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Starting a jewelry business? Here is a Jewelry Business Plan

image of jewelry business

Are you starting a jewelry business? If you can design beautiful jewelry and love it, it may be the right business for you. This business has a high ROI and always stays the same because people spend money on things that make them look good.
It would help if you first created a jewelry business plan before starting this one. It will help you start up and form the foundation of your company. This “NM Jewelry Store” sample business plan can help you start a jewelry business.

 

Business Description in Jewelry Business Plan

A Jewelry Store will manufacture high-quality, attractive, affordable jewelry under license and insurance. Manhattan will house the company.

Management

Nick Monty runs NM Jewelry Store alone. Nick, a 10-year jewelry designer, is passionate. Salespeople, designers, and artisans run the company.

Clients

Before starting a jewelry business, research your customers. Downtown Manhattan teens and adults, and married couples are our customers.

Business Objective

Our three-year business goals:

Company Summary

Business Owner

Nick Monty runs NM Jewelry Store alone. Nick, a jewelry designer for over 10 years, is passionate.

Why the Business was Started?

Nick’s jewelry designs are known nationwide. Nick creates intricate jewelry sets with the right mix of precious metals at a lower price than comparable sets. The jewelry business plan introduces extremely low-cost designs to make money in this industry.

Business startup

NM Jewelry Store will open in a leased travel agency space in downtown Manhattan. Artists and designers will make and sell jewelry in the facility. The company will buy office furniture, inventory, computers, color printers, scanners, jewelry design software, jewelry cutting and anodizing equipment, and other tools. Financial experts estimate these jewelry business startup costs.

Client Services

Before opening a jewelry store, decide what services/products you will offer. Use this jewelry business plan template if you need clarification on your services.
NM Jewelry Store, a licensed and insured jewelry manufacturer, will sell high-quality, attractive, and affordable jewelry. Main products/services:

Jewelry: We will design and manufacture rings, necklaces, earrings, anklets, bracelets, lockets, pendants, tie pins, shirt studs, brooches, and tiaras.
Jewelry Sets: These are our jewelry sets. Jewelry sets have matching rings, necklaces, earrings, and bracelets.
Customized Jewelry: We can also make jewelry to our customers’ specifications. Customers can send us designs or tell us their needs via any channel.
We also repair, resize, and polish jewelry. These services are for gift recipients who need to resize jewelry to fit. Jewelry owners must polish their items to improve their appearance. These services promote our products to jewelry owners rather than generate revenue.
Our jewelry is silver, gold, and titanium. Platinum will only be used in customer-ordered products. Our website allows online orders.

Jewelry marketing analysis

An effective jewelry business plan starts with a thorough marketing analysis. This sample jewelry business plan or others online can help you do marketing analysis if you’re starting small. For a large-scale jewelry business plan, consult marketing experts.

Accurate marketing analysis is the only way to create a successful business strategy. Thus, it must be considered before creating a jewelry business plan.

image of Jewelry marketing

Market trends

Internet research or this jewelry business plan sample can reveal market and industry trends. US jewelry sales rank third worldwide. IBIS World estimates that the €35 billion jewelry industry grew by 1.2% from 2011 to 2016. Over 62,000 US jewelry stores employ over 170,000 people. Private jewelry stores outsell brands. Thus, if planned well, the jewelry industry can be very profitable.

 

Targeting

We target nearby residents 10 minutes from our office. The community is diverse. Nearly half of the community earns €40k–€50k per month, and 10% earn over €100,000.
Manhattan has over 738,000 households, 17.1% of which have children under 18, 25.2% are married couples, and 12.6% are single women. 59.1% are non-families, 48.0% are individuals, and 10.9% have someone 65 or older living alone.
The market segmentation of your future customers is crucial to developing a successful and effective marketing strategy. Our experts identified the following target audience as potential customers:

Married and committed couples are our first target group. These people usually give each other jewelry. For example, engaged or married couples often buy jewelry for Valentine’s Day, birthdays, and anniversaries. Our marketing strategy will target our biggest customer base.

Teens: Our second target group is teens who buy jewelry for parties, events, and daily wear. Teens can’t afford expensive jewelry and prefer its appearance over quality.

Adults: Adults buy jewelry for themselves, their children, family, and friends. They can afford expensive products and are settled.

Jewelry Business Objective

Our three-year business milestones are:

To reach a net profit margin of €10k per month by year one, €15k by year two, and €25k by year three.
To balance startup costs with first-year profits.

image of Jewelry Business Objective

Price

After considering market demands and competition, we priced our products 10% lower than our competitors, starting at €100.

Strategy

After identifying market trends, market demand, and the startup’s potential customers, define an effective strategy to attract them. Before starting a jewelry business, you must develop a sales strategy and marketing analysis.

Analyzing Competitors

Innovative product quality will be our biggest competitive advantage. Our products will be eye-catching and cheaper than our competitors. Customer service is our second competitive advantage. Our customers will get the best products that fit their budget. We revise customized products until customers are satisfied. Our downtown location, ideal for starting a jewelry business, is another competitive advantage. No jewelry store within 5 km of us repairs or resizes jewelry, which will also increase our store’s traffic.

Sales Methodology

Our experts developed these brilliant advertising and selling ideas after a detailed analysis.

We’ll focus on SEO to boost our web presence.
A popular blogger or local news outlet will feature us to gain popularity.
Business magazines, newspapers, TV, and social media will promote our jewelry store.
For our launch month, we’ll discount our products by 5%.

Staff plan

Good jewelry store business plans include a personnel plan. Our HR plan is as follows.

Employees

Nick, the company’s general manager, will hire the following:

1 Financial recordkeeper
2 Marketing/New Venture Sales Executives
4 jewelry designers
8 Jewelry-makers, repairers, resizers, and polishers
3 day-to-day assistants
1 Technical Assistant for company website and social media management

4 Customer Service Representatives to take orders from customers

Average Employee Salary

Financial Plan

Before starting a jewelry business, create a financial plan that covers all startup costs. The financial plan should outline how profits pay for startup inventory, payroll, equipment, rent, and utilities. A financial expert can help you start a gold jewelry business and create an accurate financial plan.

 

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