How to open a business selling jewelry

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

Store format


A jewelry store can be opened in the format of a retail outlet or an 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. Plus jewelry store is that it does not require significant retail space. It will be enough area from 5 sq.m.
The online store allows you to significantly expand the geographical coverage of the market and go beyond your region of presence. The downside is the lack of confidence in online purchases, as well as the high cost of its development.

Trademark


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

Store assortment and vendor selection


It is worth to approach the choice of the supplier with all responsibility. He should not only offer the most advantageous offer, be reliable and stable, but also offer a wide range.
When developing an assortment matrix, one should focus not on the number of each position, but on diversity. It is important to ensure the offer of products from different collections, as well as belonging to different price segments.
It is worth buying an exclusive product that will distinguish your store from other similar offers. Otherwise, the store risks losing its own uniqueness.
Another option is to manufacture your own jewelry.Then you will need to purchase the necessary components - beads, ribbons, chains, etc.

Opening Costs


In any case, before opening the store, it must be legally formalized. Initially, you need to register the IP or company. The most profitable at the initial stage is the registration of individual entrepreneurs, since this form of ownership is associated with the lowest tax costs. It will probably be necessary to open a current account in order to be able to accept non-cash payments. Also requires the purchase and registration of the cash register. The total initial costs of registration can range from 3 thousand p. up to 25 thousand p.
If you are planning to open an online store, then the costs should include the cost of buying a domain, paying for hosting and directly developing an online store. In total, they can range from 70-100 thousand rubles. Also require constant costs for online advertising. They will depend on the regional coverage of the store.
For a retail store jewelry will need branded modules for jewelry. Each module costs about 100-200 thousand rubles. The quantity required will depend on the breadth of the assortment in the store. The initial purchase of inventory will cost another 100-200 thousand rubles.
It is the relatively low capital investments that make this business quite popular among start-up entrepreneurs.