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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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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.
Download Jewelry Business Plan Sample in pdf
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than £1.5 billion in funding, and they can do the same for you.
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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
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.
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Jewelry Business Plans
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Custom Jewelry Business Plan
ContemporaryTiDesign is a custom designer, manufacturer, and seller of titanium jewelry.
Diamond Retailer Business Plan
Rocks by Request sells retail diamonds and settings with a unique combination of online searching and local store previewing, for both "high-tech" and "high-touch" diamond purchasing.
You may feel like your business idea is a diamond in the rough, and you need a great plan that will allow it to shine! Take a peek at our sample business plans for custom jewelry and diamond retailers to help get your business up and running.
If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.
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21 Essential Tips On How To Start A Jewelry Business
By anne carton tweet - february 10, 2023 in starting a business.
Last updated on February 14th, 2023
With umpteen new and established companies competing with their lethal marketing plans, the jewelry industry has turned into a highly competitive market. Even if yours is a new venture in this business, you must come out with something special for the customers that instantly draw their attention. Consider some time-tested pieces of advice before starting your business.
Have you already decided to take your jewelry-making talent into something more than a hobby? Then, this is a fantastic idea! Starting a jewelry business can bring you extra cash or a full-time income.
Jewelry is a popular piece of item that can either be used for personal use or for giving away as a gift. If you have the natural ability to create jewelry, you could work with different materials to make different designs. Unfortunately, there is a lot of competition in this industry. So you’ll have to work hard to get your jewelry design business noticed.
But if you compete well, there are enormous chances for fast growth of your jewelry business. As per Statista, the global jewelry market reached 270 billion U.S. dollars in 2022. The U.S. Jewelry industry alone was valued at above 70 billion U.S. dollars in 2021.
But do not be overwhelmed by the thought of competition and starting a business. In this article, we have shared the top 21 essential tips you must know before starting a jewelry business.
Here’s A List of 21 Essential Tips On How To Start A Jewelry Business
01. write down your mission statement and business goals.
Mission Statement! This might sound like a waste of time, but it’s not actually. The mission describes the whole purpose of your business, what is essential to you, and what you are prepared to compromise. Decide your priorities and write down those in a few sentences before starting your business.
When Writing Your Business Plan, Pay Attention To The Following Points:
- Determine who your target customers will be. This will help improve your choice of jewelry designs and marketing,
- Think about creating jewelry that stands out from your competitors’ jewelry items. This will help you create a niche,
- Decide how much money you would like to earn from your jewelry business.
02. Register A Creative Name For Your Business
Do you want a business name that is catchy enough to reflect your style and creativity and also to draw the attention of target customers? Get one such name for your business and register it from your local business registration office.
Here Are Some Crucial Points You Should Keep In Your Mind While Registering A Name For Your Business:
- Make sure to choose a name that relates to standard industry terms that your potential customers may already be familiar with,
- Select a name that isn’t already taken by others,
- You must choose a name that effectively conveys your brand message to your target audience.
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03. Know Your Target Audience
Before you move forward, make sure that you know who is the set of consumers interested in buying the kind of jewelry pieces you manufacture. So, find out who is your target customer. Then, you should define the persona of that customer.
You can only appease some customers in the market. So, pick a select bunch of customers depending on their social and financial backgrounds. For example, you should be targeting people who are in relationships for your diamond ring business.
Consider your potential customers’ likes, dislikes, lifestyle traits, interests, and shopping preferences to know them inside out. Then, target them per your jewelry category, such as vintage jewelry, premium jewelry, etc.
04. Make A Business Plan
Proceed further only when you have a well-thought-out business plan. Also, you must have a clear picture of your budgetary reach. That will keep you safe from overspending on marketing and other business aspects in the initial stage. The business plan will serve as your guide. It also is a way to evaluate your business goals and achievements.
Your business plan must include an executive summary that explains your company and what it does in a simple way. The plan will explain how you will move forward with the right steps to achieve your business goals. It must also give an outline of how you are going to do the market research.
Tell also about how you will position your company in your industry niche. The plan also includes product details. Most importantly, the plan has various options for funding your new company. It must also come up with clear marketing and sales plans.
05. Decide On The Type of Jewelry You Would Be Making
After you put a business plan in place, determine the type of jewelry you would like to manufacture. You need to be creative at this stage. Think of some innovative and trendy jewelry designs your target buyers like to possess.
However, create a whole jewelry collection rather than making a few pieces. This helps immensely in building customer relationships and a solid loyal customer base.
