A jeweler is a person or store that sells, makes, and repairs jewelry. He is an artisan who uses metals, gems, and other materials to create adornments like bracelets, earrings, rings, and necklaces.
Designing jewelry is the most creative aspect so they are specialized in appraising jewelry, using a combination of research and direct evaluation to determine a piece’s worth.
|Advantages of being a Jeweler||Disadvantages of being a Jeweler|
|Ability to start own business from home||Does not make good money|
|Dynamic||Not being able to save and invest|
|Meaningful business connections||Low level of job security|
|Flexibility||Will not learn many hard skills|
|Unlimited income potential||May get robbed|
|Physical activity||Limited promotion options|
|Higher likelihood of getting referrals||May get bored of it in the long run|
|Simple business model||Work can be inconsistent|
Advantages of being a Jeweler
Ability to start own business from home
A physical storefront or office space is not necessary to have to get a business started. He can do everything from the comfort of his own home. A jeweler needs not invest in setting up a store. It will reduce the initial capital requirements.
Businesses and processes are changing daily; there will always be demand for new features, products, and services for their business.
Moreover, there are several different business models and pricing tiers one can implement that will allow him to reach all types of customers.
Meaningful business connections
As all people purchase jewelry, one never knows whom he will meet as a jewelry-making business. A good connection may lead to the start of an incredible business opportunity.
A jeweler can put as much time into the business as they would like. While doing a jewelry-making business, one has the unique ability to choose how little or how much he wants to work.
He has the freedom to decide which projects he wants to work on and can turn down the ones that do not interest him.
Unlimited income potential
In the jewelry-making business, there is no cap as to how much income one can make. The stronger one’s business skills and the more energy and time one puts into their career, the more he will make. The labor charge is highest than any most sector
Jewelry-making Business involves a much greater degree of movement than other lines of work. One will spend his day walking, running errands for their business, and performing a multitude of tasks. It can have a positive impact on energy levels and their overall health.
Higher likelihood of getting referrals
Jewelry is all about referrals and it is a very impactful way to attract and retain customers. It’s critical that one needs a great referral program in place that incentivizes their customers to tell their friends about their product.
Simple business model
The jewelry-making business has a simple business model, which makes launching and building the business more seamless.
It requires little experience and no specific certifications or qualifications. One needs hard work, determination, and the desire to achieve greatness to become successful.
Disadvantages of being a Jeweler
Does not make good money
A jeweler does not make good money. They have the lowest margin as compared to other sectors. Most jewelers complain about their rather low salary. The price of gold, other metals and gems is very high. Thus sales may look huge but the profit earned is very less.
Not be able to save and invest
As the income is uncertain and less it is very problematic to plan, save, and invest enough money for retirement.
Consequently, one may suffer from serious old-age poverty and may just no longer be able to bear the cost of living after retirement from their active career.
Low level of job security
A jeweler has a low level of job security. As one will not need a college degree, many people will be able to apply for work in this field and if he does not have any special skills, chances are that he will be replaced by someone who will be able to do similar work at a lower price sooner or later.
Most new technologies have found their way into the craft. Like lasers are often used to cut gems and engrave intricate designs into precious metals.
And with computer-aided design technology, a model of a piece of jewelry can be created on a computer.
It allows the creator to see previews of the piece before they waste valuable resources on what could be a flawed design.
Will not learn many hard skills
A goldsmith will not learn many hard skills during their career. One will lack many digital skills and will not learn how to use a computer in a proper manner.
Because of a lack of digital skills, one might also run into serious problems since they will often find nobody who wants to employ him outside of the jewelry industry.
May get robbed
Gold, other metals, and gems are precious. There is an inherent risk of being robbed. As after making jewelry, one will also have to sell it in a store. One might even get physically harmed in the long run if one is unlucky.
Limited promotion options
They also have limited promotion options. One will do the same work for decades without any hope to climb the corporate ladder. Mostly the income of jewelers will stay relatively low and also their chances for raises will be rather limited as well.
May get bored of it in the long run
One might get bored with what they are doing and this can be really problematic since one will also have a pretty hard time getting out of this industry. As the work is monotonous, the technical upgrade during the span of one’s career is less.
Work can be inconsistent
As the jewelry is a luxury. The amount of work assigned to one and the schedule tends to be more inconsistent, which may make their income less stable in the jewelry-making business.
One must set boundaries and budget accordingly based on the amount of work he plans to have.
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