Opening a jewelry store can be a lucrative and exciting business venture. However, there are several important steps that must be taken in order to make your store a success. This article will outline the essential steps for opening a jewelry store, from choosing a location to stocking your inventory. So, if you’re ready to open your own jewelry store, keep reading!
Here are the 10 steps you can take to get started on building your very own jewelry store business.
10 Steps to Launching a New Jewelry Store Business
1. Choose Your Type of Jewelry Store Business
The first step in launching a jewelry store business is to identify the type of jewelry business you want to launch. You might choose from the following types among others:
- An online jewelry store
- A brick-and-mortar jewelry store
- A mobile jewelry store (e.g., a pop-up shop or kiosk)
2. Name Your Jewelry Store Business
Give your jewelry store business an identity so people will think of it as a well-known and respected brand. You can take the name of your jewelry store business from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your jewelry store business is to make it sound appealing and trustworthy so customers will want to buy from you.
3. Determine Your Jewelry Store Business Model
There are several possible types of business models for a jewelry business including:
- Selling custom designed jewelry
- Selling pre-made jewelry
- Providing jewelry repairs or services
- Engaging in wholesale jewelry business
No matter which model you choose, make sure that it aligns with your business goals and the products you offer.
4. Choose a Legal Form for Your Business
By incorporating your jewelry store business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your jewelry store business will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common jewelry store business structures.
5. Write a Jewelry Store Business Plan
All jewelry store business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
Read our article about how to write a jewelry store business plan.
6. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your jewelry store business.
For example, if you’re selling online you will need to obtain a business license from your state or local government. You may also need to get a resale permit if you’re going to be selling products that will be subject to sales tax.
You must also register your jewelry store business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
7. Determine Your Budget & Apply for Funding as Needed
In developing your jewelry store business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your jewelry store business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your jewelry store business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting a jewelry store business to help you determine if funding is needed.
8. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your jewelry store business, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in point of sale (POS) software, which is a type of software used to track sales and inventory. In addition, you may want to get an eCommerce platform so you can sell your products online.
Read our article about the technology and software you need to run a jewelry store business.
9. Market Your Jewelry Store Business to Potential Clients/Customers
Before you start selling your products, you have to let the world know you exist. The first step is to create a website so people can learn more about your products and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the jewelry store industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Jewelry store businesses should consider the following promotional strategies for which you should start getting prepared:
- Develop a strong branding strategy to make sure your target market remembers your business.
- Use attractive visuals like photos and videos to showcase your products on social media and your website.
- Write compelling product descriptions to convince people to buy from you.
- Create coupon codes or discounts to entice customers to purchase from you.
Read our article about how to market your jewelry store business for more tips.
10. Get New Customers & Grow Your Business
When you promote your products, you’ll start to get interest from potential customers.
Make sure you’re ready to serve these customers. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your jewelry store business.
Read our article about how to effectively grow your jewelry store business to learn more.
Starting a Jewelry Store Business FAQs
Why Start a Jewelry Store Business?
There are a number of reasons to start a jewelry store business. First, the jewelry industry is growing and is expected to continue to grow in the coming years. Second, starting a jewelry store business gives you the opportunity to be your own boss and control your own destiny. Third, a jewelry store business can be a very profitable venture if done correctly.
What is Needed to Start a Successful Jewelry Store Business?
To start a successful jewelry store business, you need a few key things. First, you need to have a good understanding of the jewelry industry and the different types of products available. Second, you need to have a strong marketing and promotional strategy to get the word out about your business. Third, you need to have systems in place to ensure consistency and reduce costs. Finally, you need to find and train the right people to help you grow your business.
How Can I Start a Jewelry Store Business From Home?
Starting a jewelry store business from home is a great way to get started with minimal overhead costs. To do this, you will need to have a computer with internet access and accounting software. You may also want to invest in point of sale (POS) software and an eCommerce platform. Once you have these things in place, you can start promoting your business online and through social media channels. You can also start networking with other people in the jewelry store industry to get your business off the ground.
How Can I Start a Jewelry Store Business Online?
Starting a jewelry store business online is a great way to get started with minimal overhead costs. To do this, you will need to have a website and an eCommerce platform. You will also need to invest in some marketing and promotional activities to get the word out about your business.
What are Some Tips for Starting a Jewelry Store Business?
Some tips for starting a jewelry store business include:
- Understand the jewelry industry and the different types of products available.
- Have a strong marketing and promotional strategy.
- Put systems in place to ensure consistency and reduce costs.
- Find and train the right people to help you grow your business
Where Can I Find a Simple Checklist for Starting a Jewelry Store Business?
A simple checklist to use when starting a jewelry store business is as follows:
- Choose Your Type of Jewelry Store Firm: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Jewelry Store Business: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Jewelry Store Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write a Jewelry Store Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Jewelry Store Business to Potential Customers: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the products they truly need.
- Get Customers & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your products.
Starting a jewelry store business can be a great way to get started in the industry. To open a store, you will need to have a website and eCommerce platform, as well as invest in marketing and promotional activities. You will also need to put systems in place to ensure consistency and reduce costs. By understanding the jewelry industry and having a strong marketing strategy, you can be on your way to success.