Are you about starting a jewelry repair business? If YES, here is a complete sample jewelry repair business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a jewelry repair business. We also took it further by analyzing and drafting a sample jewelry repair marketing plan template backed up by actionable guerrilla marketing ideas for jewelry repair companies. So let’s proceed to the business planning section.
Table of Content
- Why Start a Jewelry Repair Business?
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- 14. Sustainability and Expansion Strategy
Why Start a Jewelry Repair Business?
One cool way of making money is to start a jewelry repair business. This business is a lucrative one because one out of two persons that you come across has one or more jewelries that they make use of on a regular basis. The truth is that when jewelries are used, there are tendencies for them to wear out or get damaged hence the need for the services of jewelry repair shops.
If indeed you want to operate a jewelry repair business, you must get it registered with the corporate affairs department of your state or country. Although you can operate an unregistered jewelry repair business in some countries, but operating a registered one is the best way to go because it would position you to do business with corporate entities and it will enable your clients to trust you with their very expensive jewelries.
If you have decided to start your own jewelry repair business, it is important that you make plans on how to raise startup capital, how to attract clients, how to generate profits and how to run the business. Below is a sample jewelry repair business plan template that will help you to successfully write yours with little or no stress.
A Sample Jewelry Repair Business Plan Template
1. Industry Overview
Jewelry repair falls under the watch and jewelry repair industry and players in this industry provide watch and jewelry repair services, including sizing, polishing and battery replacement amongst others. Firms in the industry also offer other repair and rental services and resell of refurbished merchandise and parts. Please note that jewelry repair shops are stand-alone shops that do not sell new watches or jewelry.
Establishments that operate in the watch and jewelry repair industry include physical watch and jewelry repair stores (brick-and-mortar stores) which allow customers to bring in their watches and jewelries for repair and virtual watch and jewelry repair stores (online jewelry repair stores) which allow customers to mail in their watches and jewelry that need repairs.
The Watch and Jewelry Repair Services industry is an open industry hence it has a low level of market share concentration. Even though large multiservice agencies operate in the industry, revenue is also spread among thousands of small firms and freelancers.
As a matter of fact, no single watch and jewelry repair company can account for more than 5.0 percent of the total revenue generated in the industry. This is the reason why smaller jewelry repair businesses account for a large percentage of players in the industry.
Recent researched conducted shows that the watch and jewelry repair industry has been on the decline for the past decade, and revenue will continue to fall over the next five years. Intensifying competition from retailers and manufacturers that offer free or discounted after-sale repair services has reduced demand for the industry.
Substitute goods such as smartphones, have also reduced consumer demand for watches and, thus, repair services. Rising input costs have squeezed profit margins, forcing many operators to exit the industry.
Everybody will quite agree that the watch and jewelry repair industry has come to stay and of course it is one industry that plays key roles not only in the fashion world, but also in the business world because people also deposit their jewelries as collateral if they want to loan money.
The watch and jewelry repair service industry is very open to any aspiring entrepreneur who has acquired the required training, skills and perhaps professional certifications to start his or her own business.
2. Executive Summary
St. Davies® Jewelry Repair Shop, LLC is a licensed one stop jewelry repair shop. We have been able to secure a standard and well – positioned shop facility in a central business district in Las Vegas – Nevada. We are a jewelry repair company that is set to compete in the highly competitive watch and jewelry repair services industry not only in Las Vegas – Nevada, but also throughout the united states market.
St. Davies® Jewelry Repair Shop, LLC will offer repair services that revolves around watch and jewelry repair services, including sizing, polishing and battery replacement. We will also offer other repair and rental services and resell of refurbished merchandise and parts. Our business goal is to become one of the leading jewelry repair shops in Las Vegas – Nevada and we will make sure that we do all we can to compete favorably with leaders in the industry.
