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NAMING YOUR BUSINESS A Video Tutorial By Warren Feld

Posted by learntobead on April 26, 2021

SCHOOL HOME PAGE:  https://so-you-want-to-be-a-jewelry-designer.teachable.com

CLASS HOME PAGE:  https://so-you-want-to-be-a-jewelry-designer.teachable.com/p/naming-your-business

FREE PREVIEW PAGE:  https://so-you-want-to-be-a-jewelry-designer.teachable.com/courses/naming-your-business/lectures/22712033

It really is difficult to pick a business name.

Your choice of name can make your business the talk of the town, or doom it to obscurity.

Coming up with that great name for your business takes a little work, some organization, some thinking, some getting opinions from several other people, and some reality-testing.

Some of you may be selling pieces of jewelry to your friends and acquaintances.   Others may be selling at craft shows or home shows, or selling wholesale or consignment in stores.  Some of you may be planning to go into business but haven’t gone very far yet.  And some of you may have store fronts or online businesses through which you sell your jewelry.

Whatever your jewelry making business, the basic goals, strategies and steps for naming your business are the same. You want a business name that

  • Works for you
  • That your customers can relate to
  • And that makes your business a success

What is important are:

…how your business name looks and sounds

…how your customers recognize and respond to your business name, and

…how appealing it is today, but also how adaptable it is over time, as you grow or change your business

In this video tutorial, I go step by step, in great detail.  We cover a lot of ground together to get you thinking and critically evaluating your options for naming your business

In this video tutorial, these lessons work for all jewelry making businesses, whether you have already gotten started in your business, or are still in the “I’m thinking about starting a business” stage.

We will be examining the pros and cons of different types of business names. We will be doing some self-marketing analysis. We will rehearse a best strategy for brainstorming and for filtering.

We also are going to review other critical business and marketing tasks which you can do, given the research work you have done generating a business name. These include,

  • registering your business, trademarks, copyrights
  • creating a tag line
  • working on an elevator pitch
  • naming your jewelry and jewelry lines
  • writing short descriptions of your business, as well as a short story to use with your marketing plans.

This class includes 14 video modules (over 2 hours of materials), plus 11 practice exercises, and a downloadable handout summarize all the materials in this course. 

FREE PREVIEW PAGE:  https://so-you-want-to-be-a-jewelry-designer.teachable.com/courses/naming-your-business/lectures/22712033

Warren Feld
warren@warrenfeldjewelry.com

Posted in Art or Craft?, bead weaving, beadwork, business of craft, creativity, design thinking, jewelry design, jewelry making, Learn To Bead, professional development, wire and metal, Workshops, Classes, Exhibits | Tagged: | Leave a Comment »

WHEN RELYING ON OTHER PEOPLE TO SELL YOUR JEWELRY:  6 Things To Be Sure To Do Which Will Improve…

Posted by learntobead on March 11, 2021

The Trunk Show

The women were so excited about the jewelry. Trying it on. Adjusting it to see if they could wear it a different way. Changing up the silhouettes. Pretending they were wearing different outfits to visualize what the pieces would look like. It was a very versatile line of jewelry, and all the women noticed that very quickly. They could wear necklaces as bracelets. Combine bracelets into necklaces. Take one bracelet, add it to a necklace, and create a longer piece. They could purchase different pendant drops, all as add-ons as they wished or none at all. And the drops easily converted into earrings. Imagine that! And the awe and glee and elation and animation — yes, these women were more than happy to have found this jewelry designer and her custom pieces.

I was there that day. In the store. At this one-day trunk show. I saw it all. These women were purchasing almost every last piece. It was the right aesthetic. Contemporary but conservative as well. An individualized look but not outlandish. Easy to wear. Easy to adapt. Easy to visualize what it would look like with different outfits and in different situations.

The jewelry designer was very attentive. She demonstrated the flexibility of each piece in the line. She, at first, asked the women individually a lot about themselves and how they liked to wear jewelry. Then she subtly shifted the conversation a bit so they were talking about themselves and how they would want to wear her jewelry.

At one point, I slowly looked around this upscale clothing, accessories and jewelry store. There were seven store associates standing around. Standing around. A glazed look on their faces. The enthusiasm and energy before them somehow foreign. After the trunk show, when the designer was no longer there, they would be the ones to represent her and her jewelry.

They stood there with blank faces. As if watching a movie they found uninteresting. None of them stepped in. None of them stepped up. Even though the jewelry designer was mobbed with seven or eight women at any one time. They obviously were unable to empathize with the crowd. They had no clue how to sell the pieces because these were pieces of jewelry they didn’t wear themselves. They were somewhat clueless about how to suggest how these store guests could put things together in a stylish, wearable way.

At the end of the day, the jewelry designer was very happy with her sales. But it hit her. Her jewelry would remain at this store for the next several months. But she would not. She would be leaving that day. And she was worried. She thought that over the 10 hours, her purpose was not only to sell to customers, but her purpose was also to model for the sales staff the smart ways for working with these customers and selling her product.

