Are you serious about starting a business in the diamond jewelry space? Of course, yes, and that is why you are here. So you have a lot to consider before launching this business.
Firstly, you should consider the reason for starting it. Is it to make much money from this operation or out of your love for fine jewelry? Once you find out the reason, you should address the things you are ready to do to turn that goal into a reality. Many people think success is something that just occurs, that it has to do with destiny more than anything else. However, achieving success takes a lot of effort and some amount of good fortune.
Setting Landmarks and Defining Goals
After you answer the aforesaid questions, produce a clear business plan. It should have clear goals and milestones. Many individuals say, ‘earn tens of thousands of dollars’, but this is no clearly defined objective. If you venture ahead with your plan and with that objective, your decision will invite trouble in the future.
However, put a number to it, like say ‘earn $10,000 by 2025’, and your goal is clearer than the above-mentioned example. Are you unsure what a practical figure to set for yourself is? If yes, statistics on this matter are available.
Besides, consider your market, and whether you will sell online, through a physical store or both. In the event you will sell online like RockHer does, then expect the market to be big, and the competition severe.
Identify Your Niche Fast
Most jewelers have their own personality, and the rest should also have it if they are to be noticeably different from the competition. To discover that niche, you should determine which diamond jewelry style you will offer, and whether it will be pricey. If it will be so, do you plan to target the wealthy class? If not, the younger target audience with a modest budget is presumably what you are after.
Are you keen on selling timeless jewelry or do you prefer to deal in on-trend pieces? You can go ahead with your plan, and start to seek venues for your diamond store, only after answering this question too.
Another important step to consider is the way in which you will fund your business. Going into debt right at the start would be unwise. Avoid debt, and then you can put profits back into it.