Jewelry business is very competitive but it is a great way of tapping in the $70 – 80 billion jewelry sector. Even though buying things online is the trend, many customers opt to visit the brick and mortar jewelry store to buy a pair of earrings or pearl strand. At the local jewelry store customers get personalized service, which is not available online and thus you can build large customer base.
As a startup jewelry store, there will be plenty to consider. It helps to run a legally compliant business without wasting time, effort and money as your store develops.
Decide the category – Costume or fashion or fine jewelry
- Costume jewelry is cheap but girls find it fun and pretty.
- Fashion jewelry – It is an imitation of fine jewelry. It follows popular trend, and has low price tag than fine jewelry.
- Fine jewelry – It is regarded as collectible items, where precious stones and metals are used. It is very expensive.
Define your niche and brand
- Identify your target customer [students, career women or brides]
- Type of events jewelry will be adorned [wedding, daily or club]
You decided to sell pearl jewelry as you are very passionate about this natural gem. You even have researched the latest trends, so it becomes simple to start defining it. Brand means what your store stands for like the core principle of ABC jewelry store includes ethical jewelry making and material. You can observe this principle in their pearl bracelet or earrings or strands they sell.
Choose a smart name
Choose your own name or a fascinating phrase or word, which gives a hint of your brand. You can check popular jewelry brands got named after their founders, for example – Mikimoto, Cartier or Bulgari.
Location near banks and shopping malls are ideal because you can attract passing shoppers already having money. Make sure that there is no other jewelry store to avoid competition.
Protect your intriguing jewelry store name by registering it. Get a business license but check the local rules and follow it. Get resale tax number to buy wholesale inventory tax-free. Set a business bank account because IRS needs you to keep professional and personal accounts separate. Get business insurance because if staff is hired than worker’s compensation coverage can be mandatory in your state.
Establish web presence, so that customers get to know about your local store and the kind of pearl jewelry you offer. Social media can be used to drive traffic towards your store.
Patience is necessary to build a successful jewelry business. It can take years to taste success. Have high expectations but be realistic!