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Contemporary Ti Design
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Contemporary Ti Design is a designer and manufacturer of unique titanium jewelry. Contemporary Ti Design makes many different designs in the form of earnings, pins, and pendants. All of the products are designed and manufactured by Steve Artificer. In order to grow and achieve the desired level of market penetration, the company has outlined the following marketing/production goals over the next three years:
- The utilization of Contemporary’s designs in at least 40 different galleries.
- Increase the number of designs offered by 8% per year.
Contemporary Ti Design, located in Hood River, OR, is a custom manufacturer of titanium jewelry. Contemporary Ti Design has a wide range of jewelry offerings, from pendants, to pins, to earnings. All of the pieces are made by Steve Artificer. The business will based out of his home. Steve sells the pieces direct through his website as well as through selected galleries and art shows. Steve plans to hire a sales representative by month eight to handle customer interaction.
The jewelry industry is highly fragmented with thousands and thousands of artisans competing for distribution contracts and fame. Some work and distribute locally, others have national distribution systems set up. Some artists will design products for larger companies to manufacture, others will design and make the pieces themselves. Competition for Contemporary Ti takes the following forms:
- Artists such as Steve who design and make all of the pieces themselves, and then do the wholesaling or retailing themselves.
Contemporary Ti Design will be focusing on two distinct groups of customers. One is the end consumer, the other is galleries, to be used as a distribution channel. The end consumer will be interacting with Steve via his website as well as through personal contact at exhibitions/shows. The galleries (museum shops, jewelry stores) will also be met through the exhibitions and shows.
Contemporary Ti will be completely financed by equity capital provided by Steve Artificer. We will pass our break-even point within the first year. Conservative projections based on sales over the next three years yield an annual revenue of $75,000 by Year 3. The company expects its cash account to remain healthy.
The objectives for the first three years of operation include:
- To develop a profitable/sustainable home-based company.
Contemporary Ti Design’s mission is to make innovative pieces of art in jewelry form out of titanium. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall in to place. Our services will exceed the expectations of our customers.
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Jewelry Business Plan Example
Do you want to start jewelry business?
Do you want to start a jewelry business? Well, if you have what it takes to design attractive and eye-catching jewelry and you also have a passion for it then it is probably the right business for you. The biggest benefit of starting this business is that it offers an extremely high ROI and never goes down during any part of the year because people don’t hesitate to spend cash on something which makes them look good. But before you move on to starting this jewelry business plan , you will have to prepare a comprehensive business plan for jewelry . It will not only help you in startup but will also serve as the basis of your company’s future operations. In case you don’t know how to start a jewelry business or write a business plan for it, you can take help from this sample business plan for jewelry business startup named ‘NM Jewelry Store’.
2.1 the business.
NM Jewelry Store will be a licensed and insured jewelry manufacturing business that will provide high-quality, attractive and low-cost jewelry products to its customers. The business will be based in Manhattan.
NM Jewelry Store is a sole proprietorship owned by Nick Monty. Nick is a passionate Jewelry designer who has been in this industry for more than 10 years. The company’s main management framework comprises of sales executives, designers, and artisans.
You should carry out proper research to know your customers before you start your own jewelry business . Our customers include the married and committed couples as well as the teens and adults living in downtown Manhattan.
2.4 Business Target
Our business targets to be achieved within next three years are as follows:
3.1 company owner.
NM Jewelry Store is a sole proprietorship owned by Nick Monty. Nick is a passionate jewelry designer who has been serving the jewelry industry for more than 10 years.
3.2 Why the Business is being started
Nick is passionate about designing jewelry and is known all over the United States due to his innovative designs. Nick’s specialty is to design extremely detailed jewelry sets using the proper mix of precious metals which also cost less than other similar sets available in the market. The jewelry business plan is being started with the aim of making profits in this industry by introducing extremely low-cost designs.
3.3 How the Business will be started
NM Jewelry Store will be started in downtown Manhattan in a leased location which was previously used by a travel agency. The facility will be used for making jewelry by artisans and designers and will also be used as a store to display the jewelry. In addition to the office furniture and the usual inventory, the company will procure computers, color printers, scanners, jewelry design software, jewelry cutting and anodizing equipment as well as the other necessary tools. The financial experts have forecasted following costs needed to start a jewelry business .
Services for customers
Before starting a jewelry store, you must decide what services/products will you offer to your customers. You can also take help from this jewelry business plan template in case you don’t know what services you can provide. NM Jewelry Store will be a licensed and insured jewelry manufacturing business which will provide high-quality, attractive and low-cost jewelry products to its customers. Our main products/services include:
- Jewelry Products: Our main jewelry products that will be designed as well as manufactured by us include rings, necklaces, earring, anklets, bracelets, lockets, pendants, tie pins, shirt studs, brooches, and tiaras.
- Jewelry Sets: This category includes jewelry sets designed and manufactured by us. A jewelry set include similarly designed ring, necklace, earrings, and bracelets.
- Customized Jewelry: We will also make customized jewelry in accordance with the design requirements of our customers. The customers can either provide us with their desired designs or can tell us their requirements through any channel.
- Jewelry Repairing, Resizing and Polishing: We will also provide repairing, resizing and polishing services to our customers. These services are aimed at those people who receive jewelry in the gift but the sizes don’t match quite exactly and they have to resize them as per their size requirements. Similarly, the jewelry owners also need to regularly polish their jewelry products for a better look. These services are not aimed to directly generate revenue, instead, we aim to promote our products by providing these services to the jewelry owners.
Our jewelry products will be made from silver, gold, and titanium. Platinum will only be used in customized products at the request of customers. Customers can also order our products online via our official website.
Marketing Analysis of jewelry business
The most important component of an effective business plan for jewelry business is its accurate marketing analysis and a good business plan for jewelry business can only be developed after this stage. If you are starting on a smaller scale, you can do marketing analysis yourself by taking help from this sample jewelry business plan or any other jewelry business plan example available online. If you are starting on a larger scale, it is always best to seek the counsel of marketing experts for developing a good business plan for jewelry .
The success or failure of a business totally depends upon its marketing strategy for business which can only be developed on the basis of accurate marketing analysis. Therefore, it must be considered before developing the business plan for jewellery business .
5.1 Market Trends
The market and industry trends of a jewelry business plan can be learned from the internet or from this sample business plan for jewelry business . The United States is the third biggest jewelry market in the world. According to IBIS World, the jewelry industry is valued at £35 billion and has grown at a projected rate of 1.2% from 2011 to 2016. Currently, there are more than 62,000 jewelry stores in the United States which are responsible for employing more than 170,000 people. The sale of branded jewelry is less as compared to the sales from private jewelry stores. In short, jewelry industry has a lot of potential and can be immensely profitable provided that you plan your jewelry business successfully.
