Prepare To Succeed In Your Home Based Jewelry Business

Draw a roadmap to take you where you want to go

It is not always a straight path to get where you want to go. In fact, the curves and turns, detours and obstacles are what make the journey a mysterious and magical event.

Your first step in your home-based jewelry business is to plan to be successful. As you know, many new ventures fail, and oftentimes it is because they failed to create a plan for themselves. A plan will keep you focused on what is important and less distracted by the interruptions.

So let’s get started.

1. Determine for yourself if your love of making jewelry is a hobby or if you can see yourself producing under time deadlines, in large amounts, to appeal to the other people.s preferences and with materials that fit in the customer.s budget.

2. Fortunately, jewelry components and tools are so small that you won.t need a real estate agent to help find a big warehouse for your business. Many people operate their craft from the kitchen table or a room in the basement.

3. Before you actually launch your jewelry business, you would be wise to do some research. Make a list of the retailers in your area or city that you envision carrying your line of jewelry. Go visit each one and see what they carry. Talk to the owners/managers and find out what sells and what doesn.t. Talk to other customers and listen to their opinions about designs, price and selection. Be a SUPER SLUETH.

4. Write down your ideas – every one of them! It doesn.t matter if they are good or bad at this point. Get them recorded. And don.t forget to write down what you learn in your “spy” business- you.ll be using that information for sometime in the future.

5. Determine if you are going to begin full-time or part-time in your business. Full time may be your goal, but before you burn your bridges consider:

. Do you have enough cash to keep yourself comfortable for the first year of business, without draining every dollar you have in savings?

. Are you prepared to focus everyday on what you used to enjoy as a pastime?

. Will your body cooperate with the positions required to work with tiny objects for hours at a time?

. Will your family offer their support or do they expect a certain financial contribution from your work?

. Can you work in isolation and enjoy the time as quiet and to yourself, or do you need interaction with others to stay motivated?

. Do you need the benefit plans afforded from working in a larger company? There are of course other considerations, but this is a good start.

6. How well do you get along with your new boss? That means YOU. When we leave a job, it.s easy to think that working for ourselves is easy, but in reality, it can be a tough slug. You may be a slave driver, a perfectionist, or a procrastinator. These characteristics don.t always make for the easiest working relationship. You will have to find a way to make peace with the new head honcho, and tell her when you need some time to yourself!

7. Do you need to borrow money to get your business off to a good start? Because of the seasonal aspect of jewelry sales, you may be able to enter the market on a shoestring budget. But if you intend to capitalize on Christmas season, or tourist months, you may need an infusion of cash. Make a list of possible resources and make some calls. Find out what you will need to provide to get assistance.

8. Prepare a budget. You want to be as thorough as you can be, even though your knowledge of the industry is limited. See below for a sample worksheet to serve as a guide.

9. Prepare your family: Teach your family what “Do Not Disturb” means when you are working. A lot of home-based businesses suffer due to lack of good boundaries with friends and family. They don.t always remember that you are working, and it is your job to teach them.

You are off to a great start. In your next chapter we will talk specifically about how you can find your niche in a crowded marketplace; how you can be unique and have a style that motivates people to want to buy from YOU.

SAMPLE BUDGET WORKSHEET – Start-up Costs