Stock Market Plunge Changes My Casual Online Venture Into A More Serious Business Obligation
At year end we had thought after a portfolio evaluation, things were not going to be so bad.
That has changed. Another recent evaluation shows that I am going to loose some where between 20 and 30% of monthly income.
What was once a casual and non stress business/hobby now has to be picked up a notch !
Where I once was not quite as concerned about expenses and inventory, I now have to pay much more attention to even the minor details. I use to not be quite as concerned about what the competition was up too, now it is key to the difference between a potential sale and a sale.
I am very grateful that I have a good online presence. So it’s not like I have to build that from scratch.
Pricing is going probably be the biggest issue. I am pretty sure all will be well. It’s just the realization that I have to treat this much more like a business, and really concentrate on things. The online tools are there…
Realizing my own personal changes as a result of stock market issues, and or just the overall recession that we are all finding ourselves dealing with just what other consideration are important.
What about the jewelry designer experiencing similar situations. Cutting costs and expenses. Making every penny count.
What that in itself means to someone like myself who supplies them. It feels like a potential chain effect. Designers are going to be looking for the very best pricing and also the very best quality to go with it.
I also have just started to try my hand at designing my own line of jewelry. My last online order for silver and misc supplies made me pay close attention to what I was buying. What do I absolutely need, what can I make due with a little less of, etc… So I am getting a taste of what a professional jewelry designer might be experiencing in these tougher times.
I feel that what was a high end cabochon will have to come down in price to be competitive and affordable to designers who are in the same boat as I am.
They are not going to want to cut corners on stone quality. So I am expecting some serious price reduction to make the sales to them.
Truth is, I am ok with that. As a cutter, there is room to reduce pricing on even the highest end cabochons and still profit.
Not sit on gemstones because my ego insists that it is worth something more. I would rather sell those stones and make a little less.
As a cutter, and or designer, are you finding the recession effecting you in similar ways. If so what kind of change are you presently or do you foresee making to be competitive and still profitable for your business.
I would very much like to hear your expectations as a designer who is feeling the pinch as a result of the markets, job loss, and other things that are a result of the recession that our Country is in and how it may be effecting your online business activities.
Maybe your like myself. Finding yourself in need of taking what was more of an online past time or business/hobby into a more serious online business to supplement your income. Maybe even actually in hopes of turning it into a serious and primary source of income.
What can a cutter like myself do to help you make your jewelry more competitive to your customers in these difficult times when people are thinking twice about spending their extra money on jewelry.
There are options, including possibly buying in quantity and obtaining discounts that way. Dealing with a single lapidary shop like myself can and will result in substantial discounts. Repeat customers are of great value. We are likely to offer discounts based on repeat business. Purchasing rough yourself and sending it to my shop is another way to save towards gemstone purchases. Bartering has always been highly recommended method of two businesses getting what each needs and can both profit from in the short term.
Thanks for stopping in and reading !
February 28th, 2009 at 9:59 am
Yes, becoming more aware of minor details is key, little things do add up. Relating to what you say regarding the tight economy, which most can do, does at least bring some solidarity to the table. The domino effect, as seen all across the world, will take time to ameliorate. United we stand, divided we fall.
Your website was a pleasant discovery, and a welcome addition to my bookmarks. It will be nice to see what new products you will have to offer in the future. Specifically, small snuff bottles in jasper, lapis, malachite, jade, agate, amethyst, lower grade garnet, and variations of quartz crystal, would generate my interest.
I appreciate the personal care you bring to your business, and look forward to receiving the first bottle.
Thanks,
Kristine
February 28th, 2009 at 4:11 pm
Thanks for the response and positive comment about the site Kristine.
I use to collect the inside painted type Chinese snuff bottles, then ended up with a small collection of bottles cut from many minerals including the few you mention.
I have not purchased any from my supplier in Thailand for a long time. I will talk to him and check another couple of sources. If I do end up purchasing a few will drop you a line.
Since I got you here, need to let you know that the bottle you ordered did not make Fridays mail. Entirely my fault… Promise it will be in Monday morning mail for you.
Funny how we notice odd things like when particular numbers or colors present themselves to us so frequently that we can’t help but notice and wonder why…
Well, I am having a “Kristine” week.. All five out of five of my most recent store customers have your same name..
Planets must be lined up just right or something !