5 Ways To Know When It’s Time To Expand Your Jewelry Business
Did you know that 50% of all small businesses fail because they expand before they’re ready? Sometimes it feels as though starting a jewelry business is the easy part – it’s knowing when and how to grow your business that can be your biggest challenge.
Before you decide to invest any financial resources in growing your home jewelry business, read through these 5 signs that can indicate it would be a good idea to expand your jewelry business.
1. You have a strong customer base, with a significant number of repeat customers. If you see the same customers over and over at art shows, galleries, and other sales events, you are probably ready to start extending your reach to a wider audience. This could require a shift in your marketing strategy, and possibly even a re-branding of your business to include new customers.
2. Your jewelry business has been profitable for at least 3 years. Profits are a key indicator for when your business is ready to expand. Are you still paying for beading supplies and craft shows out of your own pocket? Or are you earning enough money selling your beaded jewelry that your business is self-supporting? Once you can actually pay yourself a small salary and still have enough left over to cover fees, operating costs, accounting, and yes, more beads, you might be in a good place to think about expansion.
3. You’re running out of room. Have you expanded your offerings to include different product lines recently? Do you find yourself using your dining room or kitchen table as a work space because you’ve already exhausted your original dedicated crafting space for your jewelry business? This might be the time to think about renting a small studio or office space where you can not only stay organized, but also keep your business area separate from your home living space.
4. You’re highly organized with clear operational procedures in place. This means that you have a highly organized system of accounting, whether that’s paper receipts that you enter into a computer spreadsheet, procedures for keeping track of business taxes and expenses, and ways to track what products and designs are selling best. You can’t expand your jewelry business if you’re still using a notebook to track sales and haven’t got your sales tax and business licensing in order. It takes a unique set of business skills to run a successful jewelry business, and if you haven’t yet mastered these, you may want to turn to a professional for assistance before you think about expanding.
5. You simply can’t keep up with demand all by yourself. Are you making kits of your beaded jewelry designs? Selling earrings like there’s no tomorrow? It might be time to think about hiring a part-time employee to give you a hand when it comes to making kits and other production-related processes for your jewelry business.
Don’t go it alone – if your business is ready to bloom, get some expert advice before you invest your time and resources. Nina Cooper of Nina Designs knows what it takes to successfully grow your business, and can offer plenty of sound guidance to help you through those jewelry business growing pains. Her business has grown steadily over the last 30 years, thanks to her creative talents as well as her background as a business major at UC Berkeley.
Register now for Grow Your Jewelry Business with Nina Cooper through CraftU. This interactive online education course begins on September 22, 2015, but you can access the course materials any time after that date.
When you register for and participate in this jewelry business course, you’ll learn how to clarify your vision and goals as your business expands, how to plan for production, developing strong business strategies to meet your new goals, build a team of employees, and expand your reach to a whole new audience of customers.
Do something good for yourself and your jewelry business – find out how you can successfully go from part-time entrepreneur to full-time business owner when you register for Grow Your Jewelry Business with Nina Cooper.