5.2 Marketing Segmentation
Our target market is the residential community living nearby at the 10 minutes’ drive from our office. The community consists of all types of people from varying backgrounds. As per the financial position, nearly half of the community has a monthly income ranging from £40k to £50k while nearly 10% people have incomes even around £100,000. There are currently more than 738,000 households in Manhattan out of which 17.1% have children under the age of 18 living with them, 25.2% are married couples living together and 12.6% have a female householder with no husband present. 59.1% are non-families, out of which 48.0% of all households are made up of individuals and 10.9% have someone living alone who is 65 years of age or older. It is very important to analyze the market segmentation of the future customers of your products or services because a successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our experts have identified the following type of target audience which can become our future consumers:
The detailed marketing segmentation of our target audience is as follows:
Our first target group will be the married couples as well as the committed people. These people are most likely to buy jewelry products for each other. For instance, the engaged or married people often tend to buy jewelry products for their beloved on many occasions like Valentine’s day, birthdays, anniversaries. This group will be the biggest consumer of our products and hence our marketing strategy will be specifically built to attract them.
Our second target group comprises of teens who buy jewelry for themselves for wearing at parties, functions or in daily life. These teens usually can’t afford expensive products and often prefer the look of jewelry to its quality.
The third group comprises of adults who buy jewelry for their kids, family, friends or themselves. They are usually settled in their lives and can afford expensive products.
5.3 Business Target
Our main business targets to be achieved as milestones over the course of next three years are as follows:
- To achieve the net profit margin of £10k per month by the end of the first year, £15k per month by the end of the second year, and £25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
5.4 Product Pricing
After considering the market demands and the competitive environment, we have priced our products 10% cheaper as compared to our competitors, with prices starting from £100.
After identifying the market trends, market demand, and the potential customers of the startup, the next step is to define an effective strategy to attract the potential customers. Like marketing analysis, sales strategy is also an important component of a jewelry store business plan and must be properly developed before thinking about how to start your own jewelry business .
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6.1 Competitive Analysis
Our biggest competitive advantage will be the quality of our innovative products. Our products will be attractive, eye-catching and will be offered at comparatively lower prices as compared to our competitors. In addition to that, our second biggest competitive advantage will be our exceptional customer service. We will make sure that our customers get the best products which also suit their budget. As with the customized products, we will make revisions until our customers are fully satisfied. Our location is also one of our biggest competitive advantages since we will be based in downtown which is considered an ideal location for starting a jewelry business . Another important aspect is that no jewelry store offers jewelry repairing and resizing services within a 5 km circle from us which will also increase the number of visitors to our store.
6.2 Sales Strategy
After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves.
- We will emphasize on our search engine marketing efforts to ensure a strong web presence.
- We will get featured in the local news or on a certain website by a popular blogger to increase our popularity.
- We will advertise our jewelry store in relevant business magazines, newspapers, TV stations, and social media.
- We will offer a 5% discount on our products for the first month of our launch.
6.3 Sales Monthly
6.4 sales yearly, 6.5 sales forecast, personnel plan.
Personnel plan is also an important component of a good jewelry store business plan . The personnel plan of our company is as follows.
7.1 Company Staff
Nick will act as the General Manager of the company and will initially hire following people:
- 1 Accountant for maintaining financial and other records
- 2 Sales Executives responsible for marketing and discovering new ventures
- 4 Designers for designing the jewelry
- 8 Artisans for manufacturing, repairing, resizing and polishing jewelry
- 3 Assistants for helping with day-to-day operations
- 1 Technical Assistant for managing the company’s official website and social media pages
- 4 Customer Representatives to interact with customers and record their orders
7.2 Average Salary of Employees
The financial plan covers all the expenses needed for the startup so you must develop it before starting your own jewelry business . The financial plan should craft a detailed map about the cost of inventory, payroll, equipment, rent, and utilities needed for the startup and how these costs will be covered by the earned profits. It is recommended that you hire a financial expert for guiding you how to start a gold jewelry business and make an accurate financial plan for your company.
8.1 Important Assumptions
8.2 brake-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly, 8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly, 8.4 projected cash flow.
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Writing A Jewellery Business Plan
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Just starting out in the jewellery making industry? Are you looking to start up your own business? Knowing what to do and in what order can be quite overwhelming – particularly where making money is concerned. That’s where writing a business plan can help. This document will act as a roadmap, a place to hold all of the goals you want to achieve with your business – helping you stay on track and on target. So, how do you go about making an online jewellery business plan template? And what sort of points do you need to include in your jewellery business plan? Discover the answer to these questions and more helpful tips along the way, below.
How to write a jewellery business plan
Wondering how to write a business plan? First of all, there are a few key things you’ll want to include. These will help you define your idea, spot any potential roadblocks, set out your goals and measure your progress along the way.
Having a jewellery business plan in place will help you to secure future investment or a loan from the bank, so it’s important that you get it right. It can also be a great way to gain the support of customers, suppliers and future employees.
Begin by making some notes on the following:
- An executive summary. This is simply an introduction to your online jewellery business plan. It should be brief, punchy and make the reader want to continue with the rest of your plan. So, if you want to focus on a particular alloy or a specific style of jewellery, you’ll want to make a note of this here.
- A company overview. Otherwise referred to as a company summary, this needs to include a number of factors. List who will be in the management team, where the business will be, the history of your company, legal structure and your mission statement in this section.
- Key information about the jewellery you’ll sell. Think about how many products you’ll want to sell, what materials are needed, the type of jewellery you’ll be making, etc.
- A marketing plan. This means you’ll need to know your audience. Who are you selling to? Your target market needs to be established before you write it down in your marketing plan. Think about things like age group, gender, location etc. and provide some context for your reasoning behind targeting this market.
- Some company milestones. Setting some milestones for your jewellery making business will help to form your strategy. For example, a milestone could be to launch your shop online. Then write down a due date and allocate one person to be responsible for the ownership of each milestone.
- Map out your team’s responsibilities. Make a note of each member of your management team (even if there are only a couple of you!) and write down a description of their role, their responsibilities and any other key points about the individual, relating to their role.
- Include a financial plan. Not a fan of numbers? Writing a financial plan for a jewellery business may seem a little daunting. However, it is a crucial element of your jewellery business plan to ensure you have a smooth start. You’ll want to include a cash flow statement, sales forecast, a profit and loss statement, balance sheet and a personnel plan.
Advice for writing a jewellery making business plan
Now you know what to include, how do you actually go about writing a jewellery business plan template? Firstly, you’ll want to set out the overall goals for your business. Are you looking to scale up and grow? Is there a certain profit margin you want to achieve? This will have to be accounted for in your jewellery start-up business plan with a vision of the long-term logistics, as well as sorting the current logistics.
