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Not too many industries are immune to the recession and the fashion/accessory industry is one of the hardest hit. Accessories are not necessities and people are paring down, budgeting and spending less on luxuries. For a jewelry artist, especially one who is a smaller business, dependent on independent boutiques and galleries, this is a very rough storm, indeed. After speaking to other artists and reading article after article, I’ve compiled a short list of things you can do to extend your bottom line and hold on while the waves burst against the hull.
Barter materials with other jewelers. If you have an abundance of sterling wire and they have abundance of Lapis and Onyx, barter.
Add materials into your designs that are less costly than metal or gems:
Fabrics
Leathers
Feathers
Glass
paper
Wood Base metals – remember that copper can “turn” and the clients’ skin, where the item touches, can become “black”.
Make some designs “one of a kind” so that you don’t have to purchase the materials for production and you can use up your inventory.
Pull apart old designs to re-use materials instead of purchasing new.
Teach beading or jewelry making classes, locally. It can be a simple design but it will open you up to potential clients and you can sell your old bead inventory to the new beaders.
Sell consignment. I know you’ve move up to wholesale selling but guess what, there are stores who have had to take consignment in again, especially in the summer months. Plus, isn’t your work better in front of potential clients than sitting in your studio?
Reach out to friends, business associates and family to host a jewelry party. Again, get your work “out there”, sell pieces and maintain any repeat clients.
Find other struggling businesses that relate to yours: makeup artists/skin care professionals, handbag designers or clothing designers and set up a showroom sale.
If you offer a sale on your website, please make it exceptional and worthy of attention. 10 – 15% off will not draw in clients; 25 – 30% will. You don’t have to offer sales more than a few times a year but do them during the slow periods: such as summer and after the holidays.
Take a second look at your pricing structure. Keystone your wholesale then look at the prices with the eyes of a client or send them to someone you consider to be an excellent shopper and let her look at the image and the price. Make sure you’re not over or under pricing your work.
How does your work change when the economy turns down? Is your art affected? Are you emotions affected, thereby affecting your business sense? Let me know in the COMMENTS section below!
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Thanks for the tips! One thing I did earlier this year was to sell all my sterling bench scrap that I’ve saved over the years. You know – from back when sterling was $5 an ounce? sigh. I didn’t cash in at the $48 high, but did catch it at $38 which brought me a good check on 27 troy ounces. I used Hoover & Strong in VA and highly recommend them.
Hi there Rachel,
Thank you so much for reading and commenting! I just came from Manhattan – sold my gold! But yes, selling your scraps is imperative and helps the ecology. Oh my, $5/toz? I long for $15/toz!!! I adore Hoover and Strong, thank you. Love that they sell recycled metals. I have a credit with them and am waiting for silver to go down some to use it. I doubt it will go down too much in the near future and I’ll probably have to bite my lip and BUY! For findings, try Foreign Source out of Rhode Island. They have good prices and you can ask for sample lengths on chain.
Actually, accessories can do quite well in a bad econonomy
This is the reasoning.: women put off buying a new dress, suit,
Jacket but still want something new. An accessory can give
a new lift to anything in a wardrobe. I noticed the latest
Vogue was loaded with accessories.
Using precious metals is a challenge though. But there s also the
Thinking that gold may go much higher which may
spur sales now.
Good luck with your work. What would we do without those
Who make art that can travel with us everyday.
Hi Barbara,
Thank you for taking the time to read and comment!
You are right about women buying small items to re-fresh their wardrobe but they are spending even less on those refreshers! I’ve noticed in the gallery environment, with this economy and the price of silver/gold, well, it’s hard times out there! Galleries are closing and people aren’t spending their money like they used to. They have to save for gas, food and utilities and college. I know plenty of well-known fine artists who are scaling back their metal consumption and finding ways to cut their wholesale in HALF! Scary.
For the Creative who hand make their accessories for retail under $150, they will probably continue to sell but after speaking to those designers, I hear that they are hurting, too.
And to be honest, for the Creatives who are still selling well and happy in this economy – KUDOS to them and I applaud their client relations but they can still learn and save some money in their workshop. Why not? It’s never a bad thing to save a little where we can, especially if we want to increase another area of our business: sales force, advertising, show displays, fresh, new materials and so on.
I wish you success and thank you again for sharing your intelligent views!
Best,
~Andrea
These are some really great tips! I practice some of them anyway, just because I have a very tight budget to begin with. The comments are also quite helpful! Maybe a great marketing tool to advertise your jewelry as “freshening up” last year’s outfits. Thanks for the ideas!
Most of use have a tight budget, whether we design in the $1000 price range or the $100 price range. It’s all perspective. And even if a designer can be free with their cash, it’s always helpful to save money here and there without compromising your work.
Oh, “freshening up” is a very good marketing tool! You should use that!
Best,
~Andrea
Another good idea I’ve found in this economy.. branch out! I started selling the same gemstones that I use in my designs since I have many contacts and find good prices at gem shows across the country.. It’s lower overhead, takes me less time and I still can thrive.
I also came up with a new line of jewelry “Piedra Pendants” that use much less precious metal and are fun with the new chains I just came up with. Overall they have a lower price point for shoppers. Hard times means you just have to get more creative, and you might find something you love out of it!
Hi there Julie!
Thank you so much for visiting Open Studio and leaving your experiences and Information! *I’m on vacation and will respond more when I get back to my studio-office.
Thanks for your patience.
~Andrea