What are SMART goals?

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We mentioned in our last post that it is important to have SMART goals, but what exactly are SMART goals? SMART stands for

• Specific
• Measurable
• Attainable
• Realistic
• Timely

Specific When considering this aspect of your goal be sure to outline who will need to be involved, what results need to be realized, when it should be complete by, why you are creating this goal, and the constraints that you are working within.
For example, a general goal would be “I want to get new products”. A specific goal would be “I am going to purchase necklaces within the next two weeks that I can retail for between $30.00 and $65.00.” A specific goal with be much easier to complete than a very vague one.

Measurable

Be sure to create criteria which will make it easy for you to measure your progress toward completing your goal. The criteria you create will help you to stay on track and know when you have reached your goal. Ask questions like when, by how much, and how many.
A good example is to say “My business will become profitable in three years” or “My business will have a net profit of 26% by 2017”

Attainable

By implementing the first two parts of a SMART goal you are well on your way to making your goal attainable. When assessing attainability ask yourself if your goal is realistic? Your business may not be able to become the number one retailer general merchandise in the country by the end of the year if you opened your doors last month.
Creating an unattainable unrealistic can lead to you becoming discouraged. This can lead you to abandon your goal completely. Make sure that the goals you set for yourself are attainable and realistic in the time frame you set.

Relevant

The goal you make and the path you take must be relevant to your business and your current position in the market place. For example, you may be looking for growth opportunities and you have a few choices. If you are a business to business company it may be advantageous to do some networking or expand your personal selling. The path to your goal that may not be relevant may be expanding your inventory selection. Be sure that your goal and the path to your goal are relevant.

Timely

If you do not set a time frame your goal it may not seem urgent to you. A time frame creates a sense of urgency. A timely goal is something like “I will acquire 20 new clients in 6 weeks” rather than “I hope to acquire 20 more clients one day.”
Making SMART goals will help you to grow your business, and if you do not own a business, it will help you to reach your personal goals.
EJ WIPS Designs always uses SMART goals to help with business planning. What specific goals are you making for your business?

• Visit our website at www.ejwipsdesigns.ca
• E-mail us at emilynandjameelag@gmail.com
• Like us on facebook at www.facebook.com/EJWIPSDesigns
• Or follow us on twitter @EJWIPSDesigns

--> EJ WIPS Designs
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com

5 Things You Need to Know to Start Your Own Jewellery Business

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You have decided that you love to create jewellery and accessories and you are good at it. You have so many pieces that you cannot possible wear them all or give them all away. People want to know where you purchased your earrings, headband, or necklace. You have always wanted to have your own business, so where do you begin?

1. Know Your Strengths
2. Start Small
3. Know Your Target Market
4. Focus!
5. Be Prepared To Change Strategies

Know Your Strengths

I propose making an inventory of your skills. Just jot down on a piece of paper what you know you are good at as it relates to your proposed business. After this you should have a good understanding of the gaps you need to fill to get your business up and running.
Here is an example, my mother and I started EJ WIPS Designs and we had Human Resources skills, personal selling skills, and business management and marketing skills. We lacked accounting and detailed web development skills. We were able to take our business as far as we could until we had to hire an accountant and a web developer.

Start Small

One of the biggest mistakes we made when we started our business was to have too many product lines. Here was our line of thought: “WOAH! Wouldn’t it be great to have bags, and belts, and necklaces, and earrings, and be a full fashion accessory retailer?” We tried to start at point B instead of point A, and in the process, we wasted a lot of time and money. At the moment we retail handmade jewellery (necklaces, bracelets, and earrings) and African art. That is it.
My advice is to choose two or three of your best products and stick to them if you are doing festivals. If you are opening a retail store try to start in a small location. If you rent or lease a space that is too large you have to find the money to fill the shelves. Remember, you can always expand into larger spaces as you grow.

Know Your Target Market

It is very important to know who you are selling to. Don’t be fooled into thinking that you are going to sell everything to everyone. Do your pieces appeal to a certain type of person? Do you create items for males or females? People who like to stay on trend or people looking for timeless and classic looks? Knowing this will help you to choose festivals, store locations, and even the colours of your website and marketing material.

Focus!

Once you have started you need to focus. Make a list of the most important things that need to be accomplished and do them. Don’t be swayed by festivals that only cost $300 for three days if they do not attract your target market. Think twice about those cute headbands you want to start making if they are not part of your main product line.
Doing a few things well is better than doing many things mediocrely.

Be Prepared To Change Strategies

Not everything you decided that you want to retail will be received by the market well. Not every strategy you employ will work out. Be ready to change directions or strategies as needed. Make SMART goals for yourself and your business when you do this you will be able to determine when a product, festival, strategy or even your business in general is not meeting your expectations.

EJ WIPS Designs has employed these strategies and has greatly benefitted from them. If you need more information or advice in general

• Visit our website at www.ejwipsdesigns.ca
• E-mail us at emilynandjameelag@gmail.com
• Like us on facebook at www.facebook.com/EJWIPSDesigns
• Or follow us on twitter @EJWIPSDesigns

--> EJ WIPS Designs
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com