Wondering how to start a jewelry appraisal business? We take you step-by-step from start to success.
Preparing for a Jewelry Appraisal Business Launch
For the right entrepreneur, an independent jewelry appraisal business offers a potentially lucrative on-ramp to small business ownership. Compared to other types of business startups, jewelry appraisal is a low capital, low overhead business concept with few financial barriers to entry for first-time entrepreneurs.
But from a professional standpoint, the barriers to entry can be significant, especially if the entrepreneur lacks prior experience in jewelry appraisal. Insurance companies, charities, estate attorneys and other clients will need to be assured that your company is providing them with truly competent and qualified appraisal services.
Consequently, you will need to make sure that you and/or the appraisers you hire meet the qualifications and standards of leading industry organizations like the Gemological Institute of America (GIA), the Code of Ethics of the National Association of Jewelry Appraisers (NAJA), the Uniform Standards of Professional Appraisal Practices (USPAP) and the American Society Of Appraisers (ASA).
Jewelry Appraisal Startups: The First Six Months
As you might expect the first six months will be a critical time for your jewelry appraisal startup. Although there will be a range of activities demanding your attention, you will get the best results by channeling your energy into several critical startup areas:
- Strategy. One of the most common mistakes new jewelry appraisal entrepreneurs make is to forget about strategy after they have created their initial business plan. Your business plan is important, but strategy planning is an ongoing process. By adapting your strategic plan to changing market conditions and other circumstances, you gain the ability to leverage emerging opportunities in the marketplace.
- Marketing. Marketing should be a high priority in every jewelry appraisal startup. Without clients, your appraisal firm's professional expertise will be useless and unprofitable. You will need to create and execute a marketing plan that incorporates traditional and online promotional tactics, including the development of a first-rate business website. Although it may feel like you are spending inordinate amounts of time marketing your appraisal services to prospects, the time and energy you invest in marketing will have a big payoff when it comes to the sustainability of your business.
- Customer Service. Service is the primary way startup jewelry appraisal firms differentiate themselves in the marketplace. As a new firm, you need to generate repeat business from every new client you acquire -- and to do it, you'll need to go above and beyond in the area of customer service. Establish a company culture that puts clients first and train your team (appraisers and back office personnel) to provide exceptional levels of customer service.
How to Create a Winning Jewelry Appraisers Company Business Plan
By now, you're probably tired of hearing how important a good business plan is to your jewelry appraisal business startup.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Furthermore, a good business plan will help you avoid key startup mistakes. While other startup jewelry appraisal businesses are floundering, your business will be on course for growth and profits, protected by a carefully conceived plan that reflects real world business conditions and your business's unique characteristics.
Don't Ignore Competitors
Prior to opening a jewelry appraisal business within your community, it's essential to determine what the competition looks like. Try our link below to generate a list of competitors nearby. After following the link, enter your city, state and zip code to get a list of jewelry appraisal businesses in your area.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
After you've evaluated your local competitors, it's a smart move to speak with somebody who is already in the business. If you think owners of nearby jewelry appraisal businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
However, an entrepreneur who owns a jewelry appraisal business in another town may be more than happy to give you a few tips, 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.
Do you know how to find a jewelry appraisal business manager 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.
Acquisitions vs. Startups
To become a jewelry appraisal business owner, you'll either need to buy an existing business or start one from scratch.
Unless you have compelling reasons to launch a new business, buying an existing jewelry appraisal business may be the better choice.
An acquired jewelry appraisal business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Consider Buying a Franchise
Purchasing a franchise does not mean that can take it easy and just be in cruise control but failure is certainly less likely when you franchise.
Prior to making the decision to open a jewelry appraisal business, you may want to investigate whether purchasing a franchise might help you on your entrepreneurial journey.
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 jewelry appraisal business, these resources will come in handy:
If you came here to learn about selling to jewelry appraisal 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.