In 2022, the jewelry business was worth 270 billion dollars and is expected to increase to 330 billion dollars by 2026. For aspiring entrepreneurs, the jewelry market is promising. If you want to create a business around the sale of jewelry, you need to have a starting point and goal in front of you.
Do You Have a Business Plan?
Business plans are road maps for success. They include mission statements, financial goals and the steps to take to reach those goals. In addition to guidance, the business plan is also a tool to obtain potential investors.
Start your business plan with an executive summary. Executive summaries are like elevator pitches that you’d provide to potential investors. This includes your mission statement, a description of the jewelry you plan to sell and how you plan to grow financially.
Market research is another component of a good business plan. Before you can tell investors how you’ll grow your business financially, you need to understand who your consumers and competition are.
Have You Thought About Management Software?
When you work in the jewelry business, you’ll likely handle high-value inventory. If you don’t have a solid jewelry inventory management system, you’ll struggle from your first day onward. Jewelry store management software allows you to centralize your product, count stock and track locations.
Not only does the software manage your inventory, but it can also provide you with critical data on how your business is performing. You can see your marketing results, your top customers and your inventory turn. This information can help you determine what product sells the most and what products may be in demand at different times of the year.
Have You Sought Funding for Your Venture?
If you don’t have startup costs readily available to you, don’t panic. There are various ways for you to seek funding. First, look into business loans. You can find business loans through online lenders or local banks. SBA loans, for example, are government-backed loans provided to small business owners by financial institutions. Another option for funding is through investors. Investors can take the shape of family, friends or crowdfunding.
Do You Have a Legal Entity in Mind?
When starting any business, you have to understand the ins and outs of operating a legal company. Start with learning what licenses you need to run a business. Your legal requirements may rely on whether you plan to sell jewelry online or open a brick-and-mortar shop. Once you know the legal avenues you need to take, you can choose how to register your business. The following entities are the most common:
- Sole proprietorships
Each entity has pros and cons. Sole proprietorships are the easiest to open, however, an LLC offers more flexibility and legal protections.
In addition to registering your business, you may also have to trademark your company’s name. Make sure that you choose a name that doesn’t already have a trademark attached to it, to avoid legal trouble.
What Is Your Marketing Strategy?
Businesses rarely get off the ground if they don’t have a marketing strategy from day one. While you can make changes and create new strategies based on how your company performs, you need to have an idea of where to start. Most business owners start with a logo. Creating a logo to go with your brand name will help potential customers recognize your brand.
One of the easiest ways to start marketing your business is to open up social media pages in your company’s name. Most consumers utilize social media to find businesses. If a potential consumer cannot find you online, he or he may choose a different jewelry store entirely. Different social media platforms allow you to utilize their services differently. For example, Instagram is predominately a place where you can post pictures of your product or of happy consumers wearing your jewelry.
Bring Your Jewelry Store to Life
Keep your eye on your goals and you can bring your dreams of owning a jewelry store to life. The most important aspect of opening any business is to have a plan that covers all of your bases. Serious business owners that put in the effort to prepare their business for success tend to have better outcomes than those without a solid plan.