Our workers are going to be selected from a pool of highly experienced watch and jewelry repair technicians in and around Las Vegas – Nevada and also from any part of the United States of America as the business grows. We will make sure that we take all our workers through the required training that will position them to meet the expectation of the company and to compete with leading jewelry repair companies in the United States.
At St. Davies® Jewelry Repair Shop, 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.
St. Davies® Jewelry Repair Shop, LLC is family business that is own and managed by Jack Davies and his immediate family members. Jack Davies has over 7 years of hands on experience working as the manager of one of the leading watch and jewelry repair companies that has active presence all across the United States of America.
3. Our Products and Services
St. Davies® Jewelry Repair Shop, LLC is established with the aim of maximizing profits in the jewelry repair services industry. We want to compete favorably with leading jewelry repair companies in the United States which is why we have but in place a competent quality assurance team that will ensure that every repair job carried out or related services rendered meet and even surpass our customers’ expectations.
We will work hard to ensure that St. Davies® Jewelry Repair Shop, LLC is not just accepted in Las Vegas – Nevada but also in other cities in the United States of America where we intend opening our outlets. Our products and services are listed below;
- Watch and Jewelry repair services, including sizing, polishing and battery replacement
- Resale of jewelry and watch parts
- Resale of refurbished jewelry and watch merchandise
4. Our Mission and Vision Statement
- Our vision is to establish a standard jewelry repair shop that will repair jewelries and watches for clients not only in Las Vegas – Nevada but also in other cities in the United States of America.
- Our mission is to become one of the top 10 jewelry repair shops in the whole of the United States; a business that will have actives presence via franchising all across the United States of America.
Our Business Structure
St. Davies® Jewelry Repair Shop, LLC, is a jewelry repair company that intends starting small in Las Vegas – Nevada, but hopes to grow big in order to compete favorably with leading watch and jewelry repair companies in the industry.
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, which is why we are committed to only hire the best hands that can handle the services we render.
At St. Davies® Jewelry Repair Shop, LLC, we will ensure that we employ people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders.
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. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Head, Technical Services
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Jewelry and Watch Repair Technicians (10)
- Client Service Executive
5. Job Roles and Responsibilities
- 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
- Responsible for providing direction for the business
- Produces, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Upholds 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.
- Ensures that the organization works in line with international 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.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversee the smooth running of the daily office activities.
Sales and Marketing Manager
- 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 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
- 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 St. Davies® Jewelry Repair Shop, LLC
- Serves as internal auditor for St. Davies® Jewelry Repair Shop, LLC.
Jewelry and Watch Repair Technicians (8)
- Responsible for handling watch and Jewelry repair services including sizing, polishing and battery replacement
- Handles resale of parts
- Resells refurbished merchandise
- Handles any other jewelry repair and watch repair related 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 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
6. SWOT Analysis
Because of our quest for excellence, St. Davies® Jewelry Repair Shop, LLC engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured jewelry repair business that can favorably compete in the highly competitive industry in the United States.
Part of what the business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for St. Davies® Jewelry Repair Shop, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of St. Davies® Jewelry Repair Shop, LLC;
Our essential strength lies in the power of our workforce. We have a team of highly trained and experience jewelry and watch repair technicians, a team with excellent qualifications and experience in various niche areas in the watch and jewelry repair service industry. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by international best practices in the industry.
As a new jewelry repair shop in Las Vegas – Nevada, 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 watch and jewelry repair 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.
We are centrally located in one of the busiest business districts in Las Vegas – Nevada and we are open to all the available opportunities that the city has to offer. Our business concept also positioned us to be a one stop shop in the watch and jewelry services industry.
The truth is that there are no standard jewelry repair services within our area; the closest watch and jewelry repair services company to our proposed location is about 6 miles away. In a nutshell, we do not have any direct competition within our target market area.
