5 Tips For Operating a Successful Jewelry Store
Running your own jewelry store is a fun and rewarding experience that give you the opportunity to help customers find the perfect piece of jewelry. Whether it's an engagement ring, wedding band, pair of diamond earrings or just a basic chain-link necklace, people are always eager to purchase flashy new pieces of jewelry. But with so many other stores already in business, how do you make yours stand out from the rest? If you are interested in the self-rewarding world of retail jewelry, keep reading for some important tips to set you on the right path for success.
#1 – Location Is Key
I can't stress enough the importance of choosing the right location for your jewelry store business. Some entrepreneurs may try to save money by leasing a building or shop tucked away in some obscure industrial part of town. Even if the leaser is cheaper, though, you'll end up paying more in the long run from fewer customers entering your store. Stick with a premium location that's located near a major highway or road so customers can easily find it.
#2 – Be Nice!
Retail jewelry stores earn a significant portion of their income from repeat customers rather than new customers. If you want customers to come back to your store in the future, you need to place an emphasis on providing exceptional customer service. Greet your customers with a friendly “hello, how are you” when they enter and a “goodbye, have a nice day” when they leave. It's small steps such as this that will set your jewelry store apart from the competing businesses in your area.
#3 – Secure Your Investment
It's not something jewelry store owners want to think about, but the possibility of theft needs to be addressed. Set your store up with a premium video surveillance system along with an activated alarm. In addition, all of your valuable jewelry pieces should be stored in a locked glass display case to help deter theft. Of course, you'll also want to set up an insurance policy for your business just in case something happens to your inventory.
#4 – Know The Trends
As the owner of jewelry store, it's your responsibility to stay up to date with the current trends. Pay attention to what types of jewelry are coming into style and what types are going out of style. Focusing your store around 'trendy' products will naturally result in higher sales. You can browse through fashion magazines and websites for a better understanding of jewelry trends.
#5 – Offer Services
A fifth and final tip for jewelry store owners is to offer a variety of services to customers. Rather than relying solely on product sales for your store's income, you can earn supplemental income through services like ring sizing, engraving and cleaning. It's a simple yet effective way to broaden your business while gaining more customers. When a customer comes in to your store to have their ring sized, they ill likely browse around for a few minutes to check out your products.