Just starting out in the jewellery making industry? Knowing what to do and in what order can be quite overwhelming. That’s where a business plan can help. This document will act as a roadmap, with a note of all of the goals you want to achieve with your business. So, how do you go about making one? And what sort of points do you need to include in your jewellery business plan? Discover the answer to these questions and more helpful tips along the way, below.
How to write a jewellery business plan
Wondering how to get started? First of all, we’ll list the key things you’ll want to include in your jewellery shop business plan.
Begin by making some notes on these points:
- An executive summary. This is simply an introduction to your business plan. It should be brief, punchy and make the reader want to continue with the rest of your plan. So if you want to focus on a particular alloy or a specific style of jewellery, you’ll want to make a note of this here.
- A company overview. Otherwise referred to as a company summary, this needs to include a number of factors. List who will be in the management team, where the business will be, the history of your company, legal structure and mission statement in this section.
- Key information about the jewellery you’ll sell. Think about how many products you’ll want to sell, what materials are needed, the type of jewellery you’ll be making, etc.
- A marketing plan. This means you’ll need to know your audience. Who are you selling to? Your target market needs to be established before you write it down in your marketing plan. Think about things like age group, gender, location etc. and provide some context for your reasoning behind targeting this market.
- Some company milestones. Setting some milestones for your jewellery business will help to form your strategy. For example, a milestone could be to launch your shop online. Then write down a due date and allocate one person to be responsible for the ownership of the milestone.
- Map out your team’s responsibilities. Make a note of each member of your management team (even if there’s only a couple of you!) and write down a description of their role, their responsibilities and any other key points about the individual, relating to their role.
- Include a financial plan. Not a fan of numbers? Writing a financial plan for a jewellery business may seem a little daunting. However, it is a crucial element of your jewellery business plan to ensure you have a smooth start. You’ll want to include a cash flow statement, sales forecast, a profit and loss statement, balance sheet and a personnel plan.
Advice for writing a jewellery making business plan
Now you know what to include, how do you actually go about writing a jewellery plan? Firstly, you’ll want to set out your overall plans for your business. Are you looking to scale up and grow? This will have to be accounted for in your plan with a vision of the long-term logistics, as well as sorting the current logistics.
What’s more, although writing a business plan may seem daunting, it could help you discover some new opportunities too. For example, you may learn about new jewellery trends and different ways of producing your designs, for a cheaper price.
Work methodically through our online jewellery business plan template and you’ll have a much clearer view of what direction you’d like your business to head in. Looking for more business-related advice? Our Business Advice Hub is full of helpful guides like this one, to help you navigate the jewellery making industry.