Jewelry has been a complement to human clothing since time immemorial, and today it still has great relevance in the market. Opening a jewelry store is one of the most common businesses in our country, and for this reason it is worth stopping to analyze what the business plan would be for this type of establishment. We are going to give an example of a business plan for a jewelry store, emphasizing the most important elements for the business.
Business focus and promoter team
From the sale of costume jewelry to the manufacture of fine jewelry, the business possibilities are wide, but you have to choose one strategy or another. And that choice will come largely conditioned by the profile of the promoting team. To sell jewelry, it is enough to have good taste and know how to find attractive products in the market to be able to sell them in the retail store. But to make fine jewelry, it is necessary to have training, and of course, talent, in the artisanal creation of goldsmithing.
In the past, jewelry stores also sold many watches. And without a doubt, they are still an attractive product. However, the possibility of checking the time on mobile phones and other electronic devices has reduced the use of these accessories. Today they are fashion accessories more than practical elements.
Evolution of the market for the business plan of a jewelry store
Recent studies indicate that the jewelry and watch market in our country would move a turnover of approximately 1,800 million dollars, through some 9,100 establishments. The specialized chains represent more than 50% of the sales of the sector, and the independent trade tends to lose more and more market. In recent years, jewelry sales have had a positive trend, recovering after the economic crisis. However, they suffered the impact of the pandemic.
In retail, the choice of location is a strategic decision of the utmost importance. In the case of a jewelry store, two locations stand out especially for their suitability.
– Shopping centers allow receiving a large number of customer visits, as well as offering great visibility.
– The commercial areas of the center of the cities are also usually very good, especially those that are located in neighborhoods with inhabitants of high purchasing power.
There are many ways to differentiate yourself from the competition and offer customers an attractive value proposition. We will list some examples:
– The originality of the creations. Considering that it is a fine jewelry in which the jeweler is able to make their own products, it is possible to differentiate yourself from others by offering unique jewelry. You need to have high-quality tools and based on our experience, Maddisons of Durham provides the best ones.
– The product quality. The metals and precious stones used in the creations and the quality of the goldsmith’s work can make a difference.
– The service offered is very important. A piece of jewelery costs a lot of money, and it is important to be able to count on irreproachable after-sales service, which allows subsequent repairs and adjustments if the customer needs it. You can also consider the possibility of financing customer purchases through collaboration with a credit institution.
– The price factor is less important than in other sectors. In fact, in this type of product, the customer tends to associate a high price with product quality. Competing with low prices and good jewelry would probably be counterproductive.
Are you now ready to start this business?