From Hobby to Hustle: Building a Jewellery Brand
The Jewellery Expert
Let me introduce myself to you, I am Gary Williams and these days I look after everything jewellery at Mastermelt and Presman. I was one of Mastermelt’s first customers, so I have many years first-hand experience of their integrity and transparency, which is why instead of retiring, I agreed to look after their jewellery business.
In what will soon be 50 years in the industry, I have been a wholesale company representative, a jewellery retailer, and for over 30 years, the director of a large award-winning, bridal company. In the day, we employed over 100 people, making and supplying in excess of 120,000 bespoke rings and jewellery, each year.
Reclamation is in my blood, but it isn’t just for the big companies. Obviously, the bigger the company, the more value reclaiming precious metals will deliver for your business. This financial injection will help support your business by paying some bills or possibly just go straight to the bottom line as extra profit. Small manufacturers and individual makers need to recognise how significant the value from reclaiming even small amounts of precious metals can be. Whether it’s high grade bench lemel with off cuts, or low grade workshop sweeps, make sure you collect everything and of course, dealing with a reputable processor is imperative.
‘To be successful, you have to have your heart in your business, and your business in your heart.’
Thomas Watson
So, you want to start a jewellery business? That’s fantastic! The UK offers a vibrant market for handmade jewellery, with a diverse range of styles and tastes.
Here’s a beginner’s guide to help you get started:
Develop Your Brand:
- Unique Selling Proposition (USP): What sets your jewellery apart? Is it your unique style, materials, or ethical sourcing?
- Brand Identity: Create a strong brand identity, including a logo, color palette, and typography.
- Target Audience: Identify your ideal customer. Understanding their preferences will help you tailor your designs and marketing strategies.
Design and Create:
- Skill Development: Invest in learning jewellery-making techniques, whether through courses, workshops, or self-teaching.
- Design Software: Use design software to sketch and visualize your ideas.
- Sourcing Materials: Find reliable suppliers for high-quality materials like precious metals, gemstones, and beads.
Legal and Financial Considerations:
- Business Structure: Choose a suitable business structure, such as a sole trader, partnership, or limited company.
- Insurance: Protect your business with appropriate insurance coverage.
- Financial Planning: Create a business plan and budget to track your finances.
- Tax and VAT: Understand your tax obligations and VAT registration requirements.
Setting Up Your Workshop:
- Workspace: Set up a dedicated workspace at home or rent a studio.
- Essential Tools: Invest in quality tools like pliers, saws, files, and a soldering torch.
- Safety Equipment: Prioritise safety by wearing protective gear like goggles, masks, and gloves.
Marketing and Selling:
- Online Presence: Create a professional website and social media accounts to showcase your work.
- E-commerce: Set up an online store to sell your jewellery directly to customers.
- Craft Fairs and Markets: Participate in local and national craft fairs to connect with potential customers.
- Wholesale: Consider selling your jewellery wholesale to retailers.
- Networking: Build relationships with other creatives, bloggers, and influencers.
Legal and Ethical Considerations:
- Hallmarking: Understand the UK hallmarking laws and regulations. See The London Assay Office for more info.
- Ethical Sourcing: Prioritise ethical and sustainable sourcing of materials.
- Copyright and Intellectual Property: Protect your designs and brand identity.
Government Grants and Loans:
While specific government grants directly targeted at jewellery businesses are less common, there are general business grants and loans that could be applicable. These often support small businesses, innovation, and job creation.
- Small Business Grants: Check with your local council or the British Business Bank for any small business grants available in your area.
- Start-Up Loans: This government-backed loan scheme can provide up to £25,000 to start or grow a small business.
- Business Rates Relief: Depending on your business location and circumstances, you might be eligible for business rates relief.
Industry-Specific Grants and Support:
- The Goldsmiths’ Centre: This organisation offers a range of grants, including Business Catalyst Grants, Access Grants, and bursaries. They also provide business advice, training, and networking opportunities.
- Arts Council England: While primarily focused on the arts sector, Arts Council England may offer funding for projects that align with their strategic priorities.
- Creative England: This organisation supports creative businesses in England, including those in the craft and design sector. They offer funding, mentoring, and networking opportunities.
Tips for Securing Funding:
Create a Strong Business Plan: A well-written business plan is essential for attracting investors and securing funding.- Network: Attend industry events, connect with other entrepreneurs, and build relationships with potential funders.
Other Funding Options:
- Crowdfunding: Platforms like Kickstarter and Indiegogo can help you raise funds from a large number of people.
- Bank Loans: Traditional bank loans can be a viable option for established businesses.
- Business Angels and Venture Capital: For more significant funding, consider seeking investment from business angels or venture capital firms.
Seek Professional Advice: Consider consulting with a business advisor or accountant to help you navigate the funding landscape.
Be Persistent: The funding process can be competitive, so don’t get discouraged. Keep applying and refining your proposals.
Remember, starting a jewellery business takes time, dedication, and perseverance. With passion and hard work, you can build a successful and rewarding business.
Setting up a new workshop?
Make sure you get in touch with one of our team to get a free reclamation starter pack.
Lots of workshop reclamation advice here: www.mastermeltgroup.com/workshop-reclamation-advice