How to Open a Jewelry Business

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Opening a jewelry business requires extensive knowledge about the jewelry industry, research on the best locations for jewelry businesses and considerations about the cost of starting a new business. Consider buying an existing jewelry business, which will have an existing customer base, with advice from a business professor in this free video on small business.

Part of the Video Series: How to Open a Small Business
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Video Transcript

Hi, my name is John Niemira and I want to talk to you about opening your own jewelry business. Opening your own jewelry business is a very specialize business and a very specialize industry. You really need to be knowledgeable in the jewelry industry; I would say to open a business like that. You probably going to think about opening or purchasing an existing company or a franchise; couple of different ways to go. Starting from the ground that maybe very, very tough in a jewelry business. Look at the current market and who is out there selling; which companies are there? Are there big companies or are there any private companies? Are you looking to buy an existing franchise; somebody that's been open for awhile? My experiences, that's one of the better ways to go. Cost you more money up front, but you start off with a business that's been there; existing customers; existing reputation; has a set of books; has a marketing plan and a business plan and biggest thing is they know who they're selling to already. Location's a big thing in a jewelry store; in a jewelry business. Be careful, do lots of research. Get yourself a business broker. Let them know what you're looking for; how much you're looking to spend and is it possible to buy what you want with the amount of money that you have to spend on it. Jewelry business is very specialized; I understand it's an off a lot of amount there; so be very very careful with your purchasing. If you need anymore information on this subject or any other subject in the business field, my email address is jniemira@gmail.com.

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