Jewelry Repair A Niche Business Offering Golden Returns
As long as theres jewelry, theres a need for jewelry repair. Jewelry repair businesses provide a needed service. Skilled jewelry repair professionals can make a good income with the right resources. Repairing jewelry is a stand alone service or a service offered at a jewelry store. A good repair service can offer watch repair and sales, jewelry appraisals, jewelry design, and jewelry sales. No matter its location, in a shop or at a jewelry store, repair services will be attractive to potential customers. In fact, a 2009 Jewelers of America report showed that 10% of retail jewelry sales are in repairs. That was 1 year after the worst of the recession. So, starting a venture or expanding a current business can produce a good income.
First, most businesses start with a business plan. Without a good plan, there're no goals for your business. A plan doesn't have to be complicated. The plan sets out business goals, services offered, advertising plans, business location, competitor information, and income expected. Its a way to show that you've thought through how to run your business. To make business planning easier, there are any number of resources. There are books and software. And, there are online and traditional media services for writing your business plan.
Additionally, financing jewelry repair start up resources can take several avenues. For new businesses, there are a number of angels. These individuals or organizations invest in new businesses for a specified return on their investment. Another alternative is buying an existing business or looking at a franchise.
Research resources like Entrepreneur.com, walk you through everything needed in buying a business. Buying a business means buying a customer base as well as a location. A franchise is a good way to join an established organization. For a fee, it allows you to operate under an established business name and receive training, marketing resources, and support.
Next, you'll need repair tools. The more variety of repair tools you can afford, the more services you can offer. Customers will be attracted to getting many services in one location. You'll need setting and beading tools, abrasives, and welding equipment. Many repair services also add watch repair services. Besides adding extra income, it allows repair professionals to handle fine luxury items like Rolex. Some repair businesses operate as a service within a jewelry store. Again, a full-service jewelry store can offer their customers a one-stop source sales and repairs.
As mentioned earlier, jewelry repair businesses can be stand alone or be part of a jewelry store. In either version, location is very important for attracting customers. Good walk-in traffic as well as repeat customers keeps the business growing.
Location is just one factor in establishing a business. Developing a good rapport with customers keeps them returning again and again. Hiring sales associates with backgrounds in sales and repair can only add to a business.
Marketing a jewelry repair business takes planning. It involves regular customer contact, a key factor for strengthening your business. An organized customer contact plan engages customers and increases fun and excitement.
A professional trade organization is another avenue to establish repair businesses. It helps marketing a jewelry repair business by providing networking opportunities. Organizations also offer training in jewelry repair and business support. Besides training in jewelry repair, they offer options for professional development through continuing education and workshops.
Starting or growing a jewelry repair service takes work and planning. It starts with a business plan that shares your goals, research, marketing plans and developing customer relationships. Then build your business by networking through trade organizations. They also provide professional development. Taking these steps gets a repair business off the ground and keeps it growing.
Category: Jewelry Repair
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