Starting a Jewelry Business?
The content of this article reflects the views of the writer, and not necessarily those of Ethical Metalsmiths. This article was written for The Source
Are you starting a jewelry business or pondering it?
Perhaps, like me, you’ve started one, but don’t have a background in business. You might be wondering how to turn your love of jewelry or jewelry-making into a business. You’re not alone! Jewelry businesses are thriving all around, so it makes sense to learn from those successes. Are you by any chance familiar with that miserably apt expression, “Experience is the cruelest teacher and a fool would have no other?”
Let’s avoid it altogether by seeking sound advice ahead of time!
Some big-picture advice first, from Delphine Leymaire — who runs an amazing fine jewelry business in New York City. Delphine is the only fine jeweler I know who also has an MBA in Finance and years of experience in corporate finance. She also makes time to volunteer as the Treasurer of the NY Metro Chapter of the Women’s Jewelry Association. You may know Delphine from the WJA, NYCJewelryWeek, or from her memorable Instagram @delphinejewelry.
Delphine Leymarie, a fine jeweler with an impressive financial background as well. Photo courtesy of Delphine Leymarie.
Delphine invites us to:
Dare to dream bold and big, and set out to do the work necessary to make your dreams a reality. Take a leap of faith — nothing worth its salt comes easily or lands on your lap.
Trust yourself, as no one else but you truly knows what you are capable of, and what truly lights your fire. Everyone’s dream is different, and all of our passions are valid.
And: nothing is forever, but always give it your best, and change what no longer suits you. There is always a lesson to learn and bring to your next adventure. Be willing to adapt — the only constant in life is change.
Have you seen Bliss Lau’s work or met her through Ethical Metalsmiths? Bliss is a member of EM, which is how we met a few years ago. Bliss’s Instagram is also one to watch — and perhaps you also recognize her jewelry, which is always identifiable as hers.
Bliss Lau, wearing her designs. Photo courtesy of Bliss Lau.
I asked Bliss if she considered an accounting or finance background helpful when starting a business. In a word, she said it was “crucial.” Bliss explained that she had taken an accounting class in college and worked for four years managing the finances for an artists’ management office. This experience gave her financial literacy and an understanding of accounting which were essential when she launched her own business. Acknowledging that it is not always possible to take a course on a topic of interest, Bliss suggests asking someone you know who is adept at accounting to sit down with you for a day or two and explain the basics. It doesn’t necessarily have to be someone in a jewelry business; it’s just important to know the basics of accounting.
Another skill set to have from the beginning is the ability to make a budget, with projections and create a planning structure for growth. Even if you’ve already started your own business, these skills are important for its expansion.
Bliss also recommends finding three advisors and two advocates. Your advocates differ from advisors, in that they can be someone who brings clients — as opposed to offering advice. “Look to your sphere of influence,” suggests Bliss; “It doesn’t have to be a jeweler.”
Dana Bronfman, who is also a fine jeweler in New York City, offers the following:
“If I had to give one word of advice, it would be that you have to have both patience and persistence and practice them daily. Know it’s going to be even much harder than you think and take much longer than you think. Stay true to yourself and what your goal is, instead of just saying yes to everything that comes your way. Pace yourself; don’t burn out. And take time and invest in yourself, because you are your most important asset.”
Sarah Knight’s “Get Your Sh*t Together Journal,” which helps distill goals into manageable steps. Photo by Christina Malle.
How does one move from the big picture to the brass tacks of getting started?
I had the same question and found a helpful answer from Susie Ganch. Susie recommends a book called The Get Your Sh*T Together Journal. It’s a winner of a book, and it may even make you laugh out loud. This is not a small accomplishment for a book that helps one distill life goals into manageable strategies! The subheading, “Practical Ways to Cut the Bullsh*T and Win at Life,” says a lot. Full disclosure for the sake of transparency: Susie Ganch is on the Advisory Council of Ethical Metalsmiths. She also co-directs the Radical Jewelry Makeover — which, by the way, was highlighted in The New York Times earlier this year. Susie teaches metal arts at Virginia Commonwealth University, and is always a thoughtful resource when seeking advice.
Sarah Knight is the author of this book, which is basically an entertaining platform for you to itemize your goals and identify your obstacles to achieving them. It’s a journal-style book, so that the reader can actually put pen to paper and create a plan for achieving the goals. Paper, you say? I know, I know…! Still, it felt worth it to me to have a paper copy of this one. This is a book for any goals — not just business goals — and I wish I had heard of it sooner!
Kathleen Kennedy is the co-director of Radical Jewelry Makeover and also a professor of metal arts at VCU. She agrees that this is a book worth exploring. Kathleen had the most succinct advice for jewelers who are considering launching their own business: “Do it; don't get discouraged!” Kathleen and Susie were recently in New York for NYCJewelryWeek, showcasing amazing pieces made for the RJM Artists Project.
Susie Ganch and Kathleen Kennedy of Radical Jewelry Makeover, at the wonderful @BarioNeal event during NYCJewelryWeek. Photo credit: Christina Malle.