Also, go well prepared to make jewelry. Get some education about different aspects of jewelry making by accessing some courses. You must have all the tools, such as software and jewelry design tools. Think of accessing basic materials such as beads, gemstones, precious metals, chains, wire, clasps, etc.
You should prefer making your sample of jewelry pieces and ensure that it looks simple and unique. These samples will also work well for your product photography.
06. Find A Jewelry Manufacturer
Next, search the market for an experienced and trustworthy jewelry manufacturer. It is advisable to avoid making jewelry on your own. That is an expensive and lengthy process, which will also consume your time and energy. So, initially, let a manufacturer produce your jewelry pieces. It is also the right step if you want to scale up fast.
When considering a jewelry maker, pay attention to some proven tips. You should first look at the work samples of the manufacturer. Then, hire a trusted maker with expertise in making your jewelry type. Finally, check the sample quality before placing an order in bulk.
You can also opt for a drop shipping business model. This model allows your customers to source your jewelry pieces from a third-party supplier who will supply the items on your behalf. But you need to set up an online jewelry store where customers can place their orders.
07. Look Different
Many other jewelry makers and traders are active in your niche and are your direct competitors. And you’ll have to compete well in the market to make a name for your kind of jewelry pieces. Therefore, create jewelry that is unique, aesthetic, and simple.
Look at the ongoing jewelry designs and see what works for your competitors. Study minimalist geometric styles and other such designs. Compare them and see which ones will be good for your business. You can design jewelry pieces that look slightly different from those trendy designs.
08. Market Your Business Online
Are you interested in selling your jewelry online? If yes, create a quality website on reputable web hosting to show off your jewelry designs and give information about your company.
Create an online presence for your jewelry business and sell your jewelry pieces to customers worldwide. For this, you need to register with online local business directories and platforms like Google Places if you want to create your own website. You can also open shopping sites on Etsy and eBay and learn more about placing your jewelry in online boutiques.
These Are Some of The Best Ways To Market Your Business Online –
- Build a noteworthy Blog
- Build Video Tutorials on YouTube to reach a large audience
- Do Effective Email Marketing using tools like Saleshandy
- Social Media marketing strategies to turn potential buyers into actual customers
- Search Engine Optimization (SEO), and
- Content Marketing and Referral Marketing.
09. Create A Logo For Your Jewelry Brand
You must own a memorable logo for your jewelry business. The logo will represent your jewelry company and its unique items in a competitive market. In addition, the logo will identify your company to your customers. Jewelry logo designs help build a brand identity of a jewelry business.
These Are Some Important Steps You Need To Follow When You Are Creating A Logo For Jewelry Business:
- First of all, you should understand who your target customer is so that your logo will appeal to that segment of customers. For example, this implies that a logo for a costume jewelry line targeting teenage girls would be vastly different from a logo for high-end or expensive jewelry.
- Secondly, you should clearly understand your business’s brand personality so that you can create a logo that will represent your jewelry business well.
10. Take Persuasive Images of Your Jewelry For Websites & Marketing
Jewelry is primarily a visual product. So having clean and striking photographs of your jewelry pieces is essential for online sales and marketing purposes. Displaying images of products for some businesses may not be so crucial, but that’s not the case with the jewelry business.
No matter how aesthetically designed your jewelry pieces are, they may not draw buyers’ attention if their images are not impressive. So taking high-quality photographs and using them on your website or third-party e-commerce sites and marketing campaigns will significantly boost sales.
You should be consistent with your products’ photos, keeping similar backgrounds for every image. White, marble, wood grain, or slate are advisable to use as backdrops. Besides, you should consider taking photographs of your jewelry on a model to show styling suggestions.
11. Do A Cash Flow Forecast For Your Jewelry Designs
You should be able to predict how much cash you need to run your business smoothly for many months to come. This forecast will remind you that you must save money and avoid overspending.
Many companies failed just because they needed more cash to buy raw materials and pay salaries. So, highlight some danger areas and plan how to best deal with them. Cash flow is one of the critical tips you must consider for starting your business.
- 7 Crucial Tips To Start Your Own Jewelry Line Business
- Top 51 Jewellery Logo Designs For Your Inspiration
12. Do Your Market Research
Market research is another crucial step you must take if you want your jewelry-making business to succeed. Market research is an organized way of learning about your competitors as well.
