How much money I can make monthly having a jewellery store ?
I'm dropping out of high school since it's too hard so my dad who's a doctor said he'll open jewellery store for me
How much on average I can make with jewellery store?
- Elaine MLv 77 months ago
You've done no research. Take time to do it.
What licenses do you need. What would you do for theft and armed robbery, is there a need for another jewelry store in your area, do you know how to do the paperwork for employees with taxes and state deductions, are you renting or owning, will you be responsible for any building repair (roof, plumbing, electrical) and snow removal in the front and with any parking lot parking. What insurance will you need. What permits. How often will the fire marshall need to do inspection. Do you know the heating/energy costs of the building per month. Do you have a tax accountant. Can you buy at a significant enough discount from your wholesalers. Do you know the 30/60/90 day payments. etc. etc. etc.
- JudyLv 77 months ago
Is your dad going to hire someone knowledgeable to run it for you too? If you're going to run it, your dad is just throwing his money away - you will make little if anything.
- JohnLv 77 months ago
Nobody in the world is going to buy expensive jewelry from a teenaged high school dropout. Sorry, but that is your decision. Less expensive stuff like in the street fairs barely pays the rent for most of those vendors. Get back in school.Source(s): In the business but I'll leave it at that.
- John AldenLv 77 months ago
There is no single correct answer and none of us can predict that. The basic premise is you sell merchandise for more than you paid for it, deduct any expenses you have and what's left is your profit. Without knowing the sales volume and profit margin of the items you sell, there is no way to arrive at the amount of money you will make.
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- SuccessLv 67 months ago
What type of Jewelry store?
Are you going to make your own jewelry? Are you going to buy a franchise like Jared, or Zales? Are you going to sell the type of stuff (costume jewelry) sold in stores like Target and Macy’s?
If you buy in to a franchise – it is going to cost your father big bucks. A million dollars down for the franchise fee, plus another ten million for the jewelry you stock. So, if you have to pay that back over 10 years your father will be paying $92,000. A month in franchise fees alone. You need to rent in an upscale neighborhood so, per year, $25.00 per square foot for a 3,000 square foot store works out to $75,000. Per year or $6,250.00 per month. If you have two employees at $20 per hour each and You pay yourself $30.00 per hour then you have $12,000.00 per month in employee expenses.
This means that you would have to be able to sell OVER $110,250.00 in jewelry every month just to come close to breaking even – and I am not including advertising, utilities, overtime, taxes or even restocking the products you sell. Can you DO that?
If you plan on making your own jewelry and selling it… It will cost your father this:
$5,000. for the jewelry components so you can make your own. $11.00.00 per square foot for a 3,000 square foot store in a mall, strip mall or shopping center…$2,750 per month. You at $20.00 per hour and an employee to watch the counter while you make jewelry $15.00 an hour. Another $2,000 per month to buy components to make more jewelry as you sell it; advertising $2,000 per month; Utilities $700 per month, all taxes $1,000 per month.
This means that you would have to be able to sell OVER $13,650. in jewelry every month just to come close to breaking even …. Can you DO that?
Even if you buy wholesale and sell retail…your costs will be somewhere in the middle of the two scenarios shown here.
If you are positive that you can do this, then I’m sure that your father will be happy to invest in getting a CPA to draw up a business plan for you, and maybe even hire someone to teach you how to run a business…but if that does not happen …then your father may lose his money. What will you do if THAT happens?
- YYYZZ 2Lv 77 months ago
From nothing (most likely) to a few dollars.......too little to pay the rent. If high school is too hard, business is ten to twenty times harder.
- dewcoonsLv 77 months ago
Impossible to say. You gave us no details.
As the owner, you will not get a salary. You will only get part of the profits. Most businesses take a year or more before they actually make a profit.
Depends on your overhead. What it cost you to rent your retail space, how much have to spend on inventory, what you have to spend on advertising, what you have spend to on payroll (as I assume you do not plan to work alone 14 hours a day 7 days a week.) Plus you will have taxes, and other things you have to pay out.
If your store is in a poor neighborhood it will have lower sales and you will have lost income to pay the bills and less profit. If the store in in a high income neighborhood, you will have more sales, but more bills because rent will be higher, wages will be higher, etc.
No one can predict if your business will even succeed. (More than half of all business do not.)
So there is no way that anyone can predict what your profits will be from opening a jewelry store.
Go back to school and take a couple of business classes so that you will understand all of this. Otherwise I can guarantee that you will make nothing and the business will fail with 6 months.
(Suggestion: If you want to open a jewellery store" at least learn how to spell the word.)
- Anonymous7 months ago
Buisness is harder than school. Can you repair and assay jewellery?
- Wayne ZLv 77 months ago
High school is a piece of cake relative to running a business.....
- audreyLv 77 months ago
If school is "too hard" you'll fail at a jewellery store in 3 months.