What’s more, although writing a business plan for jewellery businesses may seem daunting, it could help you discover some new opportunities too. For example, you may learn about new jewellery trends and different ways of producing your designs, for a cheaper price.
Work methodically through our online jewellery business plan template and you’ll have a much clearer view of what direction you’d like your business to head in. Looking for more business-related advice? Our Business Advice Hub is full of helpful guides like this one, to help you navigate the jewellery making industry and start up a successful business.
Tips for selling jewellery on amazon, health & safety in a workshop, how to make your own jewellery display stands, how to become a jeweller: designer vs maker, setting up a jewellery workshop at home, sign up to our newsletter, resources, guides & advice from the jewellery making experts.
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4+ SAMPLE Jewelry Business Plan in PDF | MS Word | Google Docs
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Jewelry Business Plan Template
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1. antique jewelry, 2. costume jewelry, 3. vintage jewelry, 4. pre-owned jewelry, 5. fine jewelry, 6. high jewelry/ haute joaillerie, 1. focuses on priorities, 2. doubles organizational success ratio, 3. clear communication and delegation, 4. better goal achievement , step 1: research and analyze the target market, step 2: set business goals and objectives, step 3: identify the strategic position , step 4: design an effective plan, step 5: review and execute the business plan, what is the difference between a business plan and a marketing plan , share this post on your network, you may also like these articles, 3+ sample nursing business plan in pdf.
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Jewelry Business Plan Template
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their jewelry companies.
If you’re unfamiliar with creating a jewelry business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a jewelry business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your jewelry business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a jewelry business or grow your existing jewelry company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your jewelry business to improve your chances of success. Your jewelry business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Jewelry Businesses
With regard to funding, the main sources of funding for a jewelry business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for jewelry companies.
How to Write a Business Plan for a Jewelry Business
If you want to start a jewelry business or expand your current jewelry business, you need a business plan. The guide below details the necessary information for how to write each essential component of your jewelry business plan.
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of jewelry business you are running and the status. For example, are you a startup, do you have a jewelry business that you would like to grow, or are you operating a chain of jewelry businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the jewelry industry.
- Discuss the type of jewelry business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
In your company overview, you will detail the type of jewelry business you are operating.
For example, you might specialize in one of the following types of jewelry businesses:
- Gold Jewelry: In this type of jewelry business, you may specialize in various styles and gold/mineral variations. Pieces may include options such as gold-plated, gold-filled or vermeil jewelry, which offer lower cost, beautiful designs that appeal to all customers.
- Boutique Jewelry Shop: If you are opening a boutique jewelry shop, you will want to offer distinctive jewelry in personalized styles to brand your jewelry business and stand out from others. Offering styles such as inscribed hearts or intertwined initials are examples of personalized service that appeals to customers.
- Online Gemstone Jewelry: This type of jewelry business is focused on customers who favor online options when they search for diamonds and other select jewels. Savings over retail stores may be a large incentive for such customers and a “satisfaction guarantee” offers security for online customers.
- Heirloom Jewelry: Offering select jewelry items from the early 1900s through 1960s is a lucrative type of jewelry business. Whether in a retail brick-and-mortar store or via online sales, customers enjoy viewing an expansive collection of heirloom jewelry that carries value attached to gemstones, designs, styles or the artist’s name.
In addition to explaining the type of jewelry business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, the amount of revenue during the past six months, opening a second jewelry store location, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry or market analysis, you need to provide an overview of the jewelry industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the jewelry industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your jewelry business plan:
- How big is the jewelry industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your jewelry business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section of your jewelry business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals, engaged couples, families, businesses seeking corporate gifts.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of jewelry business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other jewelry businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes warehouse store chains, fashion designers, direct-to-consumer infomercial companies. You need to mention such competition, as well.
For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as
- What types of customers do they serve?
- What type of jewelry business are they?
- What is their pricing (premium, low, etc.)?
- What sets their business apart from others?
- What are their weaknesses?
With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide options for packaging to mail or wrapping as gifts?
- Will you offer products or services that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a jewelry business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type of jewelry company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide elegant silver and gold jewelry pieces directed to consumers ages 40+?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your jewelry company. Document where your company is situated and mention how the site will impact your success. For example, is your jewelry business located in a busy retail district, a business district, a standalone building, or purely online? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your jewelry marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute direct mail pieces to your target audience
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) with target keywords on your website
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your jewelry business, including answering calls, planning and stocking jewelry items, paying invoices, contacting customers, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your 100th diamond ring, or when you hope to reach $X in revenue. It could also be when you expect to expand your jewelry business to a second or third location.
To demonstrate your jewelry business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing jewelry businesses. If so, highlight this experience and expertise. But, also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a jewelry business or successfully running a jewelry deartment in a retail department store.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 25 customers per day, and/or offer special jewelry sales online? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your jewelry business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit, but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a jewelry business:
- Cost of inventory and related packaging
- Cost of furnishings or accessories
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, office supplies and equipment
Attach your full financial projections in the appendix of your plan, along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of friends and associates who are already lined up to buy jewelry from your business.
Writing a business plan for your jewelry business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the jewelry industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful jewelry business.
Jewelry Business Plan FAQs
What is the easiest way to complete my jewelry business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your jewelry business plan.
How Do You Start Business?
Starting business is easy with these 14 steps:
- Choose the Name for Your Jewelry Business
- Create Your Jewelry Business Plan
- Choose the Legal Structure for Your Jewelry Business
- Secure Startup Funding for Your Jewelry Business (If Needed)
- Secure a Location for Your Business
- Register Your Jewelry Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Jewelry Business
- Buy or Lease the Right Jewelry Business Equipment
- Develop Your Jewelry Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Jewelry Business
- Open for Business
Learn more about how to start your own jewelry business .
Where Can I Download a Free Business Plan Template PDF?
Click here to download the pdf version of our basic business plan template.
Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.
We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.
Don’t you wish there was a faster, easier way to finish your Jewelry business plan?
OR, Let Us Develop Your Plan For You
Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.
Click here to hire someone to write a business plan for you from Growthink’s team.
Online Jewelry Store Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Fashion Industry » Jewelry Store
Do you want to start a profitable jewelry boutique online ? If YES, here is a complete sample jewelry store business plan template & FREE feasibility report.
Okay, so we have considered all the requirements for starting a jewelry store online . We also took it further by analyzing and drafting a sample jewelry store marketing plan template backed up by actionable guerrilla marketing ideas for jewelry stores. So let’s proceed to the business planning section.
Jewelry has always played a huge role as a useful accessory to complete the attire of an individual. Almost everyone uses jewelry and for different purposes, some use jewelry to create a statement, while some wear jewelry to show an upgrade in taste.