There Are A Few Things Involved In Market Research, viz. —
- Exploring the marketplace,
- Finding out what a customer wants,
- Determining how you can meet those wants and needs. It also involves finding what is missing and then filling that niche.
13. Hallmark Your Jewelry
In some countries, hallmarking precious metals is essential before selling jewelry. For example, UK legislation makes it mandatory for jewelry businesses to hallmark their jewelry pieces. Any transaction without hallmarking of jewelry is illegal.
To hallmark your jewelry, you must test metals and brand them with a seal describing their making year and purity. To keep away from any legal trouble and hassles, think of choosing the precious metals that are already hallmarked. That is a secure way to trade legally.
14. Build Your Brand
Turning your jewelry business into a brand is equally important. You should make efforts to connect people emotionally with your business. Make them perceive your jewelry items as something they always wanted to wear.
One proven way to build a brand is to create impressive visuals. Your logo, website, business card, and other marketing materials must be visually appealing. Choose your fonts and color palette carefully
At the same time, create those visuals to send out a message to your target audience. Again, many tools exist, such as a video maker, domain and business name generator, logo maker, etc.
15. Get Help From Your Local Chamber of Commerce
Have you decided to start your jewelry business? First, you should register and obtain a business tax ID number to operate. You can seek advice from a local economic development center in your area. Your business must be registered to avoid legal issues and getting penalized.
Local economic development organizations provide free advice to those who want to start their own business. They can also assist with the cost and accounting you need when starting a jewelry business.
16. Effectively Utilize Social Media
Nowadays, everyone has an account on various social media channels, such as Facebook, Twitter, Instagram, Pinterest, etc. So, create business accounts on all leading social channels to get your business known. Make sure you design social media pages with utmost care to draw visitors’ attention instantly.
Since the jewelry business relies more on showcasing a wide range of jewelry items, use Instagram and Pinterest, which are image based social channels.
These Are Certain Things You Need To Follow:
- Regularly post images of your jewelry items,
- Post your Blog on social media channels regularly,
- Ensure you always include links to your products in your Etsy, ArtFire, and other online shops.
17. Make What You Love
When starting your jewelry business, you should make every piece of your jewelry look different from your competitors’ offerings. Apart from being visually appealing, you must take care of its packaging design which needs to be empirical, persuading consumers to prefer your product over the competitors.
You should be doing the creative work of making jewelry pieces from your heart. Remember that you will be working for hours. So encourage your workforce and engage yourself with your business.
18. Select A Price Point For Your Products
Make sure that your product price is just right for your target customers. For example, if your jewelry prices is priced too high, you might lose customers. But if prices are too low, customers may perceive the jewelry as inferior and impure.
You should consider the basic costs such as labor, production, shipping, warehouse, and material costs. Consider your overhead costs as well. Ensure that the pricing includes your expenses for paying employees’ salaries.
Then, it is up to you to decide on your profit margin. Start with a low profit and gradually increase the price and profit when people trust your business.
19. Set Practical Sales Targets
Your jewelry business growth will not skyrocket overnight after its launch. It will take time to build its name in your niche market. Then, with consistent branding and marketing strategies, it will register substantial growth. So, ensure you are confident in setting sales goals.
When setting up your jewelry store, consider its sales and distribution goals. Such realistic targets will give you something to work on. In addition, a growth-oriented goal will help in tracking your progress.
20. Keep A Low Profile
When you are finally ready to start, opting for a soft launch of your jewelry business is advisable. Make your business launching a low-key affair. That will help in adopting a level-headed approach.
Then, start growing your jewelry business steadily. Look for suitable retailers who have a good reach in your niche market. You can then establish a partnership with them. Search the market for investors willing to put money into your new business for its steady growth.
21. Be Patient With Yourself
It takes time to build a successful business. Do not expect to get overnight success after you open your jewelry shop. It may take even years before you taste success. So, have patience! There’s nothing wrong with having high expectations, but at the same time, you need to be realistic.
Start your jewelry business carefully with a well-thought-out plan. Make sure that your business is visible to the target audience. Create a custom logo to represent your company in a competitive market. Build an excellent social media presence by posting text and image content on different social channels. Have enough cash flow to meet any urgency until your business is finally on its own.
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Anne Carton is a small business consultant, designer and an enthusiast blogger working with Designhill, one of the fastest-growing custom design marketplace. She has authored several blogs, articles and editorials on various topics related to interactive content, concerning design, social media strategies, growth hack strategies, digital marketing and e-commerce. Facebook | Twitter
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Jewellery shop business plan template
Download this jewellery shop business plan template in PDF or Word format, or tailor it to your project directly in our business plan software.
