10 Steps to Starting a Jewellery Business with the Right Design and Dazzle (Part One) - YourRetailCoach

Jewellery in the MENA region symbolizes cultural and traditional significance, reflecting cherished values such as blessings, fortune, affection, appreciation.

PUNE, MAHARASHTRA, INDIA, July 11, 2024 /EINPresswire.com/ -- Fine jewellery holds meaning of cultural and traditional significance in the MENA region. Purchase/use/gifting of fine jewellery is often treated as a reflection of many highly cherished values like blessings, fortune, affection, appreciation, and association.

With such rich cultural undertones associated with jewellery, it is challenging for retail jewellery brands and businesses in the region to cut the mustard in local market conditions. For startups, the prevailing dominance of many existing jewellery brands makes starting and establishing a jewellery business even more challenging.

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In this media release, retail and eCommerce consulting enterprise, YourRetailCoach (YRC) sheds light on five fundamental steps (in a series of 10 step-by-step sequence) in starting a jewellery business with an emphasis on the MENA region covering countries like the UAE, Saudi Arabia, Egypt, Qatar, Oman, Bahrain, and Kuwait.

#𝟏 𝐖𝐡𝐲 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬?

Before investing tangible efforts and resources into a business startup idea, every entrepreneur should ask themselves this question - ‘Why this business?’ The answer(s) to this question helps reveal and establish the core strengths behind a business idea. These abilities or advantages can in no way be of a run-of-the-mill nature; they must be special and unique to give results visible and meaningful enough to justify the cause of starting the business in question. Often, these unique advantages appear in the form of (but not limited to):

· Domain knowledge and expertise (e.g. jewellery design, crafting/making, gemology)
· Rich and relevant experience
· Business/professional presence as a value chain entity
· Identification of one or more uncatered niche segments
· Competitive advantage (e.g. family business, prime commercial space for showroom)
· Early access to any advanced technology

At this juncture, it is also recommended to have a rough sketch of the required business model. This vision is instrumental in determining the objectives of the next step - market research.

#𝟐 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐟𝐨𝐫 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬

Market research should be designed and executed keeping in mind the identified and established core competencies. If there is no such existing competency or point of advantage, the scope of market research ( https://www.yourretailcoach.in/ecommerce-market-research/ ) gets expanded because of similarities with being in an open-world simulation. However, in such cases, the first step must be carried out (with heightened precision) after this second step of market research.

· Product-Focused: Demand and trends in jewellery preferences in terms of designs, gems and stones, quality, making process, price brackets, etc.

· Customer-Focused: Ideal customers, buyer personas, target segments, customer journey, buying behaviour, usage patterns, potential gaps in these areas, etc.

· Competition-Focused: Competitors, offerings, pricing, marketing, supply, key partners, etc.

· Market-Focused: Total and targetable market size, market entry and exit barriers, ease of doing business, regulatory environment, condition of public infrastructure and communication technologies, current and future risks, challenges, and opportunities, etc.

· CTA-Focused: Value propositions, offering mix, pricing, brand positioning, advertising, promotions, etc.

#𝟑 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐨𝐝𝐞𝐥 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

As the jewellery retail space is already competitive in prominent cities of the MENA region like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, startups must prioritise achieving unique brand positioning. This is no longer possible with standard solutions; entrepreneurs must think along the lines of going beyond the prevailing benchmarks on routine grounds like quality assurance or customer service. As experienced luxury retail consultants, YRC maintains that achieving brand distinction in retail now involves crafting and improvising value propositions with superlative CX strategies, hyper-localisation, premium branding, highly effective digital marketing, enhanced showroom servicescape, superior UX for online stores and online touchpoints, expert-level operations management, and any other relevant strategy or added element that emboldens the business model in question.

#𝟒 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 & 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠

Having proper financial and commercial planning helps keep overall the financial management of an entity in a controllable state. Without planning, the utilisation of financial resources can go unchecked. Keeping income and expenditure on the same page is critical for both long and short term financial sustainability. These financial and commercial assessments and plans are crucial for determining and consistently hitting the objectives of profitability, investing, and creation of funds.

In jewellery business planning, some of the important grounds to be covered under financial and commercial planning are capital requirements, operational outlays, demand forecasting, inventory purchase, revenue projections, cash flow management, pricing and margin analysis, financial ratios, ROI and break-even analysis, projected profit and loss statements, working capital, and other variables of financial management applicable to the business model and business plan in question. Another important aspect of jewellery businesses is insurance.

#𝟓 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐒𝐡𝐨𝐰𝐫𝐨𝐨𝐦 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐉𝐞𝐰𝐞𝐥𝐥𝐞𝐫𝐲 𝐒𝐡𝐨𝐰𝐫𝐨𝐨𝐦 𝐋𝐚𝐲𝐨𝐮𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠

One of the foremost considerations in choosing a location for a jewellery store or showroom is brand perception. Big, reputed brands lay more emphasis on their market stature and reputation which makes them prefer having showrooms in prime locations. This applies to other businesses as well that intend to position themselves as premium brands. Another strong reason for going for prime locations is the likely presence of other premium, reputed, and luxury retail brands from the same or other industries. It plays a big role in attracting footfall from the same or similar customer segments.

However, more fundamental factors like target market and demographics can also take the front seat in choosing a jewellery showroom location. Sometimes hyper-localisation also necessitates jewellery brands to shift from conventional thinking. Since choosing prime locations can be an expensive affair, by going for less prime locations, jewellery brands can redirect resources to improve merchandising mix, customer experience, technology and infrastructure, etc.

Brand image and resonance, customer experience, visual appeal, localisation, safety and security, interior design, lighting, checkout, store, workshop, entry and exit points for customers, staff, and inventory, and a host of other factors must be considered in choosing and developing a suitable and desired showroom layout plan.

𝐀𝐛𝐨𝐮𝐭 𝐘𝐨𝐮𝐫𝐑𝐞𝐭𝐚𝐢𝐥𝐂𝐨𝐚𝐜𝐡:

Your Retail Coach (YRC) is a retail and eCommerce consulting firm ( https://www.yourretailcoach.in/ ) with over 10 years of experience in developing expert business solutions for startups and existing enterprises. With a scaling international footprint including in the Middle East, YRC has served 500+ clients in over 25 verticals with a success ratio of 95%. In jewellery business consulting, YRC offers expert planning and implementation services and solutions for business setup and growth and expansion endeavours.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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