Jewellery in India has been considered a symbol of respect for feminine beauty for centuries. Women are seen wearing precious jewellery made of gold, silver and precious stones on occasions like weddings, festivals, ceremonies, etc. About 29% of the global jewellery consumption comes from India. This makes the Indian market quite favorable for opening a jewellery store.
If you are interested in the jewellery sector, get information about the functioning of the jewellery industry. The risk factor may be low when it comes to the business of a franchise outlet, but it requires foresight to understand all the details. A paramount investigation is required before opening any franchise jewellery store.
Step-by-step process of starting a jewellery store
Do proper research: When you decide to collaborate with a franchise, it is important to know what field you want to work in. The jewellery business may tempt you, but you need to have some knowledge about the products, operations, and market performance.
Insights into the jewellery industry will help you align your business goals and objectives. Accordingly, you can prepare a new blueprint that will be most likely to make your business successful in the local market.
Study the competition: When starting any franchise outlet in your neighbourhood, it is important to know about your existing competitors. In modern times, technology helps you locate your competitors in the neighbourhood.
Awareness about your existing competitors will help you strategise your marketing plans efficiently. You can evaluate the strength and weakness of the competitors and come up with ideas that are favorable for the store. Understanding the market as a jewellery store franchise owner makes running the business profitable.
It can promote the latest trends that attract more women to buy jewellery from your franchise. Moreover, the unique designs of your franchise are what will keep your brand ahead of the competition.
Choose the Store: Once you decide to open your store, the location plays a crucial role in determining the success of the business. In most cases, it has been observed that the franchise showroom generally operates in an area that targets the customer's living or working location.
Choose a location that provides better accessibility to customers in terms of terrain, parking space, etc. The building infrastructure also plays an equally important role in a franchise store. Often many franchise stores get prime location of the area, but the construction may be old.
Inspect the internal conditions like heating, cooling, electricity, plumbing, and internet services. Once you are completely satisfied with the overall aspect, you can give final approval to the property.
Capital Requirements: Every kind of business needs capital to run and manage it. A franchise store is no exception to this rule. Capital needs to be invested in different quarters before starting a franchise jewellery store. Funds are very important for all expenses, without which the business can be ruined.
It is important to understand its financial requirements. Finances usually include all kinds of charges like inventory, store setup, working capital, employee salaries, franchise financing, royalty fees and others.
Many franchisees can claim franchise fees directly from the store owners. It is necessary to get an idea about all the financial investment and pitch the franchise according to your estimated budget.
Select a franchise partner: Third-party help from a lawyer or a franchise consultant will help you get a better idea about their work stories. It will help you understand an overview of their work proposal, franchise disclosure document and a copy of their agreement.
Compare all the advantages and disadvantages of working in alliance with such companies. See what the franchisor offers you in terms of the agreement and whether the promises are enforced. Get all the legal support and business rights from the franchisor for your jewellery store.
Get all the legal permits: When a business is started, industry-specific licenses and government permits will be required to run and manage all the activities. The franchise brand will be very helpful in obtaining all the legal permits. Consult them about all the legal formalities so that it becomes easier for you to manage your franchise jewellery store without any hassle.
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