How to Start a Jewelry Store

How to Start a Jewelry Store
Starting a Jewelry Store is not a joke, neither a small business deal. The following is my personal experience and I want to share the way I earn with this business since 2003. The date was March 2003 when I found a unique sterling silver ring in one of dropship websites based in Albuquerque, New Mexico. I asked them why I like the design, and I wanted to buy a single chip. They do not sell the piece, so I committed to buy 10 pieces in various designs. The plan was for my personal use How I started my own Jewelry Store My co-employees wanted to buy some of my rings and they asked me where I got the call. I did not tell them, instead I asked them to buy from me. Because I am a Supervisor and there are around 120 people under me, at least 15 of them ordered some sterling rings in various designs. A business idea came into my mind. I placed an order in the bulk of the same company and good supplier gave me some discount. The mark-up was quite high and, apart from that, design is not available in our locality. The good news about my silver jewelry came up and several co-employees placed orders with me. Some do sell out and some prefer to buy for personal use. It was September 2003 when I decided to resign from my 7-year-old job and decided to open a jewelry store in one of the most populated areas in our city. The amount of money that I earned since March was awesome, and I had never expected such a large turnover. My sister owned an old dress shop in our town. She was so generous to give me a free space and set three jewelry displays. After having my own business license and necessary documents, I began full time. Here are some steps that I made. ■ Registered Jewelry Store a good name for the Bureau of Internal Revenue Office. ■ Opened a separate bank account for my store. ■ Have all my first shares insured with a reputable insurance company. ■ Since I already started to sell when I was hired, advertising was not a problem. ■ I have a very good supplier to date, and the price is the lowest among the other so I also have the lowest price against other competitors. I have good and unique design, but with lower costs. ■ My business plan includes monthly sales target (which I continually increases every month when the target is hit), calculation of expenses, including my share to my sister's power bill. ■ I've also created a website that includes my selected products, new arrivals, and an updated product catalog. ■ I have some printed business cards and brochures, and hired some teenagers to disseminate materials to schools, shopping centers, and certain public places. I moved to my own store (in front of my sister's Dress Shop), and has two employees and a security guard last year. My shop serves over my expectations, and now sells all types of jewelry, including gold and diamonds.

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