Our intention at Sparkles and Stones Jewelry Stores is to become the leading store that is located in Midtown Manhattan – New York City, USA to cater to our various clients both domestic and corporate. When it comes to jewelry services few jewelers are as equipped to satisfy your needs like the team at Jewelry Designs. The [COMPANY NAME]'s mission is to become the recognized leader in its target market for providing outstanding jewelry inventories and jewelry related services. To become a recognized leader in the community for providing outstanding jewelry inventories and jewelry related services. Okay, so we have considered all the requirements for starting a jewelry store online. Therefore, below is the result of the SWOT analysis that was critically conducted on our behalf; Our strengths lies in the fact that we are retailing jewelries that are of a unique construction and design, an element that is already setting us apart from our competitors. Based on our marketing plans, location, store size and product offerings, we expect to collect annual sales of $285,000 in year one, $375,000 in year two and $525,000 in year three. Jewelries are not seen as a necessity and as such the number of jewelry businesses in the United States of America has been on a slow decline. This trend has led to many jewelry stores become multi-brand retail instead of mono-brand retail so as to be able to offer consumers different styles that will suit their tastes and preferences. We believe that in having the right business, we not only are able to start our business with as less hitches as possible but we also will be able to sustain our businesses for a long time to come. This is why we have decided to go the extra mile in ensuring that we have competent and hardworking employees to handle their different responsibilities on behalf of the company. This information will be leveraged to continually determine who the customer is, their specific needs, and how Contemporary Ti Design can best communicate with them. We do not intend to run into a loss and so we would consider factors such as what our competitors were offering for jewelries that we are selling, the value of the metals used in making the jewelry, we would also consider shipping and freight bills as well as what overhead and running expenses we have incurred in the process of running our jewelry store. This will allow us know exactly what strategies to draft that will be effective on our target market. As a retail operation, your jewelry store marketing plan must address everything from pricing, to how to generate traffic to your physical store as well as your online store. The jewelry takes the form or pendants, approximately, and pins. Also, according to emerging market consumers, the preference for branded jewelries comes from the fact that customers had more trust in the jewelries and also felt that it was a way to show that their tastes had upgraded. Makes strategic decisions that affects the future of the jewelry store, Communicates core policies and principles to all staff and ensure that they are implemented, Sources for high-end clients on behalf of Sparkles and Stones Jewelry Store, Sources for and recruits the right employees for Sparkles and Stones Jewelry Store, Ensures that employee understands the policies of the jewelry store and implements it, Carries out administrative duties to ensure that the jewelry store runs smoothly without hitches, Sources for reliable jewelry vendors, distributors and manufacturers on behalf of Sparkles and Stones Jewelry Store, Prepares and reviews the purchasing contract that is used by Sparkles and Stones Jewelry Stores and ensure that it is to the benefit of the store, Continually source for vendors and distributors and always have back-up plans in place, In charge of ensuring that the inventory is up-to-date, Keeps accurate inventory of the jewelry pieces by ensuring that all jewelries that leave the store and are brought into the store are well documented, Ensures that the store is well ventilated and secured for the jewelry pieces, Conducts direct marketing and sales on behalf of Sparkles and Stones Jewelry Store, Monitors online website and uses several platforms online to market the jewelry store, Conducts continuous market research to ensure that new emerging market are identified o behalf of the Jewelry Store, In charge of handling petty cash on behalf of the Jewelry Store, Handles in-house vouchers on behalf of accountant, Balances daily transactions on behalf of jewelry store, Prepares monthly financial statements and information, Ensures that the stores books and that of the bank are accurately reconciled monthly, Ensure that correct tax information and documents are submitted to the necessary tax authorities, Handles all enquiries, orders, and complaints of customers, Ensures that Sparkles and Stones Jewelry Store have an updated customer database, Stays up-to-date regarding industry trends as well as organizational policies, Ensures that transported jewelries get to its accurate destination using the authorized route, Carries out regular light maintenance on vehicle, Maintain a log of routes driven as well as traffic regulations so as not run afoul of traffic laws, Ensures that the premise are kept clean always, Ensures that depleted cleaning supplies are replenished, Carries out any other duty as determined by the human resources and admin manager, Advertising our store in relevant magazines, local newspapers as well as on radio and television stations, Ensure that we throw a grand opening party in order to generate interest and create