• For designers who don’t make one-of-a-kind pieces, how much inventory stock do you recommend that they keep “already made”?
This is a “problem” for everyone in a retail business. I believe that jewelry makers should consult with an accountant about inventory issues, because there are specific advantages, disadvantages and tax consequences to keeping stock on hand.
Regardless of how much inventory they have, they should be clear with customers about how long it will take to deliver an item. If it’s a special order, all the better, because the customer knows the piece is being created especially for them.
• How do you feel about craft shows and fairs for jewelry makers who are just starting out… are they worth it?
Many jewelry makers are intimidated by the idea of going right into a jewelry show, and with good reason. You can get overwhelmed by having a lot of people at the booth, or demoralized early if no one stops by! I’d suggest going to 3-5 different types of shows – juried shows, craft fairs, fine jewelry shows – and seeing how people display and sell all kinds of jewelry. Talk to vendors and see what their experience has been, and read articles and books on how to sell well at a show.
Then, try to project how much you could sell, and compare it to the cost of traveling, booth costs and other expenses. You don’t necessarily have to turn a profit the first time, and you may not, but you’ll get a lot of experience in selling and handling customers. Ultimately, shows can be very lucrative if the buyers are the right fit for your jewelry.
• Do you recommend jewelry makers getting professionally printed business cards?
Definitely. It’s expected that everyone in business will have cards. I’d avoid computer printed cards, however, because if they’re not from a high-end printer, they often look cheap. Aside from business cards, I also recommend that people have “story cards” to accompany their jewelry. A story card tells about the individual piece, in as much detail as needed. This includes details like what it’s made from, what inspired it and more. Those can be printed from a computer, because you want the flexibility to change the cards as needed.
• How about coupons and discount codes for selected items… are these good things to offer?
Artisan jewelry is something that is sold because it’s unique, hand-made, and crafted by someone who’s inspired. Not on price. So I’ve suggested that artisan jewelers don’t discount their work. The exception is if you’re discontinuing a line, and want to offer it at a discount to sell it off. The other possibility is combining different pieces together. For example, selling a bracelet and a matching pair of earrings for a price less than both would sell for if purchased separately.
An idea that I do like is offering gift certificates. Beyond selling the typical type, there’s another method that can work well. You give your best customers one or two “gift certificates” for a certain amount off, like $10 or $25, they can give to their friends. Your customer gets the good feeling of giving something to the friend, and the friend has a very nice incentive to buy from you. Make sure you spell out on the gift certificate any restrictions, such as a minimum retail price it will apply to, an expiration date or anything else that’s relevant.
