Jewelry business: how to open a jewelry department
Reviews for the jewelry store business plan ()
The main thing about the business plan of the jewelry store in the year
How to open a jewelry store: purchasing goods
Bijouterie is a hot commodity, since many can afford such a purchase, unlike expensive jewelry. At the same time, in terms of beauty, such products are sometimes in no way inferior to real jewelry. And the sales volume in it depends on how high-quality and exclusive products will be presented in your store. And the businessman, who decided to open a department with jewelry, has to solve the most important problem: where to buy the goods.
As the experience of opening a jewelry store shows, for the first purchase of a stock of goods, you must have at least 200 thousand rubles at your disposal. Previously, you should find out the coordinates of companies that are engaged in the production and sale of jewelry, or distributors offering cooperation to the owners of stores selling jewelry. In addition, online stores have recently appeared that carry out wholesale deliveries of goods. At the same time, it is important to make sure of the reliability of the companies with which you decide to cooperate. An additional plus is that the businessman has an artistic taste. This will allow you to distinguish an exquisite item from bad taste, and, if necessary, modify the collection by creating an exclusive item.
Mechanism for purchasing goods
Assortment formation is the most important part of such a business as jewelry, it will be very difficult for you to open your own store without an artistic flair. It is necessary to choose exclusively high-quality products made with great taste. Otherwise, it will be very difficult to get rid of the product. And only truly elegant and stylish jewelry will be in demand regardless of the season and fashion trends. Beautiful products are often acquired spontaneously, simply because they have attracted the attention of a woman.
When opening a retail outlet selling jewelry, you should expect an average check in the range of 400-600 rubles. This allows us to hope for a good profit, especially if we take into account the fact that the mark-up on jewelry sometimes reaches 100 and even 200%. An additional benefit can be brought to you by trading in related products. For example, businesses such as jewelry and leather goods go well together. As the experience of opening a jewelry store shows, it is very important to determine which customer your product will be designed for. If you decide to open an exclusive jewelry store, your main customers will be people with more or less high incomes, since such jewelry is not cheap.
Focusing on the mass customer, entrepreneurs tend to purchase inexpensive jewelry. Whether or not to build your own business and open a store buying jewelry from China is a difficult question. And a professional business plan for a jewelry store will help you find the answer to it. You will learn what steps to take if there is little sales in a business like jewelry. How to open a jewelry department, what problems may be associated with the opening of a new department - all this information is contained in such an important document for every businessman.
How to start organizing a jewelry store
Any startup requires a competent approach. To begin with, you need to think over a business plan for a jewelry and accessories store from scratch in order to better understand what your future outlet will be like, and how much money will be needed for this. In order for the project to be complete and not arouse any questions from investors (if you are going, of course, to resort to their help), on each of the points, you need to do a little research, as well as go shopping for competitors.
We bring to your attention a number of issues that need to be covered in a business plan.
According to experts, it is most profitable to sell jewelry in large shopping centers. After all, it is here that you can observe large flows of people every day. For a small pavilion, it will be enough to rent a room with an area of 4 sq. m. At first, this is enough for you. In the future, with the development of the enterprise, you can think about expansion.
It is accepted that the jewelry store is designed as a glass kiosk with open showcases. Thus, the entire assortment will be visible to buyers.
If you look at any sample of a business plan for a jewelry store, then you will see that none of them can do without a section dedicated to commercial equipment. In principle, no sophisticated equipment other than a cash register and a trading module is required here. Such a module already includes showcases.
The jewelry is displayed on special exhibition accessories: velvet arms and necks, boxes.
It is estimated that a pavilion with an area of 4 square meters can easily accommodate about 2 thousand products. The range itself will depend on the supplier you choose. Many people order jewelry in China - there it is much cheaper and of good quality.
A completely finished business plan for a jewelry store from scratch should contain purchasing plans. This is not an easy question, since sales will mostly depend on the season. But after working for a while, you will see a certain trend and understand when and what exactly your customers need.
Women of different ages are interested in different jewelry, which is usually called costume jewelry. Stylish bracelets, straps, beads, brooches, rings help to express yourself and stand out in the crowd thanks to the individual style of accessories. That is why the business idea of opening your own jewelry store is quite profitable and promising. However, any business requires a clear plan of action. A business plan for a jewelry store can help with this, in which we offer all the necessary information for a successful personal planning.
The goal of a business idea is to open a retail jewelry store in a small town (up to 300 thousand people) and make a profit from sales. Before opening a retail outlet, it is necessary to analyze competitors in the city to form an assortment and pricing policy. Market research showed few competitors.
The main competitors are individual outlets in the market and in department stores. There are no full-fledged shops, as well as franchisees of famous brands of jewelry and middle-class accessories such as Diva, Jenavi and others, in the city. A decision is made to develop the store under its own brand.
