One of One Jewelry Designs specializes in bridge jewelry created as unique, elegant, and contemporary jewelry. Jewelry with a cutting-edge design has always been of interest to a certain class of jewelry buyers. We intend to fulfill that need by researching authentic contemporary designs with fabricated bridge jewelry. Using bridge jewelry metals instead of gold, and precious stone will allow for us to keep our retail price point below $65. This will increase our appeal across all age ranges, and especially in our target market of females under the age of thirty.
One of One Jewelry Design is a Limited Liability Corporation. The business will become an online web-store operational as of December 2009. The purpose is to provide unique wire-wrapped, hand-crafted jewelry to consumers who buy mid-range jewelry for it’s one of a kind quality. The art of crafting wire-wrapped jewelry goes back in time at least 4000 years ago. Wire- wrapped jewelry has been found with the relics of the Ancient Phoenicians and the tombs of the once found Egyptians. The art of wire-wrapping jewelry is now flourishing in the United States, Canada and England, with many creative jewelry wire-wrapping artists in each of these countries. The contemporary look of wire wrapped jewelry started in England shortly after World War I. A gentleman by the name of Mr. C. G. Oxley used wire-wrapping as therapy for many veterans at war. His then student, Jim Llewellyn, transported the art of wire- wrapped jewelry to Canada. Mission Statement: To offer a premier level of customer service and professionalism, while providing our clients with a great selection of the most beautiful, unique and one-of-a-kind jewelry skillfully hand-crafted at an exceptional value. Jewelry historically has been purchased by older consumers who’s at an age where they could meet the expense of luxury goods, it has been theorized by demographers for many years that jewelry was a “life cycle” buy related to age. They concurred that jewelry demand was determined by both age and income. Therefore, demographically, our target audience is women between the ages of 25-40 years of age. The jewelry industry is in a state of growth. According to analyst Patti Evans of Jupiter Research, the U.S online jewelry sales grew 19.3% from the prior year $2.2 billion or 5.8% (2006) of the total market, while having an expect growth in 2009 of $2.7 billion or a 6.6% market share. With such market growth we plan to offer high-level jewelry made with 10K and 14K gold in the foreseeable future. We have designed a company that can create loyal customers for generational time spans. Our pricing system is a scaled down system based on specific lines that suits our target market across the board. Our customer service is what we believe will take our company into success. When the consumer can reach someone within a company and be catered to for their specific needs it leaves a commitment stamp. We plan to have a 1-800 number for clients to reach us, in which, many hand-crafters don’t offer. Chavon has been creating hand-crafted jewelry for two years. She began by stumbling upon a favorite necklace of hers that had broken. She then visited the local bead store for the findings to repair the necklace and while there in the bead store it all began. Chavon began searching the web, buying supplies and tools gaining knowledge of jewelry-making and became a self-taught jewelry designer. Her years of co-managing her husband, who is a musician helped her to understand business and hard-work.
While understanding the notion that many elements in creating jewelry are based on techniques, we plan to expand on these uses of techniques and provide our clients with unique, elegant, and one-of-a-kind meaningful creations that will connect with the buyer/wearer. We plan to capitalize on the use of using quality materials versus costume jewelry materials that use base metals, rhodium, and silver plate. Our jewelry is designed with Argentium (non-tarnish) sterling silver, gold-filled wire and includes semi-precious gemstones, natural stone cabochons, shells and pearls, and Swarovski glass crystals. The sense of design is flowing, contemporary and elegant. The creations include wire-wrapped pendants, rings, earrings, and necklaces. In times of economic pressure it’s shown that consumers cut back on discretionary items like jewelry. As a true understanding, the more wealth one has there will be less effect on them during the ups and downs of economic conditions. Therefore, our jewelry will be priced between $30-$65, which will allow us as a company to weather economic swings while offering mid-level bridge jewelry.
Facts about your industry: The jewelry industry on a whole is a $27 billion dollar industry. Fashion jewelry takes up 22% of the market share. The current demand in the fashion jewelry market is sterling silver, and gold filled jewelry. The trends in growth are online selling, and personal tastes in uniqueness.
