Providing customers with jewellery for occasions ranging from new engagements and anniversary celebrations to birthdays and holidays can generate profit and enjoyment. Before entering the jewellery business, one should plan accordingly for possible road blocks and research every aspect of the jewellery industry. Diving into the details by creating a business plan will provide an important basis for starting a successful and profitable jewellery business, now and down the road.
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Put together an outline. Leave room for an executive summary, company overview, marketing plan and financial section. Use each section to highlight important and necessary information related to your jewellery business. View sample plans and get help with creating a business plan on the U.S. Small Business Administration website.
Fill out the executive summary and company overview sections. Provide some background information on your jewellery business. Describe your product offerings and indicate if you will provide custom-made jewellery or will serve as a retailer of wholesale jewellery products. Indicate how you plan to organise your jewellery company, such as a sole proprietorship or general partnership. Provide information related to your experience in the jewellery industry and the plans you have for making your jewellery business a success.
Enter details surrounding your marketing plans. Include details related to how you plan to sell your jewellery, such as through retail and online outlets. Provide information about other selling outlets including craft fairs for custom jewellery and sales consultants for high-end pieces and fashion jewellery. Demonstrate knowledge of your target market by specifying your target demographic and how you plan to reach them.
Complete the customary financial statements. Research jewellery-industry pricing and sales information for use in compiling financial statements, including cash-flow statements and income statements. Gather data related to pricing strategies and competitor pricing in your region to help evaluate profit and sales potential. Put together financial statements with the help of an accountant if necessary.
Put it all together and include any additional supporting information and documentation. Compile all of the information into a professional business plan format. Insert graphics to help provide a visual explanation of your plans. Attach documents related to business license requirements and any lease or purchase agreements for retail space or equipment.
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