Had the store associates been reliable deputized partners with the jewelry designer that day, all would have made many more customers happy, and made a lot of money and commissions for store, sales staff and designer. Going forward, the designer now had doubts.

Jewelry Designers Often Have To Rely On Others,
 The Designers’ Success Relies On Their Whims

Most jewelry designers do not own their own shops. They rely on other people to sell their stuff. They might put their jewelry in a clothing, accessories or jewelry store on consignment. They might be represented by a gallery or sales representative, with their jewelry spread out in many stores. They might package their jewelry into trunk shows or pick boxes where they send out their jewelry to various stores. These other venues can pick and choose and sell what they want, then return the rest.

The success of sales becomes the whim of who sells it. Their understanding of the designs. Whether they like the pieces or not. Their motivations to keep things clean, neat and displayed well. If they can see themselves or their friends or spouses wearing these. Their sense of style, knowing what things might work well together with what fashions. How well they communicate with their customers. Perhaps even IF they communicate with their customers. If they follow-up with their customers.

Designers Must Take The Lead In Preparing Others To Sell Their Jewelry

The designer must play a leadership role here. The designer as leader must effectively influence, persuade, train and convince whoever will be selling their jewelry how to sell it. As best as possible, the designer must build shared understandings about the product with those who will sell it.

Passive assumptions won’t work here. The designer cannot assume that store owners and their sales staff, because they supposedly want to show a profit, will be good at their jobs. More likely, they are not — particularly when it comes to selling someone else’s stuff. The consequences of poor salesmanship are virtually invisible until many months, even years, later. That’s too late to wait.

To add to the difficulties, the opportunities in terms of time, resources, and follow-up are very limited. The designer may get just one shot to build shared understandings and accomplish several goals. Ideally this should happen in person. Often, it is not. Often it is reduced to shared emails, some printed materials, and some phone calls.

Six Key Shared Understandings

There are six key understandings which the designer must influence others to share. These include,

1. The Key Product Details

2. The Primary Product Benefits

3. The Smart Ways To Use The Products To Build Customer Relationships

4. What Rewards The Sales Staff Should Expect For Themselves, Based On Their Performance

5. At All Times, How To Maintain The Optimum Inventory and Product Mix

6. How To Routinize Timely Feedback

1. The Key Product Details

Think of every line of jewelry as its own culture with a group or tribal identity. Which three to six words or simple phrases encapsulate what that identify is all about? What were the key, primary design choices made which give this line of jewelry its character and resonance? How would anyone know that any piece of jewelry was a part of that group or tribe?

These key words or details might relate to materials and techniques. They might reference fashion, style and taste. They might be things about the designer or about jewelry design in general. There will be lots and lots of details which can be conveyed, but the list of details will need to be severely culled.

People have what is called finite rationality. They can only handle and remember between 4 and 10 pieces of information at a time, with 7 pieces of information usually the upper limit for most people.

Don’t confuse the sales staff. Don’t let them confuse the customers. Limit that descriptive words you use when explaining your jewelry, your design choices, and your design goals. Keep these descriptors simple, un-jargoned, devoid of business babble and clichés.

Keep repeating these 3 to 6 things. Repeat them in ways you want the sales staff to learn them, understand them, and be able to repeat these 3 to 6 things to their customers when you are not around.

2. The Primary Product Benefits

It is not the features of your jewelry that result in sales; it is the benefits people perceive the jewelry will provide for them. People do not focus on what the product is. They focus on what the product means to them.

People buy things to solve problems. These problems might relate to needs and wants. They might relate to achieving status and position. They might resolve emotional desires.

What problems for the potential customer does your jewelry solve? Think carefully about this. Make lists.

Then reflect awhile on how you think your jewelry solves these problems for your customers better than any of your competitors. What are your competitive advantages?

Convey to store owners and sales staff the results of your thinking and synthesis. You do not only want to list for them what customer problems your jewelry solves for them. You do not want your explanation divorced from the actual selling situation. You are not presenting an academic assessment; you want to present a marketing assessment. You want to convey how your jewelry resolves customer problems better than anyone else. This is a little more difficult to do and get the words out, and requires some practice.

And, again, remember that people have finite rationality. Don’t talk about everything. Focus on the couple of primary competitive advantages your line of jewelry has.

As best as possible, make your benefits concrete and specific. Think of which benefits would most readily stick in people’s minds.

3. The Smart Ways To Use The Products To Build Customer Relationships

Any sale is an interaction based on communication. The sale is not the only result. The building of a relationship also results. Too often sales staff performance is rated based on number of sales, and too rarely rated on building relationships. But it is in the building of relationships where we get those repeat sales and bigger sales and broader sales and better word of mouth and more new customers and, you get the idea.

Ideally, if you get the chance, like in the trunk show described above, you can model these relationship building behaviors in front of the sales staff. You can demonstrate how you elicit customer needs, wants and problems to be solved, and how you gain their awareness and trust in how your jewelry will meet these in an advantageous way. If there are other types of products in the store, you can demonstrate how to co-market, such as your jewelry with the store’s clothing.

