From antiquity body adornment has always been in high demand. A gem expert with an aspiration to start a business needs in-depth market research and a strategy to stand out from the competition. Modern take on a business started in the ancient times.
About the reviewer:
Noor Muhammad, a business plan writer at OGS Capital, has extensive expertise in corporate finance and development of content strategies.
Upon hearing the word jewelry, one of the first associations is sparkly, colorful gemstones. However, it is a common misconception to consider anything used in jewelry to be a gemstone. For various materials can be used:
- Mineral crystals known as gemstones;
- Organic materials: pearls, amber;
- Rocks: opal;
- Non traditional materials: coloured glass, even plastic.
Moreover, gemstones can be naturally grown and synthetic.
Writing a Jewelry business plan
A feasible business plan has to be structured. Separate sections of the document should be dedicated to various aspects of the business. For example, it should include sections on company structure, a marketing and competitor analysis, product pricing, sales, and finances. This is not a comprehensive list.
For more information about the structure of business plans visit: https://www.ogscapital.com/article/jewelry-business-plan-example/
Importance of vision boards
Many successful businesses start with a vision board of what their ideal company will be. After having a clear picture of who they are as a business, they filled out the business plan. Working their way backwards to understand how they should run their business. It is one of the approaches to business planning.
For a business in jewelry making start with pinpointing the niche market you want to operate in. Your business plan will differ from a high end jewelry boutique selling collectible and rare pieces to a jewelry shop with something a bit more accessible to mere mortals.
Satisfying the needs of your customer
Why is your customer buying jewelry? A good way to start your potential customers profiling, is by identifying their needs. Though different types of customers share the urge to buy jewelry, they have different needs to be satisfied. A customer could be someone looking for a unique piece from a local designer. Or it could be a tourist getting a keepsake from their holiday or a little present back home. It could also be a couple looking for wedding bands and engagement rings.
Offering alternatives
An analysis of your competitors may uncover hidden demand and opportunities to expand your product range. For example, there are people who are allergic to gold and silver. This creates a demand for alternative metal or material in jewelry.
