Wondering how to start a jewelers' equipment and supplies business? We take you step-by-step from start to success.
Occupying a Niche in the Jeweler's Equipment Market
As a startup jewelers' equipment and supply provider, you want to maximize your new company's market share. Logically, the way to accomplish that is by offering the widest possible selection of jewelers' equipment and supplies, right?
Maybe not. Startups are at a disadvantage when it comes to competing against larger, more established firms. It's rare for a new business to have the resources and market visibility to go head to head with the big boys. So instead, new providers often identify a market niche -- a subset of the larger marketplace that they can specialize in and hopefully dominate.
Identifying the niche that is right for your startup will require you to perform competitive analysis. Although this represents an additional step in the startup process, the insights you gain will position your jewelers' equipment and supply company in the marketplace and will likely deliver higher revenues than you would earn through a more generalized approach.
Jeweler Supply: Catalogs & Ecommerce Opportunities
Jeweler supply and equipment vendors operate in a B2B marketing environment. Like other B2B companies, your startup will need to adapt your strategy to include the tactics that are most effective in reaching targeted prospects, turning jewelry store targets into qualified leads and eventually, loyal customers.
Traditionally, catalogs have been the primary vehicle equipment and supply providers have used to market their products to jewelers. But these days, sophisticated ecommerce sites and online catalogs are replacing printed catalogs across the industry.
While many jewelers' supply businesses continue to provide printed materials (e.g. specialty catalogs and other marketing content) to their clients, it is imperative to outfit your startup with a highly functional business website that has been search optimized. If you're unsure where to begin, consider outsourcing your website to a competent online marketing firm.
Pricing Considerations for Jeweler Equipment & Supply Startups
Although it's tempting to make a name for your startup by temporarily competing on price, a price war is nearly always a losing proposition for young equipment and supply providers.
Established competitors have the resources to survive a price war, but unless your startup is unusually well capitalized, you won't have the financial capacity to go the distance. So instead, plan to offer competitive pricing and differentiate based on service or other factors.
Business Plan Mechanics for Jewelers' Equipment & Supplies Businesses
If you haven't written a business plan for your new jewelers' equipment and supplies business, it's time to get started.
At Gaebler, we advise new business owners to keep your business plan simple. Even though there are certain issues your plan needs to address, business plans are fluid documents that are intended to adapt alongside your jewelers' equipment and supplies business.
As your company matures, you can circle back to your business plan to make revisions and adjustments.
Don't Ignore the Competition
Before you open a jewelers' equipment and supplies business in your area, it's worthwhile to determine how many competitors you have. Try our link below to generate a list of competitors in your city. Simply enter your city, state and zip code to get a list of jewelers' equipment and supplies businesses in your town.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are seriously contemplating launching a jewelers' equipment and supplies business, it's essential that you speak with somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Fortunately, somebody who runs a jewelers' equipment and supplies business outside of your community will be much more likely to talk with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
How does one quickly and easily locate an entrepreneur who is running a jewelers' equipment and supplies business that lives outside of your area?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Advantages of Buying an Established Jewelers' Equipment & Supplies Business
Spurred on by dreams of a future big money buyout and an undeniable entrepreneurial impulse, many would-be jewelers' equipment and supplies business owners are driven to pursue startup strategies.
Yet a healthier and safer strategy may be to purchase an existing jewelers' equipment and supplies business.
Existing jewelers' equipment and supplies businesses are proven operations with dependable revenue streams. And that's not to mention the fact that a purchase let's you avoid the trial-and-error mistakes that are common in startups.
Is Franchising the Right Option?
As an entrepreneur, your chances doing well with your venture immediately improve if you decide to franchise and benefit from the prior work of others and their lessons learned.
As part of your process in starting a jewelers' equipment and supplies business, you may want to determine whether buying a franchise could make sense for you.
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.
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