QUALITY JEWELRY SUPPLIES ON DEMAND.
INSTRUCTIONS HOW TO USE THE
JEWELRY BUSINESS PLAN TOOLKIT
What is a business plan? Why do you need one? This looks like a
lot of work!
Small businesses often slowly evolve from hobbies. Makers then
start selling work to cover supplies and see greater potential. You
probably reached a tipping point and decided, “ok, let’s go for it
and really start a business.” This is the perfect resource for you.
Whether you are just launching or realizing later in the life that
your business needs attention to get off the ground, this Toolkit is
designed to help.
A business plan is a tool to help you work through planning and
preparation steps so your jewelry business will be successful. It
will take commitment and time. But it’s important not to rush it
and try to churn out the entire thing at once. Don’t be intimidated.
There are many resources to help you along the way.
Set aside one block of time each week to work on a section. Just
get ideas on paper. Bullet points and fragmented sentences are
fine. This is a working document for you! If you decide to build out
your business plan for a loan application or official project later,
you can always return to the document and put it in paragraph
format. If you work a little bit on your plan each week, it will take a
few months to move through all these sections.
A business plan should help you identify areas where you need
to connect with resources or get help. No entrepreneur can start
a business alone. Part of the exercise is learning about support
tools available to you and expanding your network. That problem-
solving skill set will help you over and over as your business
grows.
The sections that follow will give you prompts to think and write
about. We also provide tips to help. And finally, we list free
online article and resource links so you can learn and grow. The
digital PDF of this Toolkit includes dozens of clickable hyperlinks
to resources. You may also want a printed copy to use as a
workbook.
Ready to jump in? You can do this! Just take it one step at
a time.
1
WEEK 1 GETTING STARTED
Start out with some housekeeping. Review the sections ahead (see list at right) so WEEKLY PLANNING STEPS
you have an idea what’s coming. It may seem overwhelming at first but do not get
Week 2 Business Overview
discouraged! Just plan to take this one week at a time. This Tool Kit is designed to hold
your hand through the process and help you every step of the way. Week 3 Business Structure

Week 4 Your Jewelry Collection

TO-DO CHECKLIST
Week 5 Jewelry Photography

Download the One-Page Business Plan template and start getting ideas on paper
Week 6 Marketing

Copy each of the section headers listed at the right into a word document to start
Week 7 Sales & Distribution
your draft
Week 8 Safety, Security, and

Schedule a date and time each week on your calendar to dedicate to your Jewelry Compliance
Business Plan Week 9 Set Milestones

Tell a friend that you are getting started and ask them to cheer you on and keep you Week 10 Sourcing & Inventory
moving
Week 11 Financial Statements

Join The Jeweler’s Spark Facebook group community for support and resources on Finally Never Stop Learning
your jewelry business journey
RESOURCES
One Page Business Plan
ICON KEY

Interactive online tool

$ Outside provider may charge fees

Webinar

2
WEEK 2 BUSINESS OVERVIEW
This section should clearly communicate what you sell and what defines your business TIPS FOR SUCCESS
to someone outside the jewelry field. Start thinking about your business as an
• Be Concise
organization that is separate from your personal identity.
• Tell a captivating story. What
Remember, bullet points and sentence fragments are fine. Just get your thoughts written sparked your passion for jewelry
down. You can always refine it later. and the artist life?
• The trend is to move away from Artist
THINKING & WRITING PROMPTS:
Bios and towards more engaging
• What business/brand name will you be using for your creations? Why did you choose storytelling. Experiment with
this name? your writing to add more of your
personality instead of just listing
• What we do best (Value Statement):
qualifications.
• Why we do it (Mission Statement):
• How did you get started in jewelry design? What events motivated you to start
your company?
• Include your resumé if you have one. Or, list your jewelry making skills, employment
history, education or courses, and any small business workshops you’ve attended.

