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Many of our customers have similar stories about how they got started in
jewelry. Most were involved in other careers and gradually gravitated towards
the creative outlet and financial rewards possible in jewelry design. At one
point, each one decided to really give this possibility a chance and dove
headfirst into a new business venture. If you recently took this plunge you
may be wondering where to begin and how to best move forward.
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Creativity is only half of the formula for success. Designers who last in our
industry also have a solid footing in business principles and market analysis.
That doesn’t mean you need to rush to enroll in a business degree program.
However, you should spend some time researching and planning. If you feel like
you need to improve your business skills, there are many books and seminars
available to help busy professionals.
A business plan is also a tremendous tool for organizing your thoughts into a
cohesive strategy. We recommend that every start-up invest time to write a
business plan before taking any big steps or making large investments. Moreover,
most retail lenders and leasers will require a business plan review as part of
your application for credit or a lease.
A business plan is a document that outlines all aspects of your venture. There are
many different versions, just like there are many ways to write a resume. However,
most will include the following sections: Product Overview, Market Research,
Marketing Plan, Financial Plan, Operational Specifics, Strategy, & Management
Qualifications.
What is important in a business plan?
Different readers will focus on different aspects of your business plan.
However, everyone will want to see the following four strengths communicated
in your document.
1. Research – It is important to research your industry as a whole as well
as your specific market. If you intend to sell throughout your state, you should
know everything about jewelry in your state. Who is competing in the market?
What are the various price points and market segments? What kind of overhead can
you anticipate to run a business in your area?
2. Reality – Readers want to see that you have realistic expectations. Many
new businesses loose money for one or more years when they start out. Are your
prepared for this possibility? How will you survive the financial strain of the
initial launch years? Are you fully committed to following through with the
business even if it struggles?
3. Competitive advantage – There is a lot of jewelry on the market. You must
have a clear idea of who your target buyers are and why they would want your
product in particular. What sets you apart?
4. Security – Overall you are trying to persuade your reader that your venture
is relatively low risk. You have thought through every contingency and you have
plans to handle whatever comes your way. Readers want to be confident that your
business will succeed in the long term.
There are many resources available to help you write your business plan.
Hundreds of books are available online and in bookstores. We have also included
a list of online links to terrific resources on the web. Also, check with your
chamber of commerce. Most cities and states have small business organizations
that offer free assistance to individuals writing business plans and researching
financing. Writing a plan may seem like a lot of work when you are excited to
start creating jewelry, but it is an investment that will pay off for years to
come. Good luck!
Resources
Inc. Magazine
Writing a Business Plan: Articles, tips and resources
www.inc.com/guides/write_biz_plan/
US Small Business Administration
Business Plan Basics
www.sba.gov/starting_business/planning/basic.html
Bplans.com
The sample plans are particularly helpful
www.bplans.com
Entrepreneur.com
Writing a Business Plan: Articles, tips and resources
www.entrepreneur.com/howto/bizplan
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