There are two categories of jewelries, the branded and the unbranded and while high-end customers usually go for branded jewelries, the rest usually go for unbranded jewelry that might be cheap or expensive depending on the budget. Any entrepreneur looking to go into this business will find it very lucrative especially if they take several aspects of the business such as distribution and publicity very importantly.
The entrepreneur going into this business would need to conduct a critical evaluation of the industry so as to better understand what obstacles they are likely to expect.
Most entrepreneurs at this stage usually hired a business consultant who has the right and expert knowledge about the industry and therefore knows what the business is likely to face during the course of starting or running the business, and also offer practical strategies accordingly.
Another aspect that needs to be taken seriously before starting the business is a professional business plan which would help the entrepreneur takes the right decisions and actions going forward.
While hiring a business plan writer might seem like the easiest option to take, there are several free business plan templates online that can be downloaded and adapted into suiting your own plans. In fact, below is a sample of a jewelry store business plan;
A Sample Online Jewelry Store Business Plan Template
1. industry overview.
The jewelry store industry in the united states has experienced tremendous growth jumping from 6% in sales to 10.7%. The whole jewelry industry which includes jewelry stores is valued at $71.3 billion and is based on the stability of the economy.
This is because during the great recession, sales in the industry fell by 11%. Jewelries are not seen as a necessity and as such the number of jewelry businesses in the United States of America has been on a slow decline.
Even though specialty jewelers generate more than 43% of the total industry revenue in the United States, they are steadily losing their market share to manufacturers, wholesalers as well as retailers. Diamond has had revenue of $27 billion with the United States of America consuming about 40% of the global demand. Globally, the United States ranks third in the markets for luxury jewelry.
Branded jewelry account for about 20% of the global jewelry market and is on the rise as consumers who have recently acquired wealth purchase branded jewelry in order to show off.
Also, according to emerging market consumers, the preference for branded jewelries comes from the fact that customers had more trust in the jewelries and also felt that it was a way to show that their tastes had upgraded. Also, most young customers see branded jewelries as a means of expressing themselves.
Even though branded jewelry had come from established jewelers such as Tiffany & Co and Cartier, future growth has been projected to come from players who are non-jewelry players looking to expand their assortment to include jewelry but who had a strong presence in high-end apparel or leather goods.
The rave for branded jewelry is likely to affect smaller and upcoming jewelers who do not have a strong brand presence like their already established competitors. However, options such as seeking distribution through multi-brand jewelry stores exist.
According to IBIS World, the jewelry stores industry is valued at $35 billion and has been pegged to grow at a projected 1.2% rate between the period of 2011 and 2016. Also, there are more than 62,000 jewelry stores in the United States of America employing more than 170,000 people.
The jewelry stores have regained the confidence of consumers which has led to healthy and strong demands that is responsible for the industry’s growth; after a downturn of the economy which saw an increase in poverty as well as unemployment. Asides from the economic downturn, the contraction in the price of gold globally has also affected the industry’s revenue.
The industry is expected to continue to post profit till the year 2022 especially as high-income customers are increasing in number and likely to make more purchases for luxury goods, which will in turn bring in more profits for the industry’s players and also invariably boosting the revenue of the industry.
This industry according to IBIS World is in its mature phase as the industry value added is expected to grow at an average rate of 0.4% annually from 2011 to 2022, which when compared to the GDP that is projected to grow to 2.2% during the same period is doing rather poorly.
2. Executive Summary
Our intention at Sparkles and Stones Jewelry Stores is to become the leading store that is located in Midtown Manhattan – New York City, USA to cater to our various clients both domestic and corporate. We are a jewelry store that intends to deal in branded and unbranded jewelry and retail silver, gold, and platinum jewelry pieces that may or may not have precious stones in them.
We are looking to deal in rings, necklaces, earrings and wristwatches as well as other jewelry accessories in addition to other services which we intend to offer to generate more revenue for our store and allow us sustain and grow as a business.
Our vision is to be recognized for our jewelries and be regarded as a leader by our target market for our sale of jewelry inventories that are outstanding as well as other related jewelry related services and in order to achieve this, we intend building an excellent business structure that will work with our already laid down vision.
Our location in Midtown Manhattan – New York City is perfect as a large section of our target market is based here which will allow us with the right promotion strategies gain a large share of the market and grow as a business.
Like any other business, we are in business not only to make profit and grow but to also compete favorably against our competitors in the industry. We have laid down strategies, plans and processes in place that will give us the desired leverage over our competitors and allow us excel as we should in this industry.
We have gone the extra mile in investing in some of the finest employees that the industry has to offer. These employees are competent and have the necessary experience necessary for our business. They have also identified with our core values and principles as a company and are willing to work to enable us achieve our desired goals and objectives by showing the commitment necessary to ensure that we reach our intended goals.
We intend to pay our employees well as we already have the best welfare packages in the industry amongst similar start-ups such as ours. We also will ensure that our employees are continually trained and also remain updated about the trends in the industry so as to make informed decisions at all times on behalf of the company.
Our customer care service is second to none as customers are very pleased with what care they have received so far. All our staffs are well trained to attend to customers’ enquiries, feedbacks, complaints and orders. This is because we take our customers very seriously and know that this is the easiest way to retain a large number of our clients to our jewelry store.
Finally, our owner Ms. Lucy Styles is an entrepreneur who owns 100% of the jewelry store and has more than 15 years experience in the Jewelry industry. Her vast expertise will enable the jewelry store achieve its intended goals and objectives as fast as possible.
3. Our Products and Services
Sparkles and Stones Jewelry Store intends to deal in all kinds of jewelries that are silver, gold and platinum and which may or may not contain precious stones from our established location here in Midtown Manhattan – New York City.
In order to ensure that we boost our revenue base and boost our bottom line as well, we intend to create multiple sources of income so as to be able to cater to a large clientele base in our target market. We intend to ensure that we make our profit in accordance with the laws of the United States of America.
Therefore, some of the products and services we intend to offer are;
- Retail sale of silver, gold and platinum jewelries
- Sales of watches, rings, earrings and bracelets with precious stones such as diamond, emeralds, rubies, sapphire and other rare stones
- Jewelry repair and customization services
- Jewelry resizing and polishing
- Advisory services
4. Our Mission and Vision Statement
- Our vision at Sparkles and Stones Jewelry Store is to be recognized for our jewelries and be regarded as a leader by our target market for our sale of jewelry inventories that are outstanding as well as other related jewelry related services.
- In order to achieve our vision, we intend to build a solid business structure that will allow us employ only competent and experienced staff that will work with us towards attaining our desired goal here in New York City.
