Starting a Jewelry Business – 5 Things I Wish I had Known First


Complete Video Transcript

0:10hi I’m Jessica Wright I’m the founder
0:13the london jewellery school which is one of the world’s largest retraining
0:16sentence but thousands of people come every year to learn how to make to me
0:20about what the people set up there enjoy this and says
0:23and I put together some video to give you a few
0:26my can’t intent so today I wanna show if you five things that I wish
0:31I had nine before I started my Julie Beth
0:34so you the first thing I really wish that name before it started with it
0:39was how to do basic financial model so
0:42what if it’s is basically looking act the money that will be coming into the
0:47the money that will be going out and working out whether it’s realistic
0:51working out whether I’m I’m giving myself a chance. whether the possibility
0:56and I’m going to be able to actually make it successful business
1:00and this is something back is
1:03pretty simple and basic today I but I first thought is
1:07my jewelry business I had no you finish training
1:10and I think like a lot of creative I didn’t mean any
1:13and focus on the senate business or financial side of things I just focused
1:18learning how to make can create and do all the fun things I enjoy doing
1:22and buried my head and bit enough and about I hadn’t the financial aspect
1:26but I I did learn the hard way and
1:30I’m about hier indicted some well financial modeling which helped me
1:35when my business is going and what I need to stay to make it more sustainable
1:39in the long run
1:41I’m so building a basic financial model
1:44is pretty simple I we need to do is blackout
1:48polio costs that you’re going to be spending out on
1:51I’m all love that kinda I’ve had your gonna have
1:55materials anything else is going to be spending
1:58not just per piece but just generally no business as a whole and I can only pick
2:02a period said maybe like six months
2:04I when you’ve been going that long P to do it for years but start with just six
2:08but him out what you think you’re gonna spend I
2:11including marketing advertising anything else you need
2:15I and then working out how many pieces you think I’m gonna fail
2:19and for how much I and just very basic you at now
2:24it realistic is it something that you’re going to be able to stay
2:27and if not what can you do to change that so to give a really
2:32up basic example if I know that and for the next six months
2:36I need to make a hundred pounds a week from my jewelry and each piece i salad
2:41my own twenty pounds each tom is yes 5 pieces a week
2:45but if I know that I’m going to be spending out
2:48fifty pounds a week going to sell two or three more
2:52to be able to make what I need I’m basic a financial modeling is
2:57all about getting it down on paper getting out of your head could so easy
3:01to kinda guy I know
3:02roughly at my head what I’m gonna do beginning on paper
3:05getting calculator and and
3:08just playing around with the fake and and working out what what would you need
3:12to sell
3:13in order to on break even and I’ll make a profit
3:17and are you giving yourself a chance so that the first thing I
3:20me which I dunno beginning at my Julie with so if I found the financial aspects
3:26I the other thing I really wished I had considered more when I first started my
3:29jewelry business
3:30was what did I want how affect what was my vision
3:33I’m and what was unique about me so
3:36and I knew that I wanted to learn how to make jewelry
3:39and you don’t want to make and fellow I know many people to buy it but I wasn’t
3:43really sure
3:44more I was gonna do that was going to be defense that was gonna make me stand out
3:48from everyone else
3:49I also know certain things I didn’t want to say for example I didn’t want to go
3:53into mass producing in just making the same peace out when I think tank said in
3:57enjoy that aspect to that I mean and
4:00I think if you can set that is kinda stand at the beginning
4:04and work out for yourself what you want I
4:07that not really helps with the rest of the business and
4:11now when I thought into a business I was making and selling and now I wrong
4:15a jury school which is I’m oversee a different type of jewelry business
4:19and so you can overheat angel vision and your goals and the kind things that you
4:24won’t tell you that means overtime
4:25but and I wouldn’t be afraid to
4:29kind assign yourself a task that this is what you want this is what’s gonna be
4:33unique about you
4:34and and in a adopted as you go along but
4:38without the vision in place it’s it’s very easy to get lost
