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Starting a jewelry business


#1

My husband is a jeweler with over 20 years experience. We are
considering starting our own business. He has all the equipment…
bench, tools, casting, polishing, engraving, etc… I’ve found a 500
sq ft space to lease. I’m currently getting quotes for insurance and
the security system. I am purchasing the display cases used. I have
made a list of every start up cost I can think of.

I have the for sales tax lic, EIN and vendor lic.

What is a good figure to look at for stocking retail to start out
(silver & gold)? I would like to carry enough inventory but not so
much that we over extend before we build a customer base.

Is there anything commonly forgotten when opening a store that we
might be missing?


#2

You might try contacting your local Chamber of Commerce who could
put you in touch with SCORE (Senior Core of Retired Entrepreneurs).
They have a great little packet that covers most of the running
expenses for any business.

Best of Luck,
Pam from Newburyport, MA


#3

sounds like exactly what we went through over 12 months ago. We are
now in our 4rth month of store ownership. email me directly your
email and I will give you some advice…tips…and help you avoid
some of the mistakes we made.

Joe
@aljewel


#4

Location, is the most important factor. If you have a good
location, business will come through the door. Have you done your
homework, do you know who goes by the door? If you have a poor
location nothing else you do right will matter very much at all.

Good luck and happy holidays.

Richard


#5

Don’t forget the working cash. When you open the doors, people will
ask you if you buy, that could mean jewellery, used equipment from
retired jewellers and all manner of other things and you will find
that sometimes you just cannot afford to miss that bargain.

Alan Lewis
UK
www.watchrepairer.co.uk


#6

Anna ~ I suggest that you do some serious looking in the most
expensive jewelry stores in the largest city in your area.

Take note of the lighting, what kind, where, and how intense, It
is one of the most important things you will do. Poor or the wrong
kind of light (ohhh are there a lot of them!) you will see stones or
metal show their natural color. (or badly distorted) You want to have
a LOT of light to make things sparkle. It is a real science, but
careful observation will do it for you.

Display is the second item, just how they are positioned, high, low,
on a form or a card, a stand, or cloth, it must be well placed for
catching the eye, with good light. See how they space, position and
combine pieces. Note what is in the case as the customers first
enter, what is the eye catcher?

And for me, the customer, is there a place for me to be
comfortable? To sit and try on? To discuss and consider? Are you
considering a hospitality corner?

And, are you going to avoid the appearance of being a resale
jeweler?

While I was with a state affiliate of JA, there was much
consideration of the new jewelry reality in the United States. It is
mostly a few huge conglomerates using several names, even having
several stores under different names in one large center. Anyway,
the chain and discount stores are competing for the low price point,
and likewise, quality. The family jeweler who has operated the
mostly resale store, with a little custom work is going to suffer
badly in the new market.

It is considered to be the savy design jeweler who has undertaken
serious technical and financial education while delivering the
finest in quality and customer service who will be left standing
after the discounters drive one another into the ground.

It wouldn’t hurt to contact your state’s JA group and see if they
have services and programs which would help you in getting
established.

Good luck! What work, and fun!!
Frif


#7

Money Plan on losing money for at least a year. If you break even in
a year, you are doing better than most. The most candid appraisal of
your chances can be obtained by submitting a business plan to an
expert - try the local SCORE office at the Small Business
Administration. I would keep merchandise to a bare minimum and focus
on repairs and custom. The less you have tied up in inventory, the
better (to an extent) Create merchandise that shows off the best of
your skills and use it to sell off of. Carl