Starting a Diamond Retail Shop – Sample Business Plan Template
1. Study the Industry and Learn the Trade
Even if you love diamonds and you make use them, you still have to study the industry and learn the trade before you can be successful as a diamond retailer. If you don’t take your time to learn the trade, you are likely going to be paying more for low quality diamond simply because you can’t differentiate the difference between various qualities of diamond.
So, if you have made up your mind to start your own diamond retailing business, then you must look for someone who is already established in the industry to learn the trade. In some cases you might have to pay to learn the trade, whilst in some other scenario you would be required to only serve for a certain period of time.
2. Draft Your Business Plan
If you have taken your time to learn how to retail diamond, then you need to sit back to draft your own business plan before dabbling your diamond retailing business. In your business plan, you are able to map out strategies on how you can get across to people who love and buy diamond, and other stuffs that will enable you make profits from your diamond retailing business. It’s always advisable to ensure that you write a business plan that is flexible and can easily be adjusted when the need arises.
3. Raise Your Start–up Capital
Starting a diamond retailing business requires a reasonable start – up capital. You would need money to rent a shop, you would also need capital to equip your shop, money to purchase insurance cover for your shop and diamonds, and you would also need money to buy diamonds from diamond cutters to stock your shop. Therefore, if you have not been able to save up the required capital, then you can raise more money from your family members, friends and from investors. On the other hand, if you have a good business plan and the required collateral, you can approach the banks for a loan.
4. Rent or Lease a Shop
Part of your start – up capital is to be used to rent a shop for your diamond retailing business. It is important to choose a suitable location for this type of business. It is a fact that if you open your diamond retailing shop in an area where people with low income lives, you might struggle with the business and may likely close shop sooner than you expect.
However, if you locate your diamond retailing business in a highbrow area of the community where people who can afford luxury lifestyle reside, then you can be rest assured to have high patronage. So, if you are discussing with your real estate agent, ensure that you clearly state the kind of shop that you are looking for. It is also important to ensure that you locate your diamond shop in a secure environment.
5. Establish Business Relationship with Diamond Cutters
If you are going into the diamond retailing business, then you should be able to establish business relationship with diamond cutters since they are the people that deal in wholesale. If you have a good working business relationship with them, you stand the chance of getting good and highly sellable diamond from them. You can get the best of diamond cutters who deal in wholesale from places like New York, Israel, Antwerp and India.
6. Open an Online Diamond Shop
Beyond renting a physical shop where you can retail your diamond, you can also leverage on the online community to sell your diamonds. You can open an online shop where people can buy diamond from. The good thing about online stores is that it can be easily accessed by people from all over the globe. The only little challenge you may be confronted with is the delivery (shipping) of the diamond when it is purchased by someone who lives in a country that is far from where your business is located.
7. Create a Workable Marketing Plan
There are various ways you can get people to know about your business and also get them to patronize you. Part of what you may need to do is to attend functions where you can get to meet the crème de la crème in the society. When you attend such functions, ensure that you hand over your business card to as many people as you can. You can also draw up a list of the people you know who use expensive jewelries and then approach them to market your diamonds.
There you have it; 7 simple steps to follow to start your own diamond retailing business. All these tips would only work for you when you are hardworking and consistent with your strategies.
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