Cut Costs in your Jewelry Business

If your business is just surviving rather than thriving, after the particularly harsh economic climes of 2009 then now is an ideal time to look at ways to bolster your profit margins.  Every little helps, and you might be surprised at how much you can save with just a few tricks. 

Check the DealsKeep an eye out for special offers and discounts available.  DON'T be tricked into buying something that you don't need just because it is cheap, but DO be a savvy shopper when it comes to purchases that you make.  Shop around for different quotes on payment processing, insurance, machinery and any other products or services that you use.  Small percentages can make a big difference, as can payment terms, so break out your calculator and look at the big picture to see how much you could save over the course of a year.

Sign up for those newsletters, and follow suppliers on Twitter and Facebook to hear about the latest deals.  If your inbox gets crowded, simply filter all newsletters into a folder marked Supplier News and check it before you place your next order.  Free shipping coupons, percentage off discounts and two for one offers can boost the value of your supplies.

Buy in Bulk

Where possible, buy in bulk to save money on supplies and shipping costs.  Avoid bulk buying on new materials until they have proven that they will sell, but go for the highest price break you can afford on staples that you use frequently.

Waste not Want NotGet your imagination out and apply it to those materials you have had gathering dust in your bench for months or even years!  They are no value to you until they sell, so whip up some one of a kind designs and get them off the shelf.

While we are at it, watch your waste too.  Be sure to save all silver and gold scraps to be returned to your supplier.  I have a two tier scrap storage system.  The first step is where I put clean off cuts and longer snippets of wire.  These small pieces can come in handy for repairs or findings.  Once a metal has become too marred, damaged, or too small to work with then I put it in the final scrap box.

PackagingCould you save money on your packaging?  Take advantage of the consumer's current desire to save the environment by stripping down your packaging to the bare essentials.  No, I don't mean skimp on the protective wrapping, or start using yesterday's newspaper to gift wraptoday's purchases, but how much could you save by forgoing the custom printed stickers, acetate sleeves or extra layer of tissue paper?

Track ROI!Make every penny count in your marketing budget by tracking results.  Find out where every click, sign up and sale is coming from and how you got it to see which marketing channels are