A helpful book on branding by EM Advisor Tracy Matthews. Photo by Christina Malle
Tracy Matthews is great at advising jewelry businesses that are launching or growing, and I’m not just saying this because Tracy Matthews is on the Advisory Council of Ethical Metalsmiths! I’ve heard jewelers rhapsodize over Tracy and how much she’s helped their businesses. Her book on branding, The Desired Brand Effect, is also full of terrific ideas. Full disclosure: I bought the book and read it; this is not paid placement! According to the book, it will show you how to:
Consistently attract and expand your audience of true fans and repeat customers
Overcome entrepreneurial overwhelm by leaning into the 75% rule
Identify and solve simple to complex problems in your business as you grow and scale
Remove yourself from being the “doer of all things” so that you can spend more time on the creative aspects of your business that you love
Overcome imposter syndrome and mental hurdles that are common for creative types
… this book will demystify the business side of growing a jewelry company.
Saskia Shutt, an EM member in Brussels, recommends the following three books:
“Setting Up a Successful Jewellery Business,” by Annie Boothroyd.
“This book has great insight,” Saskia shares. “[It] explains everything clearly and simply. Also shows spreadsheets on how to calculate your hourly rate, etc...It is written by a British Jeweller, but anything that is tax or British Law related, you can skip. It is still a very useful book.”
"Running a Workshop, Basic Business for Craftspeople" by Tony Ford and Barclay Price.
Saskia also recommends this book for its insight and adds that it is “very general for setting up a workshop … as it is not specific for jewellers.” It was written more for a UK-based reader, but much can be extrapolated.
"Jewelry Marketing Joy" by Larissa Wirstiuk.
The third book that Saskia suggests includes “marketing advice & strategies.”I’ve just added more to my reading list; there is always more to learn!
This next section provides details and tips collected from the contributors above.
Brass Tacks Details to Keep in Mind
Your Business Address: Especially for a Home-based Business
Consider your address: please don’t post your home address online! If you don’t have a separate studio or office yet, perhaps a rented P.O. Box will suffice. Even if you plan to work with lower-priced materials, other people may assume you have precious metals and valuable gemstones on hand. Think ahead about your security and the security of your materials!
Your Business Name: the Word “Jewelry” Can Create Security Vulnerabilities
If the word “jewelry” is part of your business name, you may have unforeseen challenges ahead if you wish to be discreet while traveling, receiving mail, and so on. Perhaps the word “designs,” or another more neutral word can take the place of the word “jewelry” in your business name. There are plenty of scenarios in which you may not want to have the word “jewelry” on your mailing address, your business credit card, and so on! Imagine that you land at an airport late at night and are renting a car in an unknown city in order to attend a trunk show. Do you want to rent that car or check into a hotel with a credit card that announces that you are in the jewelry business?
The Legal Entity: Sole Proprietor, Partnership, LLC, or Corporation?
Please talk to an accountant and an attorney about this! If you mix your personal and business assets, your personal assets become more vulnerable than if the business were separated from the personal. An LLC is a limited liability company — and like a corporation, one of the advantages is that it separates your personal money from your business assets and liabilities. Please note: this paragraph does not constitute legal advice! Nor is it accounting advice! This paragraph is here simply to raise some questions for you to discuss with your professional accountant and lawyer!
Register Your Business with the Government
You’ll need to register your business and obtain an employer identification number (EIN) and permission to collect sales tax if you are selling directly to consumers. The US Small Business Administration has a site that walks one through the steps of creating a business.
When you start a business in the United States, your business is largely controlled at the state level. There are some exceptions — but for most of us, the laws for starting a business are controlled by the state.
Therefore, you may wish to research your state government’s website on businesses. International friends, please forgive me for not researching beyond my own country. And please note: this does not constitute legal or tax advice!
For example, New York State’s website is quite helpful and has several pages on starting a business in New York State. New York makes it very easy to apply for permission to collect sales tax, record it and pay it online. I’m guessing it’s equally straightforward in each state.
Out of curiosity, I searched how to start a business in California. The California site has a helpful comparison of the various types of businesses such as sole proprietorships, partnerships, limited liability companies, and so on. By the way, it also says to seek accounting and legal advice before starting a business. Reading your state’s website may be a starting point, but is probably not the full extent of your research.
For more nuts and bolts on starting a business, see Small Business for Dummies by Jim Schell and Eric Tyson. This book sets out the steps of starting a business, although not through the lens of a jeweler. Still, it’s informative!
To wrap up, this article includes some ideas to help begin your research, but is not an exhaustive list of resources. Many of us are creative makers who have not had any background in business, accounting or finance. And yet we want to see our businesses thrive!
Regardless of which point you are in your career, Kathleen Kennedy’s advice remains: “Do it; don’t get discouraged!!”
Many thanks to those who have shared their advice here. Please join the conversation by adding your comments below. We continue to learn so much from one another!
Some helpful books on starting a business. Photo by Christina Malle
Chloe interviewed Jessica Hudson of The Nomad Jeweler on her latest collection that features ASM Colombian gold and Tahitian Kamoka pearls. Read the full article to learn more about Jessica’s story and why she chose to design with traceable artisanal gold and sustainable pearls.