How to Write an Effective Jewelry Business PlanCheryle Baviera
The catapulting business success of VY Domingo Jewellers Incorporated would not have been possible without an effective jewelry business plan. For us, this is not just a simple business draft. But, it is rather a disciplined kind of document because it will require a business owner’s creative ideas alongside with the crystal clear identification of the areas where every member of the company should focus to ensure an abounding productivity. Needless to say, it must include the newest trends in jewelry designs.
If your jewelry business needs some additional funding, you have to make a more comprehensive and an effective jewelry business plan. Most importantly, it has to be updated yearly. What are the different steps in writing a viable business plan? Learn more in the subsequent sections.
Steps in Writing a Viable Jewelry Business Plan
Below, are the 8 easy to follow steps in writing a concrete business plan just like what we have adopted at VY Domingo Jwellers Incorporated.
- Provide an adequate information about your company. Write this in the company information section. Some of its ideal contents are the following: Certifications, qualifications and your previous experiences if there are any. Do not forget the location of your business and the date that you have begun with your chosen field of specialization.
2. Describe all the jewelries that you intend to sell to your potential buyers. Have a Products Offered section in your business plan. Apart from this, you must be able to discuss the Key design techniques and product features that aim to provide varying distinctions about your product lines
Photo Credit: Link Here
3. List an analysis of business competitors, and demand the same kinds of products that they are selling. This will fall under the Market Analysis section. To keep you on the right track, you have to consult with a small business organization to accurately determine the following business variables: The market size and your company’s potential growth in the next few years.
Photo Credit: Link Here
4. Discuss your well-thought of marketing plan in the Marketing Strategy section. This should fit in the description that will mainly address the following business productivity concerns such as advertising, promotion, pricing and future incentives. Likewise, you have to indicate if your jewelries will be sold via a wholesale, retail or both.
5. Describe the organizational structure of an effective jewelry business plan. This particular information must be found in the Management/ Ownership section. Here, you will identify your staff requirements to make your various jewelries. Similarly, the inclusion of the design and purchase of sub-components must be taken into consideration. In addition, the outline of the needed staff requirements must be integrated in a holistic business plan.
6. Prepare and include the company’s financial statements under the Financial Statements and Projections section. As an overview, it summarizes the key assumptions like anticipated sales and expenditure for components, photography and website development among others.
7. Be sure that you are going to attach additional information in the Appendix section. This should provide a more detailed information about the business. Therefore, you must include these sets of pertinent details: Resumes, photographs of the jewelries, references and sales brochures are possible items.
8. An Executive Summary of an effective jewelry business plan must be drafted. This document should be a two to three page summary of the key information in the plan and utilize engaging language that will entice the reader to delve deeper into the business plan.
VY Domingo Jewellers Incorporated will never waiver its commitment to help every entrepreneur in writing an effective jewelry business plan and make him or her succeed every step of the way.