4:42to take on any kind of what and
4:45to end up not being doing what you’re doing and most people
4:49I’m setup to it businesses on creative businesses
4:52because it’s a passion and it’s something they want sire yes
4:55the second thing is and having a clear vision for my business
4:59and bus testing I really wish I had nine before I started my jewelry business
5:05is how long it would take I have not I think I was
5:09extremely optimistic and at thought within a couple of weeks
5:13both up and running in a couple of weeks but I thought I’d Pierre
5:16unit making enough to live on and that while I was hopeful that I went to be
5:21and I was in I’m I would say and I generally do you say to people that it
5:27between two to three years really need to be able to make a living from a
5:30business or even
5:31for it to make it substantial amount of profit and
5:35I so you need to be able to find a way
5:38to allow for parts now most people and carry on
5:42working and arm I thought day job and set up their business
5:47during evenings and weekends which can be quite stressful it can be a lot of
5:51um but its it’s an investment
5:54for the future and that’s often how it’s done
5:57arm but yes I don’t tend to encourage people to leave their jump straight away
6:01which is lighted and going to have a business
6:04because it definitely takes time know how much work you put in you have to
6:08build an audience
6:09you have to build up trust in your name in your band is Angela
6:13and arm guess give yourself plenty of time
6:17say that PU and can do everything you need to build usually
6:21its the full thing I wish I’d known before I started by Julie that’s next
6:25is the importance of marketing and how much time I would need to spend
6:29marketing my lack
6:31and I’m using a term marked a loosely it can mean anything from
6:35and but sites online social media
6:38and to you offline advertising PR
6:43and going to fathom events exhibiting I’m into the whole host of things you
6:47can do to July 30 from a collapse think
6:50anyone am looking to go into this field are looking to set up a jewelry business
6:54you do have to you I’m be aware that there’s gonna be a lot of
6:58time spent on that now for me I’m quite passionate about the vid and fight
7:02and as well after I love doing a marketing in the social media and
7:05interacting with customers and
7:07and all that but it’s not for everyone so I one solution to this that
7:12some people do as at two you have a partner in business
7:15and hugh I somebody who’s more excited about they think the new perhaps
7:20or is just something that you build up as you go along and I’m
7:24although the time business can seem quite boring and not something that you
7:27want to do when you’re doing it for you are in luck
7:29it is a lot more exciting because you’re engaging with customers that want to
7:33know about your product
7:34I’m to know about your story and today about you essentially and
7:38and what you’re doing and and how I actually got to be where it is so
7:43it’s a lot more exciting than than it might first scene but yes
7:46the importance of marketing taking peaceful pictures
7:49and and the amount of time you may need to spend on that
7:53israeli something to be aware of from the from the get-go
7:57last but not least the fifth saying that I wish I’d name from the start
8:01is that it is possible and I it is possible to
8:05star jewelry business it is possible to be successful
8:08it is possible to make a living from it it’s by no means easy
8:12as I said it takes a long time it takes a lot of effort
8:16and a fair amount of financial commitment of n
8:19I am NOT and lots of late nights and weekends
8:23but if it make a passionate about something that you want to do there’s no
8:26reason why you can’t
8:28and when I first started out a lot of people
8:31I’m didn’t really have them help the faith that I
8:35wish they had had in me or in the jewelry sector in general income is that
8:39usually isn’t
8:40isn’t really an area that you can make money from and
8:44it’s not a get-rich-quick scheme that’s for sure it takes a lot of time
8:48and but it is possible I’m I’ve done it
8:52lots of other people have done it and it’s just about
8:56choosing something that you love making sure you have something that’s unique
8:59about you
9:00listening to customers and progressing each day
9:04to make it more more successful
9:07say those are the five things I was at 924 thought it might jewelry business
9:11I hope they’re helpful for you and help you to make the right decision she goes
9:15through a business
9:16and at until next time channel