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Jewelry Store Business Idea

If you have ever thought about how to start a jewelry store, you may have wondered if it is possible to achieve success. It is, if you love jewelry, possess the knowledge, have the capacity to research your options, and the desire to operate your own business.

Jewelry stores have the potential to be highly profitable. If you are a jeweler or are willing to hire skilled employees, choose an optimum location, discover an untapped market, and provide customers with the jewelry and expertise they require, you have every reason to succeed.

Jewelry is a competitive business, both online and off. Before you invest your hard earned money and time, ask yourself, “What is my niche? How do I stand apart from the crowd?” In the competitive jewelry business, differentiation is key. Standing out from your competitors can take a few forms:

  • Locate your jewelry store in a location not already served by a jewelry retailer
  • Operate a custom design jewelry store
  • Differentiate your price point – very expensive luxury jewelry or inexpensive costume
  • Carry unique jewelry by local artisans
  • Get really carried away and carry pet jewelry. We’ve never seen this and don’t know if anyone would buy earrings for their cat Fluffy, but you get the picture.

How To Start A Jewelry Store – Getting Started

To get your feet wet and gain valuable knowledge when first learning how to start a jewelry store, visit as many competitors as you can. Your mission is to take note of their inventories and services, attempt to discover a market that is not being served, and learn about store layout and decor. Established jewelry stores must be doing something right. Be observant.

Jewelry stores typically sell a wide variety of jewelry or focus on a smaller niche. In order to be competitive with the stores in your area, focus on lines or services they do not currently offer. Choose your location with care. There should be no competition within a few miles of your chosen location, but it should be in an area already frequented by shoppers.

Purchase display cases, office equipment, cash registers, and other office items from an office supply wholesaler. Pay particular attention to the lighting in your new store. Lighting should enhance the look of the jewelry, not wash it out. Purchase safes and alarm systems to protect your investment. Consider adding cameras to discourage robberies. Obtain a business license from your state or local offices. Meet with an insurance agent to acquire adequate insurance coverage.

Round out your skill set by hiring employees who are skilled as jewelers, gemologists, designers, or goldsmiths, as needed. Each employee should possess strong communication and customer service skills.

What’s Next After You Get Started?

Customers are your life-blood. Jewelry is personal and it may take time for potential customers to warm up enough to purchase from you. Being friendly and taking the time to get to know those who come in your store will help build confidence in your skills and abilities. Building a jewelry business is as much about selling yourself as it is about selling the merchandise.

Use eye-catching and appropriate signage so people can easily see what you sell and what services you offer. Attractive window displays will make many people stop, look, and come in. Price strategically. During times of economic slowdowns, you may make more sales by concentrating on moderately priced pieces as opposed to the more expensive. As the economy improves, you can turn your attention to the more expensive lines.

Traditional marketing methods, such as newspaper, Yellow Pages, and local media should be utilized. The more familiar customers become with your store, the faster the name recognition. Keep in mind however, that traditional paper media is on the decline, being replaced by the internet in virtually every facet. In our opinion, if you only have $600 and plan to spend it on being listed in the Yellow Pages, we’d take that money and spend it on our website and online advertising.

Growing Your Jewelry Store

After learning how to start a jewelry store, an excellent way to expand is to add more product lines. Offer different types of jewelry, watches, or jewelry from local artists. If you have been unable to hire specialists who can help work in your store, now may be the time to do so.

Other areas to look at when expanding include:

  • Corporate partnerships to supply corporate gifts
  • Contract with local schools to design class rings
  • Create unique custom pieces
  • Offer extensive jewelry repair services
  • Facilitate estate sale auction assistance for luxury products

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