Marjory Pilley reports:
"The process of developing a jewelry business plan will flesh out ideas and identify areas of focus that might not otherwise be considered. New trends in jewelry design and marketing opportunities may become apparent as a result of the planning process. If outside financing is needed, then a thorough business plan is a necessity. It is never too late to create a business plan. Prepare a business plan when you start a business and update it each year...Provide information about the company and founders in the 'Company Information' section of the business plan. Discuss the qualifications, certifications and previous jewelry design experience of the owners. Include the location of the business and when the business started...Describe the types of jewelry that will be made in the 'Products Offered' section. Key design techniques and unique features that will distinguish the jewelry in the marketplace should be outlined. Comparisons to competitive jewelry businesses are appropriate...Document an analysis of competitors in the jewelry business and the demand for similar jewelry products in the 'Market Analysis' area of the plan. Consult with the Small Business Administration and organizations dedicated to jewelry design to determine market size and the company's potential growth. Include information on the target customer, jewelry buying behavior and pricing strategies in this section...Discuss marketing plans in the 'Marketing Strategy' section. A comprehensive plan that addresses advertising, promotions, pricing and incentives is desirable. Consider whether the jewelry will be sold wholesale and/or retail...Describe the organizational structure in the 'Management/Ownership' section. Identify staff requirements to make the jewelry products, including the design or purchase of any [subcomponents]...Outline staff requirements for sales and administration too. Special certifications...should be noted in this section...Prepare and include financial statements in the 'Financial Statements/Projections' section of the business plan. Document key assumptions...A break-even analysis, cash flow statement, income statement and balance sheet should be prepared on a projected basis for the next one to three years. If the business is already established, then provide statements for at least the past three years as well...Attach additional documentation in the Appendix that will provide more detail about the business...Write an 'Executive Summary' based upon the information contained in the various sections of the business plan. 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. Clearly outline any special requests in the plan...and key attributes that position the business for success...Jewelry business templates are available through software companies to assist in writing a business plan. A table of contents is [a] useful tool to find sections quickly...Add a confidentiality statement to the jewelry business plan if the plan contains proprietary information."
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