awareness for our jewelry store, Deploy direct marketing and sales strategies, Ensure that our jewelry store is listed on online and offline directories, Introduce our jewelry store to designers, photographers, magazine editors and other stakeholders in the jewelry industry, Use social media platforms such as Facebook, Instagram and Twitter to market our jewelry store, Ensure that we place adverts in local newspapers, magazines as well as on radio and television stations, Use social media platforms such as Instagram, Facebook and Twitter to vigorously promote our business, Create an interactive website that is attractive and user-friendly and use this in promoting our business, Sponsor relevant programs such as beauty pageants, catwalks and fashion shows in the community, Distribute our handbills and fliers in strategic areas, Ensure that our flexi banners are positioned in strategic and conspicuous locations, Total fee for registering and incorporating the business in the United States of America –, Obtaining of licenses and permits as well as accounting software –, Marketing promotion expenses (general marketing promotion and promotion for grand opening ceremony) –, Insurance coverage (general liability, property liability and Workers Compensation) –, Operational cost for the first 3 months (employee salaries and payment of utility bills) –, Cost of start-up inventory (jewelries and packaging materials) –, Cost of store equipment (display cases, racks, security, cash register) –, Other start-up expenses (stationery, furniture, phones, computers and printers) –, Cost of purchasing a fairly used vehicle –, Generating part of the start-up capital from personal savings and sale of stocks, Sourcing for soft loans from family members and friends. The entrepreneur going into this business would need to conduct a critical evaluation of the industry so as to better understand what obstacles they are likely to expect. Cover all aspects of starting an online jewelry store and reaching your business goals. This will ensure that any strategy drafted and implemented will positively communicate our brand. Our guide on starting a jewelry store covers all the essential information to help you decide if this business is a good match for you. Since we understand that our customers have diverse styles and payment options, we intend to ensure that we come up with payment options that are not only convenient for our customers but to the survival of our business as well. Application and Obtaining Tax Payer’s ID: Application for business license and permit: Drafting of Contract Documents and other relevant Legal Documents: Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Creating Official Website for the Company: Creating Awareness for the business both online and around the community: Health and Safety and Fire Safety Arrangement (License): Opening party / launching party planning: Establishing business relationship with vendors – wholesale suppliers / merchants. One person usually did this; the manager would be a good choice. In setting up and starting a standard jewelry store, there are certain aspects that one is expected to spend the bulk of their capital on which includes procuring the jewelries, paying employee salaries and paying utility bills. Here’s how 13 jewelry & accessories brands nailed their ecommerce site design. Buy risk-free with our 60-day return policy and … Retailer indicates the store and seller where You purchased the Product(s) and this Service Plan and is as shown on Your proof of purchase. Sample text from Jewelry Boutique Business Plan: [COMPANY NAME] aims to become a leading provider of jewelry products and services for its area, utilizing the owner's five years of experience within this industry. Whether you’ve been established for 10 years, or you’re just starting out, a clear marketing strategy can help you to understand your customers and your competitors, and to plan promotional activities that will target precisely the people you want to sell to. Hire employees; the Company will look to hire both minorities and the unemployed. Therefore, below are the areas we intend to spend our start-up capital on; From the above analysis, we would need a total of $250,000 to successfully start and run a jewelry store business in Midtown Manhattan – New York City. We are willing to spend the right amount in bringing in the right people to occupy the available positions here in Sparkles and Stones Jewelry Store. Our vision is to be recognized for our jewelries and be regarded as a leader by our target market for our sale of jewelry inventories that are outstanding as well as other related jewelry related services and in order to achieve this, we intend building an excellent business structure that will work with our already laid down vision. Finally, we know how important having publicity is to a business and so we intend to draft promotion strategies that would allow us effectively penetrate the market while getting new customers that would boost our revenue and increase our bottom line as well. 