Are you about starting a diamond cutting & polishing business? If YES, here is a complete sample diamond cutting & polishing business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a diamond cutting & polishing business. We also took it further by analyzing and drafting a sample diamond cutting & polishing marketing plan template backed up by actionable guerrilla marketing ideas for diamond cutting & polishing businesses. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Diamond Cutting & Polishing Business?
- 2 Diamond Cutting & Polishing Business Plan – Executive Summary
- 3 Diamond Cutting & Polishing Business Plan – SWOT Analysis
- 4 Diamond Cutting & Polishing Business Plan – MARKET ANALYSIS
- 5 Diamond Cutting & Polishing Business Plan – SALES AND MARKETING STRATEGY
- 6 Diamond Cutting & Polishing Business Plan – Publicity and Advertising Strategy
- 7 Diamond Cutting & Polishing Business Plan – Financial Projections and Costing
- 8 DIAMOND CUTTING BUSINESS GROWTH: Sustainability and Expansion Strategy
Why Start a Diamond Cutting & Polishing Business?
If you have a penchant for diamond and jewelries, you can indeed make good money if only you can be willing to start your own diamond cutting and polishing business. Diamond cutting and polishing business is one business that is not common in countries with a rich deposit of diamonds, but it has a very high profit margin. People that are involved in the cutting and polishing of diamond would admit that they are making huge returns on their investment.
If you intend starting your own diamond cutting and polishing business, then you must take out time to learn the trade because the truth is that it only takes someone who has the technical skills and one who can truly differentiate between various grades and quality of diamond to be able to make it really big in this line of business.
It is important to state that starting a diamond cutting and polishing business requires a reasonable start – up capital, and the ability to network and market high profile clients in the society. Sincerely, diamond is considered to be a luxurious commodity and the people that purchase it are those who are well to do. That is the reason why you must be prepared to target this class of people if you truly want your diamond cutting and polishing business to succeed.
If you have made up your mind that starting a diamond cutting and polishing business is the right business for you, then you should consider reading through this business plan that will guide you to successfully launch yours.
A Sample Diamond Cutting and Polishing Business Plan Template
- Business Overview
Operators in the Diamond Cutting and Polishing industry are basically involved in the practice of changing a diamond from a rough stone into a faceted gem. Cutting and polishing diamond requires specialized knowledge, tools, equipment, and of course techniques because of its extreme difficulty. Generally, the diamond cutting and polishing process includes these steps; planning, cleaving or sawing, bruiting, polishing, and final inspection.
Diamond cutting and polishing line of business is concentrated in a few cities around the world. Diamond cutting polishing business cum diamond trading business is pretty active in Antwerp, Tel Aviv, and Dubai from where rough diamonds are sent to the main processing centers of India and China. The major cities of the world where diamonds are cut and polished are Surat, India and the Chinese cities of Guangzhou and Shenzhen.
In recent years, India has held between 19 to 31 percent of the world market in polished diamonds and China has held 17 percent of the world market share in a recent year. New York City – New York is of course the main hub in the United States of America cum North America when it comes to diamond cutting and polishing and even diamond trading business.
In as much as the market for diamond is growing all over the globe, you must adopt a workable marketing strategy to be able to make good sales and huge profits. You can go into contract agreements with those who mine diamond or those who are into trading diamond.
As simple as it sounds, if you don’t carry out a proper research before venturing into this type of business, you might end up losing your investment. It is imperative that you conduct a research so that you are be able to know what is required in the market, how to source for raw diamonds, where to get the right kind of staffs, and loads of other information that will be useful to you.
Over and above, the diamond cutting and polishing industry is very open to any aspiring entrepreneur who have acquired the required trainings, skills, tools and perhaps professional certifications to start his or her own diamond cutting and polishing business and of course make good money from the industry.
Diamond Cutting & Polishing Business Plan – Executive Summary
Clement Knox Diamonds®, LLC is a U.S based and standard diamond cutting and polishing company that will be based in New York City – New York. We have been able to secure a standard and well – positioned office facility in a central business district in New York City – New York.