Our Business Structure
Because we intend to build a standard jewelry store here in Midtown Manhattan – New York City, we have ensured that we perfect our business structure so as to have as less hitches as possible in starting and running the business. This is why we have decided to go the extra mile in ensuring that we have competent and hardworking employees to handle their different responsibilities on behalf of the company.
We are willing to spend the right amount in bringing in the right people to occupy the available positions here in Sparkles and Stones Jewelry Store. We know that having the right people means that we are close to achieving our set goals and objectives especially as we intend to ensure that the employees are attuned to our vision and remain committed at helping us achieve this vision.
We intend to offer various services and products and so would employ various employees to man the different positions that will come from offering these services and sale of jewelry and related products at Sparkles and Stones Jewelry Store.
Below is the intended business structure we will build at Sparkles and Stones Jewelry Store;
Chief Executive Officer
Human Resources and Admin Manager
Sales and Marketing Team
Customer Service Executive
5. Job Roles and Responsibilities
- Makes strategic decisions that affects the future of the jewelry store
- Communicates core policies and principles to all staff and ensure that they are implemented
- Sources for high-end clients on behalf of Sparkles and Stones Jewelry Store
- Sources for and recruits the right employees for Sparkles and Stones Jewelry Store
- Ensures that employee understands the policies of the jewelry store and implements it
- Carries out administrative duties to ensure that the jewelry store runs smoothly without hitches
- Sources for reliable jewelry vendors, distributors and manufacturers on behalf of Sparkles and Stones Jewelry Store
- Prepares and reviews the purchasing contract that is used by Sparkles and Stones Jewelry Stores and ensure that it is to the benefit of the store
- Continually source for vendors and distributors and always have back-up plans in place
- In charge of ensuring that the inventory is up-to-date
- Keeps accurate inventory of the jewelry pieces by ensuring that all jewelries that leave the store and are brought into the store are well documented
- Ensures that the store is well ventilated and secured for the jewelry pieces
- Conducts direct marketing and sales on behalf of Sparkles and Stones Jewelry Store
- Monitors online website and uses several platforms online to market the jewelry store
- Conducts continuous market research to ensure that new emerging market are identified o behalf of the Jewelry Store
- In charge of handling petty cash on behalf of the Jewelry Store
- Handles in-house vouchers on behalf of accountant
- Balances daily transactions on behalf of jewelry store
- Prepares monthly financial statements and information
- Ensures that the stores books and that of the bank are accurately reconciled monthly
- Ensure that correct tax information and documents are submitted to the necessary tax authorities
- Handles all enquiries, orders, and complaints of customers
- Ensures that Sparkles and Stones Jewelry Store have an updated customer database
- Stays up-to-date regarding industry trends as well as organizational policies
- Ensures that transported jewelries get to its accurate destination using the authorized route
- Carries out regular light maintenance on vehicle
- Maintain a log of routes driven as well as traffic regulations so as not run afoul of traffic laws
- Ensures that the premise are kept clean always
- Ensures that depleted cleaning supplies are replenished
- Carries out any other duty as determined by the human resources and admin manager
6. SWOT Analysis
Due to our intention of running a leading jewelry store, we had to engage the services of a reputable business consultant here in Midtown Manhattan – New York City to look through our business concept and determine if we were best suited to start and run our jewelry store business and also be able to compete favorably against other already established jewelry stores and start-ups here in Midtown Manhattan – New York City as well as in the entire jewelry stores industry in the United States of America.
In view of our request, the business consultant conducted a thorough survey of our jewelry store business taking stock of our strengths, weaknesses, opportunities and threats and used this analysis to determine how we were likely to fare in the industry here in Midtown Manhattan – New York City as well as round the whole United States of America.
Therefore, below is the result of the SWOT analysis that was critically conducted on our behalf;
Our strengths lies in the fact that we are retailing jewelries that are of a unique construction and design, an element that is already setting us apart from our competitors. We also have a strong relationship with vendors and suppliers of jewelries. This relationship is invaluable as it has allowed us offer our clients custom pieces that suit their tastes and preferences.
We also have a comprehensive distribution network for our jewelries and a robust website that we use in interacting with our clients. Finally, our CEO, Ms. Lucy Styles is a veteran in the business and has over 15 years experience in the industry that will earn the business great strides.
There are several weaknesses we are facing as a start-up jewelry store and it includes the fact that most of our target market is not yet aware of Sparkles and Stones Jewelry Stores. Also, as a start-up we have limited time and budget in which to promote our jewelry store to a large section of our target market.
There are several opportunities that abound to us in this field and this is the fact that a large population of our target market is not yet aware of Sparkles and Stones Jewelry Store which means we have a strong possibility of growing our business in order to accommodate new markets and potential clients. Also, the fact that we retail unique and creative designs; we are seen as a breath of fresh air in the industry.
Every business faces threats every now and then and so even though we know that we are likely to face certain threats, we have laid down strategies available to combat any threat that might crop up.
Some of the threats we are likely to face are an economic downturn that will decrease discretionary income and allow people to spend less on jewelries. Also, the arrival of a new competitor into our same location is considered another threat to our business.
7. MARKET ANALYSIS
- Market Trends
The trend within the jewelry store industry is the fact that more stores are shifting towards retailing custom and unique jewelry pieces.
This trend is in response to the mid-nineties in the jewelry stores industry where several stores were retailing thousands of jewelries that were similar, which created a commonality that allowed the start of the custom and unique jewelry trend for several jewelry stores.
These unique and custom jewelries have is a way of letting customers stand out. This trend has led to many jewelry stores become multi-brand retail instead of mono-brand retail so as to be able to offer consumers different styles that will suit their tastes and preferences.
Another trend is the blending of art and jewelry which is becoming different from traditional jewelries were where the pieces were made out of precious metals. These traditional jewelry pieces represented status, wealth or both. As more value was attributed to the precious metals regardless of the design and construction.
However, the trends have changed as millenials who have more appreciation for art work are demanding that jewelries have artistic elements and this has helped the industry grow.
Finally having a website is critical to the success of a jewelry store as this allows customers build an interest about the store and eventually visit or purchase from the website. The website also offers customers the ability to carry out research and compare prices which allows jewelry stores to put more effort in having an online presence that not only offers the best in terms of prices and products but also allow stores maintain a presence that will help it become more responsive to customers.
The use of the internet has not only been of immense help to the customers but also to the jewelry stores as well as it has forced them to make vast use of the internet in reaching and creating awareness to its target market in order to reach potential clients.
8. Our Target Market
Even though almost everyone uses jewelries, we as a jewelry store still need to determine exactly who our target market is. This will allow us know exactly what strategies to draft that will be effective on our target market. In view of this, we have had to conduct a market survey in order to determine our target market.
