The wedding ring business is lucrative but highly
specialized. It deals with special occasion such as anniversaries, engagement
and weddings.
Diamonds are the preferred choice of stone however other
rare gems are also found in such establishments. Dealing with precious stones
is capital intensive and you need serious security and insurance cover.
Diamond rings are enduring symbols that lasts for generations.
So they are the first choice in a startup wedding ring business.
Startup wedding ring businesses are generally small
medium enterprises however there are major players in the industry. To launch
the enterprise you need to understand the ring trade, develop a marketing
strategy and business plan.
Apart from being capital intensive it requires meticulous
planning, good location and strong security protocols. You could leverage on
franchising, partnership agreements or build the enterprise from scratch.
Location, timing, cost considerations and niche are just
a few challenges to consider. Other difficulties are sourcing your products,
attracting patronage and permits.
The ring business entails hard work, dedication and
specialized knowledge. Other criteria are effective networking with jewelry
makers, antique dealers and pawn shops in your locality.
Personal
Development
By personal development we mean your entrepreneurial and interpersonal
skills. Ring business requires effective communication and marketing.
Learn
the Jewelry Business
The best way to learn about the business is to get a job
in a jewelry store. You need to develop the talent and identifying high quality
merchandize from low quality stock.
The true value of diamond rings are the cut, color,
clarity and setting. Your ring store does not necessarily have to sell only diamonds.
You could add gold, silver and other precious metals to
the collection. Improve your knowledge through books, apprentice programs,
seminars and workshops.
Apart from jewelry knowledge you need entrepreneurship
skills such as budgeting and store management.
Choose
a Niche
The niche you choose determines the type of patronage to
expect. You could deal exclusively with weddings or offer a wider range of
products.
If you intend dealing with expensive merchandise locate
your business in highbrow areas. This is where you find clientele with good
financial resources and purchasing power.
Where
to Locate the Wedding Ring Shop
The location is very important to the success of your
enterprise. Highbrow areas attract higher rent than middleclass areas.
Weight the cost considerations before spending your hard
cash. Another effective strategy is selling your wears online.
Going online is a good strategy that increases sales and
profitability. The location should be in a shopping or commercial area with
lots of vehicular and human traffic.
The store should be easily accessible, charming and well
protected. You need a parking area, storage area, storefront and reception.
Building
an Online Store
Hire a professional website developer to build the online
store. You need a top level domain name and good host plan.
Add high definition imagery and description of your
products. A good way of attracting traffic is through social media and
classified websites.
Develop an online advertisement strategy to reach
potential customers. You also need a safe delivery and checkout system. Make
sure the website has good navigation, an about us page, contact info and a
dedicated phone number.
Learn
about your Customer
Carry out a feasibility study to identify your customer.
Leverage on reviews, profiling and other marketing strategies.
You need the right fit to sell diamonds. People that buy
such gems are celebrities, corporate people and high net worth individuals. You
also get the odd shopper who manages to buy the product through judicious
saving.
Certification
and Permits
Register the wedding ring business as a limited liability
company. Get good insurance cover and sales permits.
Use top notch appraisers to ascertain the true grade and
value of your merchandise. Get proper certification for each item you sell.
Your reputation and brand name should be synonymous with
integrity and trustworthiness. Your customers might require further
authentication. So call in experts to verify the rings certification.
Marketing
the Ring Store
Reach potential customers through electronic and print
media. Advertise in national newspapers, magazines and wedding publications.
Use billboards and signage boards to attract patronage.
You can hire sales representatives to reach customers. Don’t forget to print
colorful brochures and newsletters.
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