The global jewelry market size was valued at $278B in 2018 and is expected to reach $292B by 2025.
The industry comprises manufacturers, wholesalers, retailers, and jewelry designers. Unlike many other industries that have gone through leaps in technology, the jewelry industry has remained untouched for over 40 years.
If you know how to make jewelry, then this might be a great way to make some extra money.
Starting a jewelry making business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell handmade jewelry, or selling handmade jewelry online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to start a jewelry making business ➜
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|Equipment & Supply Expenses||$66||$700|
|Advertising & Marketing Costs||$0||$3,000|
|Specific Industry Expenses||$0||$500|
|Total Startup Costs||$141||$21,740|
|Ann + Joy||annandjoy.etsy.com||#74|
|Emily's Beaded Jewels and Creations||emilysbeadedjewlsandcreations.square.site||#4,590|
|Fire Mountain Gems||firemountaingems.com||#49,263|
|Dream Time Creations||dreamtimecreations.com||#173,724|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Rewarding work||Starting a jewelry making business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|Meaningful business connections||You never know who you will meet as a jewelry making business. This could be the start of an incredible business opportunity!|
|Quick build time||The average time it takes to build your product is quick - typically around 7 months. This will allow you to bring your product to market faster.|
|Crowded Space||Competition is high when it comes to your jewelry making business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Low margins||The gross margins for your jewelry making business are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.|
|Work can be inconsistent||As a jewelry making business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.|
|Lack of benefits||With a jewelry making business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.|
|Taxes||As a jewelry making business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
|No safety net||Typically, as a jewelry making business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.|
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
Hey! 👋I'm Pat Walls, the founder of Starter Story.
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