Discover our jewellery shop business plan template
Our jewellery shop business plan template gives you the structure to write a professional plan.
Not accustomed to writing business plans? Our jewellery business template will turn a typically challenging process into a total breeze.
Modelled on a complete business plan of a jewellery shop in Normandy, our template features both the financial forecast and the written part that presents the project, its team, the local market and the business strategy implemented by the management.
Cast your eyes on this template to achieve a better understanding of what your bank and investors would like to see, so that you can create a business plan that meets their expectations.
7 day free trial. No credit card required. Jewellery shop business plan template available with paid plans only.
How to use this jewellery shop business plan template
Edit the jewellery business plan template online, or download it.
There are 3 ways to use this template:
- Edit it online: you can adapt this template to your business idea by changing the text or the financial forecast directly in our business planning software
- Download in PDF: if you're just after a little inspiration, you can download the jewellery shop business plan template in PDF to read over it
- Download in Word format: want to edit your plan on Word? Simply export the jewellery store business plan template to Ms Word (.docx) format
Jewellery shop business plan template content
This template includes a complete jewellery shop business plan example, with a financial forecast and the following sections:
- Executive summary: the executive summary gives the reader a clear and concise overview of your business idea
- Company: this section lays out the structure of your business, including its location, management team and legal form
- Products and services: here, you'll give an overview of the services or products offered by the company
- Market analysis: the market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.)
- Strategy: this section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way
- Operations: this step lays out the company's operational organisation, including the recruitment plan
- Financial plan: the financial plan includes a table of sources & uses (initial funding plan), and complete financial statements (P&L, balance sheet and cash flow statements).
- Appendices: this part provides the opportunity to include multiple financial appendices generated by our software (debt maturity profile, monthly financial statements, financial analysis, etc.).
7 day free trial. No credit card required. Jewellers business plan template available with paid plans only.
Executive summary of the jewellery shop's business plan
The executive summary gives the reader a clear and concise overview of your business idea.
Our jewellery shop business plan example's executive summary is formed of the following subsections:
- Business overview: in this subsection, we outline who the jewellery shop founders are, what legal form they've chosen for the business, and the rationale behind the choice of their location
- Market overview: in this subsection, we summarize the conclusions of the market analysis performed by the jewellery shop's owners and explain which type of jewellery lovers (exclusive, costume, fashion, handmade etc.) they aim to target
- Financial highlights: in this subsection, we give an overview of the forecasted financial performance of the jewellery shop over the first 3 years of operation
- Our ask: in this subsection, we outline the amount of financing required to start the jewellery shop and how it's going to be funded (the founders are seeking both a bank and VAT bridging loan to start their jewellery shop)
Company overview included in our jewellery shop business plan sample
This section lays out the structure of your business, including its location, management team and legal form.
Our jewellery shop business plan template's company section is formed of the following subsections:
- Structure & Ownership: in this subsection, we outline who the jewellery shop's shareholders are and what legal form they've chosen for the business
- Location: in this subsection, we present the area surrounding the location chosen for the business and the layout and main features of the premises
- Management Team: in this subsection, we give an overview of the background of each of the jewellery shop's founders, explain how they met and why they decided to start a company together
Products and services offered by the jewellery shop
The products and services section is where you will present the different types of jewels, watches, rings, repairs and other goods or services offered by your jewellery shop.
In our jewellers business plan template products and services section, we cover:
- Jewellery: a wide selection of jewellery including gold, silver and white
- Watches: classical, luxury and designer watches as well as bracelets that go well with smart watches
- Wedding rings: a choice of different materials and gemstones to create a personalised design
- Engraving and fitting services: engraving available on any piece of jewellery while fitting carried out for rings and bracelets
- Repair services: ability to fix jewellery, watches and offer a battery replacement
Market analysis for the opening of the jewellery shop
The market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.)
Our jewellery shop business plan example's market analysis section is formed of the following subsections:
- Demographics and Segmentation: in this subsection, we explore the market in depth. We look at the supply and demand sides both at the national and local level, analyse the hot trends perceived by the founders, and the key statistics that will help the founders build their positioning
- Target market: in this subsection, our founders explain which types of jewellery (exclusive, costume, fashion, handmade etc.) their ideal target audience loves and why they chose to target them
- Competition: in this subsection, we take a look at the direct (jewellery shops nearby) and indirect (other ways of buying jewellery) local competition to ensure we have a differentiated positioning and that the market is large enough to accommodate the arrival of new jewellery shop
- Regulation: in this subsection, we give an overview of the main regulation applicable to our jewellery shop
Setting the strategy for our jewellery shop
This section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way.
