How to start Jewellery Business in India?
India is a country of different languages, religions, and culture. With the right knowledge of all Indian cultures and careful preparations, you can start your jewellery business off on the right foot. No matter what domain industry you choose to enter into, it is important to consider a few legal and financial aspects for setting up a business. You should make yourself aware of choosing and registering your jewellery business, obtaining your business license, business name and more.
Choose Your Business Name
Your business name is an integral part of your image, defining your identity and creative style of jewellery. As an entrepreneur, it’s essential that you decide your business name after much consideration as this name will help to gain an edge in the market. You should keep in mind that your business mind should be catchy as well as simple to remember to your customers.
Registering your Business Name
The next step after selecting your business name is to ensure that no other business is already using that name and then you need to protect it by registering your name. Even if you have been working under a particular name for years, it is important that you Registering your jewellery business name. Someone else may register it tomorrow, and you would lose the right to use that name. Along with registering your business name, an entrepreneur can opt for pvt ltd company registration to enjoy benefits as a registered company of India.
Choosing the location
A right location is a key thing for any retail business. Before selecting a particular location, you need to do market research and find out where successful jewellers are located. Find out the main reason for their success. Once you understand that then it will be easier for you to plan your location. For a jewellery shop busy commercial location especially a shopping locality will be perfect. Choice of space is also a vital part for a retail store.
Investment to start Jewellery Business
Once you have chosen the location, you will have to invest in advance, rentals, interiors, lighting, furniture and fittings, computers and equipment, etc. Before getting into the business, you need to know how much money is required to complete the entire project. It is advisable to have your budget 30% more than the actual budget. You may tend to spend more, and also prices may rise. Apart from this, you also need investment in money is recruitment, marketing, etc. As an entrepreneur, you should ensure that you have enough working capital to operate the business for a minimum of 6 months without expecting any income from the business for the first 6 months. A lot of people miss out in this by expecting revenues from day one and shut shop in quick time. If we get revenues from day one, it is well and good. Any business should break even within 6 months otherwise there is no point in continuing in it especially a jewellery store.
Recruiting the right kind of people in your business is important for success and sustainability. Your employees represent your company, especially in a B2C company. Your employees’ behaviour and approach towards the customers play a significant role in getting loyal customers. Just like how loyal customers are essential to profits loyal employees are crucial to long term success. In simple words, loyal employees = loyal customers.
Marketing is one of the important aspects of a retail business. Customers will visit your store only if they are aware of your unique products and services. You should regularly advertise on all mediums. In India, Jewellery shops are promoted by newspaper advertisements, TV advertisements, Hoardings, and Theatre advertisements. You need to pan your advertisement plans depending on your budgets.
Managing the business
After setting up business, managing business is important. There are various software available which will help you to run your business smoothly on a daily basis. For example, in your jewellery store, you need to bill your customers for every purchase. This can be done manually or also by using a billing software. If it is done manually, you will have a lot of paperwork and challenging to get reports or analyse the purchasing behaviour of the customers. As a business owner, you should be able to analyse your business to create new strategies.
How to start Jewellery Business in India?
These are some of the important aspects of starting a jewellery business. A Jewellery Business needs the support of a creative team, and an individual with strong business knowlege. Afleo.com is a leading website which helps your start-ups by providing legal services like Trademark Registration, GST Registration, Private limited company registration, etc. These services will help you to deal with the legal aspects of a company and with many other time-consuming processes.