The market research that we have conducted will allow us understand what it is our target market will require from us and how we can suitably predict their buying patterns and other characteristics. From the result of our market survey, we are in business to retail our jewelries to the following set of clients;
- Young adults
- Business people
- Corporate executives
- Religious institutions
Our competitive advantage
In starting Sparkles and Stones Jewelry Store, we intend to build a business that will become the preferred retail jewelry store for our target market here in Midtown Manhattan – New York City through our sale of jewelry inventories that are outstanding as well as other related jewelry related services, as well as all around the United States of America. Our intention is to be able to compete favorably with our competitors through several laid down strategies.
Our first competitive strategy lies in the fact that we are retailing jewelries that are of a unique design and construction as well as offering jewelry-related services to our various customers.
Our promotion strategies has allowed us penetrate the market and allow those not aware of us to become aware as we hired a reputable brand consultant who not only studied the market well but used his knowledge and experience garnered in the industry to develop effective promotion strategies that has given us more awareness in the market and an edge over our competitors.
Another competitive edge that we have over our competitors is the fact that we have built an excellent business structure where we hired competent and professional employees who not only understand the industry but also have identified with our core values and principles and are committed to ensuring that they help us achieve our intended goals and objectives at Sparkles and Stones Jewelry Store.
We also are paying our employees very well and have the best welfare packages to be gotten in similar start-ups across the jewelry store industry.
Finally, we have the best customer care executives that not only understand how to handle the customers appropriately but also are able to handle all enquiries, orders and complaints in record time and to the benefit of our company.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Sparkles and Stones Jewelry Store has been established with the intention of generating and making profit in the jewelry store industry cum jewelry industry here in Midtown Manhattan – New York City, as well as all over the United States of America by retailing jewelry pieces that are unique in design for its various customers.
Therefore, we intend to generate income by retailing the following products and offering the services below;
10. Sales Forecast
The jewelry store industry is one that has been experiencing strong growth as the economy has improved to allow an increase in demand from different types of customers.
With our strategic position in Midtown Manhattan – New York City, we expect a very strong growth at the start of and during the course of operations to allow us remain optimistic as regards our revenue generation and profit as well as growing and sustaining our business within a period of one year.
This projection is due to the fact that we have carried out a critical examination of the Jewelry Store Industry and having analyzed our chances using information gathered here in Midtown Manhattan amongst similar start-ups such as ours have been able to come up with an accurate projected sales forecast.
Therefore below are the sales projections for Sparkles and Stones Jewelry Store here in Midtown Manhattan – New York City and dependent on several factors and assumptions;
- First Fiscal Year-: $280,000
- Second Fiscal Year-: $ 560,000
- Third Fiscal Year-: $1,120,000
N.B : It should be noted that the above sales projections were carried out based on the information and data gathered from the industry as well as certain assumptions such as the economy remains in the same state and that there won’t be an arrival of any major competitor during the stated period. However, should there be a change in the assumptions; this will invariably lead to a decrease or an increase in the stated figures
- Marketing Strategy and Sales Strategy
Marketing is a very important aspect of any business as this is where revenue is generated for a business. To draft effective marketing strategies, one needs to understand that the location plays a huge role as this will determine what caliber of clients visit the store.
We intend to conduct a marketing survey so that this will allow us penetrate the available market and position our business in such a way as to attract the right customers, gain a huge share of the market and also compete favorably against competitors.
For this reason, we hired a reputable marketing consultant here in Midtown Manhattan – New York who not only understands the industry but knows how best we would be able to manipulate the market and gain a huge share for the benefit of our business. The business consultant also helped us draft strategies that are tested and effective and will work for Sparkles and Stones Jewelry Store.
We also empowered our marketing and sales team to draft effective marketing strategies that are in line with our core values and principles as a company. This will ensure that any strategy drafted and implemented will positively communicate our brand.
Therefore, the marketing strategies that will be adopted for Sparkles and Stones Jewelry Store are;
- Advertising our store in relevant magazines, local newspapers as well as on radio and television stations
- Ensure that we throw a grand opening party in order to generate interest and create awareness for our jewelry store
- Deploy direct marketing and sales strategies
- Ensure that our jewelry store is listed on online and offline directories
- Introduce our jewelry store to designers, photographers, magazine editors and other stakeholders in the jewelry industry
- Use social media platforms such as Facebook, Instagram and Twitter to market our jewelry store
11. Publicity and Advertising Strategy
Our jewelry store business is a standard one and as such we intend to ensure that we draft the right promotion strategies that will not only create awareness for us in our target market but also effectively advertise our business and bring in the needed revenue that would boost our business as well.
For this purpose, we intend to hire a brand consultant who is reputable and understands the industry thoroughly to help us draft the right publicity and advertising strategies that will not only allow us penetrate the market but ensure that we can suitably compete against our competitors as well.
Therefore some of the publicity strategies we intend to leverage on in promoting Sparkles and Stones Jewelry Store are;
- Ensure that we place adverts in local newspapers, magazines as well as on radio and television stations
- Use social media platforms such as Instagram, Facebook and Twitter to vigorously promote our business
- Create an interactive website that is attractive and user-friendly and use this in promoting our business
- Sponsor relevant programs such as beauty pageants, catwalks and fashion shows in the community
- Distribute our handbills and fliers in strategic areas
- Ensure that our flexi banners are positioned in strategic and conspicuous locations
12. Our Pricing Strategy
Determining the prices for our jewelry pieces will mean taking several factors into consideration, especially as we would be offering jewelry pieces that are of a unique design and shape.
We do not intend to run into a loss and so we would consider factors such as what our competitors were offering for jewelries that we are selling, the value of the metals used in making the jewelry, we would also consider shipping and freight bills as well as what overhead and running expenses we have incurred in the process of running our jewelry store. These factors and more would determine our pricing strategy.
However, in order to get a huge share of the market and increase awareness about our business for clients here in Midtown Manhattan – New York City, USA; we intend to offer a discount in the prices of our jewelries for 3 months of operation. We however have carried out a detailed analysis to know that we would not run at a loss during this period.
- Payment Options
Since we understand that our customers have diverse styles and payment options, we intend to ensure that we come up with payment options that are not only convenient for our customers but to the survival of our business as well. Below are the payment options we intend to offer our various clients;
- Payment via Credit Card
- Payment via Point of Sale (POS) Machine
- Payment via cash
- Payment via online payment portal
- Payment via check
The above payment options were carefully chosen and will work for our clients no matter their tastes and preferences. The payment options will also enable us have a hitch free transaction from our end.
