Opening a Jewelry Store in 9 Steps: Documentation, Investment and Profitability

Opening a jewelry store is among the business ideas that provide the opportunity to reach the highest return potential in the USA. By starting this business idea with a high Investment requirement, you can invest in a business idea with significant long-term potential.

The first thing you need to have to open a jewelry store is; a high Investment. All information about the required documents, Investment demand, and profitability in the jewelry business, where it is possible to start with above-average Investment amounts…

Entrepreneurs entering this industry are often passionate about gemstones. Jewelers are specialists in all forms of gold. If you want to open a jewelry store; You will need more than just renting a small shop. In this guide, we will walk you through all the steps you need to do to successfully open a jewelry store. Easter wicker cake Ingredients & Preparation

1. PLAN YOUR BUSINESS

One of the most important factors that determine the success of an entrepreneur is to come up with a great business plan. It helps you identify the characteristics of your business and explore the unknown. A few important things to consider:

+ How much Investment will be required?
+ How much Investment do you have?
+ Who is your target market?
+ Can you find a rental shop in the nearest location to the target market?
+ Who will work in the business?
+ What will the name of the business be?
+ What ideas will be implemented for the marketing of the business?

2. HOW MUCH Investment IS NEEDED TO OPEN JEWELRY?

There is a high Investment requirement to open a jewelry store in our country. Opening a jewelry store is not directly suitable for entrepreneurs and investors with low and medium Investments. However, you can take action to open a jewelry store by partnering with a few people with medium Investment. Top Money Making Games

The minimum Investment demand for opening a jewelry store is $260,600 USD for 2022. However, most of the jewelers in the USA are established with an investment of around $267,648 USD. Recently, jewelers have turned to more professional businesses; Therefore, the demand for Investment is increasing day by day. Moreover, the increase in gold prices also increases the Investment required to open a jewelry store.

3. REGULAR EXPENSES OF JEWELRY

If you are planning to open a jewelry store; You also need to know about your regular expenses.

They go regularly to a jewelry store as standard:

  • Rent
  • Electricity
  • This
  • Phone
  • Internet
  • Staff salaries
  • Personnel insurance
  • Business insurance
  • Taxes
  • Advertising and marketing expenses

4. TARGET MARKET

Before you take action to open a jewelry store, you should know the target market of your business well and consider where you can best find this target market. In general, buying and selling gold in our country is an issue that every individual over the age of 20 needs directly. But the main target market is usually coupled with preparing for the wedding. Online Top Selling Products List in 2022

5. CHOOSING THE RIGHT LOCATION

In the USA, jewelry shops are generally located in the passages where jewelers are concentrated. However, recently, jewelers have started to take place in important locations with very high rents. First of all, because there is a lot of gold and other precious stones in jewelry shops; The location to be selected must be located in a safe area. If you are not in a 24-hour guarded passage; then we recommend that you focus on the busiest spots of the city. When choosing the right location, consider the availability of rent and additional benefits such as other parking. What is Car Insurance: Check for Cheapest Car Insurance in 2022

6. REQUIRED DOCUMENTS TO OPEN A JEWELRY

  • Residence certificate of the person who will open the business
  • 2 photos
  • Criminal record certificate (requested from time to time)
  • Copy of identity card
  • Document showing that you are registered with SGK (can be obtained from SGK provincial directorate)
  • Signature Circulars
  • Photocopy of master’s certificate (mandatory)
  • Copy of the Trade Registry Gazette (It is not required in sole proprietorships, but you cannot set out with a sole proprietorship)
  • Chamber activity certificate (to be taken from the jewelers’ room)
  • Photocopy of chamber registration certificate
  • If you have rented your workplace, you must make your lease with the landlord. You should also include the original or a notarized copy among the documents.
  • firefighter compliance report
  • Photocopy of title deed and occupancy permit
  • If there is a toilet in the workplace, the ASAT business license opinion document
  • If the size of the workplace is 60 m2 or more, there should be a recording system and security cameras.
  • You should have the sketch of the workplace drawn by an authorized person. On the workplace sketch, the length measurements should be in the form of the sum of the m2 of the shop, and the stamp and signature of the person who drew it should be on the document.
  • If the shop is rented; the rental contract

7. REGISTER TO THE JEWELRY ROOM

After opening a jeweler’s shop, you must register with the jewelers’ chamber in your city. Otherwise, you will not be able to benefit from various advantages such as the price provided by the jewelers’ room. In addition, there are training and loan opportunities from the jewelers’ room from time to time. In general, the documents requested by the jewelers’ chamber in each city for registration;

  • Photocopy of Identity Card Copy of
    Tax Certificate
  • 2 passport photos
  • Photocopy of the attendance slip kept by the tax office officers at the opening
  • Blood group
  • Mobile, work, fax, home phone number
  • Document showing the collection status,
  • Email address

8. HOW DOES JEWELRY MAKE MONEY? IS IT PROFITABLE?

You often notice that the people who own jewelry stores are very wealthy. However, many people have no idea how jewelers make money. Basically, jewelers have many different opportunities to make money. TOP 15 Facebook Marketing Tips

A – By Trading Gold

Of course, the main reason for the establishment of jewelry shops is to buy and sell gold. One of the main sources of income for jewelers is to make money when buying and selling gold, thanks to the scissors. For example, if the price of a quarter of gold is $34 USD; jewelers buy this gold for $32 USD and sell it for $35 USD. Thus, they earn $2 USD both when buying and selling.

B- With Labor Fee

There is a fee called Labor Fee for bracelets, necklaces, and similar gold types other than fixed gold types in jewelers. Since all jewelers in the country have this system, buyers have to pay this fee. On average, a $20-$30 USD labor fee is charged for a $335 USD bracelet. A very large part of the amount goes directly to the jewelers. It is among the serious sources of income for jewelers.

C- With Investment Purpose Trades

There are places where all jewelers buy and sell gold wholesale. Generally, even in small cities, the number of these wholesale sixths is quite high. Since jewelers are often in the gold market, they can now have a clear idea of ​​when gold rises and falls. Many jewelers also make money by buying and selling gold from wholesalers by evaluating these rises and falls.

D- By Directing Their Investment To Different Instruments

A standard jewelry store has several million pounds of gold. In short, jewelers have no problem with Investment. Since most jewelers with advanced entrepreneurship and investment features do not have Investment problems; It also buys investment vehicles such as houses, workplaces, or cars at affordable prices. Since they don’t have Investment problems, they wait for the right time and put it up for sale. A great majority of jewelers make serious profits by directing their Investment correctly.

In short, the jewelry business is one of the business ideas that can make serious profits with a little effort and effort. Today, you will encounter that very few jewelers had to close because they could not make money. Jewelry will continue to be among the profitable business ideas.

9. ADVERTISING and MARKETING

It is clear that many jewelers in the jewelry business do not show interest in advertising and marketing. The truth, however, is that advertising and marketing opportunities must be used very heavily in this vast market. Moreover, since jewelers do not pay much attention to advertising and marketing; you will be able to gain a direct advantage.

You can place various advertisements in local newspapers, TV, and radios for jewelers, which are among the local businesses. Again, billboards can be a great idea to advertise jewelry stores. We also recommend that you create your online presence. Make sure to create your Instagram, Facebook, and Google Business accounts and post frequent updates.

10. DIGITALIZATION IS INCREASING

As in all sectors, digitalization has been increasing in the jewelry sector recently. After you open a jewelry store, you must create your internet presence successfully. Being accessible on all social media platforms and at the same time selling on the internet will be an important opportunity to increase your business volume.

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