JEWELLERY STORE BUSINESS PLAN

Jewellery Store Business Plan

Jewellery Store Business Plan

Introduction

In order to start a new business venture it is important for the owners and decision makers to follow some steps that could help them in a successful launch of their business. It has been initiated that a jewellery store will be opened in a shopping Mall in Luton. The name that might be given to the store is Pearl Jewellers. In order to make it a brand name the organization will need to plan its strategies and design a path that could lead them towards a successful business. Thus the owners have collected some information regarding the location of the shop but in order to use this information there is a need of extensive planning and evaluation of finances. Therefore the decision makers will have to use several tools of management which includes planning, human resource management, operational planning and financial forecasting. The managers will need to manage their resources according to the plans so that all the plans are able to achieve results and fulfil the objectives of the organization.

Discussion

Planning

Every business in order to get successful needs extensive planning and effective management who are able to plan according to resources available and then the managers are able to implement the plans according to the targets set by the organization. The first step owners or the managers of the Jewellery store will take are to develop an initial business plan with the help of different planning tools. In order to plan there are several tools that can be used by the managers. The first and the foremost thing for the managers is after initiating a new business venture is the setting up of goals and objectives. The managers must set targets for six month, a year and for three to five years. So that managers can set a roadmap that cannot only be followed by them but the employees working in that organization. Like the objective behind opening of Jewellery store is “to provide variety and best quality jewellery at affordable prices”. Then it is important that it should be stated what business or sector of the industry you will enter and what will be the products and services provided by the organization. It is very important that at the launch of a new business venture the organization must state its targeted customers. For example owners of Jewellery Store providing affordable products might be targeting the middle class and lower high class people in the society. The initial plan can be made much more effective if it includes information gathered from tools like SWOT analysis that will provide the strengths, weaknesses, opportunities and threats of the organization. It can also be beneficial for the organization to illustrate some of the strategies that will be followed by the business in a year or two.

The managers can also use the tools of spread sheets for developing some key financials like annual cash flow forecast and the most help full planning tool is ...