Thank you so much for joining my recent Time and Freedom Webinar, which I hope you found really interesting and inspiring. I've had tons of great feedback about the webinar, with so many people already taking their first steps to starting their own Keepsake Jewelery Business.
Naturally, I want to provide you with as much information as I possibly can, to help you decide if starting a Fingeprint Jewellery Business or Keepsake Jewellery Business, is the right opportunity for you. So I thought a good place to start would be to revisit the profit margins and earning potentials that I shared on the Webinar.
During this video, we will focus on the profit margins and earning potential of making Keepsake Jewelry. Then I'll do a separate video to explain the profit margins and earning potential of starting a Life Casting Business.
I'm just going to share my screen, so I can explain the earning potential in a little more detail. Okay, so here you will see my Cost & Prices Spreadsheet. This is where we calculate the component costs of making each of the Jewellery Products. For the purpose of this illustration, to keep things as simple as possible, I'm just going to focus on one product within the Keepsake Jewellery range. I'm just going to focus on the cost of producing Fingerprint Jewellery and the potential earnings.
Many people ask me, is selling handmade jewelery profitable? This question is in fact, what inspired me to create my Time & Freedom Webinar and film this video. The answer is yes, so long as you are making and selling jewellery which is in high demand, which has a clearly defined market niche. That is why a Fingeprint Jewellery Business Opportunity, is the perfect way to make money selling jewellery from home. This is a Jewellery range which is in high demand and which there is a growing market for you to sell into; either in the Baby Keepsake market or the Pet Keepsake Market (or both).
In terms of the profits and earning potential, I just want to illustrate this for you now. From my own personal experience, having been in the Keepake Jewellery Sector for over 17 years, I know exactly what the component costs are to make Keepsake Jewellery and hence the profit margins and earning potential.
You will use around 6 grams of silver clay to make a single Fingerprint Jewelry Pendant, depending upon the size, shape and thicknes of the charm. At this moment in time, 6g of silver clay, will cost you around £12. You can buy the silver clay in different quantities of 7g, 10g and 50g packs. As you would expect, it's more cost effective to buy in larger quantities, so it will work out cheaper in the long run to buy the 50g packs, rather than the 7g packs.
But, for the purpose of working out the cost to make a single fingerprint charm, you will use around 6 grams of silver clay, at a cost of around £12. You're also going to need some molding compound, for creating the fingerprint mold. This comes in a big tub, but you only need to use a very small amount at a cost of around 20p. You're also going to need some liver of sulpher for adding a patina. Again you only need the tiniest amount, so this will cost you next to nothing. You're also going to need a sterling silver jump ring, which you should estimate at around 35p. Generally, they come in a pack of 10, but of course you would only use one, per charm at a cost of around 35p. You would also need a sterling silver snake chain, which will cost around £5. So, as you can see from the spreadshet, the cost of those components comes to around £17.
So, lets say, that after calculating your time and materials costs, that we decide that our retail price would be £85 pounds, this would give you a profit of over £67, which represents a profit margin of 79% and a markup of 378%, which as you can see is extremely profitable, meaning that you will earn over £67 profit for every single Fingerprint Jewelry pendant that you make and sell.
So, now you know the component costs of making Keepsake Jewelery and the recommended retail prices, I Just want to quickly illustrate how that translates into how much money you can make from making and selling handmade jewellery successfully. Let me just share my screen again, so that I can demonstrate this for you on a sales forecast spreadsheet.
Naturally, when starting a Jewellery Business (or any Business) if you want it to be successful and profitable, you will need to produce your own sales forecasts for each forthcoming year. As an example, here is a Sales Forecast spreadsheet, which shows the months of the year, laid out at the top of the spreadsheet. It is already populated with the data from the Sales & Cost forecast that we used earlier to calculate the componet costs and profit margins.
Now, we need to prepare a sales forecast of what we realistically believe we are going to sell each month, given the marketing and promotinal activities that we plan to do. As I demonstrated on my Time & Freedom Webinar, you will only need to sell about 39 pieces of Keepake jewelry per month to earn £50,000 pounds per year. This is totally achievable, so long as you put all of your best efforts into marketing and promoting your business, both locally and online.
