How to open a jewelry business

Opening a jewelry store is a great way to combine your own hobby and entrepreneurial activity. Due to the constant high demand for jewelry, it can bring considerable income to its owners.

Before opening the store, you should consider a number of parameters - format, brand, assortment, as well as estimate costs.

Store Format

A jewelry store can be opened in the format of a retail outlet or online store. In practice, their combination is possible.

The most optimal is the opening of a store in a large shopping center with good traffic. This is due to the fact that jewelry is often bought spontaneously, unplanned, so opening a separate store is impractical. The advantage of a jewelry store is that it does not require significant retail space. Enough will be an area of ​​5 sq.m.

The online store allows you to significantly expand the geographical coverage of the market and go beyond the boundaries of your region of presence. The downside is the lack of confidence in online shopping, as well as the high cost of its development.

Trademark

You can develop your own brand of the store or work on a franchise. A franchise business provides many benefits. It allows you to work under a well-known brand, get a developed business plan, a well-developed assortment, as well as avoid mistakes at the initial stage. But at the same time, the franchise requires the payment of a lump-sum payment and deductions from profits.

Shop assortment and supplier selection

The choice of supplier should be approached with all responsibility. It should not only offer the most advantageous offer, be reliable and stable, but also offer a wide range.

When developing an assortment matrix, it is worth focusing not on the quantity of each position, but on diversity. It is important to ensure the offer of products from various collections, as well as relating to different price segments.

It is worth purchasing an exclusive product that will distinguish your store from other similar offers. Otherwise, the store risks losing its own uniqueness.

Another option is to produce your own jewelry. Then you need to purchase the necessary components - beads, ribbons, chains, etc.