Absent the in-person approach, you can provide ideas in periodic emails. You might do some simple one-sided-page images and short descriptive content. You might create a fun video that you can share.

You can also work with store staff in developing customer lists detailing the who, how to contact them, the what they bought, the dates, the follow-up sales, customer preferences, any descriptive information about the customer to help future sales.

To help guarantee that sales staff keep these lists and fill them out completely, you can ask to see them periodically to review. You can encourage sales staff to communicate with customers pre-, during, and –post sales. Based on your review, you can suggest specific items in the line that each customer might like to see, and possibly buy. Even though you are not physically present, you can still show how building relationships can generate sales and profits.

4. What Rewards The Sales Staff Should Expect For Themselves, 
 Based On Their Performance

It is helpful if you not only generate commissions and sales for the store, but also some kind of reward for the sales staff each time they sell one of your pieces. Show you recognize their efforts and appreciate them. If sales staff get paid no matter what they do, they may not give your line of jewelry the attention and promotion it deserves.

Besides some reward, perhaps a thank you note, or giving either a monetary extra commission or a piece of your jewelry, you most likely also want to reward the sales staff’ customer follow-ups, without actual sales, such as sending thank you notes or calling them when you send new pieces to the store.

5. At All Times, How To Maintain The Optimum Inventory and Product Mix

Do not assume that the store will maintain the optimum inventory and product mix of your jewelry at all times. There will always be other companies, other designers and other product opportunities competing for any store’s attention. So you will need to step in and capture that attention on a regular basis.

Create an easily update-able plan for the store that details the ideal mix of product — types of jewelry, price points, color, finishes and textures.

Reduce this to a simple product inventory sheet to give the store.

Contact the store periodically to update the inventory, compare to your plan, and make inventory suggestions accordingly.

6. How To Routinize Timely Feedback

You need to get feedback routinely, say at least every 3 to 6 months. You need regular feedback on your jewelry, on the sales process, on other things you can do to help sales staff become better at selling your jewelry.

If your jewelry is not turning at least twice a year, the particular store is probably not right for you. It might be the inattentiveness of the sales staff. It might be a lack of fit with the store’s customer base. But, if you are not getting a minimum of 2 turns a year, this location is not working either for you or the store.

You might formalize requests for quarterly results. You might call the store or any of its sales staff periodically to get information feedback. You might send a questionnaire to customers who have previously purchased your jewelry.

It helps the feedback process along when you provide rewards. This might be in the form of refreshments, such us sending an evaluation form with a box of cookies. This might take the form of adding some free pieces of jewelry to be sold, or one-time discount on purchases.

______________________________

FOOTNOTES

James, Geoffrey. 6 Ways to Persuade Customers to Buy. Inc.com, 2020.

As referenced in:

https://www.inc.com/geoffrey-james/6-ways-to-convince-customers-to-buy.html

McLeod, Saul. “Short Term Memory,” Simply Psychology, 2009.

As referenced in:
 https://www.simplypsychology.org/short-term-memory.html#:~:text=The%20Magic%20number%207%20(plus,it%20the%20magic%20number%207

Sales Motivation: 18 Tips To Keep Your Salespeople Happy.
 As referenced in:

https://www.pipedrive.com/en/blog/sales-motivation-tips

_____________________________________

Other Articles of Interest by Warren Feld:

Should I Set Up My Craft Business On A Marketplace Online?

The Importance of Self-Promotion: Don’t Be Shy

Are You Prepared For When The Reporter Comes A-Calling?

A Fool-Proof Formula For Pricing And Selling Your Jewelry

Designer Connect Profile: Tony Perrin, Jewelry Designer

My Aunt Gert: Illustrating Some Lessons In Business Smarts

Copyrighting Your Pieces: Let’s Not Confuse The Moral With The Legal Issues

Naming Your Business / Naming Your Jewelry

Jewelry Making Materials: Knowing What To Do

To What Extent Should Business Concerns Influence Artistic and Jewelry Design Choices

How Creatives Can Successfully Survive In Business

Getting Started In Business: What You Do First To Make It Official

So You Want To Do Craft Shows: Lesson 4: Set Realistic Goals

The Competition: Underestimate Them At Your Peril!

___________________________________

I hope you found this article useful.

Also, check out my website (www.warrenfeldjewelry.com).

Enroll in my jewelry design and business of craft video tutorials online.

Add your name to my email list.

Visit Land of Odds online (https://www.landofodds.com)for all your jewelry making supplies.

Subscribe to my Learn To Bead blog (https://blog.landofodds.com).

Posted in Art or Craft?, bead weaving, beadwork, business of craft, craft shows, jewelry design, jewelry making, professional development, Stitch 'n Bitch | Tagged: , , , , | Leave a Comment »

YOU INHERITED SOME JEWELRY … NOW WHAT?

