Hand Made Jewellery Business Plan

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EXECUTIVE SUMMARY

This business plan is created to apply for funding of €30,000 for the purchase of stock, marketing expenses and working capital needs of the business. This plan covers details about the business, its founder, the jewelry products it offers, market analysis, sales and marketing strategy, and detailed financial projections for the next 3 years.

Jewellery By Gold is a new start-up company and I will operate as a company limited by shares. The compay will sell gold and silver jewellery items through online platforms. Including handmade and holistic jewellery, selling online will reach a wider audience and has greater chances to expand its customer base. The company also intends to delivery services to customers in Ireland.

 The business aims to offer a new dseign in jewellery and delivery srevices. Jewelry is a great fit for e-commerce as products are lightweight and easy to ship, come in many variations, and can be customized.

It is web-based and has mobile web integration that allows users to order their product online and wait for delivery of the item. We are very careful in providing a quick service online jewlery delivery business that offers the best quality and designs . The company will specialize in offering a variety of carefully sourced gold and silver jewellery, and a wide range of handmade and holistic jewellery. It aims to offer rings, necklaces, bracelets, anklets, or belly rings, just to name a few. Each of these products will be made from gold and silver.

The jewelry industry is highly fragmented with hundreds and thousands of artisans across the globe competing for distribution contracts and fame. Some work and distribute locally, others have national distribution systems set up. Some artists will design products for larger companies to manufacture, others will design and make the pieces themselves.  Jewlery created by Elena who design and make all of the pieces hereselves, and then do the retailing. Elana will be focusing on two distinct groups of customers. One is the end consumer, the other is galleries, to be used as a distribution channel.

 The jewelry industry continues to grow, especially when it comes to selling online. In 2020, more than 29 million people purchased jewelry online daily. So buying and selling jewelry online is big business and is hugely lucrative! .  Jewelry is a consumer product, it has no boundaries! Jewelry appeals to both men and women no matter their age (or culture)! .

 The jewellery delivery business has experienced explosive growth over the past five years in Ireland, but the recent pandemic has been a major constraint in the industry this year which has made the business untenable for many industry players because of the lockdown. Jewellery By Gold intends to capitalize on the gap created by the vacuum created by the businesses that crashed due to the pandemic with the hope that the industry will slowly come back by 2021. And the company aims to offer a better product and services, at a reasonable rate, and with tiGoldy delivery.

Careful and conservative projections anticipate growth in profit yearly. The company will pass its break-even point within the first year.

MISSION STATEMENT

Our intention at Jewelry by Gold Stores is to become the prominent Jewlery store online to cater to our various customers.

VISION STATEMENT

Our vision is to become one of the respected and first choice Jewellery distribution businesses in the whole counties of Ireland. We are committed to providing best quality of Jewellery at our customer’s doorstep. We strive to provide quality services on time, based on best practices for the satisfaction of our customers.

Our vision is to be recognized for our jewelries and be regarded as well known in our target market for our sale of our hand made and artisan jewelry stock.

KEY TO SUCCESS

The keys to the success of Jewellery By Gold are as follows;

  • Revenue is one of the most important indicators of your company’s success.
  • Relationship building with Customers.
  • Offer good quality at a fair price
  • Customer loyalty. Getting new customers is great indicator that we are doing something right and means we are getting more sales.
  • User friendly web design
  • Detailed shipping options.
  • Growing Store’s Facebook group
  • Customer Reviews: If you’re selling very expensive jewelry, customer trust is vital for success.

 

2. Company Description

Jewellery By Gold intends to start a Jewellery online sale business to sell worldwide and through operating from Ireland

2.1 PROMOTERS AND SHAREHOLDERS

Jewellery By Gold is founded by Ms. The founder. Initially business will be run by her only. At growth stages, she will be supported by additional staff.

 Elena has many years of retail and direct sales work experience. This makes both the promoters a combination of sales powerhouse to drive the business to resounding success.

2.2 ADVISERS

Business will appoint TAS Consulting Limited as their accountants and business advisors.

2.3 LEGAL STATUS

Jewellery By Gold be will set up a company limited by shares under the laws of Ireland.