We are a diamond cutting and polishing company that is set to compete in the highly competitive diamond cutting and polishing services industry not only in New York, but also throughout the United States and the global market.
Clement Knox Diamonds®, LLC will offers services such as planning, cleaving or sawing, bruiting, polishing, and final inspection of diamonds. Our business goal is to become one of the leading diamond cutting and polishing companies in the United States and we will make sure that we do all we can to compete favorably with leaders in the industry all over the globe.
Our workers are going to be selected from a pool of certified and highly experienced diamond cutting and polishing technicians in and around New York City and also from any part of the United States of America as the business grows.
We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company and to compete with leading diamond cutting and polishing companies in the United States and throughout the globe.
At Clement Knox Diamonds®, LLC, our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for all our partners, employees and for our clients.
Clement Knox Diamonds®, LLC is founded by Clement Knox an engineer per excellence who graduated with from Illinois Institute of Technology (B.Engr.). He has well over 7 years of hands on experience that can help Clement Knox Diamonds®, LLC to favorably compete with other leading diamond cutting and polishing businesses in the United States of America and all around the world.
- Our Product and Services
Clement Knox Diamonds®, LLC is established with the aim of maximizing profits in the diamond cutting and polishing services industry. We want to compete favorably with the leading diamond cutting and polishing companies in the United States which is why we have but in place a competent quality assurance team that will ensure that every diamond cutting and polishing job carried out or related services rendered meet and even surpass our customers’ expectations.
We will work hard to ensure that Clement Knox Diamonds®, LLC is not just accepted in New York City – New York but also in other cities in the United States of America. Our products and services are basically cutting, and polishing diamonds and also selling diamonds.
- Our Vision Statement
Our vision is to establish a standard and world class diamond cutting and polishing company whose services, products and brand will not only be accepted in New York City – New York but also in other cities in the United States of America and throughout the world.
- Our Mission Statement
Our mission is to provide professional diamond cutting and polishing services and other related services that will assist diamond mining and retailing businesses, individuals, households and organizations in ensuring that their diamonds are always in good shape and highly presentable. We want to build a diamond cutting and polishing company that can favorably compete with other leading brands in the diamond cutting and polishing services industry.
- Our Business Structure
Clement Knox Diamonds®, LLC, is a diamond cutting and polishing company that intend starting small in New York City – New York, but hope to grow big in order to compete favorably with leading diamond cutting and polishing companies in the industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At Clement Knox Diamonds®, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Head, Technical Services (Diamond Cutting and Polishing Expert)
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Diamond Cutting and Polishing Technicians (10)
- Client Service Executive
Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Head, Technical Services (Diamond Cutting and Polishing Expert):
- Serves as project manager of the organization; works directly with employees
- Develops strategic plan by studying technological and financial opportunities; presenting assumptions; recommending objectives.
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
- Makes certain that the diamond cutting and polishing department perform efficiently, coordinate employee efforts, and facilitate communications between management and technicians
- Ensures that the organization work in line with international diamond cutting and polishing best practices.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Creates new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Clement Knox Diamonds®, LLC
- Serves as internal auditor for Clement Knox Diamonds®, LLC.
Diamond Cutters cum Polishers (Technicians)
- Responsible for carrying out general diamond cutting and polishing services as required by the organization
- Work with clients to achieve their expectations as it relates to processed rough diamonds
- Handles any other related diamond cutting and polishing services as instructed by the Head, Diamond Cutting and Polishing services.
Client Service Executive
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the creative director in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
Diamond Cutting & Polishing Business Plan – SWOT Analysis
We are quite aware that there are several diamond cutting and polishing companies all over the world, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Clement Knox Diamonds®, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured diamond cutting and polishing business that can favorably compete in the highly competitive diamond cutting and polishing service industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Clement Knox Diamonds®, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Clement Knox Diamonds®, LLC;
Our core strength lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced diamond cutters and polishers (technicians), a team with excellent qualifications and experience in various niche areas in the diamond cutting and polishing service industry. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by international best practices in the diamond cutting and polishing services industry.
