328: What NOT to Spend Money on in Your Jewellery Business (and What to Invest in Instead)

There are so many things you could spend money on when you're starting or growing a jewellery business. New tools, packaging, paid ads, magazine features, more stock, a fancy website... it's very easy for your money to disappear before you've worked out what is actually going to help your business grow. In this episode, Jessica Rose is joined by Anna Campbell to talk about some of the common places jewellers spend money that may not give them the return they're hoping for. We talk about paid magazine features, paying for social media exposure, making too much stock, buying packaging in huge quantities, investing in every tool you want, paid advertising, expensive websites and awards. We also share some of our own experiences of spending money on things that, looking back, probably weren't the best investment at that stage of the business. More importantly, we look at where your money can make a real difference, including investing in your skills, increasing your capacity and building useful business assets such as great photography, your website and your email list. If you're wondering where to invest your next £500, £1,000 or £2,000 in your jewellery business, this episode will help you make that decision much more consciously.   In this episode, we cover: What to ask yourself before making a big business purchase Why paid magazine features may not deliver the sales you expect Why more followers doesn't necessarily mean more customers How much jewellery stock you really need when you're starting out Why buying packaging in bulk can be a false economy How to decide whether an expensive jewellery tool is worth the investment Why paid advertising may not be the best place to start How simple your first jewellery website can be What to look for when entering business and jewellery awards The three areas we believe are worth investing in: skills, capacity and assets   Jewellery Business Academy If you're serious about growing a sustainable and profitable jewellery business, enrolment for the next Jewellery Business Academy will be opening soon. https://www.jewellersacademy.com/the-jewellery-business-academy The Academy is our year-long programme supporting jewellers with the business side of growing their jewellery brand, with training, mentoring and support throughout the year. Sign up to be informed when Jewellery Business Academy enrolment opens: LET ME KNOW!