Posted by learntobead on December 23, 2020

Bags and Bags of Jewelry

She came to me overwhelmed. She had bags and bags of jewelry, some in perfect condition, some not so much, some broken. Her aunt had died, and left her a lot of jewelry. That was years ago. Her mother had died more recently, and left her a lot of jewelry, and a lot of half-finished pieces and components and parts. Her mother had dabbled in jewelry making. And regrettably, three more family members, including a grandmother she was very close to, had recently succumbed to the corona virus. And each had left her more bags of jewelry.

She tried sorting these herself, but frustration got the best of her. She knew there were pieces she would wear herself. Other pieces she wanted to keep for sentimental reasons. Parts of pieces she thought she could do something with, re-purposing them. And lots and lots of fine and costume jewelry she wanted to sell.

She felt she needed some more help in sorting and evaluating what she had. She needed to know, What she should do, How she should do it, and Where she should go to do it.

Our consultation covered these considerations:

1) Etiquette

2) Organize and Sort

3) Clean, Identify Areas of Wear, Refurbish

4) Establish Value

5) Keep and Wear, or Keep and Store

6) Re-Purpose

7) Recycle

8) Sell

9) Donate

10) Throw Away

1) Etiquette

Her name was Danali. She was named after her grandmother and a great aunt. Danali felt very guilty and a few other awkward feelings as she thought about giving away or selling all this jewelry. She repeatedly asked herself, “Should I keep all of it?”

Did she have to keep it all? It was important to have this conversation up front. I told her she did not necessarily have to keep everything. The various people who gave her their jewelry would want her to be happy. She needed to do the things which made her happy, whether this meant keeping things, reworking things or selling things.

Was it her decision what to do with the jewelry, or should she involve other members of her family? Her brother asked her for some of it so that he could give it to his wife and daughter. Her step-father wanted to give several pieces to his second wife. I advised her to consider herself first. Some families have a tradition of passing down jewelry. What was her family’s tradition? Was giving some of it to her brother something she wanted to do? Since she wasn’t related to her step-father’s second wife, I told her that I found his desire to be a little unusual, maybe even creepy. Bottom line: the jewelry was passed down to her to make her happy. That had to be the guiding principle here.

She wanted to remake or sell some of the jewelry. Would she be violating someone’s legacy here? Again, I pointed out that she should do what makes her happy. That’s the legacy. Her deceased relatives wanted her to be happy and get pleasure from the jewelry which they had worn or created. Getting pleasure meant both financially and/or aesthetically. They left their jewelry to her because they trusted the decisions she would make. But that did not mean that every piece had to be preserved exactly or stored in some warehouse or safety deposit box or not be sold or shared with others.

Danali needed to talk about giving herself permission to make those particular choices which would make her happy. She needed to acknowledge to herself what she wanted to wear, what she wanted to repurpose, what she wanted to give away, and what she wanted to sell. This was important.

2) Organize and Sort

The next thing she and I worked on was to organize and sort all the pieces. There were a lot of pieces, and this took many hours spread out over several weeks, typically a 2-hour session at a time.

We went one bag or one box at a time. Within each bag or box, we went piece by piece by piece at a time.

For each piece, we created a simple written record:
 a) Description of piece to best of her and my ability
 b) What she preferred to do with the piece:

– keep and wear,

– keep and store,

– repurpose,

– cannabalize the parts,

– recycle,

– share with someone else,

– donate,

– sell,

– throw away

These became the sort categories for her jewelry.

c) What I thought the full retail price would be for the piece, if sold in a store. [More about establishing value later.]

In our descriptions, we examined each closely and paid particular attention to these factors:

1. The condition, both top-side and back-side, and whether both top and bottom sides of the piece were finished and detailed, or just one side

2. The type and quality of materials used, such as differentiating fine from costume jewelry, gemstone from glass from plastic, type of metal and if there was an accompanying stamp (like .925 or 14KT or GF), and the like

3. The craftsmanship, especially for hand-made pieces

4. For pieces with better quality gems, then their cuts, their visual qualities, and whether the gems alone were more useful and valuable than the piece as a whole

5. The quality and condition of the clasp and other connector features

6. Looked for evidence of the designer or brand, such as a signature or stamp

7. If there was any paperwork associated with the piece, from designer sketches to valuations to certificates of authenticity to insurance policies to sales receipts

8. For some pieces, we listed a style or decade or era it might be associated with, and wrote down the evidence we used to draw these conclusions

The GOOGLE LENS app will let you take picture of anything, and then search its image database. This was helpful in locating similar pieces, and seeing how they were described and valued. Sometimes we took a picture of the clasp or a particular cut of the stone to see what similar things and information we could find through Google.

With each piece, I had Danali ask herself these questions:

· Did you like it?

· Like it enough to want to keep it?

· Did she have space for it?

· Were other things very similar and duplicative?

· Would a photo of the item be a sufficient keepsake rather than the item itself?

· Could she create or recreate or repurpose something of pleasure and value from any of the parts?

