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#160267 - 09/19/08 08:11 AM
Leap of Faith
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The Divine Ms M
Registered: 07/07/03
Posts: 4894
Loc: Orange County, California
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I'm not one to take big financial risks. Although I spend a fair amount on my business, I work in a mostly conservative manner with a strong eye for the bottom line (which may be part of why I'm still in business after 30+ year.) I don't make a lot but all my bills are paid.
Right now, I sell at craft fairs 40 weekends a year and am in 2 galleries. My long-term goal is to sell more online and in galleries so I don't have to shlep the 500-lb. set-up out every week.
When I was invited to join Orange County Fine Arts Association, one of my reasons for joining was the possible opportunity to sell at their several venues.
I've been on the waiting list for their Laguna Beach gallery ever since I joined in June. (I'm already in one of their smaller galleries.) This is a new gallery in a good location. One mile south of downtown Laguna but across the street from a very busy restaurant, on a street with many galleries and restaurants, and it's a bus stop on the monthly Art Walk tour. I was told to expect a year (or longer) wait as they have only 3 spots for jewelry.
It seems my wait may be shorter. One of the jewelers is pulling out because she's moving in January. That, and she's had NO sales in 3 months. (And she has stunning work.) Possibly because of the economy. Possibly because the gallery is pretty new and not on the radar yet. But no one has had much success so far, despite the good location in a town that spends money on art.
Jurying is next weekend for the open jewelry spot. Several people have hinted that I've been moved up the waiting list because of my 1st place finish in the annual show. If chosen, I'd start in the gallery mid-October. If chosen, I'd need to make a decision within one week.
Contract is for 1 year, with 4 months deposit paid in advance. I'd also have to work the floor 3(?) shifts a month.
Here's the conundrum: this is an expensive commitment for me, in a gallery with so far a lousy sales record. $85/month + 3 round-trip drives (80 miles) @ 4 gallons of gas = $100/month for a year. Plus the gallery takes 25% of sales. Plus my cost of materials. I've done the math, and I'd need to take in $2,000 sales for the year just to not LOSE money, never mind my time and effort.
(posting so I don't time out...)
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#160268 - 09/19/08 08:28 AM
Re: Leap of Faith
[Re: meredithbead]
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The Divine Ms M
Registered: 07/07/03
Posts: 4894
Loc: Orange County, California
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$1200 is a lot for me and would come from the "Meredith slush fund" -- money I use for travel, clothes and entertainment. If I lose this money, I have NO travel, entertainment or clothing funds for the following year. (Yes, I work on a tight budget.) No, it would not affect medical, dental or house upkeep as that's not touched for elective expenses, period. And I never, ever take out a loan, nor would I consider it for something like this.
I think if I pass this opportunity by, it might not come again. If someone else takes this space and the economy improves, then they would not give up their space.
The balance sheet: PRO 1. very good location 2. the gallery looks very nice 3. POTENTIAL 4. limited window of opportunity
AGAINST 1. cost to participate 2. iffy economy 3. poor sales in gallery 4. did I mention the cost?
Usually I'm very decisive, but in this instance, I see both sides of the argument so strongly.
Any comments?
Of course, I realize all this consternation will be moot if I'm not offered the space, but I thought I'd put this out into the world.
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#160269 - 09/19/08 09:00 AM
Re: Leap of Faith
[Re: meredithbead]
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Member
Registered: 12/30/05
Posts: 3027
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I am speaking from my own experience.
Once the hard work is done in whatever area.Work..home study and garden the rest comes easily.
e.g the meal is prepared and served well if I shop for the right ingredients and have the kitchen ready.
