Bead Arts

Kaytee’s bracelets

Kaytee had some very wise advice to share recently on the Jewelry Making forum at About.com. The question often comes up about what it takes to start a jewelry business. Too many people seem to think that it’s a super-easy-fun way to make a little extra money. When you decide to take your jewelry hobby to the next level, Kaytee pointed out that you really need to count the costs:

1. LOTS of people have “just started making jewelry” and are pretty good at it and after a few weeks, want to start selling. They have dreams of making it into a dream career, spending their days making beautiful jewelry, and the world beating a path to their door to buy it. It ain’t happening.

2. There are LOTS of long established beaders, doing excellent, prize winning work who are not selling enough jewelry to make it a career– many of them suppliment their “day jobs” with teaching, putting together kits and/or patterns of their MARKETABLE pieces, not with selling those pieces. And, they are “hustling” to get those teaching contracts and selling the kits. Or they went to selling beads and/or other beading supplies.

3. The market is saturated with nice, everyday type jewelry. With Swarovski crystals, Bali silver, gemstone beads…. Lots of competition at every craft fair and church bazaar… lots of people attempting to put together home shows… selling at boutiques, beauty salons and wherever else they can. China noticed the trend– WalMart and Target and the dollar stores are also now your competition. And, remember point 1– lots of the people who would have been your market, are now making their own items, or their mom/sister/best friend is, even if they are not selling. If you make back your materials costs and fees, you’ll be doing pretty good.

4. If you want a career in any sort self-employed endeavor– study up on BUSINESS. Usually, there are small business classes at local adult ed centers, community colleges, and/or through the SBA. Learn a bit of accounting– at least enough to put together what your tax advisor needs. And yes, you should have a tax advisor who is experienced with preparing home/small business forms. Determine your market and write a business plan. Find or make an inventory program (JDM or similar, or even just Excel) that works for you to keep track of things– and an accounting program–Quicken will do for a start. Be prepared to spend as much or more time attending to the “business” as in making the jewelry.

5. Find out what you need in terms of permits, licenses, insurance… sales tax collection… zoning laws…. These vary community to community.

6. Do you have enough room at home or do you need to rent studio/storage space? When I go to shows, I can carry the jewelry in one “little” bag… but the displays fill up my Matrix, with the back seat folded down. They, and the beads, take up a lot of room at home, too. Hubby is constantly complaining about it.

7. Do you have the time and financial support to pursue a business start-up? It generally takes a couple of years for a new business to just break even– how are you going to feed yourself in the meantime? How much can you invest out of your own funds? Can you qualify for a SBA or similar loan? They generally won’t loan to “home businesses”.

8. If you are going to have a website… even just a photo hosting site album… make sure you spell-check.

If you are not daunted by Kaytee’s list, then good! You might want to think about taking Tammy Powley’s Jewelry Business Crash Course, a free e-course designed to walk you through the process.

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