I recently wrote and article for a new magazine calle Jewelry Business Advisor and thought I would review the information it covers (in more detail).
• Naming your business with originality and class, a moniker you won’t outgrow.
• Have a logo designed to use on your business cards, packaging and website. Branding your business starts now!
• Hire an accountant to determine which form of business ownership is appropriate: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, etc. You accountant will save you time and keep you up to date on tax requirements becoming an important business partner.
• Opening a business banking account, obtain a tax identification number & research workers’ compensation, unemployment and disability insurance. You may also be required to obtain certain licenses and permits.
• Find a business/accounting/point of purchase system that meets your needs. Hone your computer and technological skills to be able to manage your business efficiently by knowing how to use your system- it is the backbone of your business.
My business and artistic experience in magazine publishing served me well when I started my own handmade jewelry company but it didn’t prepare me for all the work a small business owner must take on. I found technology made it possible to do many things by myself or with a small staff. Of course my iPhone allows me to talk, text and email, but it also takes great pictures of my jewelry and apps let me retouch images and load them to my website. I can surf the web to source and order from suppliers, access my business system (Quickbooks Online), and of course I can do social marketing from anywhere!
If you have specific needs you may need software developed specifically for the jewelry industry, but for lower cost, integration possibilities, and flexibility I highly advise you to research systems like Quickbooks before you go that route. You will use your business system to create customer profiles, product categories, invoices, job estimates, track payments, write checks/deposit slips and view reports on your company’s performance.
A new jewelry business will a lot of an owner/designer – production, selling, marketing, managing staff, purchasing supplies, customer service, shipping, inventory control and bookkeeping. Build a solid foundation for your business, stay focused and organized and it will be able to grow.
This article is an excerpt from The Jewelry Business Advisor Magazine, you can read the article in its entirety at www.jbamagazine.com .