As a new diamond cutting and polishing company in New York City – New York, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive diamond cutting and polishing services industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business the way we would want to.
No doubt, the opportunities in the diamond cutting and polishing services industry is massive considering the number of individuals and diamond retailing businesses who can’t run their business or maximize the potential of their diamond without the help of professional diamond cutters and polishers. As a diamond cutting and polishing company, we are ready to take advantage of any opportunity that is available in the industry.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new diamond cutting and polishing company in same location where our target market exist and who may want to adopt same business model like us.
Diamond Cutting & Polishing Business Plan – MARKET ANALYSIS
- Market Trends
If you are conversant with the diamond cutting and polishing industry or the diamond retailing market, you will agree that diamond manufacturers analyze diamond rough from an economic perspective, with two basic objectives steering decisions made about how a faceted diamond will be cut.
It is important to state that technology and global trends plays a major role in the diamond cutting and polishing industry. The first objective of players in this industry is to maximize their return on investment for the piece of rough diamond purchased.
They also ensure that the finished diamonds are sold as fast as they can. Scanning devices are used to get a 3-dimensional computer model of the rough stone. So also, inclusions are photographed and placed on the 3D model, which is then used to find an optimal way to cut the rough diamond ‘stone’.
Another trend is that, the diamond cutting and polishing industry has galloped ahead in recent years as a result of the rapid technological developments in our world, and the growing numbers of financially comfortable people who are looking towards owning diamonds. In the coming years, demand for polished diamonds is projected to continue growing.
Lastly, the diamond cutting and polishing industry is still going to be dominated by operators who have succeeded in positioning their company in cities that are notable for this trade, or in locations that are considered diamond mines.
- Our Target Market
Before starting our diamond cutting and polishing business in New York City – New York, we conducted a market survey and feasibility studies and we are certain that there is a wide range of both corporate and individual clients who cannot successfully run their businesses without the services of diamond cutting and polishing companies.
In view of that, we have created strategies that will enable us reach out to various corporate organizations and individual clines who we know can’t afford to do without our services. Below is a list of the people and organizations that we have specifically market our products and services to;
- About to wed couples who are looking for diamond engagement ring
- Business / companies that are into diamond mining
- Individuals and households who can afford diamond
- Entrepreneurs and Start – Ups who are into the retailing of diamond
Our Competitive Advantage
Surviving in the business world as a diamond cutting and polishing company requires more than, your expertise, knowing how to deliver standard and well – polished diamonds but also how to network with key people that matters; decision makers that can decide who will get a diamond cutting and polishing contract.
Without a shadow of doubt, there are loads of big time investors (Diamond cutting and polishing companies), that have a stake in the diamond cutting and polishing services industry; but one thing is certain, there is room big enough to accommodate both the diamond cutting and polishing companies and the small diamond cutting and polishing companies.
We are quite aware that to be highly competitive in the diamond cutting and polishing services industry means that you are not only expected to be able to deliver consistent and highly reliable and well – polished diamonds, but you must be able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target date of completion of projects.
Our competitive advantage lies in the power of our team; our workforce. We have a team of certified and highly trained and experienced diamond cutters and polishers (technicians), a team with excellent qualifications and experience in various niche areas in the diamond cutting and polishing service industry. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by international best practices in the diamond cutting and polishing services industry.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups diamond cutting and polishing services businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
Diamond Cutting & Polishing Business Plan – SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiffer competitions in the diamond cutting and polishing services industry, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the diamond cutting and polishing services industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Clement Knox Diamonds®, LLC.
Our corporate goal is to grow Clement Knox Diamonds®, LLC to become one of the top 10 diamond cutting and polishing services brands in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in New York City – New York but also in other cities in the United States of America and the global market.
Clement Knox Diamonds®, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our diamond cutting and polishing company by sending introductory letters alongside our brochure to individuals, households, corporate organizations, religious organizations, diamond retailing shops and key stake holders in the United States of America.
