As a jewelry hobbyist, you probably did not use enough supplies to warrant the larger buying quantities required at wholesale shops. Once you make the decision to start a jewelry business, one of the biggest cost saving steps to take is buying wholesale jewelry supplies. Not only will you be using more supplies and needing to buy larger quantities, but also you will need to cut expenses and find ways to purchase your jewelry supplies at a discount.
Acquire a Business License
If you have not already completed this important step in opening your jewelry business, now is the time to obtain a business license. Most wholesale jewelry suppliers require a business license or resale certificate to sell to you at wholesale prices. The cost varies but is usually minimal. In Washington state, a business license costs just $20.
Research Wholesale Suppliers Online
Depending on your location, wholesale suppliers are probably only available online. If you are one of the lucky ones with a wholesale shop nearby, take advantage of the ability to see your jewelry supplies in person. If not, take some time to research wholesale suppliers online to find ones whose product lineup meets your specific needs.
Fire Mountain Gems is the Walmart of jewelry supplies, but you may find you like the offerings of more specific suppliers better. Happy Mango Beads, for example, provides extremely high quality fair trade gemstone beads. Rings N Things has a great selection of general supplies and a unique lineup of trade beads as well. Rio Grande is the go-to source for sterling silver components. There are many suppliers online with different offerings to complement your business. You will have a better selection if you do not limit yourself to one supplier.
Set Up Wholesale Accounts
Most companies have specific requirements for how to begin purchasing their wares at wholesale prices. This can vary from basic contact information and mailing address to submitting a tax ID number and resale certificate. In some cases, you will not be able to order unless you order a minimum dollar amount, but other companies will let you order without a minimum once you have established an account. Setting these accounts up before you need them will help you get necessary supplies quickly and without hassle when you are ready to order.
Attend Bead Shows
Another option for buying wholesale jewelry supplies is to attend bead shows. Companies like Rings N Things do traveling bead shows every year and may be setting one up close to your area. Research in trade magazines and in online communities to find out if there will be bead shows in your area. Take a buddy with you and have fun browsing through the myriad choices in jewelry supplies and gemstones at these shows.
Keep Track
Wherever you purchase your supplies, always be sure to save the receipts. When buying supplies whose number may vary from item to item, such as gemstones by the strand, take a quick count of how many you buy and add it to the receipt. This helps you determine your cost per component and is necessary to file your tax return at the end of the year. You will need to know your inventory on hand and total value of all your beading supplies when you file taxes, so begin by keeping track and you will have fewer headaches at the end of the year.
Buying wholesale jewelry supplies is an important step in taking your jewelry creation to a business level. You will have many more buying choices and be able to secure steep discounts for yourself when buying in bulk. Be sure not to rule out any one company because they have higher prices in one category; many companies specialize in certain items and can have better price breaks in one category while charging more in another.