But, when you are first starting out in Business, be realistic. You can't expect in month one, that you will sell very many pieces of jewellery, until you have established yourself and got your marketing plan in action. However, with consistency and determination, you should see a steady incline in sales quite quickly.
As an example, let's say that you're just starting a Jewellery Business, with your first month's trading, starting in January. Let's assume in the first month that you sell five pieces of fingerprint jewelry. Then, as your marketing activities kick into place and you have planned out all of your marketing and promotional activities, taking into account all of the seasonal peaks and troughs to maximise sales, you would then expect to see a consistent sales pattern throughout the year, but with peaks at particular times of the year. So for example, on Valentine's Day, you would expect to see a big hike in sales, as well at other seasonal times of the year, such as Mother's Day, Father's Day and Christmas. Throughout the rest of the year, the sales pattern should look more consistent, taking into account sales relating to new babies, birthday gifts, anniversary and wedding gifts and memorial jewellery etc.
But, if we're assuming you're just starting your business in January, you can't expect to have a huge amount of sales in February. But let's say that you've got 10 sales in February, but then in March your sales hike up to 20 due to Mother's Day, with sales then gradually climbing as you begin to build brand awareness and recongition through your marketing activities. Hopefully, you can see from the examples that I have put into the spreadsheet, how you can reverse engineer your annnual target, to determine how many sales you would need to make per month, week and day to achieve your desired annual income.
As I said, the secret behind making and selling jewellery successfully, is having a jewellery range, which is in high demand by an easy to identify target market, which is why starting a Keepsake Jewellery Business or Fingerprint Jewellery Business is the perfect opportunity to start a successful and profitable jewellery business.
It's also vital that you know your figures. So, when starting a Jewellery Business, work out what your target income is (desired earnings) then reverse engineer the figures back. For example, let's say that you want to achieve a sales turnover of £50,000 per annum from your Jewellery Business. You will need to create a Business Plan and produce a Sales and Cost Forecast, so you know exactly how many pieces of Jewellery you will need to make and sell per month to achieve that financial target. Then you need to ensure that your marketing plan is created and executed consistnetly, to ensure that you reach those targets.
So for instance, when you develop your marketing plan, you need to factor in all of the seasonal peaks and troughs of the year that will impact upon your sales. You need to have apporpriate markeitng activities in place, well in advance of the seasonal periods, to maximise your sales opportunites during the high demand seasons and to encourage new sales during the leaner periods.
The key to making and selling Jewellery successfully is business and marketing planning, so that you are set up to maximise the sales potential across the whole year. You also need to take advantage of both online and offline marketing strategies, so that you fully understand and maximise how to sell handmade jewellery locally and how to sell jewellery successfully online.
The great thing is, that in today's digital media world, marketing and selling online has never been easier. Although I do fully recommend that you go to events to sell your handmade jewellery localy, you definitely want to optimise the opportunity that you have to sell jewellery online from home.
Running a profitable jewelery business, involves having a clear vision of how much you want to generate in sales per annum and understanding how many pieces of jewellery you will need to make and to sell to make that happen. You need to know exactly, how many pieces of jewellery you will need to make and sell per year and then break it down by month, looking at the seasons, to see how you can optimize your sales during those busy seasonal periods, like Valentine's Day, Mother's Day, Father's Day and Christmas. But, also understanding and foreward planning, how you can increase sales during the quieter periods, to ensure that you stay on track to reach your annual target
I hope this quick demonstration has been helpful in understanding how to make money from jewellery, the costs and profit margins, associated with making and selling Keepsake Jewellery and the potential earnings for starting a Keepsake Jewellery Business. But, if you have any questions, please let me know, I'll be happy to help you!
If you are totally new to the idea of starting a Keepsake Jewellery Business or Fingerprint Jewellery Business, please download my FREE Guide below, or Register for my FREE Time & Freedom Webinar, where I go into things in much more detail.
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