Common Pitfalls To Avoid When Starting a Retail Jewelry Business

Rjewelry-01unning a successful jewelry store business isn’t an easy task by any means. Many newcomers to the industry are drawn to it for the large margins and profits. When it’s done right, you can have a long-lasting business that locals know and trust. Unfortunately, though, there are some common mistakes people make when starting a jewelry store that ultimately leads to their demise. To prevent these same mistakes from occurring to you, keep reading for a closer look into common pitfalls of starting a jewelry store.

Pitfall #1 – Not Offering Services

While the majority of your jewelry store’s revenue will come from direct sales, you can increase the amount of money your store brings in by offering various services to customers. If you walk into any major national jewelry store, chances are you’ll see just how many different services they offer. With so many stores taking advantage of this, common sense should tell you that it’s a lucrative venture. Instead of relying solely on sales, you can offer you customers services like ring resizing, laser engraving, jewelry cleaning, gemstone setting, repairs, etc. See what your competitors are doing through a little spying and offer similar services in your store.

Contrary to what some people may believe, you don’t actually need to know how to perform these services. If you aren’t familiar with these services, try hiring someone to come to come in and take care of this part of your business. You can offer them a certain percentage of all repairs done in your store, making it a win-win situation for both you and them.

Pitfall #2 – Not Establishing Customer Relationships

Having strong customer relationships is critical to running a successful jewelry store. If customers don’t know of trust you, they probably won’t come back, which will then result in lower profits and ultimately a failing business. The bottom line is that you need to treat each and every customer who walks in through the doors with respect. Make it a point to greet them with a friendly “hello” and say “good bye” or “have an nice day” when they are leaving.

Strong customer relationships will prove to be one of your most valuable tools as a jewelry store owner, so take full advantage of it when your customers are shopping around. Don’t be afraid to spark up a conversation with them. You more friendly you are with your customers, the stronger the relationship will be.

Pitfall #3 – Poor Pricing

A third pitfall that drags many jewelry stores down is poor pricing. When prices are set too low, you simply aren’t going to make enough profit to continue running a business. On the other hand, pricing your inventory too high will turn customers away. There’s a happy medium that you need to find to turn a profit while keeping your customers happy. Keep your inventory reasonably prices, but not so much that it results in a loss of store profits.

If you have any questions at all about setting up a jewelry display, please give us a call at 800.241.6897 or email us at https://www.melvinroos.com/contact-us/.

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Retail Jewelry Store Security and Theft Prevention

Photoxpress_5482646Security and theft prevention are two critical aspects of running a successful retail jewelry store. Overlooking or simply brushing off these aspects will ultimately result in a loss of profits. Far too many store owners believe they are safe from theft due to their location. The truth, however, is that no retail store is completely safe from theft. As an owner, it’s your responsibility to take the necessary actions to reduce the chance of theft in your store. In this post, we’re going to cover some simple and effective techniques for improving store security.

Before you even think about opening a retail jewelry store, you should first consult with an insurance provider. With the price of certain jewelry pieces exceeding into the tens of thousands of dollars, perhaps much more, you can’t run the risk of taking such a hard financial hit. Insuring your most expensive pieces of jewelry will give you the peace of mind knowing that you’ll be reimbursed financially in the event of theft.

Security Cameras

A state-of-the-art security camera system is necessary to help reduce the chance of theft. Just the sight of the security cameras alone is enough to dissuade some potential thieves from lifting items from your store. Don’t just choose any security cameras, though, but instead choose ones that send footage to a remote location, such an external hard drive. Doing so will keep the footage preserved an in tact in the event of a theft.

Also, it’s recommended that you strategically set up your security cameras to cover every square foot of space in your store. Maintaining a full bird’s eye view will make it difficult for customers to steal items without being seen on camera.

Glass Display Cases

Of course, we can’t talk about theft prevention in retail stores without mentioning glass display cases. These incredibly beneficial fixtures offer the perfect way to safely store jewelry in a way that customers can still view it. Although they are useful for a number of different store types, they work exceptionally well for jewelry stores. Glass display cases keep valuable items safely protected behind a sheet of shatter-resistant glass where customers are able to view it.

Another advantage of using glass display cases is their ability to illuminate product. Some of the models you’ll find come with built-in light systems. After plugging it into a standard wall outlet and flipping the switch, the display case will illuminate your jewelry, allowing customers to see intricate details that would otherwise go unnoticed.

Training Your Employees

Training your employees the basics of theft prevention and security is also important. Teach them how to properly store and lock up valuable jewelry items as well as dealing with customers. Leaving cases, safes and vaults unlocked is a bad habit that could result in theft. As a store owner, you must stress the importance of locking up your inventory. This alone will greatly reduce the risk of theft from happening in your store.

If you have any questions at all about setting up a jewelry display, please give us a call at 800.241.6897 or email us at https://www.melvinroos.com/contact-us/.

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