3) Clean, Identify Areas of Wear, Refurbish

A lot of inherited jewelry needs some cleaning, and perhaps some refurbishing and repair. It is important to consider whether you think any particular piece will benefit from this extra effort. This is true whether you want to keep the piece or sell it.

Some jewelry will benefit from a soap and rinse with warm water and mild dish detergent. Other jewelry might need some polishing up, especially if it is made from sterling silver. Of note, plated materials will not polish up and be a shiny color again. Sterling silver will.

Typically, some stones are missing and need to be replaced. A clasp might be missing or might not work well any more. The stringing material may have deteriorated. Some parts of the piece may have chipped or broken off. It may be missing a part, such as the clutch for an earring post. Old rings may need new shanks. Chains may need to be soldered.

Costume jewelry will be particularly difficult to restore. The parts are usually made of materials that cannot be re-soldered. The materials used — beads, stones, findings — may no longer be available, or available in the particular colors available when the jewelry was first made. If the piece was plated, this plating has probably worn away. Re-plating may be difficult or too expensive, given the material value of the piece.

4) Establish Value

It is important to establish value for each piece. It is equally important to use a measure of value that can be standardized for all pieces, and that is understandable.

The value of any one piece of jewelry is not one particular number. It depends on the context. The value could be the price someone would pay for it in a store. It might be the price someone who sells jewelry is willing to pay for it, so that a profit could be made. It might be the value of the materials themselves, irrespective of the design. It might be the value people are willing to pay for pieces made by a particular designer. It might be a value at auction. It might have value only for the person who owns it.

There are several standards for establishing value. Four prominent ones include the following:

1) REPLACEMENT PRICE

2) ESTATE VALUE AT RETAIL

3) ESTATE VALUE AT WHOLESALE

4) INTRINSIC VALUE

Replacement Value. If you bought the same piece new today, what would its price be? This gives you the highest valuation. It is not the value of the piece itself. This value is the least accurate standard. However, it is a number that people can easily relate to. I like to start with the replacement value, because it is so meaningful to the client. And I give the client what are called multipliers — that is, a number to multiply the replacement value by in order to estimate what value they might really be able to get for their pieces, given where they are trying to sell them.

Estate Retail Value. This is the price a piece of jewelry would be sold at to an individual who is looking to purchase the used jewelry for themselves. This value links directly to the jewelry item. These individuals expect to save money compared with buying a similar item new.

There are many sources of estate jewelry. These include people who sell used, older or vintage jewelry through Craigslist, Ebay, various auction houses, garage sales, flea markets, or other online sites. There will be quite a variety here in pricing and pricing strategies. For price comparison purposes, I like to use prices I find on Ebay. I tell my clients to use a multiplier between .40 (representing a 60% reduction in value) and .70 (representing a 30% reduction in value), with .60 or 60% as a reasonable average estimate. So, they would multiply the Replacement Value by .40 to get at the Estate Retail Value.

If the Replacement Value was $100.00, then a reasonable estimate of the Estate Retail Value would be $100.00 times .60, or $60.00. This would be $40.00 less than the Replacement Value. Stated another way: if a similar new piece was selling for $100.00, then someone would expect to pay $60.00 for the used jewelry when purchasing that jewelry for personal use.

Estate Wholesale Value. This is the price a business which sells used jewelry is willing to pay. Businesses have to take into account many more costs — overhead, rent, maintenance, staffing — than individuals buying used jewelry. So these businesses will only be willing to purchase used jewelry at a considerably lower price than the Estate Retail Value. The jewelry these businesses need to purchase have to be resalable at a cost customers are willing to spend, and which also covers their operational costs plus a profit.

Businesses like antique stores, estate jewelers, pawn shops, even some boutiques, may purchase inherited jewelry for resale. You can anticipate that they will want to at least double, and probably triple, their cost to set their own price for their customers.

The Estate Wholesale Value is probably the best value for resalable jewelry which has been inherited. This assumes that most of the inherited jewelry will be sold to a business where that business intends to resell it.

The multipliers I suggest here are between .30 (70% reduction) and .50 (50% reduction), with .35 (65% reduction) as a reasonable estimate.

If the Replacement Value was $100.00, then a reasonable estimate of the Estate Wholesale Value would be $100.00 times .35, or $35.00. This would be $65.00 less than the Replacement Value.

Intrinsic Value. The value here is set by the value of the raw materials, usually less a small processing fee. This value yields the lowest price. This price may be lower than the actual price you might be able to sell your item, so think carefully. Typically the Intrinsic Value is the value of the raw metals and the gems. Style, condition, brand, market demand, among other factors, are not taken into account.

Refineries, Cash-for-Gold businesses, some fine jewelry stores will pay intrinsic value for inherited pieces. Be certain up front, with pieces made up of both precious metals and stones, whether the purchasing business will pay for both, or just one or the other. You may have to remove any stones before taking your pieces into these businesses.

