How to Start a Jewelry Store
Jewelry is popular and always in demand. Because if this, starting your own jewelry store can be a very lucrative venture. It does not have to be overly complicated. By following a few steps, you can open for business in no time.
- Get capital to open your store. You will need cash for your inventory, rental of store and payroll. You can take on investors or get a loan from your bank. Be prepared to show detailed financial projections no matter which option you choose.
- Buy your initial stock of jewelry. You can buy from a wholesaler or look online. You will need thousands of dollars of jewelry before you start. Be particular in what you purchase. Find what type of niche your store will have and buy those types of pieces.
- Incorporate your business in your state. Talk to your lawyer to see what specific steps you will need to take. Incorporation will protect your personal finances if your business has any type of trouble.
- Find a suitable location. Malls or mini-malls are preferable. These locations will have a lot of foot traffic. This will give you a greater chance to cash in on impulse buyers.
- Hire a staff. You can advertise in your local paper that you are looking for those with retail experience. Make sure that you have your staff in place at least a week before opening so that you can train them properly. Because of the expensive pieces that you will be selling, it is imperative that each potential employee undergoes a full background check.
- Find a jeweler. Although your repairman does not have to work on site, you will need a professional relationship with a local jeweler. He will do everything from ring sizing to stone setting. This will also help open up another stream of revenue.
- Advertise your business. Have a large grand opening scale. Advertise on local television, in the newspaper and on the internet.