, you'll be selling mid-range pieces, art collectibles, crabs, and other gems. In this category, you're looking at unique designs, mid-range price points, and statement pieces or gifts.
With a specific niche, you can easily identify the work you want to sell. Finding customers will no longer be so difficult.
It's important to note that one of the biggest mistakes you can make in jewelry manufacturing (or any other business) is trying to produce and sell too many different products by using various metals, gemstones, and other materials. While this move may feel like the best thing you can do, it's not an ideal branding strategy, and your customers will be out of options when it comes to identifying your brand. Another caveat to this approach is that you end up buying more material than you need, which can lead to losses by adding overhead unnecessarily.
Watch for trends
A detailed understanding of past, present and future trends is essential to identify and determine the type of jewelry you choose to use. For jewelry trends, read the top jewelry and fashion blogs daily for news and trends and seasonal collections. Use Google Trends to get information on specific jewelry trends. For example, personalization is one of the biggest trends today.
Beware of your profit margins
This has to do with the resources and materials you buy to run your business. While a jewelry business is profitable, you can end up losing a lot of money, especially if you don't account for all the costs associated with running the business. Remember, you also need to consider labor (and time), sales charges, and shipping costs. To figure out how much you spend or need, you need to keep track of all your weekly and monthly expenses. By staying on top of costs, you can turn your business into a very profitable business because you can make changes before things get messy.
Now that you know what to sell to your customers and even what your product will look like, it's time for branding. You need a logo and professional quality product photos. Make sure your website is well optimized; and make sure every element of your website envisions your brand image, voice, vision and story. Since most fashion purchases are driven by emotional stories and real-life experiences, use this to connect with your audience on a more personal level. Let your posts share your process, as well as your design inspiration.
product design process
You need to ensure that all designs have accurate (to scale) sketches and 3D renderings. At first, these processes will be easier, but as demand for your work increases, so will your needs, and you may have to outsource production to a manufacturer.
In addition to manual design tools such as pencils and sketchbooks, and 3D software such as Photoshop or Illustrator, you may also need design software specifically for jewelry making, such as Matrix or JewelCAD.
You also need to have the right production equipment and tools. Your equipment will vary depending on the type of jewelry you focus on.
investment product photography
You may have heard it before, but we need to reiterate the fact that no matter what your goals and priorities are, product photography can make or break your online business.
The good news, however, is that winning in product photography is easier than you might think because you just need to get some basics in order. For starters, you need great lighting, and interestingly, you don't actually have to invest in the most expensive lighting equipment thanks to DIY lighting options (like white photos). Also, as long as your smartphone has a decent camera, you don't have to invest in a camera at launch.
However, keep in mind that photography may not be easy when you are not the best photographer in the room, especially if you are on a budget as you need to make sure you can handle reflective surfaces and tiny details; this will break or make you products appear online.
To get things right the first time, especially if you can't hire a professional photographer, you may want to make YouTube your best friend. There are tons of photography videos and tutorials on YouTube, take advantage of them.
Also, when it comes to product photography, as your jewelry making business grows, you need to invest in stylists and models. A mockup showing your work has to be the most important product upselling strategy, and you want to make sure you get it right. By presenting your work on a real person rather than a white surface, your clients get a real feel from your work, which gives them the extra push they need to buy your work.
In addition to lifestyle photos, you should also make the most of jewelry photos on white surfaces. The use of a whiteboard or surface is great because it reduces distractions while highlighting the different details of the jewelry piece and how the jewelry will look from different angles. Plus, product photography on white surfaces can create a cleaner, more consistent look on your social pages — which makes it easier for your audience to connect with your brand.
Finally, you can enhance your product upsell strategy by partnering with apparel brands. These guys are always willing to collaborate because the partnership creates a larger audience for both projects/brands.
Set up your online store
The online space has huge potential for your business growth, but only if you do it right. You have to make sure things like SEO, mobile optimization, and user-friendliness of your website are well catered for, which may require outsourcing. No matter what approach you take in website creation and development, make sure you have the best team working with you.
Once your website is up and running, and you have the best product photos, make sure you invest the time and permeate your brand image into the product description. Mention prices, materials used, and everything else a client might want to know about your work. So if a product is hypoallergenic (which is a big plus), please mention it. Don't forget to use target keywords in product descriptions, whether on your website or on social media pages.
If you don't market, your buyers won't just show up and start buying your jewelry, regardless of the uniqueness of the piece, even when you have the best offer on the market. You have to spread the word about your product and be smart about it. Use Instagram and Facebook for advertising campaigns and make sure your brand is well represented on all other social media sites for your target audience.
One of the marketing tactics you can’t skimp on or ignore is the use of testimonials and reviews; these help increase your brand awareness while building your credibility. So encourage your customers to leave comments on your website or social media pages, or even on emails. Don't forget to ask customers for permission to use glowing reviews sent via email. Social proof is critical to your sales growth.
What else can you do?
Attend all the pop-up and artisan shows you see on social media. These are great places to network, learn, and meet new clients.
While the jewelry making business may seem saturated, it doesn't feel saturated when you get in. Focus on unique pieces, trust your designs, stay authentic, and always listen to your clients.