There will be different payment rates for different metals, all based on weight. An average scrap rate for gold or sterling silver will be around 85% of the current market value less a processing fee, say $50.00. They will take the total weight of the metal, calculate the current value, multiply this by .85, and subtract a processing fee. This becomes the Intrinsic Value.

The intrinsic value for any gemstone is based on the wholesale price of the gem less any cost for re-cutting, re-polishing or otherwise refurbishing the stone.

Intrinsic metal prices are well publicized online. Intrinsic stone prices are not, and there will be a wide variation on this, so it is wise to shop around.

Other Value Considerations

There are other factors which may come into play:

– Whether the piece is currently in style or not

– Whether something makes it rare or coveted, such as by a particular designer or brand (look for stamped mark or engraved signature), or is an unusual design or uses particular stones

– Metal and gemstone prices fluctuate quite a bit, and you may be hitting the market at a low (or at a high) point

– The condition of the piece

And just because the piece is costume, not fine jewelry, is not a reason for dismissal. Many costume jewelry pieces are coveted and highly valued today.

OnLine Services

There are many online services which will value your pieces for you. Their fees and reputations will vary widely. Check their online reviews.

There are several national associations for appraisers. These require their members to adhere to a high standard of conduct. You should make sure your appraiser either is a member, or, if not, you know that person to be highly knowledgeable and reputable. This is because anyone can present themselves as an appraiser. There are no federal and state licensures.

An appraisal will

· Clearly state the value and the type of value

· Describe the item in detail

· List the procedures used to determine the value

· Specify the appraiser’s qualifications

· Have the appraiser’s signature

You will also find scrap metal calculators online which will be useful.

5) Keep and Store, or Keep and Wear?

Keep and store. For some pieces, you may want to keep them, even though you do not plan to wear them. They may have some sentimental value. They may have a personal story to tell. You might see yourself wearing them at some time, just not now, and are not ready to part with them.

I suggest keeping at least one piece from each loved one from whom you inherited the jewelry. Pick a piece they may have worn a lot, or worn on a special occasion, or represented their personal style.

You can also display pieces you love, but are not interested in wearing, say in a shadow box you hang on the wall.

Keep and wear. There are most likely many pieces you can see yourself wearing. It’s great to mix old and new pieces together with any outfit. Everything is a matter of styling and your personal taste.

6) Re-Purpose

A brooch becomes a pendant. A pendant becomes an earring. A necklace is remade into two bracelets. A very long necklace or a multiple strand necklace made into two or more necklaces. A shoe-clip becomes a clasp. There are many ways to re-purpose jewelry from one type to another.

You might also repurpose a pin into a curtain pull. Some earring drops into push pins or refrigerator magnets. Use in a mosaic. Embellish a cross stitch canvas. Create a bookmark. Decorate some sandals or sneakers. Use as drawer pulls. Decorate your cell phone. Add some pizazz to a purse or strap.

Lots of ideas. You can also do a search engine search, like on Google or Bing, using the keyword phrase “old jewelry into new” or “grandma’s old jewelry”.

7) Recycle

Sell your scrap. There are places, like refineries, cash-for-gold stores, jewelry stores, and the like, which will buy scrap for its intrinsic value. For metal scrap, they will weigh your pieces and you will get paid, depending on the weight, metal value, less a fee. For stones, places will evaluate their wholesale values, less costs for reconditioning or refurbishing, and less a fee.

Cannabalize the parts. You can break up the pieces of jewelry and reuse the components, beads, clasps and other parts in other jewelry making projects. The parts may have more value as parts than as part of the piece as a whole.

8) Sell

There are many places, both where you live, as well as online, where you can sell your pieces.

Locally, you might contact antique stores, boutiques, jewelry stores, salons or pawn shops. Most likely they will take your items on consignment (that is, you will be paid when the pieces sell). You might try a local flea market or marketplace. You might hold a garage sale.

Online, you might check out Ebay, Craigslist, Rubylane, Etsy, The Real Real (focuses on high-end jewelry), Worthy.com (diamond rings), Tophatter and other jewelry-specific auction sites. Take high resolution photos, at least 500 x 500 pixels in size. Provide good and thorough descriptions. You need to establish, through how you present your items, a high level of trust and credibility.

Ebay especially is a useful source for researching the prices your items might sell at. If you have several items which might only sell for a few dollars each, you can group them together into a “lot,” and sell them as a “lot”.

Be sure to list…

· Description, including anything of particular interest, using words your potential customers will connect with

· Condition, any flaws, any functionality issues

· Color

· Brand

· Size and dimensions

· Estimated value and the basis for that valuation

· List price, as well as minimum acceptable price

· Photos, at least 3 (front, back and side), and use a white background

· Shipping requirements, limitations, instructions

These online sites will take a 10–15% of your sales price as a fee. There may be some other small fees involved. You should anticipate these fees, when setting your prices.

9) Donate

Let’s say you have a lot of jewelry you like, but doubt you would ever wear it. You don’t want to deal with selling the pieces. So you might think about donating them.

