Many people dream of starting their own business. We want to finally start working only for ourselves and stop giving part of our salary to the employer. A store with silver or gold jewelry will certainly be an interesting business idea . Currently, the market value of this type of companies is over PLN 2 billion. But how to open such a business? And is it even profitable?
Opening a jewelry store is not cheap
It can be established that we will need about a million zlotys to open a silver and gold jewelry store . First of all, it is about purchasing equipment that should be very diverse. In addition to this amount, there is also a living room arrangement. We must remember that we will be visited by people who are more affluent, so they will require a luxurious interior from us.
In addition, we will also have to ensure the safety of our goods. First of all, we will need a safe or a safe and monitoring. The cash register itself costs at least PLN 7,000, and it may amount to even more, depending on its size. In addition, we will have to provide an alarm, preferably one that will automatically notify the police about a break-in. Such a device will cost at least two thousand zlotys. We will spend another 2-4 thousand on monitoring. The number of cameras should depend on the size of our premises. It is certainly worth spending a little more money here, because the damage that may be caused by a burglary will cost us much more than a few cameras. It is also worth putting on a system that will connect to monitors in our home, so that we can always see what is happening in the store.
On top of all this, there will also be the purchase of a computer and a cash register. You will also need a payment terminal, because nowadays not everyone carries cash, especially when it comes to such large amounts. All this equipment can cost up to PLN 8,000.
What goods to buy?
The rest of the budget should be allocated to the purchase of goods for the store. It will be best to bet on safe products, i.e. those that people buy the most. Certainly, these will be necklaces, silver earrings and more, wedding rings and rings. We can also buy interesting watches and brooches, but we will sell much less of these.
It is important that our store offers a variety of products, also in terms of price. A silver jewelry store should offer accessories that will suit many different tastes, so we cannot focus on just one style that we like.
It is definitely worth ordering larger quantities of goods, because then we will be able to count on various discounts or free delivery. It is certainly also profitable to cooperate with a goldsmith and buy directly from him. Thanks to this, we will be able to save a bit, because we will not have to pay the commission charged by intermediaries.
Franchise or your own idea?
It will be much easier for us to start a business under a well-known brand. We can cooperate with, for example, YES or APART, which are very popular in Poland. In such cases, we will usually have to pay a license fee, but this is the only cost. Later we will only pay for the maintenance of the store.
However, if we are not afraid to enter the market with our own brand, it is definitely worth it. In this way, we will show ourselves in the industry and perhaps in the future we will also be able to run a network of well-known stores with silver jewelry . However, for this to succeed, we will have to be real specialists. It is certainly worth attending various trainings, during which we will learn how to develop our business. As silver jewelry store owner sand gold, we will also have to acquire the necessary knowledge about the products we offer. Thanks to this, we will be able to advise clients and build the image of a specialist. In Poland, many training courses are organized that teach people about jewelry and various precious stones. If something like this happens in our area, we should definitely go along with our employees.
How much can you earn on it?
In fact, it depends on many factors: the location of the store, the goods we offer, our expertise. However, we must remember that the margin we place on our goods should not exceed 50% in the case of silver and gold jewelery and 100% in the case of artificial ones. It is worth ensuring that we have competitive prices, thanks to which we will be able to attract many customers. In addition, we should organize various promotions, for example on the occasion of Valentine’s Day or Mother’s Day. In the vicinity of such holidays, we will be able to count on greater traffic in the store and the sale will make even more people decide to visit our store.
The daily profit that a silver jewelry store can achieve can vary greatly from day to day. Sometimes we will earn 1000 zlotys by selling several pairs of earrings, and sometimes a couple of brides will come to us to buy wedding rings and we will be able to get up to 4-5 thousand zlotys in one transaction.
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