13. Startup Expenditure (Budget)
In setting up and starting a standard jewelry store, there are certain aspects that one is expected to spend the bulk of their capital on which includes procuring the jewelries, paying employee salaries and paying utility bills. Therefore, below are the areas we intend to spend our start-up capital on;
- Total fee for registering and incorporating the business in the United States of America – $750
- Obtaining of licenses and permits as well as accounting software – $1,250
- Cost of hiring a business consultant – $2,000
- Marketing promotion expenses (general marketing promotion and promotion for grand opening ceremony) – $5,000
- Insurance coverage (general liability, property liability and Workers Compensation) – $5,000
- Operational cost for the first 3 months (employee salaries and payment of utility bills) – $100,000
- Cost of start-up inventory (jewelries and packaging materials) – $100,000
- Cost of store equipment (display cases, racks, security, cash register) – $5,000
- Other start-up expenses (stationery, furniture, phones, computers and printers) – $5,000
- Cost of purchasing a fairly used vehicle – $15,000
- Cost of launching a website – $1,000
- Cost of throwing a grand opening party – $3,000
- Miscellaneous – $7,000
From the above analysis, we would need a total of $250,000 to successfully start and run a jewelry store business in Midtown Manhattan – New York City. It should be noted that the bulk of the amount will go into paying employee salaries and purchasing inventory.
Generating Funding / Startup Capital for Sparkles and Stones Jewelers Business
Sparkles and Stones Jewelry Store is a business owned 100% and financed for now by Ms Lucy Styles. Ms Lucy Styles does not intend to part with any of her equity and so would not be seeking for external investors for her business. She has therefore decided to restrict the sourcing of her start-up capital to these 3 major sources.
The 3 major sources where Ms Lucy Styles intends to generate her start-up capital include;
- Generating part of the start-up capital from personal savings and sale of stocks
- Sourcing for soft loans from family members and friends
- Apply for loan from bank
N.B : Ms. Lucy Styles was able to generate the sum of $30,000 from personal savings. She borrowed the sum of $20,000 from friends. She approached the bank for the sum of $200,000 repayable in 5 years at an interest rate of 2%. All the approving documents have been signed and the amount will be credited to the business account by the end of the week.
14. Sustainability and Expansion Strategy
Every business established to make profit intends to be in existence for a long time through suitable sustainability and expansion strategies and so in deciding the future of our jewelry store, we know how important factors such as business structure, customer loyalty as well as promotion strategies are in ensuring that we are sustained for a long time.
We believe that in having the right business, we not only are able to start our business with as less hitches as possible but we also will be able to sustain our businesses for a long time to come. This is why we are willing to go the extra mile in ensuring that we hire competent and experienced employees who not only understand the industry and the jewelry store business but also have identified with our core principles and values as a company.
Knowing how important our customers are to us, we intend to ensure that we retain customer loyalty because we find that this is less expensive than having to attract new customers to our business. We will encourage our loyal customers with discounts and referral loyalty programs for every customer they refer to us or every purchase of jewelry worth a certain amount that they procure from us.
Finally, we know how important having publicity is to a business and so we intend to draft promotion strategies that would allow us effectively penetrate the market while getting new customers that would boost our revenue and increase our bottom line as well. We know that if we are serious with these measures we would be able to sustain and expand our business.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting feasibility studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
- Purchase of trucks: Completed
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- 1. Business Plan of “Friends Jewelry Store”
- 2. Team Members Name ID Himel Rafsun 3-20-44-004 Md. Mehedi Al Hasan Rakib 3-20-44-014 Farhan Fuad Hasan 3-20-44-057
- 3. Introduction Friends Jewelry Store, which is to be located in the Bashundhara City Shopping Mall in Panthapath, Dhaka, is a new business. We will offer a great selection of gold jewelry in various designs, colors and sizes. Our jewelry will include bracelets, necklaces, earrings and rings etc. All of the pieces will be custom designed. The store will stock a wide selection of jewelry and will offer a service to make custom pieces for shoppers while they wait or shop in the mall. All sales for the business will be through this mall store mostly.
- 4. Business Objectives To create a product-based store whose goal is to exceed customer's expectations in design styles, quality and customer service. To develop a sustainable merchandising unit that sells gold and customized jewelry to meet the needs of the professional and outgoing woman. To increase the number of products Friends Jewelry Stored by 20% each year. To introduce a minimum of three new designs monthly.
- 5. Start-Up Summary Showroom & Outlets Furniture and Interior Tk. 10,00,000 Rent Tk. 5,00,000 Packaging and Stationary Tk. 5,00,000 Cash Required Tk. 10,00,000 Others Tk. 10,00,000 Total requirement -------------------------------- Tk. 40,00,000
- 6. SWOT Analysis Strengths Strong relationships with suppliers that offer credit arrangements, flexibility, and response to special requirements. Excellent and knowledgeable staff, offering personalized customer service. The jewelry store sets itself apart from the competition by providing customized jewelry designs while the customer waits. Great retail space with an attractive, inviting atmosphere. The owners keep overhead low by purchasing directly from India, Brazil, and China and self-creating the majority of the merchandise.
- 7. SWOT Analysis Weaknesses Less Access to additional operating capital. Revenues in the industry are seasonal; the majority of revenues are earned during the Eid Festivals.
- 8. SWOT Analysis Opportunities Increase in standard of living of target market. Addition of other jewelry related products and services.
- 9. SWOT Analysis Threats Local and emerging competitors. Sales tied to economic growth. Meaning customers will only buy jewelries if the economic conditions are suitable.
- 10. Products Our current offerings will be as following: Ring Necklace Churi Bracelet Earring Chain Bangles Nose pin
- 11. Services One-on-One Customer Support Professional Post-Purchase Services
- 12. Market Research Industry Analysis The jewelry industry of Bangladesh has dropped down due to rise in price of U.S.A dollars, less consumption as purchase ability has also decreased. Specially, Gold jewelry sales dropped by more than 50 percent in the past 3 years. This huge fluctuation of prices has been occurred due to sudden rise in U.S.A dollars which has also increased prices in international markets of gold jewelry. Nowadays, without any marriage ceremony, any special occasions customers don’t purchase Gold, especially the middle class. Whereas, other jewelries such as, mainly silver and Gold-Plated materials sales are increasing for customers alternatives demand. Small Gold Jewelry makers and traders are now more emphasizing to produce jewelries of other materials as demands pushing them. Some of them are importing jewelries from other countries also. Trends of Bangladeshi jewelries are moving from gold to gold-plated jewelries mainly because of rise in price. Now, the international market of price has increase, which has influenced the local jewelers to increase the price.
- 13. Main Competitors Amin Jewelers Diamond World Al-Amin Jewelers Apan Jewelers Venus Jewelers Bangladesh Sultana Jewelers Ltd Gitanjali Jewelers.