First, think about any friends or relatives who might appreciate these pieces. You could even hold a party and let people pick out the things they like for themselves.

Second, think about donating pieces to charity or nonprofit thrift shops like Good Will or Salvation Army. Other sites, I Have Wings Breast Cancer Foundation; Dress For Success; Support Our Troops; Suited For Change; New Eyes.

Make sure you get a donation receipt.

10) Throw Away

Of course, your last option is to throw the jewelry away.

You do this only after you have exhausted all other options.

_______________________________

USEFUL AND INFORMATIVE LINKS

https://tracymatthews.com/what-to-do-with-inherited-jewelry

https://recyclenation.com/2014/07/recycle-jewelry/

https://www.leohamel.com/blog/index.php/2018/02/what-to-do-with-inherited-jewelry/

https://www.callagold.com/antique-or-inherited-jewelry/what-to-do-with-your-inherited-jewelry/

https://ask.metafilter.com/29181/What-is-the-proper-etiquette-for-dealing-with-my-deceased-Moms-jewelry

https://sixtyandme.com/give-yourself-a-legacy-gift-by-repurposing-meaningful-jewelry/

https://www.worthy.com/blog/loss/inheritance/selling-inherited-jewelry/

https://whatsyourgrief.com/sorting-through-belongings/

https://www.foxfinejewelry.com/blog-post/what-do-i-do-with-inherited-jewelry

https://www.samuelsonsdiamonds.com/insights/how-to-determine-estate-jewelry-value/#:~:text=The%20only%20way%20to%20truly,consider%20during%20the%20appraisal%20process.

https://www.mygemologist.com/learn/selling-jewelry/how-to-value-inherited-jewelry/

https://truval.com/blog/steps-determine-value-vintage-jewelry/

https://www.worthy.com/blog/knowledge-center/jewelry/how-much-is-my-jewelry-worth/

https://tdcjewelry.com/what-to-do-with-old-inherited-jewelry/

https://quickjewelryrepairs.com/articles/inherited-jewelry-value-and-refurbishing/

https://www.investopedia.com/articles/personal-finance/100115/how-value-jewelry-inherited-loved-one.asp

https://susanjane.com/inherited-jewelry/

https://sabrinasorganizing.com/places-to-donate-jewelry/

https://askinglot.com/what-can-i-do-with-unwanted-costume-jewelry

https://premeditatedleftovers.com/naturally-frugal-living/7-ways-to-turn-unwanted-jewelry-into-cash/

____________________________________________

Other Articles of Interest by Warren Feld:

Oy Ve! The Challenges of Custom Work

The Importance of Self-Promotion: Don’t Be Shy

Are You Prepared For When The Reporter Comes A-Calling?

Don’t Just Wear Your Jewelry…Inhabit It!

Two Insightful Psych Phenomena Every Jewelry Designer Needs To Know

A Dog’s Life by Lily

Copyrighting Your Pieces: Let’s Not Confuse The Moral With The Legal Issues

Jewelry, Sex and Sexuality

Jewelry Design: An Occupation In Search Of A Profession

Teaching Discplinary Literacy: Strategic Thinking In Jewelry Design

Contemporary Jewelry Is Not A “Look” — It’s A Way Of Thinking

Beads and Race

Were The Ways of Women or of Men Better At Fostering How To Make Jewelry

The Bridesmaid Bracelets

How To Design An Ugly Necklace: The Ultimate Designer Challenge

Cleaning Sterling Silver Jewelry: What Works!

What Glue Should I Use When Making Jewelry?

I hope you found this article useful. Be sure to click the CLAP HANDS icon at the bottom of this article.

Also, check out my website (www.warrenfeldjewelry.com).

Visit Land of Odds online (https://www.landofodds.com)for all your jewelry making supplies.

Enroll in my jewelry design and business of craft video tutorials online. Begin with my ORIENTATION TO BEADS & JEWELRY FINDINGS COURSE.
 
 Subscribe to my Learn To Bead
blog (https://blog.landofodds.com).

Add your name to my email list.

Posted in Stitch 'n Bitch | Tagged: , , , , | Leave a Comment »

SETTING UP YOUR BUSINESS AT CRAFT MARKETPLACES ONLINE

Posted by learntobead on June 14, 2020

I recently posted an article I had read about selling on Etsy (http://www.today.com/money/etsy-nomics-lets-sellers-stitch-together-living-new-pattern-2D11591368) . There was a big response, so I thought I’d do a little more research. I have been selling online with my own websites for almost 20 years now, but have not had much experience with selling through these online marketplaces.

I have found that many people get frustrated with these sites, in that sales can be minimal, or the numbers of people they are competing with seems daunting. But I have found these same people not doing all the necessary “good business” tasks, such as some intensive and persistent marketing of their wares, and smart photo and text detail for their pieces.

Question: WHAT KINDS OF EXPERIENCES HAVE YOU HAD, and WHAT KINDS OF TIPS CAN YOU OFFER?

