We also have a strong relationship with vendors and suppliers of jewelries. This relationship is invaluable as it has allowed us offer our clients custom pieces that suit their tastes and preferences. We also have a comprehensive distribution network for our jewelries and a robust website that we use in interacting with our clients. Finally, our CEO, Ms. Lucy Styles is a veteran in the business and has over 15 years experience in the industry that will earn the business great strides.
There are several weaknesses we are facing as a start-up jewelry store and it includes the fact that most of our target market is not yet aware of Sparkles and Stones Jewelry Stores. Also, as a start-up we have limited time and budget in which to promote our jewelry store to a large section of our target market. There are several opportunities that abound to us in this field and this is the fact that a large population of our target market is not yet aware of Sparkles and Stones Jewelry Store which means we have a strong possibility of growing our business in order to accommodate new markets and potential clients.
Also, the fact that we retail unique and creative designs; we are seen as a breath of fresh air in the industry. Every business faces threats every now and then and so even though we know that we are likely to face certain threats, we have laid down strategies available to combat any threat that might crop up.
Some of the threats we are likely to face are an economic downturn that will decrease discretionary income and allow people to spend less on jewelries. Also, the arrival of a new competitor into our same location is considered another threat to our business. The trend within the jewelry store industry is the fact that more stores are shifting towards retailing custom and unique jewelry pieces.
This trend is in response to the mid-nineties in the jewelry stores industry where several stores were retailing thousands of jewelries that were similar, which created a commonality that allowed the start of the custom and unique jewelry trend for several jewelry stores. These unique and custom jewelries have is a way of letting customers stand out.
This trend has led to many jewelry stores become multi-brand retail instead of mono-brand retail so as to be able to offer consumers different styles that will suit their tastes and preferences. Another trend is the blending of art and jewelry which is becoming different from traditional jewelries were where the pieces were made out of precious metals.
These traditional jewelry pieces represented status, wealth or both. As more value was attributed to the precious metals regardless of the design and construction. However, the trends have changed as millenials who have more appreciation for art work are demanding that jewelries have artistic elements and this has helped the industry grow. Finally having a website is critical to the success of a jewelry store as this allows customers build an interest about the store and eventually visit or purchase from the website.
The website also offers customers the ability to carry out research and compare prices which allows jewelry stores to put more effort in having an online presence that not only offers the best in terms of prices and products but also allow stores maintain a presence that will help it become more responsive to customers.
The use of the internet has not only been of immense help to the customers but also to the jewelry stores as well as it has forced them to make vast use of the internet in reaching and creating awareness to its target market in order to reach potential clients.
Even though almost everyone uses jewelries, we as a jewelry store still need to determine exactly who our target market is. This will allow us know exactly what strategies to draft that will be effective on our target market. In view of this, we have had to conduct a market survey in order to determine our target market. The market research that we have conducted will allow us understand what it is our target market will require from us and how we can suitably predict their buying patterns and other characteristics.
From the result of our market survey, we are in business to retail our jewelries to the following set of clients;. In starting Sparkles and Stones Jewelry Store, we intend to build a business that will become the preferred retail jewelry store for our target market here in Midtown Manhattan — New York City through our sale of jewelry inventories that are outstanding as well as other related jewelry related services, as well as all around the United States of America.
Our intention is to be able to compete favorably with our competitors through several laid down strategies. Our first competitive strategy lies in the fact that we are retailing jewelries that are of a unique design and construction as well as offering jewelry-related services to our various customers. Our promotion strategies has allowed us penetrate the market and allow those not aware of us to become aware as we hired a reputable brand consultant who not only studied the market well but used his knowledge and experience garnered in the industry to develop effective promotion strategies that has given us more awareness in the market and an edge over our competitors.
Another competitive edge that we have over our competitors is the fact that we have built an excellent business structure where we hired competent and professional employees who not only understand the industry but also have identified with our core values and principles and are committed to ensuring that they help us achieve our intended goals and objectives at Sparkles and Stones Jewelry Store.
