Wondering how to start a jewel setters business? We take you step-by-step from start to success.
Business Overview: Independent Jewel Setters
In 2010, the U.S. jewelry industry experienced its largest annual gain in more than a decade, with reported annual sales at a staggering $63.4 billion. As the number of jewelry buyers continues to rise, the demand for qualified jewel setters is expected to increase proportionately.
Jewel setters engage in a diverse variety of gem-based business activities. Professional jewel setters evaluate, fabricate and/or finish gem settings or gem quality in jewelry and industrial settings (e.g. diamond-tipped tools).
Although some jewelry stores and chains employ their own jewel setters, others may outsource these activities to third-party providers. So for jewel setter entrepreneurs, the key to startup success rests in the creation of a business plan that offers quality, value and convenience to jewelry retailers and industrial clients.
Independent Jewel Setter Business Model Dynamics
The typical jewel setter entrepreneur has worked in the trade for a period of time and is familiar with the processes and skill set that are required in the craft of professional jewel setting.
But professional expertise is only one of the prerequisites for a profitable independent jewel setting business. The transition from a skilled craftsman to a business owner will necessitate the development of a new, entrepreneurial skill set that will equip with the tools you need to build and grow your business.
- Client Acquisition. Clients create revenue -- and revenue is the engine that drives independent jewel setter businesses. Right out of the gate, you'll need to create a marketing plan that effectively connects prospective clients to your company, incorporating both online and traditional B2B marketing tactics.
- Customer Service. As a business owner, you will quickly discover that customer service is vital in generating customer loyalty, which is a hallmark of the most successful independent jewel setting companies. Routinely solicit input from your jewelry stores and/or industrial clients, and use that information to improve your service offerings.
- Budgeting. Effective budgeting is a must-have skill for any business owner. If accounting and budgeting aren't your forte, consider hiring an accountant or other advisor to help forecast income and expenses. Remember: The leaner you can operate your jewel setting business during the startup phase, the greater the likelihood your new company will survive over the long-term.
To ensure the highest level of professionalism in your business, consider pursuing certification and membership in the Gemological Institute of America (GIA) and other trade organizations.
How to Write an Effective Jewel Setters Company Business Plan
It's virtually impossible for your jewel setters business to succeed without an effective business plan.
Accuracy and an eye for detail count when writing a business plan. Fudging the numbers is the equivalent of sabotaging your jewel setters business's strategic interests.
Instead, commit to creating the most precise business plan possible. If you're still not convinced, consider what the experts say about business plan writing.
Investigate the Competition
Prior to launching a jewel setters business in your area, it's a smart move to see what the competition looks like. Use the link below to get a list of local competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of jewel setters businesses near you.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
Once you've finished assessing the competion, the next step is to speak with somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. The last thing they want to do is help you to be a better competitor.
On the other hand, an individual who has a jewel setters business outside of your community can be a great learning resource for you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How does one go about finding a jewel setters business founder in another city who you can speak with?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Guidelines for a Jewel Setters Business Acquisition
There are a lot of reasons why it may be preferable to acquire a jewel setters business instead of starting a new business venture.
An acquisition isn't necessarily a bed of roses. You'll need to thoroughly evaluate the factors involved with buying a business. Right away, you'll want to make sure the business is capable of meeting your ownership expectations.
Once you have determined that the jewel setters business is an appropriate match for your goals, you will need to skillfully negotiate on price and perform a thorough due diligence process before you finalize the deal.
The odds of achieving your primary goal of doing well in business immediately improve if you buy a franchise in lieu of doing everything yourself.
Before you consider starting a jewel setters business, it's worthwhile to determine whether franchising might be worth investigating.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing jewel setters business, these resources will come in handy:
If you came here to learn about selling to jewel setters businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.