Retail Electronics Store Business Plan and Direction

If you enjoy the technical aspect of electronics and the entrepreneurial element associated with running your own business, perhaps you should consider starting a retail electronics store. It offers the best of both worlds in terms of hands-on technology, as well as the excitement and independence of running a business. Of course, you'll need to have a strong business plan with a clear direction if you want to succeed in this cutthroat industry. Here we'll take a closer look into business plans and strategies for retail electronics stores.

Repair Service

Instead of simply offering a storefront for customers to come and purchase new electronics, you can run a repair service directly from store for additional income. No more how advanced modern technology becomes, electronics are bound to break down. Whether it's a television, stereo, computer, iPad or MP3 device, malfunctions are going to occur. Some people would rather fix their broken electronic device instead of buying a new one. You can use this to your advantage by offering a repair service for customers to bring in their broken electronics. If you intend on taking this direction with your retail store, you are going to need to educate and familiarize yourself on electronics repair.

Alternatively, you could outsource the repair work to an individual or local company. Running a classified ad in the paper looking for a skilled electronics repairman could yield several different options. The only downside is that you'll have an extra body on your payroll, but the flipside is the time you'll save from outsourcing the work.

Finding Product

The secret to running a successful retail electronics store lies in strong business connections with product suppliers. You have to remember that wholesale distributors are in the business to make money as well; therefore, they will try to sell their product at a high price to pocket more money. Don't be afraid to negotiate with wholesale distributors to try and lower the price down to a more manageable rate. Also, never enter into a purchase agreement without comparing prices from other distributors. If you are lucky, you might be able to get two different wholesale distributors into a bidding war where the price keeps lowering, resulting in substantial savings on your end of the deal.

These are just a few simple tips to remember when launching an electronics store business. Above all else, though, pay attention to your customers and treat them with respect. Going the extra mile with your customer service will set you apart from competitors in the electronics store industry.

Common Pitfalls of Running a Retail Jewelry Store

Owning and managing a retail jewelry store can be a financially rewarding experience that allows you to build long-lasting friendships and relationships with customers. If you enjoy the jewelry trade and have a desire to please customers, then a retail jewelry store might be the career choice for you. However, you'll want to avoid the common pitfalls listed below. While you may already know some of them, chances are there are others that will surprise you.

Pitfall #1 - Too Much Competition

When you are scouting a location for your retail jewelry store, pay close attention to how much competition is in the area. It should go without saying that too much competition will make it incredibly difficult for your retail business to get off on the right foot. It doesn't necessarily mean it's impossible, but it's certainly going to require more work. On the other hand, no competition at all could be a sign of a bad location. Ideally, you should have minimal competition around the area where you intend on opening a retail jewelry store. Take the time to do your research and scout out various locations beforehand to determine which area is the best choice for your jewelry store.

Pitfall #2 - Not Utilizing Displays

Jewelry is a unique product in the sense that it needs to be secured, yet still visible enough for customers to easily see it. So, how are you supposed to accomplish this? Well, one of the best ways to show off your store's jewelry is with a glass display case. This will keep your jewelry locked behind a glass door to help reduce the chance of shoplifting. However, customers will still be able to see exactly what the jewelry looks like through the clear glass top. You can even go one step further by choosing a glass display case with mirrored sides for an additional level of visibility. The bottom line is that every retail jewelry store needs to have at least one display case for their product.

Pitfall #3 - Poor Marketing

You can't expect to have any level of success with your retail jewelry store business unless you invest some of your time and money into marketing. People living around the area simply won't know your store even exists unless you spread the word. While there are countless different mediums for advertising, you'll want to focus on local methods first. This will allow you to develop an ongoing client base where you'll have returning customers.

Taking Advantage of Extra Vision Showcases

Glass display showcases are an integral part of many retail businesses and establishments. These otherwise simple furnishings allow store owners to display product in a safe and secured manner. Not only are they helpful for showing off product, but they also keep it safely stored behind a locking mechanism to prevent theft. However, extra vision showcases take this to a whole different level with their unique design and beneficial features. To learn more about how you can take advantage of extra vision showcases, keep reading.

First and foremost, let's take a closer look at what exactly extra vision showcases are, as some people are just now hearing about them for the first time. While there are many different types of these showcases, all of them are designed with one main principle in mind - to maximize the amount of display possible. This means most of the extra vision showcases you will find are constructed without a wooden base. Instead, they are made entirely of glass and metal shelves for maximum product display (see image above).