In order for the start and development of a business project to be painless and successful, and investments are not wasted, it is necessary to foresee the risks and think over the solution of potential difficulties in advance.
- Unsuccessful choice of store location.
- Incorrect formation of the assortment.
- Low margin due to the growth of foreign exchange.
- Poor quality product (as a result, a low level of loyalty of the target audience).
- Lack of qualified employees.
- Increase in the cost of renting premises.
- The emergence of strong competitors in the market (including well-known franchises).
In order to minimize risks, they should be foreseen in advance. To fight competition, first of all, you should visit existing retail outlets of a similar format, plan an assortment line and a pricing policy. It is not recommended to sell expensive jewelry, since the city does not have enough target audience. Middle-class goods are selected.
The premises should be located in the area where competitors are located. The fact is that they are already known to people, you can do without advertising. Visitors will definitely look into the new store, and whether you manage to keep them or not depends on the cost and assortment. It is best to rent premises in the city center, in or near a popular shopping center (if there is one).
When choosing a supplier, you should rely on the following criteria:
- The range is different from the competition.
- Affordable price.
- Minimum purchase volumes, volume discounts.
- Terms of delivery to your city (preference for those who bring the order with their own transport).
At all times, women have always strived to be fashionable and attractive. They are ready to go shopping for hours in search of the perfect outfit and spend the same amount of time in different beauty salons. But, every representative of the fair sex understands that any image will be complete only if such small details as jewelry are added to it. Of course, if we talk about jewelry, then few people can afford to create a large arsenal of expensive things. In this case, girls can always use jewelry. These are jewelry that visually look no worse than expensive stones and metals, while being much cheaper. Since ladies always want to be beautiful, and interest in this is still unlikely to fade, a business plan for a jewelry store will still be a hot business idea.
To start making good money in this industry, you need to carefully consider each point of the project. The future of any business, including a jewelry store, will depend on the accuracy and detail of the analysis.
Brief Business Plan for an Accessory Shop
Before you start drawing up a large project, it is imperative to draw up a short step-by-step business plan for a jewelry store. To start a successful business, a step-by-step action plan should consist of the following steps:
- Analysis of demand and competition in the market.
- Search for a store location and search for premises for it.
- Business registration.
- Search for personnel.
- Advertising campaign.
- Drawing up a financial plan.
- Risk assessment.
Industry Market Analysis
A business plan for an accessories store should start with an analysis of the industry market. Understanding the situation with supply and demand, as well as identifying their possible competitive positions, will help a novice entrepreneur understand whether it is worth continuing to develop such a project in the region further.
If we talk about the target audience of the jewelry store, it will mainly consist of women aged 19 to 35 years old with an average income.
Such customers are used to average pricing policy, so you shouldn't focus on a premium product. This will be appropriate if it is possible to buy out premises in an expensive shopping center, where the bulk of buyers are people with a very high level of income and can afford to buy expensive jewelry. But, such a project will require completely different amounts of initial investment.
It is best for a budding entrepreneur to target the middle-income segment.
The jewelry market is not fiercely competitive. This is especially true for all small towns. Representatives of this business are often the single owners of small islands with decorations. It will not be difficult to break into such an industry among competitors and open your own business. There will always be customers for such a product, it is necessary to choose a place where there are still few representatives of such a business or there are none at all.
A jewelry business with a competent approach can quickly pay off, and in the future it will bring you a stable income. Experts say that the jewelry and accessories market has grown several times since 2021. The main consumers are girls between the ages of 16 and 30, who do not have the opportunity to spend huge amounts of money on expensive jewelry, but at the same time cannot refrain from buying some beautiful original jewelry.
There is always a demand for these products. Therefore, it is worth learning how to open a jewelry department, attract customers and start making money on it.
Step Prepare documents
No matter how much you want to sort out the papers and get down to work as soon as possible, it is impossible to bypass the bureaucratic fuss in our country. In order to open a jewelry department, you will need the following documents:
Be sure to comply with all the requirements of Rospotrebnadzor, the State Fire Inspection and other services - shops in which violations were found may be fined or even closed.
With regard to registration, you can work as a legal entity (for example, LLC) or register as an individual entrepreneur.
Step Choose a location
Having decided to start a jewelry business, you need to be extremely careful when choosing a suitable place for the store. Without this, you will never get high sales. What should you pay attention to when choosing a location for your outlet?
Of course, along with the traditional offline business, you can organize the sale of jewelry online and open an online store. This will give you the opportunity to significantly increase the geography of sales, because people from other districts and even cities will be able to make purchases.
Step Buy equipment
When deciding how to design a jewelry department, you don't need to try to be original in everything. In particular, this concerns the selection of suitable equipment. Classic glass showcases and store buildings remain in trend - nothing better has yet been invented.