From baubles to beads, bails to bracelets, jewelry design and crafting are creative, satisfying and just plain fun ways to while away your free time. But when you make the transition from creating handcrafted jewelry for fun to selling it for profit, there’s a new dynamic involved. Suddenly you have to create a cohesive collection of items. You must select supplies with an eye towards price point. You have to complete projects on a strict schedule/. You also must create a lot of the same items, which frankly can feel more like working on an assembly line and be a lot less fun than doing whatever pleases you at any given moment.
That’s the downside. The upside is that you get to play with beads and cabochons and findings, and make money at it. It doesn’t get any better than that.
And there’s a huge market primed and waiting for the necklaces, bracelets, earrings, rings, anklets, cufflinks, and other jewelry items you create. In a recent year, American consumers spend more than $62 billion on buying jewelry and watches, according to the Jewelry and Market Watch Report. That was a 6.5% increase in sales over the previous year. In addition, the luxury jewelry market had a double digit sales increase, according to a market research study; you will find there are plenty of fashion-forward women primed and ready for your designs.
There are a lot of ways you can sell your jewelry. However, we also recognize that you may not be a jewelry designer, but rather an entrepreneur interested in selling handcrafted jewelry purchased from designers or manufacturers. There’s plenty of advice for you including how to manufacture jewelry designed by others and where to buy wholesale jewelry for resale.
The Plenty of advice for You to Start Handcrafted Jewelry Business
Competition – The main competition for a startup jewelry designer is usually found at craft shows and street fairs, because aspiring designers often start out selling that way. To a lesser extend department stores and boutiques in your market are your competitors, too. If they carry handcraft items, although at this point in your new career they’re actually on a higher competitive tier. Also, the cable TV retailers and the online auction houses like eBay, and other virtual jewelry stores could be considered competition.
rhinestone necklace set by wholesale
Setting price – The keystone mark up is 100 percent mark up at the cost of the item. So any item that sells for a double the cost of the item or twice the price paid for the item is said to have a keystone mark up.