Economic downturn is obviously one of the major challenges that we are going to be confronted with. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new jewelry repair shop in same location where our target market exists and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
The watch and jewelry repair industry has experienced strong growth during the past decade as jewelries and watch usage have increased. With the rising popularity of expensive but fragile jewelries and watches, there is indeed a major revenue boost for the industry.
One challenge that might confront players in this industry is that in the coming years, rapid technological change, the falling price of cell phones and of course rising family and individual incomes are expected to encourage the replacement of watches with cell phones since cellphones also show time, and also the replacement of watches as against repairing them when they are damaged.
It is obvious that the Jewelry and Watch Repair industry is highly fragmented and small businesses are known to dominate the industry. There are a large number of small companies and non – employers in the industry specializing in jewelry and watch repair services that operate independently and are targeted to serve a small geographic region. The industry concentration has remained very stable in the last five years despite the fact that jewelry repair services are generally owned by small, independent operators.
Another trend is that the watch and jewelry repair services industry has galloped ahead in recent years as a result of the growing number of financially comfortable people who are looking towards owning expensive jewelries. In the coming years, demand for repairs of jewelries and watches is projected to continue growing.
8. Our Target Market
Before starting our jewelry repair business in Las Vegas – Nevada, we conducted a market survey and feasibility studies and we are certain that there is a wide range of clients who would need our services from time to time. In view of that, we have created strategies that will enable us reach out to various corporate organizations and individuals who we know can’t afford to do without our services.
Below is a list of the people and organizations that we will specifically market our services to;
- Every individual who owns jewelries within our target location
- Every individual who owns watches within our target location
Come to think of it, jewelry and watch repair services is an easy to set up business that does not require formal; anybody that can repair jewelry or watch can start a jewelry and watch repair business if they have the required startup capital.
It means that the possibility of jewelry and watch repair businesses springing up in the location where ours is located can’t be ruled out. We are aware of this which is why we decided to come up with a business concept that will position us to become the leader in Las Vegas – Nevada.
Our competitive edge is that we are a standard jewelry and watch repair business that has loads of complimentary business offerings that can easily assist us in attracting customers within the radius of our business operation.
We can confidently say that we have a management team that has what it takes to start and grow a new business from scratch and grow it to profitability within record time and the location of our jewelry and watch repair services business will definitely count as a positive for us amongst any competitor.
For the time being, St. Davies® Jewelry Repair Shop, LLC has no real competitors that can compete with the quality of services we intend to offer. Our customer service will be customized to meet the needs of all our customers.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category 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.
9. SALES AND MARKETING STRATEGY
- Sources of Income
St. Davies® Jewelry Repair Shop, LLC is established with the aim of maximizing profits in the watch and jewelry repair services industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.
St. Davies® Jewelry Repair Shop, LLC will generate income by offering the following jewelry repair related services;
- Watch and Jewelry repair services, including sizing, polishing and battery replacement
- Resale of jewelry and watch parts
- Resale of refurbished jewelry and watch merchandise
10. Sales Forecast
One thing is certain, there would always be jewelry and watch owners who would need the services of jewelry repair companies whenever their devices get damaged.
We are well positioned to take on the available market in the industry and we are quite optimistic that we will meet our set target of generating enough profits from our first six months of operation and grow our jewelry repair company to enviable heights.
We have been able to critically examine the jewelry and watch repair 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 Las Vegas – Nevada.
- First Year: $150,000
- Second Year: $250,000
- Third Year: $500,000
N.B: This projection was 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 jewelry and watch repair 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.
- Marketing Strategy and Sales Strategy
The marketing strategy for St. Davies® Jewelry Repair Shop, LLC is going to be driven by excellent customer service and quality service delivery. We will ensure that we build a loyal customer base. We want to drive sales via the output of our jobs and via referral from our satisfied customers. We are quite aware of how satisfied customers drive business growth especially businesses like jewelry and watch repair services.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets and the overall goal of St. Davies® Jewelry Repair Shop, LLC.