- Promptness in bidding for diamond cutting and polishing contracts from the big time diamond mines and diamond merchants
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver excellent services
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
Sources of Income
Clement Knox Diamonds®, LLC is established with the aim of maximizing profits in the diamond cutting and polishing services industry and we are going to go all the way to ensure that we do all it takes and all that is permitted by the law in the United States to meet and surpass the expectations of all our clients.
Clement Knox Diamonds®, LLC will generate income by offering the following diamond cutting and polishing related services;
- Cutting and Polishing rough diamonds
- Selling diamonds
- Other related diamond cutting and polishing consultancy and advisory services
One thing is certain, there would always be corporate organization, diamond retailing stores, households and individual who would need the services of diamond cutting and polishing companies.
We are well positioned to take on the available market in the diamond cutting and polishing services industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our diamond cutting and polishing company to profitability and enviable heights.
We have been able to critically examine the diamond cutting and polishing services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in New York City – New York.
Below are the sales projections for Clement Knox Diamonds®, LLC, it is based on the location of our business and of course the wide range of our services and target market;
- First Fiscal Year-: $750,000
- Second Fiscal Year-: $1.5 Million
- Third Fiscal Year-: $3.5 Million
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same diamond cutting and polishing services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Our Pricing Strategy
At Clement Knox Diamonds®, LLC we will keep the prices of our diamond cutting and polishing services below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services. In addition, we will also offer special discounted rates to all our customers at regular intervals.
We are aware that there are some one – off diamond cutting and polishing contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
- Payment Options
The payment policy adopted by Clement Knox Diamonds®, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Clement Knox Diamonds®, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via POS
- Payment via mobile money platform
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for diamond cutting and polishing services.
Diamond Cutting & Polishing Business Plan – Publicity and Advertising Strategy
Despite the fact that our diamond cutting and polishing company is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our diamond cutting and polishing services.
Clement Knox Diamonds®, LLC has a long term plan of welcoming clients from all over the world which is why we will deliberately build our brand to be well accepted in New York City – New York before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand throughout the United States of America.
Here are the platforms we intend leveraging on to promote and advertise Clement Knox Diamonds®, LLC;
- Place adverts on community based newspapers, radio stations and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around New York City – New York
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Contact corporate organizations, households, diamond stores and diamond merchants by calling them up and informing them of Clement Knox Diamonds®, LLC and our services
- Advertise our diamond cutting and polishing business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
Diamond Cutting & Polishing Business Plan – Financial Projections and Costing
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a standard diamond cutting and polishing company; it might differ in other countries due to the value of their money. However, this is what it would cost us to set up Clement Knox Diamonds®, LLC in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $100,000.
- The amount required to purchase the needed diamond cutting and polishing equipment and machine – $25,000
- Equipping the office (computers, printers, projectors, markers, servers / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $30,000
- Amount required to purchase the needed software applications to run our business – $3,500
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about two hundred and fifty thousand (250,000) U.S. dollars to successfully set – up a medium scale but standard diamond cutting and polishing company in the United States of America.
Generating Funding / Startup Capital for Clement Knox Diamonds®, LLC
No matter how fantastic your business idea might be, if you don’t have the required money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a business such as diamond cutting and polishing business. No doubt raising start – up capital for a business might not come cheap, but it is a task that an entrepreneur must go through.
Clement Knox Diamonds®, LLC is a business that will be owned and managed by Engr. Clement Knox and his immediate family members. They are the sole financier of the business which is why they have decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $70,000 and soft loan from family members $30,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
DIAMOND CUTTING BUSINESS GROWTH: Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Clement Knox Diamonds®, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our diamond cutting and polishing services a little bit cheaper than what is obtainable in the market and also to ensures that our finished diamond can favorably compete with finished diamonds from any part of the world and we are well prepared to survive on lower profit margin for a while.
Clement Knox Diamonds®, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard office facility for our business: Completed
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Purchase of repair and installation tools and equipment: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase the needed diamond cutting and polishing equipment / machines: Completed
- Purchase of the needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in diamond cutting and polishing industries: In Progress