I am just beggining to build up my silver business. One of the
biggest problems I come up against is capital or rather the lack
of it. I know that silver/gold are expensive, but that should
not be a problem, because the cost of raw materials should be
covered by sales. I wonder if any other people have similar
problems with capitalising their business, and possibly any
solutions and suggestions on how to overcome the problem in the
initial stages of setting up a business.20 Richard W UK
The easiest way I know to become a millonaire in the jewelry
business is to win atleast a $2,000,000 lottery. Then start your
own jewelery design shop, in a few years you should be down to
$1,000,000!
Dave
Sterling Silver, in the USA is relatively inexpensive. There
are several of us (in my area) who get together to order . . .
when we order we get 100 ounces or more . . . and our price is
less than $5.00 per ounce. I don’t have any idea of what this
material would cost in UK or elsewhere . . .
Usually banks want collateral- in my case a second mortgage on
my home plus a lien against equipment, inventory, and
receivables. Not very sporting, are they?
Rick
Richard D. Hamilton
Fabricated 14k, 18k, and platinum Jewelry
wax carving, modelmaking, jewelry photography
My best advice is don’t live beyond your means. I’ve been in
business about 10 years, and a goldsmith for 20. I started in a
VERY tiny place and only when I was making enough to expand (and
was never sleeping), did I move to larger quarters and begin to
hire people. And as the years have past, I have always waited
until I’m busting at the seams before hiring more people or
buying expensive equipment, (now have seven full time people). I
have never had to borrow money and could always pay my bills.
Also you need to find a market that will sustain you, it may not
be exactly what you want to do but hopfully its close. As time
passes you can specialize more and more, without affecting your
income. If you insist on specialization from the beginning you
may never get off the ground. Find out what people want and give
it to them. Oh yeah, don’t plan on being rich.
Mark P.
Mark, Thanks very much for the advice. I already have a pretty
good idea of what my market is. I am in the middle of drawing up
a business plan, which is quite demanding. This should give me a
fairly clear idea of where I should be going. Richard W UK