Jewellery and Watches Business

Jewellery and Watches Business

We Have Itemized The Ten Things All Jewellery and Watches Businesses Must Be Considering.

75% of new Jewellery and Watches Businesses go down within the first three years, and a quarter of those fall by the wayside within the first year. So that you have the best chance of getting through we have assembled a list of the ten things you must do to ensure your Jewellery and Watches Business is successful.

  • Sole trader or limited company? The choice you make for your organization will impact on the tax you pay and how much legal and fiscal accountability that you are exposed to. In the case of a sole trader there is no differentiation between you and your new venture but the assets and debts of a limited company belong to the business, as this is a separate legal entity.

  • Define your target audience. Attempting to sell everything to everybody will not work. You must focus on your likely customers and all that you do, from your organizations website to your promotions, must be interesting to them. Talking to your potential customers will also make them feel they are important to your business, should create loyalty, and will boost the likelihood of them recommending your business to third parties.

  • Size up your Jewellery and Watches Businesses competition. Which other companies are providing the products that you are planning to provide? What are their strengths and weaknesses when set side-by-side with your business ? By analyzing the competition you can profit from their errors, as well as discover what their clients value. You might also ascertain the price buyers are likely to pay for what you offer, and also the way you can differentiate what you advertise from others that are available.

  • Get your Jewellery and Watches Business noticed. There is no real point in having a stunning idea if no-one hears about it; so how can you get noticed? Assuming you do not have a hefty marketing budget, start modestly and apply yourself to developing connections. Use social media and online networking to start building a decent image with not only likely buyers, but also local journalists, industry bloggers, possible suppliers, related businesses and your local chambers of commerce.

  • Create a website. Did you know that around half of small businesses do not have a web presence? Most want one, but they consider they cannot afford it or they do not have the skills to do it themselves. The latter may have been true a few years ago, but current website building tools mean total novices can now get a fully e-commerce website set up in no time.

  • Decide on your USP. Consumers will only stop buying from somewhere else, instead of yours, if you provide an improvement or something different. Your Unique Sales Proposition lays out what is special about your goods, setting out what your buyers cannot get somewhere else.

  • Work out and obtain the correct amount of funding. In a perfect world you would have ample money to fund the launch of your business, but the majority of people do not have that option. Alternatively you can ask your friends or family to find out if they may be able to help, or you might try getting a bank loan or seek out an investor. You should also find out which grants are available for your organization.

  • Write your Jewellery and Watches Business Plan. Great Jewellery and Watches Businesses were planned that way. This is where you must show that every section of the company works and makes sense. If it does not, should you really go ahead?

  • Decide how your Jewellery and Watches Business will sell to its customers. What is the companies route to market? Think about all of your choices, from market trading to eBay store to mail order, to retail unit or mobile concession stand, to picking up business at networking events or on social media, to telesales or integrated joint ventures or simply advertising via Google Adwords.

  • Decide when you should open your Jewellery and Watches Business. You are ready to open your venture but do not be too quick to quit the day job. The salary could be handy in the short-term, as it could be better to start putting together your business in your down time, and then make the big jump when your business can support you and is truly ready for your complete attention.

When you need to make decisions in regard to your venture you must consider these points:

  • Is this the right decision for me as well as for the Jewellery and Watches Business?

  • What significance will this decision have on each part of your Jewellery and Watches Business?

  • What might the decision cost and where will the cash come from?

  • If there is not adequate cash in the new ventures budget, what will you forego and how will that change your Jewellery and Watches Business?

  • Are these decisions reflected in your Jewellery and Watches Business Plan?

There are plenty of questions you should ask about the decisions you will be making. Deciding on your choices when you are under duress might be a disaster but using an imaginative Jewellery and Watches Business Plan makes your decisions much easier to make.

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