2.4 MAIN PRODUCTS & SERVICES

We are in the online Jewellery distribution industry. we do all that is permitted by the law of Ireland to achieve our business aim and objectives. Our products and services offerings are listed below;

  • Retail shop
  • Distribution of all Jewellery products directly from the supplier/producer to the end-users.
  • Distributions of Best design oand best quilty of gold jewelry products
  • Distribution of best quality of silver jewelry products
  • Distributions of handmade and holistic jewelry.
  • Door-to-door delivery service.

3. Market Analysis

Jewelery has always played a huge role as a useful accessory to complete the attire of an individual. Almost everyone uses jewelry and for different purposes, some use jewelry to create a statement, while some wear jewelry to show an upgrade in taste.

There are two categories of jewelries, the branded and the unbranded and while high-end customers usually go for branded jewelries, the rest usually go for unbranded jewelry that might be cheap or expensive depending on the budget.

The online Jewellery delivery services market consists of sales of online Jewellery delivery services and related services primarily for household. The online products delivery services market includes all companies involved in distributing the packages received from hospitality establishments and have an online portal or an application for their sales.

Online Jewellery delivery service has includes delivery of order directly by the concerned retail shop, whereas, Platform-to-customer segment involves online delivery services that deliver orders.

An increase in smartphone users has given a boost to online product delivery services worldwide. Smartphone users are the primary online shoppers for the products and an increase in the number of smartphone users reflects a potential increase in online shopping for Jewellery items.

It is now a common phenomenon for distribution companies to leverage technology to effectively predict consumer demand patterns and to strategically position their business to meet their needs; in essence, the use of technology helps businesses like online distribution to maximize supply chain efficiencies. No doubt data collected from customers goes a long way to help serve them better.

3.1 PESTLE ANALYSIS

POLITICAL

The Jewellery delivery business is gaining momentum. With the two possible caveats of consumers being eager to avoid unnecessary expenses during this period of economic uncertainty and a potential lack of transparency. Ordering Jewellery online seems to have become a tiny window. we had become so accustomed to before lockdown.

 Governments across the world have expansive regulatory frameworks for every aspect of the online products delivery industry. Without a doubt, this makes the online delivery industry one of the most tightly-regulated industries of all. On the plus side, this ensures that consumers aren’t exposed to poor quality, but the complexities of regulation certainly in online business.

Economic

The overall revenue of the online delivery industry is growing. This has a positive effect on all corners of the space, including the individual workers who play a role in these businesses.

On the whole, the cost of hiring workers is increasing across all industries. This is caused by not only a growing demand for employees but also higher and higher government expectations for minimum wages. As in many other industries, the effect of increasing labor costs is simple: less margin for the owner of the business, and thus less profit.

Social

There’s a clear relationship between consumers are conscious of this. This doesn’t necessarily have a positive or negative effect on the online delivery industry, but it means that businesses will have to adapt to stay relevant. 

Customers are also more knowledgeable about their online delivery restrictions. Once again, this isn’t necessarily a bad thing, but it means that the online delivery industry will have to make changes to keep clients happy.

Technology:

We’re seeing various types of automation more and more in the online industry. But in the start, this is too expensive.

There will be less need for laborers. Overall, this is a good thing for the industry, as it will allow businesses to improve profitability and reduce the likelihood of human error.

3.2 SWOT ANALYSIS:

Due to our intention of running a prominent online jewelry store, we had to engage to look through our business concept and determine if we were best suited to start and run our online jewelry store business and also be able to compete favorably against other already established jewelry stores and start-ups here in Dublin as well as in the entire jewelry stores industry in Ireland.

We are quite aware that there are several online Jewellery delivery distribution companies and in the same location where we intend to locate ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks, and be well equipped to confront our threats.

Jewellery By Gold employed the services of an expert HR and Business Analyst with bias in retailing and distribution to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Jewellery online delivery Services;

The main elements of SWOT analysis allow appreciating the degree of these different points:

3.3 COMPETITOR Analysis

Though the Jewellery delivery industry is very competitive, it remains thriving and successful due to the compatibility of the business system to the modern way of living. The number of people who have time and resources to purchase by themselves reduces day by day which is the main reason why the Jewellery delivery business continues to grow and succeed.

