Creating your Jewelry Store Business Plan may be the most important part of starting your new business.
While creating a great Jewelry store business plan does not guarantee you the financial backing you want, creating a poor one may make investors reconsider your abilities.
As with any business plan, your Jewelry Store business plan will put on paper your current situation; immediate plans, future goals and how you plan to achieve those goals.
It will also show your strengths, and identify your weaknesses. Of course you will want to speak on your strengths in detail; it is still important to list your weaknesses for two reasons.
1. It tells your potential investors that you are honestly assessing the market.
2. Unless you identify your weaknesses, you cannot put yourself in the position to overcome them.
When you are creating the outline for your business plan you are going to list:
Your products and services, location you will operate in, pricing and marketing strategy.
Your products are not just the items in your jewelry case. It is also the services you offer. Perhaps you will incorporate jewelry repair and cleaning.
Maybe you have expertise in repairs of silver jewelry as well as gold. Maybe you will service watches and replace batteries. List everything you plan to sell and every service you plan to do. What gives you an edge over another jeweler?
Where is your shop going to be located? How much space will you require? Will your jewelry store be only a physical address or will you also have a web-store?
If you will sell online, will the orders be processed and shipped from your inventory or direct from your suppliers? All of these things need to be identified.
You will need to show the margin you require in order to earn a reasonable profit. In the jewelry business, you must mark the jewelry up enough to make your profit after you offer a discount. Discounts and sales are expected, and must be figured in.
There will be a minimum profit you must make on each piece to pay your expenses, and reap a return on your investment. How you plan to get there is what you need to show in your business plan.
You must have a solid marketing strategy to get your business going. You need to show who your target audience is and how you plan to target them. How much will your marketing cost? This section of your plan includes:
Media (print as well as radio and television and internet)
You will also need to show your investors how many employees you will hire and how much they will be paid including insurance and benefits. The cost of furnishings and technology (i.e.: computers, cell phones, etc.)
You will need the cost of any company vehicles and the monthly expense estimate.
You will include a section on your strengths. This may include:
Associations with people in the industry
Location (could be in a wealthy area near a major shopping hub)
You may have a customer base from prior contacts
You will also list any weaknesses such as a competitor near-by and how you plan to work around that.
When you have your business plan ready to submit, make sure you check your facts. A good business begins with a good plan.