What better way to kick off my brand new advice column than with a core – a deeply core – question.

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How do you structure your jewelry business?

“My question – how do other jewelers balance the decision to work on wholesale vs. direct-to-consumer vs. pop-up markets and shows vs. online sales? “

Each designer and maker will have their own answer to this, and there likely won’t be a single path, but rather multiple paths. Your personal and/or professional financial situation matters, your vision matters, your goals matter, and no two paths will look alike. It’s a question that we could use to build a flow chart of possibilities like a Choose Your Own Adventure book where your answers lead you on your way.

Have you made sure that your jewelry prices are profitable at the wholesale level?

If not, run, do not walk, to review your pricing before even thinking about wholesale. Or sell at pop-ups and craft shows until you adjust your prices to sell at wholesale. And put the idea of wholesale shows on the back burner for the moment – your pricing needs to be solid to make wholesale work. But once you do restructure your wholesale prices, here’s your next question:

Are you able to work away from home at least twice a year for about a week at a time? Can you build at minimum $20,000 into your yearly business expenses?

If so, then wholesale trade shows could be an option for you as an entry point. Do it enough, build a presence at wholesale, book orders and build relationships with retailers and you could add a lot of bulk planning and income to your business. It takes a while to make it – allow for a few years to build traction – so be sure you have the funds to cover these shows, and make sure the rest of your business functions while this builds. Also make sure that you can afford the shows BEFORE you sign up. I highly recommend doing the math before going this route. And if you don’t think you have the $20,000 or so up front, then you might need a different option in the beginning.

For instance:

Do you enjoy talking to a lot of people? Or are you willing to do so for the sake of making money? Could you spend $500-1000 a month from your business budget?

Craft shows and pop-ups could be your thing! An excellent way to make sales, meet customers and share your brand story. Plus, you get to sell at your direct-to-consumer prices so each sale is more profitable. The main risks are shows being poorly attended, your work not connecting with the audience, and weather (if outdoor events), inventory issues from either over or under producing. In person events are incredible marketing opportunities as well as sales opportunities, so this is a great way to build a following organically. If there are reasons why you don’t want to do street fairs, craft shows or other in-person sales events, then you have another option:

How much are you willing to write email blasts, manage shipping, operate social media accounts, and make friends and connections online in order to sell your jewelry?

If your comfort level with the online world is high, then online sales might be the way to go. When it works, it can be one of the most profitable slices of your business and one that allows you some freedom. I used to refer to it as “making sales in my sleep” the way that sales would come through when I didn’t have to be on hand at a show to make them happen.

You can make fewer pieces and for more money than you can at wholesale, but it does take time, patience, and effort to make it successful. And if you don’t want to manage a bunch of small online sales, but would rather have larger, less frequent sales, ask yourself this question:

Do you like managing complicated customer emails, long term projects, and have you built the skills to make and sell high-end pieces?

Then you have the right temperament for managing custom engagement and bridal! The bonus of this method is that it is the best way to operate if you don’t enjoy managing a large inventory of both finished goods and raw materials. Assuming that your pricing is ready, it can be very profitable. The main downside is that it can be high-stakes and high stress for some designers. It also takes a decent ability to manage contracts, deposits and processes and also takes a level of diplomacy and sensitivity that not everyone wants to cultivate.

Regardless of which path or paths you choose, there are other, broader questions to ask yourself, because these questions will be relevant no matter which path you choose.:

Do you know your numbers in your jewelry business? Do you know how much you make in sales? Your profit margins? Your costs?

Ideally, you would be working to build a business that profits, that pays you and that covers the bills for the business itself. For many designers, myself included, the financial balance of a business is as important as the creative side.

My philosophy in a nutshell – if it isn’t paying me enough, I don’t want to do it.

That could mean not taking a custom job if the client can’t afford your prices, or it could mean investing more in selling online because the profit margin is larger for less production work, or it could mean ensuring that your pricing is profitable at both wholesale and retail so that you have lots of options to choose from.

What lights you up? Is it coming up with new jewelry ideas all the time? Is it client work and custom? Does it light you up to manage a business or to design new lines?

This matters too. The light-yourself-up part of running a creative business has to be there or the result can be burnout. Making too much of what you don’t love, interacting with people who aren’t your audience or aren’t great to be around can be draining.

What do other jewelry designers do?

Lots of designers decide to do it all, or at least pick more than one way to sell because having a variety of sales channels makes for a much stronger business.

It is often what I recommend to private clients because having a variety of ways for people to buy from you means that you have a lot of GOOD redundancies built into your business. That way if something happens – you need to take parental leave, a good account decides to close their doors, one craft fair does not go as planned – you still have a way of making income and reaching customers.

There isn’t a single right answer, but paying attention to what you actually love to do, and paying attention to what you really don’t, is a good starting point. That, plus the money coming in, are great motivators in your business.

Whichever route you decide to take, I recommend reevaluating every year or two. Check in with yourself and make sure that what and how you sell still works for you, supports your life, and is something that you can sustain for years.

Make it fun too.

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