Our goal is to grow St. Davies® Jewelry Repair Shop, LLC to become the leading jewelry and watch repair services company in Las Vegas – Nevada which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with in the watch and jewelry repair industry.
St. Davies® Jewelry Repair Shop, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our jewelry and watch repair services business by sending introductory letters alongside our brochure to corporate organizations, jewelry and watch retail outlets, households and key stake holders in and around Las Vegas – Nevada
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al
- Use friends and family to spread word about our business
- Post information about our jewelry and watch repair services company and the services we offer on bulletin boards in places like schools, libraries, and local coffee shops et al
- Place a small or classified advertisement in the newspaper, or local publication about our jewelry and watch repair services company and the services we offer
- Leverage on referral networks such as agencies that will attract clients who would need our customized services
- Advertise our jewelry and watch repair services company in relevant magazines, newspapers, TV and radio station.
- Attend relevant expos, seminars, and business fairs et al to market our services
- Engage in direct marketing approach
- Encourage the use of Word of mouth marketing from loyal and satisfied customers
- Join local chambers of commerce and industry to market our services.
11. Publicity and Advertising Strategy
St. Davies® Jewelry Repair Shop, LLC is set to establish a standard jewelry repair services business in Las Vegas – Nevada and throughout the United States which is why we will go all the way to adopt and apply best practices to promote our business.
Good enough, there is no hard and fast rule on how to advertise or promote a jewelry repair services business. The challenge is that most jewelry repair services shops do not have the required money to pump into publicity and advertising. The cash they have are usually reserved to take care of overhead and operational costs.
Here are the platforms we intend leveraging on to promote and advertise St. Davies® Jewelry Repair Shop, LLC;
- Encourage our loyal customers to help us use Word of Mouth mode of advertisement (referrals)
- Advertise our jewelry repair services business in relevant magazines, local newspaper, local TV and radio stations
- Promote our business online via our official website
- List our business on local directories (yellow pages)
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like Instagram, Facebook, Twitter, et al to promote our brand
- Install our billboards in strategic locations
- Direct coupon mailing approach
- Engage in roadshows from time to time in target communities
- Distribute our fliers and handbills in target areas
- Ensure that all our staff members wear our customized clothes, and all our official cars are customized and well branded.
12. Our Pricing Strategy
At St. Davies® Jewelry Repair Shop, LLC we will keep the prices of our services below the average market rate by keeping our overhead low and by collecting payment in advance especially from businesses who would bring in their jewelries and watches for repairs. In addition, we will also offer special discounted rates to all our customers at regular intervals.
The prices of our services will be same as what is obtainable in the open market in the United States of America.
- Payment Options
The payment policy adopted by St. Davies® Jewelry Repair Shop, 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 St. Davies® Jewelry Repair Shop, LLC will make available to her clients;
- Payment with cash
- Payment via POS
- Payment via mobile money platform
- Payment via online bank transfer
- Payment via check
In view of the above, we have chosen banking platforms that will enable our client make payment for jewelry repair services rendered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
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.
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. This is what it would cost us to set up St. Davies® Jewelry Repair Shop, 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 or warehouse 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 software apps, tool box and repair equipment – $15,000
- Equipping the office (computers, printers, server / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Launching an official Website will cost – $500
- Amount needed 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 of our 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 standard jewelry repair company in the United States of America.
Generating Startup Capital for St. Davies® Jewelry Repair Shop, LLC
St. Davies® Jewelry Repair Shop, LLC is a business that will be owned and managed by Jack Davies and his immediate family members. They are the sole financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup 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 documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
One of our major goals of starting St. Davies® Jewelry Repair Shop, LLC is to build a business that will survive off its own cash flow without 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 jewelry repair and polishing services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
St. Davies® Jewelry Repair Shop, 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 retraining 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.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts in 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 workshop: Completed
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup 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
- Secure trademark for our products: In Progress
- Printing of Packaging/Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of repair equipment
- 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
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