Bead-making is a very lucrative business and it has a lot of money making potential as long as you know your art and your target market. Beading does not require a lot of space or significant technical training, which means you can do it right in the corner of your home.
All over the world the beads making trade has continued to gain more grounds. Each passing day, more and more people have continued to throng the industry. This is because of the creativity level, as well as the very fine products that can be produced. It is true that the women folk are more disposed to wearing beads; however, truth is that the men folks are embracing bead wearing too.
For you to start this trade, you have got to first of all be armed with all the skills that is needed. This means that you have to be well equipped with the tricks and skills involved in the trade. In doing this; you will learn of all the equipment involved. This is a very profitable business is all aspects.
Bead Making Business Plan
A bead making business plan talks about the different type of beads you can make and the price points they can command in your market. If you will mass produce the beads, like in a factory operation, and sell them en masse, then outline the capital requirements (equipment leasing or rental) and explain how you will direct the products toward distributors. If yours is a smaller operation, and you hand-make or create beads on a small scale, explain whether you will sell directly to the public (like via a market or store) or whether you target larger buyers who will repurpose and/or sell the beads.
The business plan should talk extensively about each of the following integral topics:
- Who do you market to and what methods will you employ?
- What amount of money are you seeking and when can you hit break even?
- What other products or future service areas do you foresee?
- Will you need any employees?
- What market need can the company fill?
- Who is your target market?
- How long it will take you to break even?
How can you make your business more profitable?
Shop owners reporting the highest profits do not rely solely on the sale of beads. Some are drawn to the artistic side, making and selling their own beads. Additionally, hosting jewelry parties is a very effective strategy. The key is to host a variety of classes/parties that target specific skill levels and projects. Children’s birthday parties is another great revenue generator. Many store owners have also found success selling project kits for novice crafters.
How to promote & market a bead store
Industry leaders have found the most success with a diverse marketing plan. This should include advertisements in magazines that cater to your target audience and event/team sponsorships. Before taking on a sponsorship, make sure you are investing in something that will offer you exposure to potential bead shop patrons. Booths at arts and crafts fairs is also an effective way to boost interest, particularly because these events often have a mix of local and out-of-town guests.
Technology is another great resource for marketing. Social media platforms help reach a broader audience and keep current customers informed regarding new shipments and specials. Ask customers for their email addresses and periodically send out exclusive coupons.
How to keep customers coming back
Delivering superior customer service each time someone walks through your doors or places an order online is critical to your business’ success. Many consumers will pay a little higher price to know they are working with someone who cares enough to go the extra mile. Discount cards are also an effective way to bring new customers in and ensure your current ones keep coming back.
