I recently met with one of my old college friends who started her own jewelry business very early. Her business was really unique because of her very differentiated designs. However, the story she was telling me about her business when we met years later was not that bright. Her designs got stolen by another jewelry business after she met with the owner to sell her collection. For me, that was really sad to hear since I saw how much work she has put into this. She worked so hard, and yet this is how her business was doing. I then led a discussion about managing a jewelry business and how one can survive in this industry. Let me tell you my own tips in case you are also saving your jewelry business. I will also give you an idea about some of the services that Albusi offers to save your gig (or start it in the first place).
So, here’s how this will go and what you will learn and know about for the next 2 minutes.
First, How Do You Know That Your Jewelry Business Needs Saving?
Well, I know you might be thinking this is a very easy question: you know you are losing whenever you lose revenues. This is a very straightforward answer, and it’s not wrong, no, of course. However, this is not the only thing for you to check, and know that you have to pull out some strings for your business. Sometimes your business will not be actively declining, but there will be underlying factors that you need to take notice of. Any thoughts about some of these?
To give you some, think about yourself as a business owner and entrepreneur. Are you still consistent in your business goals? Do you still have in mind the mission and goals of your jewelry business? Do you still keep an eye on your goals and how the strategies you use in selling will help reach your goals? Trust me when I tell you that although these questions are pretty forward, personal bias jumps in when leading a business and can cause real destruction. This is a personal indicator for you as an entrepreneur. An economical one that you can notice is this: having to rely heavily on promotions and discounts to make sales. This can tell you clearly that your current collections are not attracting customers very much.
Make sure you keep a close look at your business and your management direction when leading the business. This can help save you a lot of time and effort in the future.
Saving Your Jewelry Business
Now, what can you do to save your business after noticing early or late warning signs that it is falling behind?
Here are some of the ideas that I have for you:
Hire A “Look Out” Pro
What I want you to do here is to make sure you have that one person on your team whose job is to look out for any new trends or technologies. You need someone who knows about jewelry but also with good connections and networks in the industry. You will not imagine how this can save your business. This way, you manage to adapt to trends and the changing customer tastes. People do not want redundant designs; people want jewelry that speaks to them, and that is worth every penny. Also, once you know about what’s happening in the market, you get to work around things in your own way. You can put together a plan for revamping your jewelry business. In all cases, hiring this member or becoming one yourself is very important for your survival.
Transform Your Operations (If it needs to)
You need to check how your jewelry business is operating in-house. Are your internal policies working well? Is your marketing strategy doing you any good? Are there some slow-selling pieces in your collection that no longer look appealing to your target customers? Finding answers to these will help you to know how much you need to change things internally. You might start using different social media platforms in your marketing, or you can reassess your product line altogether and come up with new and innovative ideas.
Some Essential Help For Saving Your Jewelry Business
If you haven’t done so already, check out this piece on starting a jewelry business and how to have that as a permanent gig. This will give you different ideas about the business whatever the stage that you are in.
In addition, whether you are planning your jewelry business from scratch or in the phase of saving it, you have a lot to talk to you about. We can offer you a lot for your jewelry business.
We have many downloadable pitch decks and business plan templates on the website that serve as excellent guidance to prepare your business. This is not just it. We also build your own! The Albusi team can craft a one-of-a-kind pitch deck just for you! This is another exceptional service to entrepreneurs that you should check out. You will get the chance to have your own branded pitch deck.
Also, if you need to talk more about your idea from the start or just chat about saving your gig, you can just get in touch with one of our freelancers. They will help you with everything you need for your business. They are also great at pitching and will help you with the tweaks you need to pitch your idea to others, too.
Meet The Author Of This Article
I’m Jenny Ayman, a project manager in the development field with specific knowledge and experience in capacity building and entrepreneurship programs. I aspire to transfer the hands-on experience I gain in my professional career through writing.
Also, if you need help planning your business, I recommend checking out some of our freelancers’ business plans or pitch decks!