Our jewellery shop business plan template strategy section is formed of the following subsections:
- Pricing: in this subsection, we explain how we set the prices of our main categories of products and services (jewellery, watches, wedding rings, engraving, repair, fitting) and the rationale behind our choice
- Marketing plan: in this subsection, we explain what action we'll put in place to build awareness and loyalty among our jewellery shop customers
- Milestones: in this subsection, we give an overview of the main goals we set for ourselves for the next 3 years
- Risks and Mittigants: in this subsection, we perform an assessment of the medium and long-term risks that could jeopardize the financial viability of our jewellery shop and outline how we intend to mitigate them
Operations section of the jewellery shop business plan template
This part lays out the company's operational organisation, including the recruitment plan.
Our jewellery shop business plan example's operations section is formed of the following subsections:
- Personnel plan: in this subsection, we explain what our opening hours will be and explain the responsibilities of each of staff member in our jewellery shop
- Key assets and IP: in this subsection, we list the assets and intellectual property rights which are critical to our business operations and explain how we will secure and protect each of these
- Suppliers: in this subsection, we give an overview of the main suppliers we will use our what commercial terms have been negotiated with them
Financial plan included in our jewellers business plan template
This section presents the expected financial performance of the jewellery shop over the next 3 years.
Our jewellery shop business plan example's financial plan is formed of the following subsections:
- Start-up funding: in this subsection, we list the cost of each item required to launch the jewellery shop
- Important assumptions: in this subsection, we explain the methodology and the main assumptions used to build the jewellery shop's financial forecast
- Sales forecast: in this subsection, we detail the expected revenues and growth rate for our jewellery shop in the coming years
- Cost structure: in this subsection, we list all the expenses required for our jewellery shop to operate smoothly
- Projected Profit & Loss statement: in this subsection, we analyse our forecasted P&L and comment on the expected profitability of our jewellery shop over the next 3 years
- Projected cash flow statement: in this subsection, we analyse the expected cash generation of the jewellery shop
- Projected balance sheet: in this section we give an analysis of the liquidity and solvability implied from our balance sheet
Appendices of the jewellery shop business plan template
This part provides the opportunity to include multiple financial appendices generated by our software (debt maturity profile, monthly financial statements, financial analysis, etc.).
Our jewellery shop business plan template's appendices include:
- A maturity profile chart showing the principal repayments of their loans over the next 3 years
- A monthly cash flow forecast: showing how much cash is being generated or consumed each month over the first 3 years of operations
Jewellery shop business plan template sample
Executive summary, business overview.
Darcel Jewellers will be a jewellery store located in Caen's city centre, specialising in wedding rings, jewellery and watches.
We will also offer jewellery, watch or clock repair, jewellery engraving and jewellery customization services.
We aim to attract customers by showcasing our expertise in the jewellery industry.
We want to offer a wide selection of jewels ranging from pieces from small independent designers to major brands, so that anyone can find a piece of jewellery suited to their taste.
We will set up a limited liability company with a share capital of €20,000. The business will be managed by Martin C. and Louisa D.
Both managers each have a decade of experience in the jewellery production and sales sector. They met each other during their studies and have remained very good friends since.
Key figures for the watch and jewellery sector
According to a Francéclat report, the French watch and jewellery industry generated a turnover of €26.9 billion in 2019, an increase of 8.9% from 2018.
The French watch and jewellery market
In 2019, the market was dominated by watch and gold jewellery sales.
The jewellery market was worth an estimated €3.47 billion in 2019, with sales volume amounting to 61 million and the average price €57 (excl. VAT).
Turnover increased by 1.2% between 2018 and 2019, with the average price and volume of sales remaining stable during that time.
Rings generated the highest turnover in 2019, closely followed by necklaces. The average price of these products increased by 4% and 3% between 2018 and 2019. Pendants saw a 6% drop in value, mainly due to less demand for them.
Silver jewellery was worth €74 million in 2019, but sales volume dropped significantly to 19 million units in comparison to 19.6 million units the year before.
The same was true for their value, which fell by 3.9% compared to the previous year. The price remained stable, with an average of €39 spent per transaction.