NOTES


3
WEEK 3 BUSINESS STRUCTURE
You will need some advice on how to set-up a business in your state. It requires filing RESOURCES
documents with the state and federal government. This is not the fun part of business
How to Start a Jewelry Business the
planning. But these are necessary steps. If you have an accountant or CPA, that is a great
Right Way by Tracy Matthews
place to start. Have a meeting to learn about starting a business in your location. If not,
find a SCORE Chapter near you in your state. They specialize in helping start-ups get Halstead State Registrations Links by
through these registrations and they are a free resource. State – You will need to be logged in to
the Halstead website to access this link.
This section of your business plan should simply list your business structure, tax If you do not have an online account
identification numbers, and business bank to show that you have these items completed. profile, register here.

REGISTRATIONS CHECKLIST: TO-DO CHECKLIST: IRS Small Business and Self-Employed

Tax Center – Register for your EIN and

Legal structure of your business:
Set a meeting with an get answers to many questions about
S-corp, LLC etc… consult with a CPA accountant or SCORE Chapter filing business taxes

Federal business EIN Tax ID instead of
Work through the registrations

Find Your SCORE Chapter – Register
your social security number list to the left to receive emails with free webinars

State business license and articles to help you start a small
business.

State sales tax license

Business bank account

NOTES


4
WEEK 4 JEWELRY COLLECTION
This section should be both text and images to show the products you intend to sell. RESOURCES
This week, focus on describing your jewelry with words. Next week, we will dive into
Finding Your Creative Identity
photography.
Through Design by Michael David Sturlin

THINKING & WRITING PROMPTS: Video: 5 Tips to Develop a

• Describe the product(s) you sell. Articulate materials, style, and price Jewelry Collection
points succinctly.
How Custom Logo Tags Can Advance
• What are the signature elements of your collection? Your Jewelry Business
• How will you ensure quality control? How will you handle complaints and repairs?
Tips For Responding To (And Avoiding)
• Is your collection production line work, one-of-a-kinds, or a mix? Jewelry Customer Complaints
• Will you offer custom work? Do you have a custom work written agreement and
$ Ask Vince Jewelry Collection Critiques
fee structure?

TIPS FOR SUCCESS: TO-DO CHECKLIST:

• We should see creative themes in your work or design echoes. What materials,
Purge outdated or low-quality items
techniques, and forms do you use frequently?

Group your collection if needed
• Edit your collection – many new designers include a lot of early, student work just

Elevate items that best reflect your
to show more selection. Some old work may detract from your creative voice. Prune
creative voice and future direction
items as needed. Better to present a coherent portfolio that reflects your current
offerings.
Ask respected colleagues or past
teachers to critique your line and
• If you are selling your work, quality matters. “It’s handmade” is not an excuse for poor
give feedback
craftsmanship. Your pieces need to be well executed with attention to detail so they
will last for many years. If not, seek out technical instruction to improve your skills.
You can do this! It just takes time and practice.
• It is an important skill to be able to articulate what defines your jewelry collection.
This will help you to pitch your work to potential clients and the media.
• Solicit feedback face-to-face. Ask another jeweler for a critique to help fine tune your
collection. Customers are unlikely to give you the same honest, direct criticism you
need to become the best you can be.

5
WEEK 5 JEWELRY PHOTOGRAPHY
Include photographs of your jewelry collection in the previous section. Photography RESOURCES
quality is critical to your success as a jewelry business. Images must be sharp. Take
Jewelry Photography Tips: How to Use
the time to eliminate glare or reflections. Be mindful of color quality on metals and
Your Phone
gemstones. It can consume a lot of time and resources. But it is possible to improve your
image quality with minimal investments.
Is Your Jewelry Product Photography Up
THINKING & WRITING PROMPTS: to Par? 3 Common Mistakes to Avoid
• Will you handle your own product photography? What will you hire out?
• If so, how will you keep photography consistent with your branding?
How to Photograph Jewelry on a
• Assess your photography skills, do you need training?
White Background

TO-DO CHECKLIST:
Build a Jewelry Photography Setup

Critically review your photographs after reading the articles in the resources
for $100
section. Do they make the cut?

