June 2, 2006, Newsletter Issue #41: Beading for Profit

Tip of the Week

Jewelry making can be a very rewarding way to earn money. The first thing you must do once you've decided to turn your hobby into a business is to set a price for your work. Your cost to make the jewelry needs to be calculated. Everything you spend to make your jewelry must be figured into the cost. Besides the beads and findings, remember to include gas and the use of your car, packaging costs, advertising costs, telephone costs, and wear and tear on tools. You must also set a price for your time and keep track (at least roughly) of how much time each piece takes. After the cost has been figured, you need to get a feel for what other similar jewelry are priced. This can be easy with the Internet or you can go to some craft or jewelry shows to compare prices. Once you've figured prices for your pieces, you need to turn to marketing. You should wear your own jewelry as often as possible and keep business cards with you at all times. Again, the Internet is a great resource. There are many places on the Internet where advertising your wares will be easy and inexpensive. Street fairs and craft shows are a profitable venue for some people. Your business will be off to a great start in no time.

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