The products that we are initially carrying are:
Our special handcrafted jewelry is featured with Argentium sterling silver and gold-filled precious metals. With such quality materials the consumer benefits include, quality appreciation, pride in purchase, a memory to last forever, and exclusivity of a one-of-a-kind handmade jewelry creation. The after-sale services we will offer will include prompt delivery through the reputable UPS mail and package carrier. Packages will all contain a delivery confirmation to ensure customer purchases. We will guarantee our product through our refund and exchange policies that will be shipped with every package on the invoice and available on the website.
The targeted customers for One of One are women from the Generation Y and Generation X. The buying characteristic of Gen-Yers has shown that they spend an eye-catching $150 billion a year. And they influence another $50 billion in family purchases (Baby Boomers), bumping the total to $200 billion. Generation Y is also, of course, the most digitally world-wise. About nine out of 10 have access to a home computer whereas half have internet access. These groups are also more socially conscious and globally aware.
The demand for jewelry is mostly determined by the disposable income of customers. The increasing amount of wealthy individuals, working women, double-income households and fashion-conscious men has kept jewelry sales strong. When raw material prices fall, jewelry becomes more reasonably priced, and consumer demand elevates. Renewing assurance in the economy has also plays a major role. Online jewelry sales have risen steadily. This has forced retail merchants to adapt and many have moved some sections of their business online. Because jewelry is not often branded, product differentiation is a key point of competition among for One of One Jewelry. High-quality designers are appreciated.
Now that you have systematically analyzed your industry, your product, your customers, and the competition, you should have a clear picture of where your company fits into the world. In one short paragraph, define your niche, your unique corner of the market.
Offer unique, unusual jewelry designs as private label merchandise while creating an opportunity for customers to buy items retailing for under $100, and give the customer a reason to buy through social networking Web sites Facebook, Twitter, and MySpace.
The products of One of One will be produced in a home-based (residential) setting. Explain your methods of:
The qualities that are present in this location (home) allows for a designated office space that is 12’by 16′ to be fulfilling to produce jewelry products. The power and utilities prove to be adequate with white light bulbs for true color. The access to the home-based business serves great for deliveries from suppliers. The hours of operation will run from 10am-5pm.
At this time One of One is looking into trademarking its logo and slogan.
One of One has 2 employees Owner and Co-Owner. The labor that exist between the owners are skilled and professional. At this time One of One is not pursing employees. The owners have a strict schedule of business operations, therefore; provides the quality of each other to speak for itself. The Co-Owner is the jewelry designer and the Owner handles day-to-day business operations.
The inventories that will be kept are supplies, and finished goods. The inventory investment is 15% of bi-weekly sales. The lead time for ordering is 3 weeks.
The types of inventory furnished by Monster Slayer are wire and beading components and packaging materials are provided by Noble Packaging. Monster Slayer is my primary source, however; my backup supplier is jewelrysupplies.com. Due to the pricing of Gold and Silver fluctuating we have made a 2% window of budgeting to allow for that.
One of One is a partnership organized and managed by the owners. Initially, all design, fabrication, and marketing efforts are the responsibility of the owners. As the company grows, these positions will be filled, part-or full-time, as needed. One of One Jewelry Design plans to fund operations principally from cash provided by both gross receipts and owner investments, and will not generally rely upon external sources of financing. The company has in place a jewelry line timed to hit the market at proceeding the holidays of 2009. The company feels sale of this line will provide sufficient cash flow to cover both variable and all operating expenses, with the exception of advertising and marketing, for a one-year period. The company feels cash flow from anticipated sales for this line of jewelry will carry the company at least six months, into 2010. The capital requirements result primarily from purchases of inventory, advertising, and shipping. As the inventory requirements for the jewelry line are known well in advance of production, inventory cash requirements are predictable during the year. Purchasing decisions will maintain a gross margin percentage of 100 percent. Normal jewelry markup is three times this number. However, One on One is a home-based business, lower operating costs will offset the effect of the gross profit margin.
Include details and studies used in your business plan; for example:
The generic business plan presented above should be modified to suit your specific type of business and the audience for which the plan is written.
High-tech companies sometimes have to operate for a long time without profits and sometimes even without sales. If this fits your situation, a banker probably will not want to lend to you. Venture capitalists may invest, but your story must be very good. You must do longer-term financial forecasts to show when profit take-off is expected to occur. And your assumptions must be well documented and well argued.
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