Jewellery business week is underway at the London Jewellery School and I've wriiten a few blog posts for it. Here's the first In order to increase your profit margins you either need to increase your prices or cut your costs. If your business is growing there may be some creative ways to cut your costs. Look for alternative suppliers/buy in bulk When you are first starting in business it makes sense to just buy what you need when you need it. Investing in materials without guaranteed sales is a way to cause serious damage to your cash flow! But if your business is growing it is time to look for ways to cut the cost of each item you make. One way to do this is to look for alternative suppliers for your materials or to buy in bulk. Alternative suppliers Start your search with Google. Google has some specialist ways to search that you may not be aware of. Try putting in your search term e.g. ‘silver chain’ ‘headpins’ etc and then click on ‘shopping’. This w...
by Anna Campbell