Benefits of Using Extra Vision Showcases

So, what are some of the benefits associated with extra vision showcases? Well, arguably the single most important benefit is the ability to showcase more product in less space. If you are trying to get by with a relatively small store, chances are you don't have a ton of additional space for displaying products. You can stack product up on the shelves all day long, but it's still not the same as having it neatly tucked away in a glass showcase. Thankfully, however, using an extra vision showcase allows you to display product while taking advantage of the maximum amount of space possible. Just fit one of these showcases into a free area of your store and fill it with product.

As the name suggests, extra vision showcases are designed for maximum exposure and visibility. They are typically made with additional mirror frames to help customers see the product at every available angle. Whether you are selling jewelry, electronics or any other valuable items, there's better way for displaying them than by using an extra vision showcase. Just remember to set it up in an appropriate area of your store where customers can easily access and see what product you are offering.

Hopefully, this will give you a better idea on what extra vision showcases are and how you can use them in your retail store.

Display Cases For Antique Stores and Businesses

Owning and running an antique store is a fun and rewarding experience that gives you the opportunity to meet new people. Unlike traditional retail stores, many customers visit antique stores for the sole purpose of learning more about their items. If you have knack for antiques and enjoy learning more about the history behind products, then you'll do just fine in the business. However, you'll want to setup some display cases for certain products; here's why:

Protection From Dust, Dirt and Moisture

It's no secret that antiques lose a significant portion of their value once they become damaged. Whether it's an old grandfather clock, vintage typewriter or even a compass, they need to be properly maintained and cared for to hold their value. Collectors simply don't want to purchase antiques that are dirty and rusted to the point where they are no longer recognizable. So, how are you supposed to protect your antiques from naturally occurring damage? One of the easiest and most effective forms of protection is to store them in a glass display case. Not only will it protect them from basic dust and dirt, but it will also keep them safe from the damaging effects of moisture in the air.

Depending on what specific types of antiques your store offers, moisture can be a real problem. As it gets down into the gears and covers metal products, it will contribute to rusting. While minor rust can be cleaned off with minimal effort, large amounts of rust will essentially eat through the metal. This can have devastating effects on the value of an antique; therefore, it's a good idea to keep your antiques (especially metal ones) protected from moisture.

Of course, keeping your valuable antiques stored in a glass display case is also helpful for protecting against theft. It's not something most store owners want to think about, but theft does occur. You can greatly reduce the chance of it occurring, however, by storing your antiques in a glass display case. Just remember to choose a case with a strong locking mechanism for optimal protection.

Increase Visibility

Another benefit to storing antiques in a glass display case is the simple fact that it makes the antiques easier to see. Most display cases are constructed with  mirrors built into the backs and sides. This allows the customer to easily see exactly what the antique looks like in a safe, controlled environment. The bottom line is that there's no better way to store antiques than with a glass display case.

Tips For a More Successful Jewelry Store Business

The retail jewelry store business isn't for the faint of heart. One of the biggest hurdles store owners face is trying to compete with the "big" companies out there who spend millions of dollars each month on expensive advertisements. As a newcomer to the industry, you probably aren't going to have this kind of disposable income available to use on advertisements. Instead, you'll have to come up with other ways to bring people through the door, at which point you can hopefully turn them into paying customers.

Tip #1 - Exceptional Customer Service

I can't stress enough just how important customer service is in the retail jewelry store industry. If you aren't friendly and down to earth with each and every one of your customers, you will essentially be losing their business. As a result, they will take their business elsewhere to find a jewelry store owned and operated by people who treat them in a more friendly way. On the other hand, going above and beyond your customers' expectations will give them the impression that you care about them. Be sure to greet each person who enters your jewelry store with a warm hello and friendly smile. You also do other things such as offer free ring sizing, free jewelry inspections, etc. The trick is to set yourself apart from the big-name companies by improving your customer service.

Tip #2 - Showcase Jewelry In Display Cases

No matter what type of jewelry your store focuses on, you should use display cases to show it off to customers. A large glass display case with mirrored sides will create an attractive area for people to view your items and products. Whether it's rings, necklaces, bracelets or costume jewelry, a display case is the perfect way to show it of. Customers can then see each individual piece of jewelry in a nearly organized box, adding to the appeal by giving it a touch of class. In addition, display cases are also useful for protecting your jewelry against theft. It's not something jewelry store owners like to think about, but shoplifting does occur, and it's up to you to protect against it.

Tip #3 - Special Promotions and Sales

It should come as no surprise that offering sales and special promotions will naturally increase a jewelry store's sales. If you haven't done so already, get a calender and mark all of the holiday. You can then come up with sales and discounts for these holidays. After all, occasions such as Mother's Day, Valentine's Day and Christmas will be the busiest time for your store.