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. These unique and custom jewelries have is a way of letting customers stand out. Starting your own jewelry business can be a worthwhile and profitable enterprise. Regardless of the occasion, the purpose, and even the wearer’s sexual preference, there is a jewelry set made just for them. Also, as a start-up we have limited time and budget in which to promote our jewelry store to a large section of our target market. In 2002 for instance; the U.S. Census recognized that 28,625 jewelry business establishments existed, and that approximately 149,000 people was gainfully employed. According to IBIS World, the jewelry stores industry is valued at $35 billion and has been pegged to grow at a projected 1.2% rate between the period of 2011 and 2016. We also are paying our employees very well and have the best welfare packages to be gotten in similar start-ups across the jewelry store industry. (No spam, ever!). There's a Start-Up collection that’s ideal for new businesses, or choose from: Budget, Theater, Restaurant, Sales, Inventory, Human Resources, Agriculture, Church, Auto, or Real Estate. We're always adding new printables, and would love to hear your suggestions. We also have a comprehensive distribution network for our jewelries and a robust website that we use in interacting with our clients. For this purpose, we intend to hire a brand consultant who is reputable and understands the industry thoroughly to help us draft the right publicity and advertising strategies that will not only allow us penetrate the market but ensure that we can suitably compete against our competitors as well. We also will ensure that our employees are continually trained and also remain updated about the trends in the industry so as to make informed decisions at all times on behalf of the company. These employees are competent and have the necessary experience necessary for our business. Finally, our CEO, Ms. Lucy Styles is a veteran in the business and has over 15 years experience in the industry that will earn the business great strides. The website also offers customers the ability to carry out research and compare prices which allows jewelry stores to put more effort in having an online presence that not only offers the best in terms of prices and products but also allow stores maintain a presence that will help it become more responsive to customers. There are two categories of jewelries, the branded and the unbranded and while high-end customers usually go for branded jewelries, the rest usually go for unbranded jewelry that might be cheap or expensive depending on the budget. Open it in Word or Excel (or another program that can display the DOC or XLS format), edit it, and print your personalized business plan. It is stronger than steel, yet similar in weight to aluminum. Most entrepreneurs at this stage usually hired a business consultant who has the right and expert knowledge about the industry and therefore knows what the business is likely to face during the course of starting or running the business, and also offer practical strategies accordingly. Contemporary Ti Design ... and pendants. Our intention is to be able to compete favorably with our competitors through several laid down strategies. We intend to ensure that we make our profit in accordance with the laws of the United States of America. Jewelry has always played a huge role as a useful accessory to complete the attire of an individual. We have laid down strategies, plans and processes in place that will give us the desired leverage over our competitors and allow us excel as we should in this industry. We also empowered our marketing and sales team to draft effective marketing strategies that are in line with our core values and principles as a company. He is the Executive Producer @JanellaTV and also doubles as the CEO, POJAS Properties Ltd. Without a doubt, even if it runs you $200… Buy it! This, alongside $30,000 of owner investment, will be utilized to purchase both short and long term assets such as jewelry cases, safes & security cameras, inventory as well as help cover the costs of accounting, marketing and a company vehicle, as outlined in the Milestones Table. This document should include a detailed description of your company and its mission statement. She borrowed the sum of $20,000 from friends. All the approving documents have been signed and the amount will be credited to the business account by the end of the week. All content is for informational purposes, and Savetz Publishing makes no claim as to accuracy, legality or suitability. Our customer care service is second to none as customers are very pleased with what care they have received so far. The site owner shall not be held liable for any errors, omissions or for damages of any kind. The market research that we have conducted will allow us understand what it is our target market will require from us and how we can suitably predict their buying patterns and other characteristics. The front of the store will exhibit displays of Jewelry, the Jewelry will be spotlighted by natural light as the star of the store, enticing customers to buy the product. Ajaero Tony Martins is an Entrepreneur, Real Estate Developer and Investor; with a passion for sharing his knowledge with budding entrepreneurs. [COMPANY NAME] has two distinct types of customers. A Jewelry Shop Management System for Your Business As a jewelry store owner, you know that it's critical to have the ‘right’ inventory, and also the right amount of that ‘right’ inventory. [COMPANY NAME] will offer the following products and services:-. Copyright © 2021 Profitable Venture Magazine LLC | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. In order to achieve our vision, we intend to build a solid business structure that will allow us employ only competent and experienced staff that will work with us towards attaining our desired goal here in New York City. 506722 globally known brand serving the upper class Handmade Jewelry Home Online Business our field of endeavors Handmade Jewelry in the Home Online Business . To aggressively expand during the first