Likewise a project. You have done all the preparation.Your jewelrey speaks for its self..you know what you are doing due to the hard work attending the fairs.You are no a novice. So if things evolve easily and seemlessles ( this coming out of the blue) its a sign. But signs only come due to the foundations you have built. The economy is bad..but during that time people still have birthdays..weddings etc. Have you made tiaras and bridesmaids favours...gifts for the Mother of the bride and bridegroom.A theme...individual. I know here one jeweller had diversed into kilt pins for men at weddings.No one else had thought of this. Keep us posted..glad for you that a new door is opening. Its exciting Mountain ash
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#160287 - 09/19/08 05:45 PM
Re: Leap of Faith
[Re: Sandpiper]
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Member
Registered: 03/22/05
Posts: 4876
Loc: Canada
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Meredith, I have no business sense whatsoever. But your jewellery is phenomenal. What might work in your favour as opposed to other vendors who have tried that location is that you can offer a wide diversity of product in terms of both design and price range. People may not be able to spend a lot right now in today's economic climate, but they still want to be able to buy. You offer beautiful jewellery at affordable prices - which is crucial when "affordable" means something different to every person. That might drive more people into your shop.
_________________________
When you don't like a thing, change it. If you can't change it, change the way you think about it.
(Maya Angelou)
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#160345 - 09/20/08 08:33 AM
Re: Leap of Faith
[Re: Dotsie]
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The Divine Ms M
Registered: 07/07/03
Posts: 4894
Loc: Orange County, California
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Thanks everyone for your input.
Mountain Ash -- thanks for the vote of confidence and an interesting angle. I do many special orders (bridesmaids etc.) but don't want to concentrate in any particular niche. Although signage in the display might plant that seed.
Sandpiper: Most of my sales come from in-person shows. Galleries would be next and online last. I think there are 2 reasons: 1. people like to see and touch jewelry more than they like to look at a picture; and 2. if you google "hand-made jewelry" -- I can't remember exactly, but it's over a million results. 10 million?? The bulk of my online jewelry sales come from here, my scrabble partners, and friends of existing customers. In other words, word of mouth. Surprisingly, many more people find me when they're looking for supplies -- but that's just a form of cash flow, and not anything I'd want to do full-time.
Kathy: thank you SO MUCH for the telephone call! Your comment about the cost of internet advertising is a good one -- I didn't realize how much it costs to attempt to rise out of the huge ocean of jewelers online. I wrote down your other points and will bring them to the attention of the gallery director and the board.
Eagle, I love your optimism! The diversity of my products has always been a strong selling point. I think it would be here too.
Dotsie: I've been to the gallery on a Sunday afternoon. Foot traffic trickled. What I was told is that the greatest foot traffic is in early evening because of popular restaurants nearby. There's no jewelry on that block but it does sell throughout the entire area.
The three jewelers currently on display: two (including the one who will pull out) have a mostly higher end product, with a smattering of less expensive earrings that might be comparable to mine. Both of them have absolutely gorgeous work. Neither has sold a thing since the 3 1/2 months the gallery opened. Laguna Beach is an arts town with the income to support high-end items. Maybe because the gallery is still relatively new so hasn't attracted that clientele yet? The third jeweler has (to me) really boring work with $20-50 price range, and has sold some although not a whole lot.
I know I can sell jewelry. What I don't know is how long the economy will be rocky, and how long it will take for this gallery to take off.
Thanks again everyone for you input and words of encouragement. I'll keep you informed.
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#160356 - 09/20/08 09:34 AM
Re: Leap of Faith
[Re: chatty lady]
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Registered: 09/09/08
Posts: 779
Loc: American living in Germany
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Meredith, you sound like a good business woman who weighs all the pros and cons. I would definitely try to bargain with the shop owners. Tell them you are interested,…but act like you have a choice of owners wanting your wares. You make the terms, after all you are drumming business for them! Tell them you only work on a commission basis. They are most likely feeling the economy slump as well, and your beautiful jewellery gets people into their store. I think if you have to pay them to display your jewellery plus a commission then it sounds like a rip off.
I used to sell pewter gift items at Christmas fairs during the Christmas season. I remember standing behind my booth, my items lovely displayed on thick velvet cloth, and watch over my empty counter how the crowds gathered in front of the food stands.
When I was able to place my booth between food stands, my sales went up 100%. People munched and needed something to look at. If I had continued along this line, I would have started a food business myself and displayed my gift items along the side. It’s pretty sad, but it’s true. You need a gimmick to sell, in order to stand out over the competition. And no matter how rocky the economy is; people got to eat. What if you tried to display at coffee shops and/or restaurants?
Just a thought to add to your own good ones.
_________________________
A friend is a gift you give yourself. -- Robert Louis Stevenson
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