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Religious institutions Our Competitive Advantage In starting Sparkles and Stones Jewelry Store, we intend to build a business that will become the preferred retail jewelry store for our target market here in Midtown Manhattan — New York City through our sale of jewelry inventories that are outstanding as well as other related jewelry related services, as well as all around the United States of America.
Our intention is to be able to compete favorably with our competitors through several laid down strategies. Our first competitive strategy lies in the fact that we are retailing jewelries that are of a unique design and construction as well as offering jewelry-related services to our various customers.
Our promotion strategies has allowed us penetrate the market and allow those not aware of us to become aware as we hired a reputable brand consultant who not only studied the market well but used his knowledge and experience garnered in the industry to develop effective promotion strategies that has given us more awareness in the market and an edge over our competitors.
Another competitive edge that we have over our competitors is the fact that we have built an excellent business structure where we hired competent and professional employees who not only understand the industry but also have identified with our core values and principles and are committed to ensuring that they help us achieve our intended goals and objectives at Sparkles and Stones Jewelry Store.
We also are paying our employees very well and have the best welfare packages to be gotten in similar start-ups across the jewelry store industry.
Finally, we have the best customer care executives that not only understand how to handle the customers appropriately but also are able to handle all enquiries, orders and complaints in record time and to the benefit of our company.
Therefore, we intend to generate income by retailing the following products and offering the services below; Retail sale of silver, gold and platinum jewelries Sales of watches, rings, earrings and bracelets with precious stones such as diamond, emeralds, rubies, sapphire and other rare stones Jewelry repair and customization services Jewelry resizing and polishing Advisory services Sales Forecast The jewelry store industry is one that has been experiencing strong growth as the economy has improved to allow an increase in demand from different types of customers.
With our strategic position in Midtown Manhattan — New York City, we expect a very strong growth at the start of and during the course of operations to allow us remain optimistic as regards our revenue generation and profit as well as growing and sustaining our business within a period of one year.
This projection is due to the fact that we have carried out a critical examination of the Jewelry Store Industry and having analyzed our chances using information gathered here in Midtown Manhattan amongst similar start-ups such as ours have been able to come up with an accurate projected sales forecast.
However, should there be a change in the assumptions; this will invariably lead to a decrease or an increase in the stated figures Marketing Strategy and Sales Strategy Marketing is a very important aspect of any business as this is where revenue is generated for a business.
To draft effective marketing strategies, one needs to understand that the location plays a huge role as this will determine what caliber of clients visit the store. We intend to conduct a marketing survey so that this will allow us penetrate the available market and position our business in such a way as to attract the right customers, gain a huge share of the market and also compete favorably against competitors.
For this reason, we hired a reputable marketing consultant here in Midtown Manhattan — New York who not only understands the industry but knows how best we would be able to manipulate the market and gain a huge share for the benefit of our business.
The business consultant also helped us draft strategies that are tested and effective and will work for Sparkles and Stones Jewelry Store. We also empowered our marketing and sales team to draft effective marketing strategies that are in line with our core values and principles as a company.
This will ensure that any strategy drafted and implemented will positively communicate our brand. For this purpose, we intend to hire a brand consultant who is reputable and understands the industry thoroughly to help us draft the right publicity and advertising strategies that will not only allow us penetrate the market but ensure that we can suitably compete against our competitors as well.
Therefore some of the publicity strategies we intend to leverage on in promoting Sparkles and Stones Jewelry Store are; Ensure that we place adverts in local newspapers, magazines as well as on radio and television stations Use social media platforms such as Instagram, Facebook and Twitter to vigorously promote our business Create an interactive website that is attractive and user-friendly and use this in promoting our business Sponsor relevant programs such as beauty pageants, catwalks and fashion shows in the community Distribute our handbills and fliers in strategic areas Ensure that our flexi banners are positioned in strategic and conspicuous locations Our Pricing Strategy Determining the prices for our jewelry pieces will mean taking several factors into consideration, especially as we would be offering jewelry pieces that are of a unique design and shape.
We do not intend to run into a loss and so we would consider factors such as what our competitors were offering for jewelries that we are selling, the value of the metals used in making the jewelry, we would also consider shipping and freight bills as well as what overhead and running expenses we have incurred in the process of running our jewelry store.
These factors and more would determine our pricing strategy. However, in order to get a huge share of the market and increase awareness about our business for clients here in Midtown Manhattan — New York City, USA; we intend to offer a discount in the prices of our jewelries for 3 months of operation.
We however have carried out a detailed analysis to know that we would not run at a loss during this period. Payment Options Since we understand that our customers have diverse styles and payment options, we intend to ensure that we come up with payment options that are not only convenient for our customers but to the survival of our business as well.
Below are the payment options we intend to offer our various clients; Payment via Credit Card Payment via Point of Sale POS Machine Payment via cash Payment via online payment portal Payment via check The above payment options were carefully chosen and will work for our clients no matter their tastes and preferences.
The payment options will also enable us have a hitch free transaction from our end. Start — Up Expenditure Budget In setting up and starting a standard jewelry store, there are certain aspects that one is expected to spend the bulk of their capital on which includes procuring the jewelries, paying employee salaries and paying utility bills.
It should be noted that the bulk of the amount will go into paying employee salaries and purchasing inventory. Ms Lucy Styles does not intend to part with any of her equity and so would not be seeking for external investors for her business. She has therefore decided to restrict the sourcing of her start-up capital to these 3 major sources.
The 3 major sources where Ms Lucy Styles intends to generate her start-up capital include; Generating part of the start-up capital from personal savings and sale of stocks Sourcing for soft loans from family members and friends Apply for loan from bank N.
All the approving documents have been signed and the amount will be credited to the business account by the end of the week. Online Jewelry Store Business Plan — Sustainability and Expansion Strategy Every business established to make profit intends to be in existence for a long time through suitable sustainability and expansion strategies and so in deciding the future of our jewelry store, we know how important factors such as business structure, customer loyalty as well as promotion strategies are in ensuring that we are sustained for a long time.
We believe that in having the right business, we not only are able to start our business with as less hitches as possible but we also will be able to sustain our businesses for a long time to come. This is why we are willing to go the extra mile in ensuring that we hire competent and experienced employees who not only understand the industry and the jewelry store business but also have identified with our core principles and values as a company.
Knowing how important our customers are to us, we intend to ensure that we retain customer loyalty because we find that this is less expensive than having to attract new customers to our business. We will encourage our loyal customers with discounts and referral loyalty programs for every customer they refer to us or every purchase of jewelry worth a certain amount that they procure from us.
Finally, we know how important having publicity is to a business and so we intend to draft promotion strategies that would allow us effectively penetrate the market while getting new customers that would boost our revenue and increase our bottom line as well.
We know that if we are serious with these measures we would be able to sustain and expand our business. Completed Opening of Corporate Bank Accounts: Completed Opening Mobile Money Accounts: Completed Opening Online Payment Platforms: In Progress Application for business license and permit:A Sample Online Jewelry Store Business Plan Template Are you about starting a jewelry store online?
If YES, here is a complete sample jewelry store business plan template & . Sample Business Plan 1. Confidential Offering Memorandum Additionally, the company offers appraisals that take approximately four to five business days. Sales include gems and jewelry, diamonds, amber, ruby sapphire among others precious and semi-precious products.
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