three years of operation. This is why we are willing to go the extra mile in ensuring that we hire competent and experienced employees who not only understand the industry and the jewelry store business but also have identified with our core principles and values as a company. Jewelry is a popular piece of item that can either be used for personal use or for giving away as a gift. 1. A Sample Jewelry Making and Retailing Business Plan Template 1. We will encourage our loyal customers with discounts and referral loyalty programs for every customer they refer to us or every purchase of jewelry worth a certain amount that they procure from us. 2. [COMPANY NAME] will be a sole-partnership owned 100% by [NAME] and will be located in [CITY], [STATE] - in the [PLACE]. Another aspect that needs to be taken seriously before starting the business is a professional business plan which would help the entrepreneur takes the right decisions and actions going forward. Just choose a business plan template and download it. These metals are often used in fashion and imitation jewelry. Another competitive edge that we have over our competitors is the fact that we have built an excellent business structure where we hired competent and professional employees who not only understand the industry but also have identified with our core values and principles and are committed to ensuring that they help us achieve our intended goals and objectives at Sparkles and Stones Jewelry Store. [COMPANY NAME] aims to have several keys to success, including the following:-. We also have a strong relationship with vendors and suppliers of jewelries. Below are the payment options we intend to offer our various clients; The above payment options were carefully chosen and will work for our clients no matter their tastes and preferences. The whole jewelry industry which includes jewelry stores is valued at $71.3 billion and is based on the stability of the economy. Her vast expertise will enable the jewelry store achieve its intended goals and objectives as fast as possible. The major reason for the popularity of this jewelry is the growing interest of the consumers in the intricate designs and details of the rings. To operate the Business as environmentally friendly as possible. This is a full and complete business plan with original research, financial models, and marketing/advertising plans that are specific for an Online Jewelry Store. The high-margin, low volume nature of the business requires Also, the fact that we retail unique and creative designs; we are seen as a breath of fresh air in the industry. We are looking to deal in rings, necklaces, earrings and wristwatches as well as other jewelry accessories in addition to other services which we intend to offer to generate more revenue for our store and allow us sustain and grow as a business. In contrast, a service is not something that one can feel or try out before paying for it. It should be noted that the bulk of the amount will go into paying employee salaries and purchasing inventory. This relationship is invaluable as it has allowed us offer our clients custom pieces that suit their tastes and preferences. Therefore some of the publicity strategies we intend to leverage on in promoting Sparkles and Stones Jewelry Store are; Determining the prices for our jewelry pieces will mean taking several factors into consideration, especially as we would be offering jewelry pieces that are of a unique design and shape. This is because during the great recession, sales in the industry fell by 11%. In order to ensure that we boost our revenue base and boost our bottom line as well, we intend to create multiple sources of income so as to be able to cater to a large clientele base in our target market. The trend within the jewelry store industry is the fact that more stores are shifting towards retailing custom and unique jewelry pieces. Perhaps one could have a shop manager as opposed to a sales manager because the person doing this has to have a firm grasp on all aspects of producing a piece of jewelry. All our staffs are well trained to attend to customers’ enquiries, feedbacks, complaints and orders. Sparkles and Stones Jewelry Store intends to deal in all kinds of jewelries that are silver, gold and platinum and which may or may not contain precious stones from our established location here in Midtown Manhattan – New York City. Quickly browse through hundreds of Jewelry Store Management tools and systems and narrow down your top choices. While hiring a business plan writer might seem like the easiest option to take, there are several free business plan templates online that can be downloaded and adapted into suiting your own plans. Even though specialty jewelers generate more than 43% of the total industry revenue in the United States, they are steadily losing their market share to manufacturers, wholesalers as well as retailers. This projection is due to the fact that we have carried out a critical examination of the Jewelry Store Industry and having analyzed our chances using information gathered here in Midtown Manhattan amongst similar start-ups such as ours have been able to come up with an accurate projected sales forecast. However, in order to get a huge share of the market and increase awareness about our business for clients here in Midtown Manhattan – New York City, USA; we intend to offer a discount in the prices of our jewelries for 3 months of operation. Business requires offer great services, not easily found elsewhere, offering customers a variety options... 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