Top 3 Mistakes When Running a Jewelry Store

Do you have knack for jewelry and the desire to work for yourself? If so, you should consider opening a jewelry store. It's a fun and financially rewarding venture that gives you the opportunity to work for yourself and control your own destiny. However, you should pay close attention to ensure you avoid the following three mistakes that many newcomers to the industry succumb to.

Mistake #1 - Not Focusing on Customer Service

You may not realize it, but customer service plays a critical role in the jewelry store business. The more attentive you are towards customers, the more sales you will receive. It's a basic principle that never ceases to fail in this industry. One of the reasons for this is because most customers who visit jewelry stores are local. And once they find a store they like, they will continue to come back for other jewelry-related items and services. The bottom line is that you need to treat each and every customer that comes through the door with the utmost respect and care. Give them a big "hello" when they enter and a "have a nice day" when they leave. This alone will set you miles ahead of your competitors by showing your customers that you truly care.

Mistake #2 - Not Services

A large portion of a typical jewelry store's revenue comes from the services they offer. If you want to achieve any level of success with your jewelry store, you must offer a variety of services to your customers. These may include things like laser engraving, ring sizing, cleaning, polishing, etc. When customers come in to purchase jewelry, you can then remind them of the many services your store offers. This is just one of the many outlets to generate "additional" revenue through your business.

Mistake #3 - Bad Pricing

Let's face it, if your jewelry prices are too high, no one is going to buy them. On the other hand, if they are too low, you simply aren't going to make enough profit. So, how do you know what to price your jewelry at? Unfortunately, there's no easy answer to this question, as it depends on a number of different factors. Consider the quality of the metal, whether it's new or used, the brand, and see what some of your competitors are selling similar pieces at. Ideally, your prices should fall just under your competitors for maximum profits and results.