The Definitive Guide for Jewellery Franchise in India in 2022
Written By Aditi Vernekar December 17 2021
For centuries, jewellery has been regarded as a symbol of esteem for feminine beauty. During special occasions such as festivals, and ceremonies, women are seen wearing jewellery made of gold, silver, and valuable stones. India accounts for nearly 29 per cent of global jewellery consumption. This is one of the primary reasons for high sales in jewellery stores across the country. As a result, investors can obtain the Best Jewellery Franchise and earn a lot of money from it.
So here is a guide to starting your jewellery franchise in India.
How to Start a Jewellery Franchise in India?
If you want to work in the jewellery industry, you should first learn about how it works. When it comes to the business of a franchise outlet, the risk factor is lower, but it takes foresight to go through all the details. Before opening a franchise jewellery store, a thorough investigation is required. Given below is a list of how to start a jewellery franchise in India.
When you decide to work with a franchise, you must first learn about the industry in which you want to work. A jewellery business may entice you, but you must be knowledgeable about the products, operations, and market performance. An understanding of the jewellery industry will assist you in aligning your business goals and objectives. As a result, you can create a new blueprint that will most likely lead to your company's success in the local market.
It is critical to be aware of your existing competitors when opening a franchise outlet in your neighbourhood. You can assess the competitors' strengths and weaknesses and come up with ideas that will benefit the store. It could be promoting the latest trends to entice more women to purchase jewellery from your franchise. Furthermore, the distinctive designs of your franchise will set your brand apart from the competition. Understanding the market as a franchise owner of a jewellery store makes it profitable to run the business.
In most cases, it has been observed that the franchise showroom operates in an area that is close to the customer's home or workplace. Choose a position that provides better accessibility to customers in terms of location, parking lot, and so on. Examine the internal conditions such as heating, cooling, electricity, plumbing, and Internet access. You can give final approval to the property once you are completely satisfied with its overall appearance.
Before opening a franchise jewellery store, capital must be invested in various areas. The funds are critical for all of the expenses that must be met or the business will fail. Inventory, store setups, working capital, employee salary, franchise financing, royalty fees, and other charges are typically included in the finances. Many franchises may demand upfront franchise fees from store owners. It is necessary to gain an understanding of all financial investments and pitch the franchise concerning your projected budget.
Make a list of all potential brands and companies if you want to start your jewellery business with a franchise. A third party, such as a lawyer or a franchise consultant, can assist you in gaining a better understanding of their work narratives. It will assist you in comprehending their working proposal, franchise disclosure document, and a summary of their agreement copy. Consider all of the benefits and drawbacks of allying with such companies. Get all of the legal support and trade rights for your jewellery store from the franchisor. The profit-sharing percentage and royalty fees can also be worked out with the franchisor.
The franchise brand will be extremely beneficial in obtaining all necessary legal permits. Consult with them about all of the legal requirements so that you can manage your franchise jewellery store without difficulty. Nowadays, most customers prefer to buy jewellery with a hallmark. Any reputable jeweller will sell jewellery with hallmark engravings. To sell hallmarked jewellery, a BIS licence is required. Even if the brand has multiple showrooms, the BIS licence is only granted to one.
The most important are the artisans who carry out all of the innovative designs and make them a reality. It also necessitates efficient sales personnel who understand the needs of customers, show them the designs, and persuade them to make a purchase. Typically, the franchisor will train all of the staff to be proficient.
If you wish to start your own business and have an appealing personality, a jewellery franchise is an excellent choice. Indeed, jewellery franchises are among the most popular opportunities in the franchising industry for women, owing to the wide appeal of jewellery items. There are numerous Jewellery franchises available, including fashion jewellery, gold, silver, diamond, artificial, costume jewellery, pearls, art jewellery, international jewellery brands, and so on.
What Will Be the Jewellery Franchise Cost in India?
Prospective investors can benefit from tried-and-true business models provided by jewellery franchisors. Furthermore, franchisees do not need any prior experience to start their own business. The cost of jewellery franchises in India differs from brand to brand.
The franchisor is entitled to 25% of the revenue generated by a franchise outlet. Business owners must rent or own space of 2000 to 5000 square feet and hire 5 to 9 employees to run this outlet. Computers, an internet connection, a billing counter, a product display section, air conditioning, and CCTV are also required.
On the other hand, the Jewellers franchise owner can keep up to 96 per cent of the total revenue earned. He will need to set up the store in a 500 to 5000 square foot unit area and hire 6 to 10 employees. The store should have internet-connected computers, air conditioning, CCTV, a billing counter, and a product display area.
How FranchiseBazar Helps You to Start Your Jewellery Franchise
Simply go to FranchiseBazar and choose from a list of some of the top jewellery franchises such as imitation jewellery franchise, gold jewellery franchise, fashion jewellery franchise, and more. Here is a jewellery franchise you can own
Aisshpra Gems and Jewels is a third-generation jeweller that was founded in 1940. The Group has been providing exceptional jewellery pieces and unrivalled service to their customers for the past 78 years. Aisshpra's jewellery is primarily for the general public, with gold, diamonds, and gemstones dominating the entire inventory. There is also a fair amount of silver jewellery and artefacts, and Aisshpra will soon begin making fashion jewellery in response to the needs of local consumers.
If you are interested in Helathcare Industry, you can read our Definitive Guide On Buying A Healthcare Franchise in India here.
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