Owning a jewelry business is a wonderful opportunity for creativity. You get to unleash your creative and artistic side and bring joy to the lives of others — all while making money. Of course, with any type of business, there are many different types of costs involved, which can definitely inhibit you from making profits. Here are five easy things you can do to help keep your costs down while you continue to make and sell gorgeous jewelry.
Brick and mortar stores are becoming a thing of the past for many different things. Even something you would think would need to be tried on, such as clothing, is being purchased online now. With all of the advancements in camera technology, you can take such high-resolution close-ups of your jewelry that it is a great candidate for being sold online. Imagine what you’ll be able to do with all the money you’ll save on rent.
Keep A Skeleton Staff
Rather than having a ton of staff members, keep your staff small but mighty. Hire only people who really know their stuff, and work more yourself. Your business will be stronger in the long run.
Invest In High-Quality Equipment
Although shelling out a lot of money for equipment may initially seem like it is doing the opposite of keeping your costs down, it will pay off big time in the long run. If you invest in high-quality lost-wax process equipment, for example, you’ll save a ton down the line on repairs and replacements. Plus, high-quality equipment will equate to high-quality jewelry, which you’ll be able to charge more for and thus make greater profits! Investing in the future of your business is never a bad idea.
Put Time Into Social Media
Though it can be very time-consuming, social media is a great way to advertise and expand your customer base, and in many cases, it is completely free of charge. It’s true that time is money, but putting time into your business social media accounts can only benefit your company.
Reduce Supply Expenses
Reduce supply expenses by going through wholesale to purchase supplies whenever you can. Saving money on supply costs is sure to make your profit margins larger without cutting any corners or sacrificing the quality of your jewelry.
Thinking about the business side of things can be super stressful, especially so for creative folks. But if you follow the above tips, you’ll have a thriving jewelry business with the lowest costs imaginable and will then be able to use all of your saved money to make your business even better. Or to take yourself on a vacation. You deserve it.