• I think the majority of designers start out selling jewelry without having business plan, most likely because they weren’t intending to make a career out of it in the first place. Is it a good idea to come up with a business plan first?
Definitely. But if you think about it, business planning is a very logical, linear process, not at all like jewelry making. So many jewelry makers avoid it. I think that it’s best to do it early, though, because it assures that you’ve really thought of everything you need to consider … such as finances, product line, pricing, competition and other issues … before you commit your time and money to investing in the business.
• I’ve had more than a few readers say that when they’re first starting out they are just overwhelmed by the selection of beads, crystals, precious stones, and findings to choose from. Do you feel it’s important when you’re first starting out to try and choose a “style” that people will associate with you as a designer? Or is it better to experiment and see what works?
People tend to have specific preferences or “styles” when it comes to making creative decisions. Some people prefer to have the field narrowed down, because they like the structure provided by relatively few choices. Others like exploring and find that seeing new materials feeds their ideas.
One suggestion is for each designer to look at pieces that they are most proud of, and think about the circumstances that led to those designs. Were they working from their own imagination? Or was the design inspired by something external? Where were they when they got those ideas, and what were they doing? That will give them an excellent idea of what their preferred style is. Manfred Wild, the famed German gem carver, produced an award-winning carving of Louis Armstrong by reportedly looking at the raw gem material over and over again until an image emerged. When he finally “saw” the image in the raw stone, he reportedly exclaimed, “Wie Geht’s (How’s it going), Louie?” It’s such an amazing and personal process.
In the end, I think that the creative “stamp” of an artist is something inside that needs to be combined with the correct materials for its most effective expression. I’m not sure there’s a way to force that process. So, I suppose that means I think experimentation will help some artists find their own style. And for others, they already know it, and it’s a matter of finding the best way to express it.
• OK, the all-important big question when you decide to move beyond making pieces for family and friends is: how do you price your jewelry? You’ve already touched upon one of the most common mistakes, which is people pricing their jewelry too low. Do you have some basic rules to share when pricing jewelry?
My “basic” rule is that formulas, which are commonly espoused as the best way to price jewelry, don’t work. Why? Because the “value” of the jewelry is what any willing buyer will pay for it. So, if you price it according to a formula, and the formula comes out to $75, but no one will buy it, it’s not worth $75. Someone who attended one of my seminars sold a ring for $75 that was later re-sold for $850. It’s a cautionary tale.
The best way to go is to study the market you’re designing for. Go out to galleries and shows and see what other artists of similar talent are charging. Make notes about the materials they’re using, and the level of sophistication, or the quality of the findings and other components. Then price to fit the market. You are right that the most common mistake is pricing too low. It will take some trial and error, and a good product-to-buyer fit until you learn what the price of that jewelry should be. And of course, our conversation above about the impact on the prospective buyer of price is also a factor to take into account.
• One of the most daunting things about selling your own jewelry can be consignment and/or wholesale to local shops. Do you have any tips for people who are just starting out with that?
I’ve never really liked consigning and wholesale arrangements. Mainly because the best seller of artisan jewelry is usually (although not always) the person who made it. Customers enjoy that personal contact with the artist. It’s unusual, and very meaningful. It’s more powerful to say “I bought this and met the artist who made it,” than to say, “I bought this at an accessories store.” I’m not totally against it, but artisan jewelry is really connected very strongly to the person who made it. So sales in a store might not go as well as direct selling by the artist.
The reason why I don’t like wholesale arrangements is because the entire concept of wholesaling is based on a manufacturing model. Artisan jewelers usually make their pieces one at a time, with the intention of selling it for a retail price. So wholesaling doesn’t add up, unless your jewelry is being manufactured.
I’ve also heard a number of very upsetting stories about an artisan arranging for a gallery to display and sell his or her work. Typically, the gallery owner is going to favor the jewelry they sell the best and/or get the best markup on. It’s natural to expect that, but it means that if your jewelry isn’t the most profitable for them, it may sit for a while. And then, if and when it does sell, you’re not getting the full price, because they get a commission. The best arrangement is one in which your jewelry is featured in the store, the arrangement benefits both you and the gallery owner, and you have a well-worded written agreement that covers the terms of the arrangement, including when you will take back unsold pieces.