Write down items you want to buy for photography and approximate costs. These
can move to your milestones and budget lists in a later section if you are not ready Photo Studio Tips – Lighting
to purchase now.
Jewelry Photography Tripods: Essential
TIPS FOR SUCCESS: Equipment for Professional Images

• Photography quality is critical in the jewelry world. Take the time to get it right.
• This may require practice and researching new techniques. The Art of the Jewelry Selfie

• You can still achieve great results with your cell phone if you take the time to learn
and edit. Photographing Jewelry on Models
• But - if you’re still using a 5 year old phone and don’t want to invest in a camera, now
might be the time to look into upgrading your phone - phone cameras have come a Tips for Hiring a Professional Jewelry
long way in the last few years and you will see the difference in your photos. Photographer
• Practice, practice, practice. Photography is not easy, but you will nail it with a
little experimentation.

6
WEEK 6 MARKETING
This will be one of the larger sections of your business plan. You may need to spend RESOURCES
more than one week in this area. You should explore several marketing strategies. Never
Jewelry Marketing Ideas: How to Target
put all your eggs in one basket. However, don’t feel like you have to tackle everything at
Customers Successfully 
once. You can plan to implement marketing strategies over time. If it feels like too much,
start a list of ideas and plans and then you can move them to your milestones plan when
you get to that section. The important thing is to get started where you feel comfortable How to Create a Media Kit for
and plan to spend time regularly on marketing. Jewelry Artists

THINKING & WRITING PROMPTS:

5 Tips to Increase Your Instagram
• What are the key visuals for your brand? What image do you want to project for your Engagement
brand name?
• Who are your target buyers? Be as specific as possible to identify your best
How to Market Your Jewelry
prospects.
on Facebook
• How do you plan to market your business?
• What is your monthly or annual budget for marketing?
Small Jewelry Business Holiday
• Who is your direct competition? What competitive advantage do you bring to the Checklist
jewelry market?
• Think about how you want to separate your personal life and your business in the
(More on next page)
online space. Do you want separate accounts? Are there professional boundaries you
want to establish to help with work-life balance?

NOTES


7
WEEK 6 MARKETING
TIPS FOR SUCCESS: RESOURCES
• Don’t say your work appeals to all women. You need to think about your client profile $ Flourish & Thrive Academy offers both
strategically. A target customer profile will help to focus your marketing.
free and paid content to help coach
• Jewelry is extremely competitive. Do your research and be realistic about jewelry designers to successful careers.
opportunities and threats in the marketplace. How can you stand out?
Self-guided online education programs,
• You do not have to use all marketing strategies, but it is important to have a robust, webinars, and peer group programs cover
diversified plan including at least two or more of the following:
a broad range of small business and
° Social media ° Search engine optimization (SEO) design topics.
° Podcasts ° Referrals/word of mouth
° Print media ° Content marketing $ Liz Kantner is a wizard at all things
° Videos ° Loyalty programs jewelry marketing. Her areas of expertise
° Local events ° Pay-per-click (PPC) include content, social media, trade
° Wholesale events ° Blog shows, and more.
° Networking ° Influencers
° Co-marketing or collaborations ° Direct mail $ Carmen Michelle’s goal is to be
° Public relations (PR) ° Speaking or guest writing a resource who provides creative
° Email entrepreneurs the tools to save them
time so they can get back to doing what
TO-DO CHECKLIST: they do best, creating!

Order business cards

Order gift packaging

Set up a business email address

Set up social media accounts

Schedule reminders on your calendar to post about once per week on each and
engage with followers.

Start networking online and in your local community

Subscribe to an email list service like Constant Contact or MailChimp

Start a media kit

8
WEEK 7 SALES & DISTRIBUTION

What sales and distribution channels do you plan to use for your jewelry? Again, never RESOURCES
put all your eggs in one basket. Start with one channel, but make plans to diversify your
business along with your milestone goals. Jewelry Business Sales Goals Tool

THINKING & WRITING PROMPTS:

Interactive Jewelry Pricing Guide
• What software systems do you plan to use for sales and payment collection?
• What are your terms of sale or policies for customers? Pricing Your Jewelry **includes an
• Do you plan to sell retail directly to consumers, wholesale, or both? interactive pricing worksheet tool

• What is your strategy for approaching and developing relationships with retailers,
galleries, and stores? Pricing Your Jewelry: Formulas
• What is your pricing strategy? How does this relate to your target market and your Aren’t Everything
competition?
• What is your elevator pitch? An elevator pitch is a few sentences that sum up your Pricing Strategy Tips for Jewelry
artist biography and company tagline in a memorable way. Three brief sentences Business Profitability
maximum. by Michael David Sturlin

