Due to this, many business owners in the jewelry store industry decide to pursue business loans. Once they receive a loan, they’re able to invest in various areas of their business, while still affording their ongoing expenses.
In this blog post, we’ll list five ways that you can use a business loan to improve your jewelry store, so that you can stand out against the competition.
How to Use a Jewelry Store Loan:
1. Improve Your Business Marketing Strategy
If you want to grow your jewelry brand, you’ll need a solid promotional strategy. When you have sufficient funds, you can spend it on online and traditional marketing channels, such as:
- Sponsored social media posts
- Print advertisements
- Updated branding materials
- Email marketing tools
- SEO and PPC expenses
As you can see, there are so many ways to attract customers to your jewelry store. Once you receive your loan, line of credit, or merchant cash advance, you can determine the marketing platforms your target audience uses frequently and focus on them.
2. Offer New Designs or Purchase Inventory
Having more financing mean you can take risks to experiment with different design elements, or you can purchase more inventory in categories that you’re already selling a lot of. Both options can be extremely helpful in setting you apart from your competitors.
Take the opportunity to use your loan to expand your offerings or stock up on jewelry items that are already customer-favorites (such as engagement rings). You might be surprised at how much your jewelry store’s sales increase due to this strategic decision!
4. Hire More Employees
With your small business loan, you can invest in your company by hiring additional staff members. If you’re understaffed, you might benefit from hiring more customer service representatives to handle the day-to-day operations. Or, if you want to expand your jewelry lines, recruiting in-house designers could be helpful in achieving this.
Recruiting and onboarding costs can add up, so if you have a business loan for your jewelry store it can be much easier to expand your team.
5. Renovate Your Existing Store Location
If your jewelry store is too small, features outdated interior decorations, or doesn’t reflect your company’s brand, it might be time for a makeover.
Renovating a business location can be costly, which is why we recommend using your jewelry store business loan for this project. You’ll be able to make the necessary upgrades, without having to cut costs from other areas of your business.
6. Open a New Jewelry Store
If your business is producing a lot of sales, expansion has probably crossed your mind. By opening another store, you can serve more customers and attract patrons that wouldn’t hear about your store otherwise.
Of course, opening another business location can be expensive, and you must be able to afford to:
- Purchase more inventory
- Pay for rent and utility bills
- Hire new employees to work at this store
- Afford other recurring expenses
Once you receive a retail loan, you can invest in your new store, which will hopefully lead to increased revenues in the future.
Conclusion: Receiving Jewelry Store Financing Can Lead to Major Success
With a business loan, you can improve certain areas of your jewelry store. From increasing marketing efforts to stocking up on inventory, there are numerous options when it comes to spending your additional financing.
Now that you’ve read about some of our suggestions, how do you plan on investing in your jewelry business? Don’t hesitate to comment below or reach out to our financing team with any questions you may have!
Editor’s Note: This post was updated for accuracy and comprehensiveness in October 2021.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