We also are paying our employees very well and have the best welfare packages to be gotten in similar start-ups across the jewelry store industry. Finally, we have the best customer care executives that not only understand how to handle the customers appropriately but also are able to handle all enquiries, orders and complaints in record time and to the benefit of our company.
Sparkles and Stones Jewelry Store has been established with the intention of generating and making profit in the jewelry store industry cum jewelry industry here in Midtown Manhattan — New York City, as well as all over the United States of America by retailing jewelry pieces that are unique in design for its various customers. Therefore, we intend to generate income by retailing the following products and offering the services below;.
The jewelry store industry is one that has been experiencing strong growth as the economy has improved to allow an increase in demand from different types of customers. With our strategic position in Midtown Manhattan — New York City, we expect a very strong growth at the start of and during the course of operations to allow us remain optimistic as regards our revenue generation and profit as well as growing and sustaining our business within a period of one year.
This projection is due to the fact that we have carried out a critical examination of the Jewelry Store Industry and having analyzed our chances using information gathered here in Midtown Manhattan amongst similar start-ups such as ours have been able to come up with an accurate projected sales forecast. This document also discusses where your financing will come from, and who will be involved in the decision making process.
For starters, if you are a little hesitant on attempting a full on business plan, start with this planning worksheet first. After you answer the following questions, you should be able to write out a solid business plan.
There are many formats to choose from, and, depending on who you are working with to set up your business, such as a business lawyer or a CPA, they may have you writing in a certain format. They have many examples of business plans for you to look at and use. Summary of who is involved in making business decisions. Is it just you? You and a partner?
You and a group of other people? How are decisions made, and who is in charge of what aspects of the company? Who makes the jewelry, buys supplies, sells stuff, works on marketing, who manages the accounting? Define all the possible types of jobs and tasks your company needs to accomplish and assign them to specific people. Even if its all just you. Your Artist Statement is the foundation for this part, you can talk about what this business means to you, and expand into the products that you make and hope to sell.
Assess where the handmade jewelry market stands in relation to where you live, and in the country that you are from. Describe the types of jewelry that will be made in the "Products Offered" section.
Key design techniques and unique features that will distinguish the jewelry in the marketplace should be outlined. Comparisons to competitive jewelry businesses are appropriate. Document an analysis of competitors in the jewelry business and the demand for similar jewelry products in the "Market Analysis" area of the plan.
Include information on the target customer, jewelry buying behavior and pricing strategies in this section. Discuss marketing plans in the "Marketing Strategy" section. A comprehensive plan that addresses advertising, promotions, pricing and incentives is desirable. Possible venues may include parties, craft shows, consignment, a retail store-front, and the Internet. Identify staff requirements to make the jewelry products, including the design or purchase of any sub-components, such as beads or findings.
Outline staff requirements for sales and administration too. Special certifications, such as in gemology, or training in special design techniques, should be noted in this section. Document key assumptions, such as anticipated sales and expenditures for components, photography equipment and website development. A break-even analysis, cash flow statement, income statement and balance sheet should be prepared on a projected basis for the next one to three years.
Contemporary Ti Design custom jewelry business plan executive summary. ContemporaryTiDesign is a custom designer, manufacturer, and seller of titanium jewelry/5(77).
Contemporary Ti Design custom jewelry business plan company summary. ContemporaryTiDesign is a custom designer, manufacturer, and seller of titanium jewelry/5(77).
ContemporaryTiDesign is a custom designer, manufacturer, and seller of titanium jewelry. Edit this custom jewelry business plan business plan to fit your business. Jewelry Business Plan: Don't be intimidated! Use our easy worksheet to prep for writing your business plan.
Custom Jewelry Business Plan Contemporary Ti Design Executive Summary Introduction Contemporary Ti Design is a designer and manufacturer of unique titanium jewelry. Jewelry Business Plan. Write custom "Executive Summary" based upon the information contained in the various sections of the business plan. This document should be custom two to three page summary of the key information in the plan and utilize engaging language that will entice the reader to delve business into the business plan.