NOTES Tips to Nail Your Jewelry Sales

Elevator Pitch


 (More on next page)




9
WEEK 7 SALES & DISTRIBUTION

TIPS FOR SUCCESS: RESOURCES

• First, think about retail vs. wholesale and why you plan to do one or both 5 Jewelry Wholesale Strategies You
• Next, outline the sales channels you plan to use. You should diversify across at least Never Thought Of by Robin Kramer
two of the following:

° Regional/local events like craft fairs ° Wholesale to stores Getting Noticed By Jewelry Galleries
or festivals by Marthe Le Van 
° Your own store
° Social media ° Sales reps
° Your own website ° Catalogs How to Use Jewelry Exhibition
° Marketplace websites like Etsy ° Collectives Opportunities to Build Your Business
or Amazon
° Exhibitions by Bella Neyman
° Wholesale shows

$ If you are focused on a wholesale

TO-DO CHECKLIST:
strategy, Red Boot Consulting with Robin

Set-up a way to accept payments such as an account with Square or PayPal Kramer is an amazing resource in the
jewelry field. This is a paid service.

If you plan to sell wholesale, create line sheets

Look at product listings on competitors’ sales channels. Pay attention to
photography, product descriptions, and pricing. $ Liz Kantner offers a Patreon membership
for monthly live chat group marketing
coaching. She specializes in online
NOTES marketing techniques. This is a paid
service.



10
WEEK 8 SAFETY, SECURITY, & COMPLIANCE PLEDGE
A business plan should show that you have done research, or due diligence, to learn RESOURCES
about important legal requirements for your type of business. You can copy and paste
the pledge below into your document or list the research you have completed to educate 10 Tips for Personal Safety in the Jewelry
yourself. Business

Take the time to learn about the common risks to health and safety in the jewelry field. Jewelry Studio Safety First. Fashion
These issues represent real threats to your business. Second. by Amy Fortunato
It is important to understand that jewelers are at risk for various types of crimes
The Occupational Safety and Health
including theft, fraud, and damage. This profession also comes with inherent health
Administration (OSHA) regulates
risks due to chemicals, inhalants, and injury from tools or equipment. Moreover, the
workplace safety. They require all
sale of jewelry is federally regulated to ensure certain quality standards and accurate
chemical manufacturers and distributors
information for consumers.
to provide Safety Data Sheet (SDS)
This section is not answering questions, it is a pledge to understand the risks of the information. Click the preceding link to
trade and protect yourself as appropriate. Resource links are included to the right. Stay learn about SDS documents. Request
them from your suppliers as needed.

The jewelry industry is regulated by the

TO-DO CHECKLIST Federal Trade Commission (FTC) through
their Jewelry Guides. Know your legal

Create a home/studio security plan
obligations when making claims and

Look at business insurance options describing jewelry.

Evaluate your studio set-up for health and safety
The FTC also provides regulatory

Visit each resource in this section and read thoroughly oversight on sustainability claims from

Add any necessary purchases to your milestones and/or budget lists businesses in product descriptions or
advertising. Review their Green Guides
for full details on your obligations when
NOTES
making these claims.

(More on next page)



11
WEEK 8 SAFETY, SECURITY, & COMPLIANCE PLEDGE
RESOURCES

CERF+ Get Ready Grants are available for

studio safety equipment
THE JEWELER’S SAFETY, SECURITY, AND COMPLIANCE PLEDGE
$ The Jewelers Vigilance Committee
Initial each statement once you have completed research and preparations.
is a legal education resource for the
jewelry community. Learn about
I have protective measures in place for my inventory to prevent theft federal guidelines on advertising, fraud
prevention, employment law and more
I have protective measures in place for my studio space to keep through JVC materials and programs.
myself and my employees safe from crime
$ Jewelers Mutual Insurance is the
I have adequate safety measures in place in my studio to keep
myself and my employees healthy and safe against injury, illness, industry leader in insurance solutions
and dangerous chemical exposures for jewelers. Many standard shipping
carriers and business insurance policies
I am aware of Safety Data Sheet (SDS) information for studio exclude high value materials like gold,
chemicals and how to use it silver, and gems. Be sure to understand
your coverage and options available.
I follow safety protocols when I am traveling for shows or events
$ Ethical Metalsmiths provides education
I have reviewed options for business insurance and understand
and resources related to sustainable
potential losses for different kinds of risks
practices in the trade.
I understand FTC guidelines for truthful, accurate disclosures in the
jewelry trade


