On a serious note, according to a business survey published in February of 2000 it showed that fifty-six percent of those who got into the jewelry business didn’t feel that they were compensated well enough for their time.
Any growing business whether it’s a food chain or a jewelry shop requires capital. Regardless whether these came from your reinvested earnings or from outside sources, having a capital you can depend on is necessary. A lot of people who run small-scale part time businesses reinvest most of their profit for a capital. The nice thing about reinvesting is that you can expand your business without going deep into debt.
It is worth mentioning that if ever you do decide to quit your day job and rely on your profits, there won’t be much money left to reinvest in equipment, supplies, and inventory. This is why it is very important to have enough money to sustain the needs of your business as well as your personal needs. This money will forever be tied to your equipment, daily cash flow needs as well as inventory.
If at this point you still don’t have that much money for your business then it is essential to wait until you’ve grown your savings to the desired amount or you could simply apply for a loan.
Aside from these, you also have to decide on a marketing strategy.
In order to increase your probability of achieving your target, it would be wise if you studied your marketing strategy.
Exploring new marketing channels is also a good way to go. You can start off my creating a list of all your probable options these can include sales representatives, craft shows, home shows, trade shows, print advertising, and websites. In order to avoid mishaps, you need to do some research. If you can reach out to your customers and talk to them and track down as many prospects as you can. Browse the web, check out your competition, visit different shows and see what’s out there.
You should also be aware of your production capacity. Do know that production can either make or break you so you have to be careful. As you might have known by now, buyers can be brutally unforgiving so if you ever miss a deadline, your orders can get canceled without questions asked.
This is why it is important that you know your production capacity so you can announce realistic delivery dates. Two of the most basic components of production that you need to study and take note of are materials and labor.
Indeed, leaving everything behind in search of greener pastures isn’t going to be easy especially when it comes to money. Before you make a decision you have to weigh all aspects of your business venture so you won’t end up bankrupt and full of regrets. Good luck!