Here’s some of the things I have found.

First, there are many, many online marketplaces to choose from. Some let you set up your own website, and others show your merchandise as part of a larger marketplace. Each has pros and cons. Perhaps one lesson is:
“Don’t put all your eggs in one basket.”

My list of these sites include:

Etsy
Zibbet
Artfire
overstock.com/mainstreet revolution
tophatter (an auction site)
Ebay (an auction site)
storeny
luulla
bigcartel
meylah
madeitmyself
handmadeartists
createinventandsell
thecraftstar
rubylane
dawanda
copious
1000markets
silkfair
ecrafter
supermarkethq
goodsmiths
freecraftfair
folksy
notmassproduced
market.poppytalkhandmade
jewelrywonder
ave21
jewelspan
artflock
bonanza
lilyshop
icraft.ca (Canada)
shophandmade

The PROS for any site:
– low commission on sales
– good traffic
– ease of setting up your shop
– having a lot of control over how your shop looks; how customizable it is
– no monthly fees
– web host does a lot of promotion
– site has a good search function
– site has good statistics, and lets you easily track traffic and what has sold, at what price point, and when, for both of your specific merchandise, as well as for all merchants with similar merchandise

The CONS for any site:
– high commissions and/or fees
– when site is too big, may be difficult to get noticed
– host limits how you list and present your items
– host restricts your contact with your customers

Other types of questions to ask:

– Does site handle the billing and payments for you?
– What kind of marketing does the site do?
– Is it relatively easy to set up your site and keep it updated?
– Are there are limitations on the numbers of items you might list at one time?
– Are there any limitations on the number or size of photos you can include on your site?
– How and where will your items appear in a search listing on the host’s site?
– What payment methods/options are allowed?
– Does the site restrict items to “Handmade” only, and how is “Handmade” defined? You do not want to compete with cheap, imported, machine made jewelry.
– How easy is it to contact customer service? Do they provide a lot of easy-to-follow tutorials for setting up and managing your site?

Different types of fees that might be assessed:
1. Listing fee
2. Sales commissions, usually as a percent of sale
3. Renewal fees (when listings are time limited)
4. Monthly site maintenance fees

Some Tips and Advice:

(1) Your items should be different enough from others to set you apart, and get you remembered
(2) If your items are similar to others, you might consider competing on price
(3) Do NOT depend on the host to promote your site; you must actively — that means, almost every day — do things to promote your site.
(4) Don’t just list your items and let them sit there
(5) Excellent photos are a must
(6) Treat your online shop as a business, not a hobby
(7) Categorize and label your jewelry and jewelry lines; picture the words someone might type into a search bar in order to find this jewelry, and use those as key words in your labeling
(8) Let your passion shine

Many, many people you will be competing with do not necessarily have good business sense, particularly when it comes to pricing their jewelry. People, in general, tend to underprice their pieces. They go out of business quickly. But while they’re in business, you are competing with them, and often you find it hard to compete on price.

This is a given. That means you have to spend more energy on marketing your competitive advantages, in order to justify the prices you need to charge, in order to stay in business. Some of this will come down to better presentation — more facts and great detailed images about your jewelry, and more details about the how your jewelry will benefit your customer. Better presentation equals more trust; more trust should translate into more sales. Some more competitive advantages: your jewelry is better made; it uses better materials; your line of jewelry is broader; you have better customer care policies; your style is more unique; your jewelry supports as “cause”.

And many, many more people you will be competing with have very good business sense. There are over 6 million items of jewelry on sale on Etsy at any one time — many by sharp, savvy artists. To get seen, heard and responded to takes emphasizing your competitive advantages, as well as persistent, broadly targeted marketing.

Other Articles of Interest by Warren Feld:

Should I Set Up My Craft Business On A Marketplace Online?

The Importance of Self-Promotion: Don’t Be Shy

Are You Prepared For When The Reporter Comes A-Calling?

A Fool-Proof Formula For Pricing And Selling Your Jewelry

Designer Connect Profile: Tony Perrin, Jewelry Designer

My Aunt Gert: Illustrating Some Lessons In Business Smarts

Copyrighting Your Pieces: Let’s Not Confuse The Moral With The Legal Issues

Naming Your Business / Naming Your Jewelry

Jewelry Making Materials: Knowing What To Do

To What Extent Should Business Concerns Influence Artistic and Jewelry Design Choices

How Creatives Can Successfully Survive In Business

Getting Started In Business: What You Do First To Make It Official

I hope you found this article useful. Be sure to click the CLAP HANDS icon at the bottom of this article.

Also, check out my website (www.warrenfeldjewelry.com).

Subscribe to my Learn To Bead blog (https://blog.landofodds.com).

Visit Land of Odds online (https://www.landofodds.com)for all your jewelry making supplies.

Enroll in my jewelry design and business of craft video tutorials online.

Add your name to my email list.

Posted in Stitch 'n Bitch | Tagged: , , , , | Leave a Comment »