Jewelry Business Plan

© by Rena Klingenberg; all rights reserved

A jewelry business plan helps you focus your creativity, time, and effort in a clear direction.

Without some sort of blueprint, creative people who are easily inspired (like me, and probably you!) tend to run off in all sorts of exciting new directions - but never really get anywhere.

Staying focused on an inspiring course of action makes it much easier for us to move step-by-step toward success.

Before we get started actually writing your plan, there are two important points to keep in mind:

1. You have to create your own jewelry business plan.
   
   Many handmade jewelers hope to use a sample jewelry business plan to save time and "get everything right". But because your jewelry business is as unique as you are, only you can create the strategy that's right for you!


2. Your jewelry business plan is always evolving.
   
   The purpose of your jewelry business plan is not to box you in - but to help you flow and grow successfully. So don't try to create a finalized version of it. Instead, consider it to be a flexible guide that continually changes as you and your business evolve.

How to
Write a Jewelry Business Plan

The jewelry business plan I outline below will help you create your own roadmap to success.

For your personal jewelry business plan, use the following blueprint - and update it monthly.

Here are the categories of information you'll need to brainstorm, search your heart, and/or research to fill out:

1. Your Business Name

If you don't yet have a name for your business, see Choosing a Jewelry Business Name for inspiration.

2. Your Current Vision
for Your Business

Think about your business a year, two years, and five years down the road. What products and services will you be offering? How do you want to be selling your work, and where? Will you have employees? What income do you want to have?

Of course, this is the section of your plan that's likely to change the most as you evolve. That's fine - just pour out your current vision for the future of your jewelry business here, in as much detail as possible.

Consider creating a vision board for these goals.

Also see my newsletter article Manifesting Your Jewelry Business Goals to help you focus your intentions in this section.

3. What Makes
Your Jewelry Business Unique?

What's different about you, your jewelry, your services, and your business - compared to other jewelers your customers could be shopping from? See Build a Successful Jewelry Business by Being Different.

What specific niche will you be serving? Your niche can be a style or type of jewelry. For inspiration, see Developing Your Jewelry Niche, and Jewelry Niche Markets.

If your jewelry isn't distinctive or easily recognized as being your own unique style, see Finding Your Niche - What's Your Signature Jewelry Style?. Use unusual materials or jewelry making techniques to make your work stand apart from the rest.

4. How Do You Plan to
Profit from Your Business?

Define exactly how you plan to earn money from your jewelry business over the next month. For example, what jewelry shows or jewelry parties will you do? Or what shops and galleries will you be working with? Or what online venues will you be selling through?

What other ways will you profit from your jewelry business (teaching workshops, selling jewelry supplies, creating and selling jewelry making kits or tutorials, etc.).

List each stream of income you intend to have (or to target). See my newsletter article Building Multiple Streams of Jewelry Business Income and the Alternative Jewelry Business Profits section of this website.

Be as specific as possible, including timeframes and clear action steps.

However, don't pile on more than you can realistically accomplish. It's better to list one or two do-able, detailed income plans each month here, than to add a discouraging, overwhelming list once a year.

5. How Do You Plan to
Promote and Market Your Business?

Spreading the word about our business is the main area where most of us need to invest more planning and effort.

Helping potential customers find out about your jewelry products and services is an ongoing need no matter how you sell your work! And the financial success of your business depends on making sales.

Describe in detail, step-by-step, exactly how you plan to spread the word and promote your jewelry business over the next month or two. Depending on how you sell your jewelry, your plans might involve both online and offline marketing strategies.

For inspiration, see:

• Public Relations and Marketing for Your Jewelry Business


• Increasing Sales for Your Jewelry Business


• Sell Jewelry Online - 6 Ways to Build Your Internet Presence


• 20 Things to Do for Your Jewelry Business When Uninspired

6. Your Strengths, Assets, and Advantages

List your talents, strengths, aptitudes, and the things you really enjoy doing in your jewelry business. Don't be modest! You need to see the personal resources you have to work with.

Also list other assets and advantages your jewelry business has, that you can use to get where you'd like to be.

7. Your Weaknesses and Disadvantages

List what you're not so good at - or the things you have trouble doing, or that you hate to do.

These are things you'll have to work around, or learn how to do, or find someone else to do for you, or leave out of your business (which isn't always possible).

Also list any other disadvantages you'll need to work around - time, money, transportation, other commitments, location, lack of website traffic, skills you need to learn, etc.

Brainstorm how you can work around these limitations to achieve your goals. For example, I've developed workarounds for my math disability and my measuring difficulty.

For guidance on overcoming your specific limitations, you'll find a wealth of tips and inspiration in Remove Your Jewelry Business Roadblocks and What's Stopping Your Jewelry Business?.

8. Your Opportunities

New doors will open for you as you meet new people and get new ideas, opportunities, connections, interests, and skills.

List the things that may open new doors for you this month.

For example, people you've met who can connect you with business opportunities. A sister who's offered to host a jewelry party. A new jewelry niche market you're investigating. A change in the economy. An upcoming holiday that's great for selling jewelry. A new direction you're going with your business. A new technology you're starting to use; etc.

Detail how you will follow-up and make the most of these opportunities.

9. Your Jewelry Business Finances

Summarize your jewelry business income and expenses for the past month. Are you operating at a profit or at a loss? Is your budget realistic for your business?

Are you pricing your jewelry profitably enough?

What were the most worthwhile expenditures you made for your business? What expenditures turned out not to be worthwhile?

If you need to cut back, where could you spend less? Or have you earned enough to put some money toward something new you've been wanting for your business?

I highly recommend using the services of a professional accountant to do your taxes and help you set up your jewelry business finances. An accountant who specializes in home businesses can save you time, frustration, and money!

For more on your jewelry business finances, see:

• The Business of Beads - Bookkeeping


• Is It Time to Quit Your Day Job for Your Jewelry Business?


• 7 Ways to Make Your Jewelry Business Survive Uncertain Economic Times


• The KISS (Keep it Simple) Theory

10. Measure and Evaluate
Your Results

Each month, step back and evaluate your progress toward the items you listed last month, in these sections of your jewelry business plan:

• Step 2 - Your Current Vision for Your Business


• Step 4 - How Do You Plan to Profit from Your Business?


• Step 5 - How Do You Plan to Promote and Market Your Business?


• Step 8 - Your Opportunities

Look for patterns in your successes - and in your lack of successes. Where did you do well? What helped you succeed?

Where do you need to do more work? What held you back?

Pinpoint things that are working well for you, and consider expanding on them.

Similarly, pinpoint things that aren't working so well, and consider eliminating them from your business if possible. If you can't eliminate them, consider ways you can improve them, work around them, or hire someone else to do them.

For more insights on measuring and evaluating your jewelry business results, see:

• How to Evolve - Make Your Jewelry Business Better and Better


• Evolving My Inventory for Shows


• Playing with Numbers to Analyze Your Sales


• Jewelry Sales Analysis for Your Online Shop


• 18 Ways to Stay Excited About Your Jewelry Business.

Updating Your Jewelry Business Plan

You'll spend the most time on your jewelry business plan the first time you create it. After that, you can make an enjoyable monthly ritual out of reviewing and updating it.

Schedule some uninterrupted time for your update each month. Light some candles and play music that helps you think creatively.

Your jewelry business plan is the guide that helps you see clearly where you've been, where you're headed, what you need to do, and the progress you're making.