There are many small and big competitors but Jewellery By Gold uses its market image and references capturing new Customers and surviving in the market.

Due to Covid and even pre Covid Era the online delivery distribution companies have been providing service of delivering products through an online or phone order and get it delivered door to door to customers. We have seen a surge in online delivery for Jewellery products. Now despite the competition, there is a massive market for this business and the right time to launch it.

3.4 COMPETITIVE Advantage

Jewellery By Gold believes that its services have significant competitive advantages against potential competitors. Beyond selling the distribution of all these products from leading brands in Ireland, we will ensure that all our customers are given first-class treatment whenever they order their gold and silver jewelry items and also handmade and holistic jewelry from us.

Services offered by Jewellery By Gold are featured and specific this will help Jewellery By Gold to create brand awareness and leadership among the potential customers. Our excellent customer service culture, tiGoldy and reliable delivery services, online presence, and various payment options will serve as a competitive advantage for us.

Here is some advantage which Jewellery By Gold has in the competitive market:

  • Flexibility
  • Fair Price
  • Payment Options
  • Good location
  • Quality Products

3.5 Target Market

With changes to our day-to-day, more and more customers are avoiding going to the store and instead opting to get goods online delivered to their doors. For company advertising, this presents a unique opportunity to market to customers looking to get all the essentials without leaving their homes.

Even though almost everyone uses jewelry, we as an online jewelry store still need to determine exactly who our target market is. This will allow us to know exactly what strategies to draft that will be effective in our target market. In view of this, we have had to conduct a market survey in order to determine our target market.

The market research that we have conducted will allow us to understand what it is our target market will require from us. From the result of our market survey, we are in the business of jewelry to the following of customers.

  • Celebrities
  • Business people
  • Tourists
  • Couples
  • Young adults

3.6 TOTAL MARKET VALUATION

The jewelry industry is expected to reach $480 billion by 2025. China, the United States, and countries throughout Europe are all great markets for jewelry. However, newer industrialized countries are expected to make up a larger portion of jewelry sales as their per capita income continues to rise.

The jewelry stores have regained the confidence of consumers which has led to healthy and strong demands that is responsible for the industry’s growth; after a downturn of the economy which saw an increase in poverty as well as unemployment. Asides from the economic downturn, the contraction in the price of gold globally has also affected the industry’s revenue.

The industry is expected to continue to post profit till the year 2025 especially as high-income customers are increasing in number and likely to make more purchases for luxury goods, which will in turn bring in more profits for the industry’s players and also invariably boosting the revenue of the industry.

3.7 Market Growth

The below factors have contributed a lot to the growth of services,

  • Increase in population
  • Demand for living style

There is a great amount of opportunity in selling jewelry online, but it can also be highly competitive. Major existing brands dominate with bigger ad budgets, a large social media following, and established brand recognition, which makes it hard for small, emerging jewelry businesses to keep up.

 Handmade jewelry

The popularity of online marketplaces like Etsy has shown that customers are willing to purchase handmade jewelry and other handmade products. While handmade jewelry can’t be mass-produced, it’s a viable option for business owners who want to make and sell unique jewelry or custom pieces.

Although marketplaces like Etsy offer a great opportunity for jewelry artists to sell their custom work and build a following, it can be highly competitive unless business is willing to play the role of the jewelry designer and the marketer to attract Etsy shoppers to your store.

3.8 MARKET TRENDS

These are the most popular trends prevailing in the market at present,

  • Increased use of social media platforms- Social media is another way that jewelry stores can reach potential customers and get their products directly in front of their target audience. Perhaps the most beneficial social media app for both jewelers and shoppers alike is Instagram.
  • Competitors appear from unexpected directions.
  • Controlling costs to protect profits.
  • From bracelets to engagement and wedding rings—essentially any piece of jewelry—retailers are seeing a huge trend toward customization.

4. MARKET & SALES

4.1 MARKET STRATEGY

The complexity of business can present challenges when bringing the products online. However, with the right ecommerce strategy and tools, company can grow jewelry sales and customer base.

  1. E-commerce websites that sell jewelry.

Business will research the Top E commerce sites whee it will display its items for sale. Each online store will be composed of a user-friendly website design, seamless cart functionality, mobile optimization, promotional campaign management, and high quality product and marketing content.