Sign Date

12
WEEK 9 SET MILESTONES
There are several ways to approach this section. Worksheets from the resources section RESOURCES
can be used in place of writing out responses.
Jewelry Business SWOT Analysis
THINKING & WRITING PROMPTS: Worksheet

• What skills do you have to run a business? What skills do you need to attain and how
to you plan to do so? Milestones Timeline Worksheet
• Who is on your team to help your business? This can be direct employees or
important professional service providers like an accountant. It can also be personal Free Small Business Courses for
network connections who are advising you on how to run a business. What resources Jewelry Artists
do you still need to find?
• Outline a three-year timeline for your business development including steps to take,
Hiring Your First Jewelry Studio Assistant
necessary purchases/investments, and goals to achieve.

TIPS FOR SUCCESS:

How to Manage Time in Your Jewelry
• Recognize your strengths and weaknesses. We all have them. How will you fill in your Business Better Using 7 Simple Steps
weak spots? by Tracy Matthews

• A SWOT Analysis of your business strengths, weaknesses, opportunities, and threats

is a great exercise to help you identify action steps. Download a worksheet below SCORE chapter offices are located all
• Goals should give you a roadmap to stay accountable and keep pushing forward. Be around the country. These organizations
specific and stretch. offer free small business workshops,
webinars, and mentor matching. They
• When will you need to hire an employee? How will you know it’s time and what tasks
specialize in coaching entrepreneurs to
do you expect to assign?
develop business plans during the start-
• Small business owners who have mentors break-even more quickly and attain greater up phase.
long-term success. Think about ways to connect with mentors in the jewelry field or
in the small business community.

TO-DO CHECKLIST:

Complete a SWOT Analysis

Complete a Milestones Timeline Worksheet

Find a mentor
13
WEEK 10 SOURCING & INVENTORY
Your business plan should briefly describe your sourcing strategy to reassure the RESOURCES
audience that you are not vulnerable to inventory risks. Those exposures include legal
liability for false product descriptions or poor quality. Also, make contingency plans to Halstead Lab Testing for Quality Control:
prevent business disruptions from unreliable vendors. Briefly describe your supply chain A Jewelry Quality Assurance Program
to prove you have these potential pitfalls covered. Depending on your target audience
and marketing strategy, you may also want to dive into ethical sourcing issues and
Silver Jewelry Supplies by Nation
transparent disclosures.
of Origin

TO-DO CHECKLIST:

Research alternative suppliers if needed Jewelry Casting Contractors

Apply for wholesale status with your suppliers to stop paying sales taxes

Research lines of credit and credit cards for supply purchasing Jewelry Plating Contractors

Evaluate your supply stash and establish disciplined purchasing habits

Marketplaces like Amazon may require quality testing from resellers. Know (More on next page)
your obligations.

Start monitoring gold and silver prices weekly.

NOTES


14
WEEK 10 SOURCING & INVENTORY
THINKING & WRITING PROMPTS: RESOURCES
• How much inventory do you need to have on-hand, on average, to meet your 5 Ways to Educate Your Jewelry
sales goals? Customer
• How will you handle seasonal demand surges and stagnant inventory items?
• Consistent quality and accurate disclosures become major issues when you sell Practicing Responsible & Sustainable
jewelry to consumers. Are you sure your sources are up to the task? Jewelry Making
• It is also important to have multiple supply sources and back-ups for items that are
critical to your collection. Is your business sourcing diversified to minimize supply
Kitco is the best website for monitoring
disruptions? precious metal markets.
• Materials costs in the jewelry field can change significantly based on metals markets.
How will you handle that when it occurs? How Jewelers Can Respond to Volatility
in Gold and Silver Prices
• Consider any ethical questions that are important to you and the mission of your
business such as sustainability, transparency, ethical mining, and labor safety.
• If you are reselling your work and using sufficient material quantities, you should be
buying supplies at wholesale pricing.
• Is your stash out of control? The urge to buy shiny things and pretty stones can
quickly tank your business. Stash building ties up cash in supplies that are not in
salable form as finished jewelry. Develop discipline to buy what you need and avoid
hoarding items that kill cash flow.
• Do you have available cash or credit to handle seasonal stocking surges? If not, begin
looking at credit options for your business.

