by Aran M

Created on: August 05, 2009   Last Updated: September 10, 2009

A lot of people enjoy making jewelry at home but wouldn't it be great if your could turn you hobby into a money spinner? If you make unique, interesting items you could make a bit of extra cash or even a small income from selling your creative works. But there are a few things you need to consider before getting started in your new business.

In these times of global recession and the emergence of 'cash for gold' style companies many people may be thinking of selling their jewelry rather than buying it. It is important that you stay ahead of your competition and are realistic in your expectations.

Unique Selling Point

To make your products stand out from the crowd you will need an unique selling point or USP. Think about it, how do products stand out from the crowd, they need something identifiably unique about them to hook the consumer. If you are going to have success in selling your jewelry it's work taking this on board.

What your USP is will depend on your skills and the area of the jewelry market you are targeting with your product. You could tap into the 'green' market by using recycled materials in an interesting way or grab sales from the fashion conscious with unique designs guided by current trends.

Pricing

You will need to calculate the cost of your materials and the profit you feel is acceptable for your time. You will need to take into account the amount of your profits that could be taken in tax if you earn enough as a self-employed person. You will also need to include the cost of selling your items, whether that be a listing price on ebay or the cost of a stall at a craft fair.

You should conduct research into the pricing of your competitors to insure you are pricing your product reasonably. You want your customers to choose you both on the basis of price but also your USP as described above.

Market Research

Before putting your product on the market you should conduct a bit of market research to ensure people will want to buy your product and the price they will be willing to pay. You can look at other similar products on the market, conduct questionnaires and talk to people about what they like and dislike about your designs.

It is important that you meet the needs of your target market if you want to make sales.

Understanding these needs will help you deliver and stay ahead of the competition. It may also be work checking out the ebay listings that are doing well to identify what they are doing right.

Selling

There are a number of options open to you to sell your product, these include online options like ebay and offline options such as craft fairs. Before paying out for a stall at any event or listing on any site make sure the people that are likely to be there are within your target market. There is no point going to a 'hippy' style fair if you are selling high end items and visa versa.

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