Jewellery By Gold online delivery Services is in business to distribute a wide range of Jewellery supplies door to door. Having a website is great for the success of a jewelry store as this allows customers to build interest in the store and eventually visit or purchase from the website. The website also offers customers the ability to carry out research and compare prices which allows jewelry stores to put more effort into having an online presence that not only offers the best in terms of prices and products but also allows stores maintain a presence that will help it become more responsive to customers. We are in the industry to maximize profits and we are going to go all the way out to ensure that we achieve our business goals and objectives.

Within the first fiscal year, our system will be positioned in such a way that negotiations will be done with Gold shops to offer discounts on online orders and if possible.

In essence, our source of income will be the distribution of a wide range of Jewellery at affordable prices.

To ensure jewelry by Gold store is set up for success, The company will include the following site functionality:

  • User friendly web design.
  • Mobile optimization.
  • High resolution product and marketing content.
  • Social media integration.
  • SEO features and fully customizable URLs.
  • Product management tool.
  • Promotional campaign management.
  • Cross-sell and up-sell capabilities.
  • Detailed shipping options.
  • Security features.
  • Advanced payment.

Clear return policy and FAQ.

These functions are essential to our online business because they support marketing strategy, frontend and backend operations, and security measures.

Social Media Ads on Facebook and Instagram:

Social media is our hub for connecting with the clients and to keep them involved with promotions plus introducing them to our new offers.

Social media has been the enabler and has motivated many trends to hold a place in the market. Social media has been driving our lives according to the needs of the market as what we see affects a lot of our needs.

We intend to intensify publicity for the business. We are going to explore all available means to promote the business.

Jewellery By Gold online delivery Services has a long-term plan of opening distribution channels all around Ireland which is why we will deliberately build our brand to be well accepted in Dublin and its environment first before venturing out. Our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand.

Here are the platforms we intend leveraging on to promote and advertise Jewellery By Gold Services;

  • Encourage the use of word-of-mouth publicity from our loyal customers
  • Ensure that our jewelry store is listed on online and offline directories
  • Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google, and other platforms to promote our business.
  • Distribute our fliers and handbills in target areas in and around our neighborhood.
  • Advertise our Jewellery products home delivery services business on our official website and employ strategies that will help us pull traffic to the site.
  • Introduce our jewelry store to designers, photographers, magazine editors and other stakeholders in the jewelry industry.
  • Brand all our official distribution vans when we have eventually some, and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.

SMS MARKETING:

Although it’s still in its infancy, SMS ecommerce marketing is a rapidly growing channel for online businesses. With open rates as high as 95%, you can essentially guarantee that everyone on your SMS subscriber list will see your messages and promotions.

WORD OF MOUTH:

To create trust among the clients and to communicate with them the quality of our services it is imperative to generate a word of mouth through a comprehensive online presence.

MARKET POSITION

Jewellery By Gold provides its customers with the highest level of quality services at fair and market competitive prices.

The main significant competitive advantages of Jewellery By Gold are as below:

  • Specialist Skills of Jewlery
  • Here are the payment options that Jewellery By Gold Services will make available to her clients;
  • Payment via bank transfer.
  • Payment with cash.
  • Payment via credit cards / Point of Sale Machines (POS Machines)
  • Payment via POS machines.
  • Payment via online bank transfer.

4.2 INCOME STRATEGY AND SOURCES

 

Jewellery By Gold online delivery Services is in business to distribute a wide range of Jewellery By Gold supplies. We are in the industry to maximize profits and we are going to go all the way out to ensure that we achieve our business goals and objectives.

In essence, our source of income will be the distribution of a wide range of Jewellery items at affordable prices.

  • Young adults
  • Celebrities
  • Business people
  • Corporate executives
  • Tourists
  • Couples
  • Religious institutions

4.3 DEALING STRATEGY

 

Our strategy is based on delivering a strong customer value proposition in a niche market. We are looking to offer Dublin and Ireland at large a new choice in Jewellery items and delivery options. We intend to build our marketing infrastructure so that we can eventually reach more diverse customers. We focus on satisfying the needs of every class of individuals and related businesses located in Dublin and its environs initially and in the long term to reach the whole of Ireland. We intend to have a robust distribution network, strong online presence, and will be armed with the various user-friendly payment options available in Ireland. While everyday, affordable, fashion-type purchases remain fairly consistent throughout the calendar year, niches like fine jewelry experience higher demand around Mother’s Day, holiday, and wedding seasons.

