Interview with an entrepreneur:
Private jewelry workshop
The site clogicsecure.com, as part of a joint project of the Community of Information Portals Promoting the Development of Small Businesses, continues a series of interviews with successful entrepreneurs who are ready to share their own experience in creating a business and help newcomers take their first steps in business.
"... there are a lot of jewelry workshops, but there are much fewer good places to sell products ..."
However, today he interests us primarily as a successful entrepreneur-jeweler, and it is precisely the specifics of the jewelry business that will be discussed in our interview.
Michael, tell us a little about the specifics of your jewelry company.
I have a private art jewelry workshop. I make all handmade jewelry using the filigree technique. It is important to note that the whole process, starting with the acquisition of a silver ingot, wire preparation, soldering and polishing, is done entirely by hand.
Was the decision to become an entrepreneur easy for you? How did you come up with the idea of starting this particular business?
The main reason I started this business was the knowledge and experience gained from my father. The fact is that jewelry art (namely art, not production) is transferred from master to master. You can read various books as you please and watch video courses, but when you have the metal in your hands and you need to do something with it, then much of your success will be determined by specific skills, not just knowledge.
Because it is impossible to explain in words, for example, to what temperature it is necessary to heat the decoration with a flame, so that all the details are soldered, and at the same time everything remains intact and does not melt. This is more of a flair, and a flair is acquired through practice.
What difficulties did you encounter in the initial stages of doing business?
The main difficulty was the promotion of their jewelry. The fact is that there are a lot of jewelry workshops, but there are much fewer good places to sell products. Therefore, the skill of negotiating was largely determining the financial result.
It is clear that over time their customers appear and they begin to recommend you to friends. But at the first stages it is very important to decide on those places where you will sell jewelry, as well as with the assortment i.e. understand what is actually needed.
Very often, I, as a master jeweler, want to do one thing, and the market, customers demand something completely different, and here it is necessary to find a compromise.
According to your estimates, what is the minimum amount with which you can start this business today? What equipment will be required?
You need to take into account the fact that you have to rent a non-residential premises, install a safe there, equip a workplace with an exhaust hood, provide special access - this applies to the premises (although these requirements are not always met).
In terms of equipment, you can say that you need a standard set of jeweler tools, on this issue you will be consulted in any specialized jewelry store or on my website www.sofonoff.ru
The initial amount with which you can modestly start manufacturing is from 30 000 EUR.
Are there any additional administrative requirements (to the premises, the experience of specialists, etc.)?
Of course, there are requirements and they are clearly spelled out in the legislation regarding the rental of a separate room, the availability of a safe, gratings, special accurate weights, registration at the assay office, manufacturing of samplers for setting samples for keeping precious material journals, etc.
What can you save on and what should you save on?
A number of instruments can save a significant amount. The fact is that very often, specialized jewelry stores sell completely ordinary tools that can be purchased at ordinary household items, set at inflated prices. And in this case, you need to look and compare. I mean such tools as pliers, pliers, needle files, etc.
But when it comes to specialized equipment, it is better to buy a quality thing right away. When I talk about quality, I mean that you should not buy Indian-made tools.
Do not save on the quality of the stones that you will install in jewelry. Stones in many respects create the very personality for which they love manual work.
How long have you paid back your initial investment?
For three years, it turned out to pay back and then this is more luck than a hard miscalculation.
Does seasonality exist in your business?
Of course there are, the main sales go to such holidays as: New Year, Valentine's Day, March 8, Graduates from schools and institutes, Start of the school year, Christmas.
The rest of the time, especially summer, is calm. And at this time, your income will be largely determined by the established relationships.
Which specialists should be paid special attention to. How did you select key employees?
It’s hard to work with jewelers (if you hire someone), so it’s better to take on the work of making jewelry, but transfer marketing and accounting to hired employees.
Obviously, during your work you have tried various advertising methods. Which advertising media have proven their effectiveness, and which ones did you end up with?
Yandex direct showed itself well, opening and maintaining blogs like LiveJurnal and participation in specialized communities also bore fruit.
The exhibitions showed poor results in terms of sales, but to understand what the consumer wants at the exhibitions, one could find excellent information. In addition, at exhibitions you can see where the market is moving, evaluate competitors, find partners.
What can you say about competition in your business?
On the one hand, it is, if we talk about a mass product, when you stamp something. If you have your own style and you follow it, then a circle of people who are interested precisely in your work, in your work will gradually form.
Has the economic crisis affected your business?
Yes, it was reflected, sales decreased at least 2 times.
How do you see the prospects for the further development of your business? Are you planning to expand or open related areas?
I think a good development direction is trading through e-bay (international auction)
Based on your experience, what would you advise to those who are just planning to start this business?
Start from the end. Walk around the salons through which you plan to realize your jewelry and talk about what interests you. Talk with existing jewelry workshops, or rather the owners of the workshops about the process itself, about this whole kitchen. When I started, I actually did it.
Additional tips regarding the jewelry business, as well as step-by-step lessons on creating the basis of the ring, you can read on the website of the jewelry workshop //sofonoff.ru
About Sofonoff
The refinement of compositions and forms, the richness of imagination, the sophistication of the color scheme, as well as the individual design, which masterfully combines the best traditions, filled with the centuries-old history of Russian jewelry, distinguish each product.
The jewelers of our workshop use gold, silver, precious, semiprecious and semiprecious ornamental stones, pearls, hot enamels, enamel inserts and stones in their work. Jewelry jewelry making techniques used by our craftsmen require the highest qualifications and significant experience. These are window and cloisonne enamels, chasing, filigree, filigree.
Also in our workshop produced mass-produced products in small batches.
Sofonoff Jewelry Workshop Website
Site of Mikhail Sofonov //sofonov.biz