How to start a Jewellery store? Jewellery franchise in India

In India, jewellery has been considered as a symbol of esteem for feminine beauty since ages. Women are seen to adorn precious jewellery made from gold, silver and valuable stones during occasions like weddings, festivals, ceremonies, etc. Almost 29% of global jewellery consumption comes from India. This makes the Indian market quite favourable to head with a jewellery store.

If you are interested in the jewellery segment, get an idea about how the jewellery industry functions. The risk factor might be less when it comes to the business of a franchise outlet, but it requires foresight to go through all the details. There requires a paramount investigation before opening any franchise jewellery store.

Step by step process to start a jewellery store

Do proper research

When you have decided to collaborate with a franchise, it is essential to know about the niche where you want to work. Jewellery business can tempt you, but you need to have some knowledge about the products, operations and market performance.

An insight into the jewellery industry will help you to align your business goals and objectives. Accordingly, you can devise a new blueprint that will be most likely to make your business successful in the local market.

Study the competition

When starting any franchise outlet in your neighbouring, it is vital to know about your existing competitors. In a modern-day, technology helps you to locate your competition in the neighbourhood.

Awareness regarding your existing competition will help you to strategise your marketing plans efficiently. You can evaluate the strength and weakness of the competitors and come up with ideas that work favourably for the store. Being a franchise owner of a jewellery store understanding the market makes it profitable to run the business.

It can be promoting the latest trends that attract more women to buy jewellery from your franchise. Besides, the unique designs of your franchise are what that will keep your brand ahead of the competition.

Choose the store

When you have decided to open your store, the location plays a decisive role in determining business success. In most cases, it has been noticed that the franchise showroom typically operates in an area that targets the customer’s residing or work location.

Select a position that offers better accessibility to the customers in terms of locality, parking lot, etc. The infrastructure of the building equally plays a vital role in a franchise store. Often many franchise stores get the prime location of the area, but the construction might be old.

Inspect the internal conditions like heating, cooling, electricity, plumbing along with Internet services. Once you are fully satisfied with the overall aspect, you can give final approval to the property.

Capital requirements

Every type of business has its capital needs to run and manage its organisation. The franchise store holds no exception to this rule. It requires capital for investment in different quarters before launching the franchise jewellery store. The funds are very crucial for all the expenses without which the business can go kaput.

Even if you come in agreement terms with the franchise, it is important to understand its financial requirements. The finances generally include all sorts of charges like inventory, store setups, working capital, employee salary, franchise financing, royalty fees, and others.

Many franchises might claim straight franchise fees from the store owners. It is necessary to gain an idea about all the financial investment and pitch the franchise against your estimated budget.

Also read: Artificial Jewellery Manufacturers In India

Select the franchise partner

When you are interested in starting your jewellery business with a franchise make a list of all the potential brands and companies. A third party help from a lawyer or a franchise consultant will help you to get better insights on their work narratives. It will help you to understand their working proposal, franchise disclosure document and an overview of their agreement copy.

Compare all the pros and cons of working in alliance with such companies. See what the franchisor has to offer you in terms of the agreement and whether the promises are put into effect. Acquire all the legal support and trade rights from the franchisor for your jewellery store.

Even the profit-sharing percentage and royalty fees can be negotiated with the franchisor. Once you are satisfied totally with the franchise business, then only you can select the ideal franchisor.

Obtain all the legal permits

When a business is started, an industry-specific license and government permits will be required to run and manage all the activities. The franchise brand will be a great help in procuring all the legal permits. Consult with them about all the legal formalities so that it becomes easier for you to manage your franchise jewellery store without any hassles.

Nowadays, most of the customers like to purchase jewellery having a hallmark on it. Any well-recognised jewellery store will sell jewellery with hallmark engravings. A BIS license has to be obtained to sell hallmarked jewellery.

The BIS license is granted to a particular store even if the brand has multiple showrooms. Make sure you are having all such important legal documents when operating a franchise jewellery store.

Hire efficient staff

A success of a jewellery business depends upon the team that is working with you. The most important are the craftsmen who execute all the innovative designs and bring them into reality. It also requires efficient sales personals who understands the requirements of customers, shows them the designs and convinces them to make the purchase.

Usually, the franchisor will make all the staff adept by giving them the requisite training. It also makes sure that your employees learn all the nuances that will help to troubleshoot all the upcoming challenges in the business.

Bottom line

Start your jewellery franchise store with a well-thought plan into mind that will help your business to grow. When you are getting into a franchise, understand what you are getting into. The franchise’s business expertise and brand strength will provide leverage to your jewellery store to perform much better.

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