15
WEEK 11 FINANCIAL STATEMENTS
This is the most intimidating section of a business plan for most jewelers. Don’t be RESOURCES
afraid to ask for help. An accountant or a free SCORE Chapter mentor can give you a
tremendous amount of guidance here. We offer several interactive tools to help you plug How to Get a Jewelry Business Loan for
numbers into financial analysis templates. SCORE offers free tools as well. If you plan to Your Studio Business
apply for loans or investment funding with your business plan, these statements will be
critical. You can do this!
CDFI Small Business Loans: These
Non-Profit Lenders May be Right for Your
THINKING & WRITING PROMPTS:
Jewelry Business
• What bookkeeping software will you use? Do you plan to have an accountant?
• How many pieces of jewelry do you need to sell each month to break even?
10 Cash Flow Culprits in your Jewelry
• Do you need startup funding? How will you secure money needed to launch
Business by Mariel Diaz
your business?
• Detail your sales goals for the next three years in both revenue dollars and piece
quantities. Also detail your anticipated business costs. Halstead’s Jewelry Pricing and Salary
Interactive Tool
• What is your current production capacity? How do you plan to adapt your production
capacity to meet your sales goals over the next three years?
• When will you break even on your business venture? What will it take for this (More on next page)
company to be viable in the long-term and provide you with a realistic salaried
income for your lifestyle and location?

NOTES


16
WEEK 11 FINANCIAL STATEMENTS
TIPS FOR SUCCESS: RESOURCES
• Funding should help you grow your business to the next phase. Know the purpose of $ Need accounting advice, help setting
this investment in your career. How will it help your business become sustainable in up your computer systems, or regular
the long-term? bookkeeping services? Check out
• If this is challenging for you, get help! Visit a local SCORE chapter office for a Accounting for Jewelers by Mariel Diaz,
free consultation an expert in all things related to money in
the jewelry field.
• Try to anticipate new costs you will encounter as you get your business off the
ground. For example, you may not have studio rent now but will you in the near
future? Plan ahead.

TO-DO CHECKLIST:

Create a budget of monthly business expenses

Create a list of purchases your business needs

Break-Even Analysis Worksheet

Balance Sheet Builder

Profit and Loss Projections Builder

NOTES


17
WEEK 12 & BEYOND NEVER STOP LEARNING!
Entrepreneurship means lifelong learning. Your business plan should be a living RESOURCES
document that you revisit regularly. Use it as a tool to monitor your progress and hold
yourself accountable for moving forward. Update your goals and strategies as needed to Jewelry Blogs
continue developing.

As your business grows and adapts, you will constantly face new challenges. Resources Best Jewelry Podcasts
for small business owners will keep you sharp. Sign up for these mailing lists today to
receive continuing education opportunities directly to your inbox.
Jewelry Events: Conferences, Retreats
• Flourish & Thrive – a community of small jewelry business owners along with & Symposiums
educational multi-media content through podcasts, articles, webinars, and
interactive online workshops. A mix of free and paid services are available.
Halstead’s Preferred Studio Schools
• Tory Burch Foundation – webinars, articles, and funding opportunities for women
entrepreneurs in all industries. Free content.
The Craft School Experience for Jewelers
• SCORE Webinars – webinars, mentor matching, live workshops, and local resource
connection for small business start-ups in every corner of the United States. Free
content and services. Jewelry Residencies
• Halstead Blog – Most of the articles in this Tool Kit are straight from our blog.
Subscribe to receive small jewelry business specific content designed to meet your
Best Jewelry Teachers in the USA:
needs. Free content.
Halstead’s Preferred Teacher
Keep building your jewelry making skills by making time for continuing education each Classes List
year. Learn a new skill in the studio or perfect a technique under the guidance of a
master.

NOTES

18