Wondering how to start a jewelry repair shop? We take you step-by-step from start to success.
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Creating a Business Plan for a Jewelry Repair Shop
A common mistake for a small business owner is to launch your company without having written a business plan.
The key benefit of writing a business plan is that it defines the game plan. If you don't have a business plan, your leadership will be handicapped, limiting your jewelry repair shop's ability to succeed long-term.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, you can begin to build on it with goals, budget estimates, marketing plans and other elements that are typically found in startup business plans.
Evaluating Market Potential
How many potential customers will be within a fifteen-minute drive of your business? How many will be within an hour's drive of your business? It's important to run the numbers to understand how many customers might be interested in doing business with your local jewelry repair shop.
Well in advance of opening a jewelry repair shop in your area, it's a smart move to see how you will fit in the competitive landscape. We've provided the link below to help you find competitors in your city. After following the link, enter your city, state and zip code to get a list of jewelry repair shops in your area.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
After you've evaluated your local competitors, be sure to have a conversation with someone who is in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
Fortunately, somebody who runs a jewelry repair shop in another town may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
The key question new becomes: how to find a jewelry repair shop founder in another community?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Advantages of a Jewelry Repair Shop Purchase
On a percentage basis, more entrepreneurs intend to enter jewelry repair shop ownership through a startup than through a business purchase. Yet jewelry repair shop startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable jewelry repair shop, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Explore Franchising Options
Purchasing a franchise doesn't mean you still can't fail but you do increase your odds of success when you buy a franchise.
Before you get too far along in your plan to open a jewelry repair shop, you ought to check out whether buying a franchise could help you avoid common entrepreneurial mistakes.
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 sell to jewelry repair shops, we've got better information for you elsewhere on our site. 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.