Many customers often turn to an independent jewellery shop to enjoy a personal service they often can’t find at larger retailers. If you are hoping to break into the industry, there are things you can do to make your company stand out from the mass-market brands. Read our top tips on how to start a jewellery business.
Spot a Gap in the Market
One of the best things about entering an industry late in the game is an ability to spot a gap in the market. All it takes is for you to identify one USP that can help you stand out from your more established rivals. It could be as simple as offering a service in your local area that no other jewellery shop can, or providing a service unique to your store.
Discover the Right Location
The location you choose will determine whether your store is a roaring success or an undeniable failure. Aim to find a store with heavy footfall from a main road, and ensure there is plenty of nearby customer parking. Front display windows are also essential to a jewellery shop, as customers will want to browse your merchandise before deciding to come inside.
Try to select a store near other retail businesses such as a ladies clothing stores, or a gourmet kitchen for a high caliber of clientele. Don’t forget to create a professional signage that complements your elegant jewellery collection.
Research Your Competitors
Do your homework to identify your local competitors. Don’t be afraid to pop into their stores to identify their size, product lines and customer service skills. Do they offer low-priced gemstones? Are they overcharging their customers for diamonds or jewellery? Ask if they also provide additional services, such as a watch repair, custom designs and more.
Order the Right Equipment
You must ensure you purchase the right equipment before you open a store to customers. For instance, it’s advisable to invest in high-quality, lockable display cases to showcase your collections, whilst securing your merchandise. You may also need accurate balance scales to weigh jewellery, and the best tools to repair any watches or jewellery items.
Turn to a Wholesale Supplier
A wholesale supplier can often provide exceptional jewellery for a fraction of the RRP, which can help you to maximize your company profits. Provide your customers with a wide variety of jewellery options to choose from such as diamond rings, earrings, necklaces and bracelets, as well as men’s and ladies’ watches.
Market Your Jewellery Store
Do you want to gain a competitive advantage over your competitors? Of course you do. That’s why you should market your jewellery store from day one. Create a website that showcases your collections, store location and contact details. You could even sell your product range online to national or international customers. Social media can also be used to encourage more customers to visit your store to browse your jewellery collections and make a purchase. The more active you are online, the better your profit margin will be.