Customer profile and buying habits
According to GlobalIndex, the profile of a typical consumer is as follows:
- aged between 30-39
- married (55%)
- and working full time (64%) and with at least one child (61%)
According to figures from INSEE, the population of Caen was estimated to be 105,354 in 2017.
The majority of Caen's inhabitants are between 15 and 44 years old. The city was home to 56,089 women in 2017, compared to 49,265 men. This is beneficial as our main target audience comprises women.
The city centre and its shopping district
Caen's shopping district has a wide range of shops which attracts consumers from both the city and the outskirts.
We expect to be profitable in our first year of activity with sales of €194,000 and an EBITDA of €13,220 (with a 6.81% margin) for year 1.
We expect to be able to continue to grow our business to reach €202,000 in sales and €19,425 in EBITDA (with a 9.62% margin) by year 3.
Operating cash flow generation is expected to be positive for the entire duration of the plan, allowing us to meet our loan repayments while maintaining sufficient headroom to deal with any unforeseen circumstances.
The total initial funding requirement for our business is €64,500.
Our partners will contribute €35,000 (€20,000 of share capital and €15,000 of contribution to the director loan), in other words 54% of the total amount.
We would like to obtain a VAT bridging loan (a short-term loan that's repaid once VAT credit is claimed from the authorities) of €9,500 and a 5-year loan of €20,000 to complete the financing.
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Jewellery shop business plan template faq.
A jewellery store business plan is a written document that sets out the commercial, operational and financial objectives of the company over the next 3 to 5 years.
It consists of two main parts:
- A written part that presents, in detail, your jewellery business, the team, your strategy, and your medium-term objectives.
- A financial forecast that highlights the expected profitability of the jewellery shop and the initial funding requirements.
The lack of business planning is one of the main reasons why more than 50% of startups fail within 5 years. If you're starting a jewellery shop, writing a business plan is a must-have in order to reduce the risk of failure of your project.
Business plans are also required by most lenders and investors in order to secure financing, therefore a business plan is also highly recommended if you're seeking a loan or equity investment for your jewellery shop.
Writing a jewellery shop business plan without The Business Plan Shop can be both error-prone and time-consuming - whether you're new to entrepreneurship or experienced:
- You'll need to research the structure of a business plan, what to include in each section, and what key elements investors and lenders expect to see
- You may encounter writer's block (especially if it's the first time you're writing a business plan for your jewellery shop)
- You'll need to create a financial forecast on a spreadsheet which requires a solid understanding of accounting and financial modelling in order to be done without error
- You'll need to spend hours formatting financial data on Excel or Sheets before it's ready to integrate into your business plan
- Any updates to your jewellery shop business plan or financial forecast will need to be done manually
Luckily for you, The Business Plan Shop's online platform and jewellery shop business plan template guide you through every stage of writing a business plan, so that you can spend more time managing and growing your business instead.
Our editor follows a best-in-class structure for professional business plans. Each section and subsection includes examples and instructions to help you, while our business plan templates provide further inspiration if you're stuck.
Our financial forecasting software helps you create a forecast and integrate it into your business plan with ease. Anytime you update your data, your business plan automatically updates.
And with our forecasting software all the calculations are done for you, without errors.
The budget to start and run a jewellery shop will depend on the exact concept and location.
A small local jewellery store doing mostly costume jewellery requires a limited investment. A store offering a selection of exclusive jewellery, watches and repairs amongst other things will require a larger upfront investment and more staff to operate.
As an example, in our jewellery shop business plan template the total initial funding requirement amounted to €64,500, with the founders contributing €35,000.
In order to assess the exact budget for your jewellery shop idea, you need to do a financial forecast using a financial projection tool such as the one we offer .
The package we offer at The Business Plan Shop goes way beyond a simple blank template you need to fill. With our platform you get:
- Access to one of the best business plan software on the market
- Access to our jewellery shop business plan template which contains a complete example of a written business plan and financial forecast to start a jewellery shop
- Access to our entire business plan templates library - giving you dozens of examples to take inspiration from
- Access to our financial planning and analysis platform so that you can track the actual performance of your business against what you had planned in your business plan and re-plan easily
But you shouldn't take our word for it: try our solution for free and make your own opinion!
The free trial enables you to try the software for free during 7 days in order to verify that it meets your requirements before buying.
Some features are limited during the free trial, the main limits are:
- You can only create one business plan
- The financials of the first year are visible, but data for other years are hidden
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