According to a 2006 BBC.com article, jewelry has been a part of the human experience going back some 90,000 to 100,000 years. Although established jewel-making took thousands of years to appear, the sale of gold and diamond rings quickly became a global trade. Today, people buy jewelry from stores large and small, and entrepreneurs are willing to join the potentially lucrative industry. If you want to start a jewelry store in hopes of gaining riches, there are some things you need to know first.
Many Types Exist
Jewelry stores come in many different types and sell in all price ranges. The kind of jewelry store you decide to open partly depends on where your jewelry passions lie. If you love diamonds and gold, consider opening a store specializing in those products. Or perhaps engagement rings or costume jewelry attract you. Your jewelry business has a better chance of succeeding if you emotionally invest in the goods you offer.
Research is Vital
Before you open a jewelry store, research what's popular in your market and then learn what it takes to open and run a successful jewelry business. Gaining a good familiarity with jewelry is a must, especially when it comes to precious metals as well as gemstones. Knowing popular diamond shapes and the color, cut and clarity of most gems will significantly aid you in your jewelry venture, as will learning how to obtain your product. Valuing gemstones and precious metals are also crucial if you want to open a successful jewelry store. For all jewelry types, understanding how to design and create them is equally important. Never open a jewelry store expecting to learn as you go, especially if you hope to turn a profit soon after you turn on the lights in the display cases.
Consult Other Owners
Talking to other jewelry store owners and asking for tips is a good idea if you want to ensure success. Make sure any jewelry stores you visit seeking advice are far enough away from where you plan to open yours, though, so that you're not a threat and they'll feel free to give information. You never know what you'll learn from them. Perhaps they will suggest franchising, going online, or simply staying in only one storefront. Get all all the information from them that you can.
Secure Your Funding
The funding necessary for starting a business can sometimes be substantial or relatively manageable, depending on the type of jewelry you'll sell. For example, the expense of opening a gold and diamond jewelry store can be quite significant when compared to the cost of a costume jewelry business. Once you've determined the type of jewelry store you want to open, you'll need to figure out the funding required. Unless you already have easy access to funds, you'll probably need a loan to at least buy the jewelry you'll stock in your new store. Jewelry store fixtures such as display cases and other equipment also cost money, as do salaries and the building you'll be leasing or purchasing. To improve your chances of securing funding, you'll need to develop a realistic business plan to present to lenders interested in investing in your future jewelry store success.
Location, Merchandising, and Financing
It's essential you locate your jewelry store where potential buyers are and where other jewelry stores aren't, including in the online world. There's a reason why many jewelry stores are located in or near malls or close to banks, because that’s where people with money are. And according to a February 2018 article at the CNBC website, Americans spend about $5400 yearly on impulse purchases. To increase sales, display your jewelry to best appeal to impulse shoppers. Finally, partner with a financing company so that customers can walk into your new jewelry store and then walk out with all their fancy new goods.
Work Hard to Succeed
Opening your jewelry store can be an exciting pathway to success, though it requires intelligent planning and hard work. If you do it right, however, the chances are good your new jewelry store will eventually become a glittering success.