Jewelry Store Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Jewelry Store Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Jewelry Store business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Jewelry stores are very interesting businesses to own and operate given the fact that they are able to generate income from a number of different revenue streams. First, they are able to produce income when an individual wants to make a purchase of a piece of jewelry including rings, earrings, bracelets, necklaces, and pendants. These businesses typically generate gross margins of 30% to 50% on all jewelry items sold by the business. Second, these businesses can produce revenue from the sales of precious metals as well as precious stones. Many retail jewelry stores will actually be involved in the wholesaling and distribution of stock metals as well as precious stones in order to generate substantial streams of secondary income. Given the fact that most metals treat trade freely on the commodities markets, these companies are typically always able to divest inventories of jewelry very quickly. It should be noted that many jewelry stores also operate in a capacity where they will purchase jewelry from third parties. However, this is usually done among lower and jewelry stores operate in lower income areas. Third, jewelry stores are always able to produce a positive cash flow from the ongoing streams of revenue generated when repairs are needed to existing jewelry pieces. The startup cost associated with the development of a new jewelry store can vary greatly depending on the location and the amount of inventory that will be acquired at the onset of operations. The startup cost typically range anywhere from $75,000 all the way to $1 million depending on the clientele that will be serviced with the jewelry offered.
Given the very large collateral held by these businesses, most financial institutions are willing to provide a substantial amount of support as it relates to the development and expansion of these businesses. Of course, a jewelry store business plan is going to be required and should feature a three-year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. A thorough demographic analysis should be included of the target market to showcase population size, population density, annual median household income, average family net worth, number of jewelry pieces owned by the average resident, and the amount of money spent each year on jewelry. A thorough competitive analysis also needs to be included and should encompass not only retail stores within the regional market but also e-commerce competitors as well. For the industry research portion of the business plan, it should be noted that there are approximately 80,000 businesses that own or operate one or more retail stores. Each year these businesses generate about $32 billion revenue and provide jobs about 190,000 people.
A jewelry store SWOT analysis should be produced as well. As it relates to strengths, jewelry stores typically are always able to produce a positive cash flow given the fact that a free market exists for precious metals and inventories can be divested at any time. These businesses generate moderately high gross margins and the barriers to entry for a new jewelry store are considered to be moderate as well.
For weaknesses, these businesses revenues are highly subject to the quality of the economy. In times of severe economic recessions, jewelry stores almost always have their revenues decline. Additionally, these businesses have very high operating expenses especially as it relates to carrying hundreds of thousands if not millions of dollars of inventory.
For opportunities, jewelry stores could readily expand by establishing additional locations while concurrently maintaining a large-scale online presence for their operations. Almost all jewelry stores these days have e-commerce functionality embedded into their websites so that they can be found very quickly while allowing anyone in the world to make a purchase. One of the ways a jewelry store entrepreneurs are able to expand their operations is by hiring a pay per click as well as a search engine optimization firm that allows the website to be found very quickly among major internet search engines. This can drive substantial additional sales from outside of the retail store.
For threats, the biggest issue faced by these businesses is not only competition but also a souring of the economy. However, there is very little that can be done about this risk and as such this is one of the key things to know when operating a business that deals in luxury goods.
A jewelry store marketing plan also needs to be developed in order to ensure that people come to the retail location and online platform very quickly. Foremost, the company’s online website should have a substantial amount of information regarding the inventories carried, pricing information about each piece offered, hours of operation, contact information, and whether or not the business employs certified gemologist. This is one of the most important things to have on staff in order to ensure that proper appraisals can be offered to customers as well. A presence on social media is also very important for most jewelry stores given the fact that people will share images of items that they want purchased for them or have an interest in buying. The usage of FaceBook, Twitter, and related online platforms allows these businesses to very quickly divest slow to move inventories as well as in demand inventories.
For the company’s local and regional marketing campaign, televise advertisements, billboards, and print advertisements in local newspapers and circulars are all very popular ways in which these businesses develop their operations. Many jewelry stores also frequently offer discounts – especially during the grand opening. – In order to drive sales the location. Discounts and promotions during major holidays like Valentine’s Day, Mother’s Day, and Christmas are also very important for was all jewelry stores.
Jewelry will continue to be one of most popular things that people exchanges gifts to one another. This is especially true among people that are going to get married and want to purchase an engagement ring. As such, these businesses will always be able to remain profitable and cash flow positive especially if the owner is acutely aware of how to control the underlying costs and managing inventory of precious metals as well as precious stones.