A business—whether a start-up or established—is not all creativity. No matter how good your concept is or how amazing your product is, if you do not have a solid business plan, your business is forecasted to fail. For start-up wholesale jewelry entrepreneurs, especially those that are home based, dealing with the “business side” of the business can be a challenging road to navigate. Setting up a wholesale jewelry business is not only about creating a website, finding a supplier, marketing your products, packaging, shipping and counting your profits. It is also about abiding your local laws, regulations and performing mandatory paperwork. All these are part of being a dutiful citizen and a successful wholesale jewelry entrepreneur.
Here are some tips to help you address the “business side” of your wholesale jewelry business.
1. Get in touch with your local chamber of commerce. This organization was created to advise entrepreneurs like yourself. They can guide you on how to operate your business and point you to the right people when it comes to marketing and networking. You can also find and join business groups in your community. Being part of an organization helps you build your network and protect your business.
2. Seek the help of a professional accountant. While you are understandably trying to reduce your overhead costs, hiring the services of an accountant is a good investment for your business. An accountant can help you navigate your way through tax laws, deal with your financial questions or problems, and keep track of your business financially.
3. Make sure you obtain all the necessary licenses and permits required to run a business. This usually depends on which state you are in, but one way to get started is to go to your local city hall and ask your local authorities about the process. Paperwork takes time and money but do not let that keep you from addressing these concerns. Customers will always prefer to purchase from legally registered business organizations, so make sure you are.
More wholesale jewelry business tips available on this blog.
