Running own jewelry store is a fun and rewarding endeavor that gives you the opportunity to build and grow a profitable business while helping clients find the perfect jewelry piece of their dreams. The fact is that people are always looking to purchase jewelry. Whether it’s an engagement ring, anniversary present, Mother’s Day gift, or for no particular reason at all, you’ll find customers are always eager to purchase new jewelry. With that said, there are still some things you need to know if you plan on running a successful jewelry store business.
Choose a High-Traffic Location
Location can either make or break a new jewelry store. Some owners try to save money on their lease and utilities by choosing an obscure location for their store. Even if you’re able to save $100 or more per month by leasing a small building tucked away in the industrial part of time, it’s ultimately going to hurt your business in the long run. The bottom line is that you shouldn’t try to cut corners or save money by choosing a hard-to-find location for your store. Instead, spend the additional money for a prime location near a major road or highway, and preferably visible to passing motorists.
When choosing a location for your new jewelry store business, pay attention to the surrounding competition. As with any new business, you obviously don’t want to try and force your way into a crowded market with half a dozen or more competitors nearby. Leave some space between your closest competitor and think of additional ways to make your business stand out.
You’ll need to apply, and acquire, a business license in order to legally run a jewelry store. The good news is that most business licenses are fairly cheap ($30-$50), but you’ll need to renew it once a year in order for it to stay active. Contact the local business development center for more information on how to apply for a business license. Typically, you fill out an application that asks questions about your business, employees and tax information. After filling out the application, mail it to the specified address along with a check for the fee.
If you aren’t offering services at your jewelry store, you’re missing out on one the easiest ways to generate additional income. Not only will the services generate more direct income, but they’ll also encourage customers to return to your store. And while the customer is browsing around waiting for you to complete the specified service, they ‘may’ purchase another item. Check below for a list of some of some common jewelry store services.
- Authenticating certain metals
- Grading diamonds and other gemstones
- Buying old jewelry
These are just a few tips to help kick start your new jewelry store business. Above all else, though, don’t underestimate the importance of customer service. A single loyal customer is the most valuable asset a jewelry store can have. Remain polite, friendly and enthusiastic with each and every customer that walks into your store and you’ll have an army of loyal customers in no time at all.