- 14. Market Needs The jewelry we will market will meet the needs of woman who are looking to dress up their outfit with quality gold jewelry. The jewelry will be suitable for both formal and informal events.
- 15. Market Growth Gold jewelry has been one of the fastest growth areas. In today's society, the majority of gold jewelry is still Friends Jewelry Stored to women, and it doesn't look like that fact will be changing any time soon. However, as the interest in this jewelry grows with women, it seems that men are not far behind in finding interest in such items as well.
- 16. Sales Forecast
- 17. Production Plan Product Sourcing Raw jewelry making supplies will be sourced from countries such as India, Brazil and China. The owners of the business have contacts in these countries for purchasing quality gold and supplies not only at wholesale prices, but also providing credit arrangements and flexibility in payment terms. This in turn provides some flexibility in the owners’ day to cash flow requirements. Orders of supplies which are small in size and weight will be air shipped; whereas, larger and heavier orders will be shipped LCL (Less than a Container Load). All products and supplies will be stored at the owners’ residence. While custom designs will be made on site while the customer waits, the standard selection of premade designs will be made at the owners’ residence.
- 18. Production Plan Inventory Management In order to run the business successfully approximately TK. 6,00,000 in inventory is required. This inventory will be stored at the owners’ residence. The owner will utilize bins to store and organize jewelry supplies. Final jewelry products will be kept at the store. Since this is a small business with limited inventory, all inventories will be managed in a spreadsheet.
- 19. Production Plan Warehousing and Fulfillment Since jewelry and jewelry supplies tend to be small items a warehouse is not required for the business. All supplies will be warehoused in the owners’ basement, final jewelry products will be kept at the store in the mall
- 20. Marketing Plan Market Segmentation Particulars Urban Area Sub Urban Area Rural Area Age16-25 ******** **** ** Age 26-35 (Our Focus) ********** ******** ****** Age 36-45 ***** ***** ****
- 21. Marketing Plan Positioning: We will position our jewelry to be of high quality with designs that inspire conversation. We will be known for not only quality and trendy designs, but primarily for our service. We will be knowledgeable of design trends and will offer advice on how to accent specific outfits with specific jewelry pieces. The Jewelry Store will be centrally located in a high shopping crowded area of the Dhaka City and easily accessible for customers. Our store will reside the middle of one of the corridors thereby, having high visibility.
- 22. Marketing Plan Pricing Category Price Per Gram 22-Karat gold 6100 tk 21-Karat gold 5830 tk 18-Karat gold 5080 tk Traditional gold 4195 tk
- 23. Marketing Plan Marketing Channels Physical Shops Social Media Marketing Influencer Marketing
- 24. Marketing Plan Sales Strategy Targeting our marketing efforts more effectively. Developing product offers that will increase sales. Training and developing sales representatives in order to effectively service the customer. Increasing awareness of our Jewelry Store within the jewelry retail consumer marketplace. Developing future sales opportunities that allow for continued growth of the business.
- 25. Marketing Plan Sales Programs Our sales staff will be trained not only on our products but also on fashion design principles and the active engagement of customers. They will be paid based on commissions with a small base salary. The sales staff will be empowered to offer discounts on our jewelry; however, they will have pre-defined discounts they can offer and their commission rate will change based on the discount level.
- 26. Marketing Plan Strategy Pyramid: Strategy: Be the jewelry fashion consultant expert Tactics: Build awareness of our fashion consultation service Offer the highest level of fashion consultation service Programs: Display banner in our store advertising this free service Develop a tagline, which promotes this service Develop printed articles and worksheets for our customers Educate all staff on fashion design principles
- 27. Marketing Plan Unique Selling Proposition (USP) The Jewelry Store will offer personalized fashion consulting to our customers with onsite custom jewelry making service. We will demonstrate our extensive knowledge in gold, clothing/jewelry color combinations and current fashion design trends. We will offer advice on how to dress for specific occasions and which jewelry goes best with which clothing. If we don’t have the right piece of jewelry to meet their needs we will be able to design and create that piece while they wait. We will be the one source people turn to when they need advice on how to dress and how to accent with jewelry.
- 28. Organizational Plan Marketing Manager Owners CEO GM Assistant Manager & Cashier Human Resource Manager CFO Service Staff CHIEF , PRODUCTION & PERSONNEL CHIEF SALES & MARKETING
- 29. Legal Plan Partner’s Name Number of Shares Percentage Md. Mehedi Al Hasan Rakib 500 33.33 Himel Rafsun 500 33.33 Farhan Fuad Hasan 500 33.33
- 30. Financial Plan Income statement Description FY-2022 (TAKA) FY-2023 (TAKA) FY-2024 (TAKA) Sales 31,44,080 49,93,520 60,52,720 Direct Cost of Sales 4,71,600 749040 907920 Total Cost of Sales 4,71,600 7,49,040 9,07,920 Gross Margin 26,72,480 42,44,480 51,44,800 Expenses Payroll 22,00,000 25,92,000 25,92,400 Sales marketing & Other expenses 4,16,000 96,000 96,000 Rent & Utilities 48,000 48,000 48,000 Insurance 96,000 96,000 96,000 Payroll Taxes 3,30,000 3,88,800 3,88,800 Depreciation 74,880 74,880 74,880 Total Operating Expenses 31,64,880 32,95,680 32,95,040 Profit Before Interest and Tax (4,92,400) 9,48,800 18,49,760 EBIT (4,17,520) 10,23,680 19,24,000 Tax Incurred 0 2,37,200 4,70,160 Net profit (4,92,400) 7,11,600 13,79,600 Net Profit/sales -15.66 14.25 22.79
- 31. Financial Plan Balance Sheet Description FY-2022(TAKA) FY-2023(TAKA) FY-2024(TAKA) Assets Current Assets Cash 2,74,320 707440 1984160 Accounts Receivable 527680 835760 1015920 Inventory 88400 140400 170160 Total Current Assets 890480 1586000 3170240 Long Term Assets Equipments 224000 224000 224000 Accumulated Depreciation 74880 149760 224000 Total Long Term Assets 149120 74240 0 Total Assets 1039600 1760240 3170240 Liabilities Current Liabilities Accounts Payable 128000 137040 167360 Total current liabilities 128000 137040 167360 Capital Paid-in Capital 1520000 1520000 1520000 Retained Earnings (11600) (608400) 103200 Earnings (492400) 711600 1379600 Total Capital 911600 1623200 3002800 Total Liabilities & Capital 1039600 1760240 3170240 Net Worth 911600 1623200 3002800
- 32. Financial Plan Projected Break-even Analysis Total monthly fixed cost 2,60,000 tk Variable cost per unit 14,500 tk Sales price per unit 20,000 tk Anticipated unit sales per month 80 units