Starting a jewelry store is fairly simple venture, especially if you are an experienced jeweler. If you're new to it, however, the opportunities can be endless if you bring the right people on board. The jewelry industry can be highly profitable.
Meet with a commercial banker if needed. If you need financing to get your business going, show your business plan to an experience commercial lender. He or she will assist you with financing. You may also inquire about state, local and federal subsidies and programs such as SBA loans that could help with initial capital.
Learn from others in the business. Almost all jewelry stores are owned and / or run by experienced retailers or jewelers. Most successful jewelers have years of experience, much of which is learned on the job and being close the industry. To get your feet wet, make some calls to locally-owned jewelers or browse their stores. Get as much information as you can about the business if you are unfamiliar with how the industry works.
Look for an acceptable location. Look for areas near shopping hubs such as malls, restaurants, banks and other retail outlets in order to attract customers that are already in the money-spending mindset. A storefront is ideal in that it attracts passersby and browsers that can view neatly displayed items through your window.
Fine your niche. Some jewelry stores specialize in specific types of products. For example, you may wish specialize in selling watches, or engagement rings. The more types of jewelry you will carry, the bigger your inventory and staff will need to be. Look around your market to see what the other jewelers in you area specialize in. Look for lines that other stores do not carry. Chances are there is need not being met by your competition. That's your chance to shine as a one of a kind jewelry store.
Hire a knowledgeable staff. All successful jewelry stores have experienced and talented jewelers on staff. It is also a good idea to hire a designer, gemologist, goldsmith, or all three, if you are not one yourself. These are the artists of the industry, professionals that design and repair. They will also assist you with what kind of jewelry to stock in your store. It is recommended that you have at least one person on staff to do behind the scenes technical work and at least one to assist customers. If you can do both, start very small.
Network with others businesspeople. Jewelry stores depend on word-of-mouth advertising just much as they depend on marketing and advertising. A good, reputable jeweler is often never without business. Join your local Chamber of Commerce and other networking groups. Self-promotion is just as important as print, radio and television advertising.
Properly market yourself. Jewelry stores become known for how well they market themselves and with which sector of the market they do business. For example, some jewelry stores carry only high-end pieces they market to exclusive, wealthy customers. Others have a wide spectrum of patrons. It is, therefore, vital to gear all advertising, promotions and networking efforts to the proper sector of your market.