[Jewelry making - Article 01457] - Re: [Orchid] Independent jeweler in today's marketplace

[David Keeling]

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    It's important to carefully consider the sort of business one wishes
    to have EVENTUALLY. While putting together a "soft" business plan (I
    had no clue how I was going to make the numbers work) I looked at
    the short-term obligations, minimal start-up costs, and focused on
    the steady growth angle rather than an immediate dive into the debt
    pool required for a fully featured retail business. 

    Want to know a secret? 

    If you know what you are doing with your jewellery skills and can
    out-service your competitors, you can virtually guarantee that you
    won't need to look for financial aid if you begin one step at a
    time. Taking on a large debt initially will cripple your ability to
    work with clarity. Worrying about money is a killer. 

    I paid my initial bills by providing service for other jewellery
    companies who offered repairs and custom work, choosing to
    concentrate on custom work and setting, which I could charge a
    decent rate for. Since I had rent and equipment to pay for, I worked
    as many hours as I could for other jewellers and tried to slowly
    gain private clients through word of mouth. It took a couple of
    years to really get it rolling, scare away the other retailers with
    price, and concentrate fully on developing my retail focus. 

    A line of credit is useful, as you only draw from it as it is
    needed. Don't use it to pay yourself. It should be used for
    materials, capital investment, and studio rent only. These are
    relatively easy to get if you have title to a house and aren't
    over-mortgaged or have massive credit card debts. If you are
    carrying a large debt already, your situation is bound to become
    less comfortable indeed. 

    A good lease is important. Retail frontage isn't necessary if your
    skill sets are well developed. People will find you if your work is
    respectable and your promises are kept. A space that is easy to
    secure and comfortable to spend a lot of time at is very important.
    Spend your resources on time-saving tools and equipment, not padding
    the pockets of owners of the best retail footage. Your risks will be
    small if you manage your exposre properly. 

Best wishes,
David Keeling
www.davidkeelingjewellery.com
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