Beyond selling the distribution of all these products from leading brands in Ireland, our customer care is going to be second to none in the whole of our area of the catchment and our deliveries will be tiGoldy and highly reliable. We know that our potential customers are the reason why we are in a business which is why we will go the extra mile to get them satisfied when they patronize our products and also to become our loyal customers and ambassadors.

Jewellery By Gold will ensure that all our customers are given first-class treatment whenever they order their Jewellery items from us. We intend to have a CRM software that will enable us to manage a one-on-one relationship with our customers no matter how large the numbers of our customers’ base and distribution network may grow to. We will ensure that we get our customers involved in the selection of brands that they want us to be involved in distributing and also when making some business decisions that directly affect them.

The company will demonstrate at all times her commitment to sustainability, both individually and as a company, by actively participating in our communities and integrating sustainable business practices wherever possible. While ensuring to hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees, and our clients.

4.4 PRICING

 

Any business needs to ensure that its providing products are within the budget of customers to deliver excellent and world-class prodiucts. Pricing is one of the toughest decisions bsuiness has to make: pricing its own jewelry. It will follow as starting point with four times of material and packaging costs.  Most consignment or wholesale opportunities take up 40 to 60 percent of retail cost. It will charge customers for shipping.

Jewellery By Gold will also adopt competitive pricing. A competitive pricing strategy helps to identify the best prices that are logically within the market context in which the Business operates and to improve the profit margins.

Jewellery By Gold using a price strategy to determine the most profit-maximizing price while maintaining a competitive edge.

5. PEOPLE

The founder is acting as the Director and will hire staff as per the requirement of Jewellery By Gold.

5.1 CHIEF EXECUTIVE OFFICER – CEO:

 

  • Intensifies management’s efficiency by recruiting, selecting, and correcting managers. Also, developing an environment for offering information and opinions; providing educational opportunities.
  • Creates and implements the organization’s vision, mission, and overall goals.
  • Accountable for fixing prices and signing business deals.
  • Accountable for providing direction for the business.
  • Answerable for signing checks and documents on behalf of the company.
  • Appraises the success of the organization.

5.2 WAREHOUSE MANAGER:

 

  • Answerable to forming the safe and efficient delivery, storage, and dispatch of warehoused goods.
  • Accountable for liaising with customers, suppliers, and transport companies.
  • Plans, coordinates, and screens the receipt, order assembly, and dispatch of goods.
  • Accountable for using space and mechanical handling equipment professionally and making sure quality, budgetary targets, and environmental objectives are met.
  • In charge of organizing the use of automated and computerized systems where necessary.
  • Accountable for keeping stock control systems up to date and making sure inventories are accurate.
  • Manages the organization’s website.
  • Handles the eCommerce aspect of the business.
  • Responsible for installing and maintenance of computer software and hardware for the organization.
  • Manage logistics and supply chain software, Web servers, e-commerce software, and POS (point of sale) systems.
  • Handles any other technological and IT-related duties.

5.3 ACCOUNTANT / CASHIER

 

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides management with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risk analysis.
  • Performs cash management, general ledger accounting, and financial reporting.
  • Responsible for developing and managing financial systems and policies.
  • Responsible for administering payrolls.
  • Ensuring compliance with taxation legislation.
  • Handles all financial transactions for the organization.
  • Serves as an internal auditor for the organization.

5.4 DISTRIBUTION VAN DRIVERS

 

  • Helps in loading and unloading Jewellery products both to the warehouse and to the customers during delivery.
  • Upholds a logbook of their driving activities.
  • Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment
  • Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients, and collect cash.

FINANCIAL INFORMATION

6. ASSUMPTIONS

 

In the first year, a more cautious estimate was drawn to calculations.
Overheads
Overheads are the operating costs of the business calculated using best estimates and judgments.

FUNDING REQUIREMENTS

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