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How to Use a Business Loan for Your Jewelry Store
June 29, 2018
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How to Use a Business Loan for Your Jewelry Store

Did you know that within the last year, the total worth of the jewelry industry was estimated to be $71.3 billion in the U.S. alone? The market is lucrative, and setting up a business in this niche can prove profitable. However, without the required working capital, expanding your business or getting it off the ground is impossible. This is why a business loan can be beneficial.

In this post, we’ll list five ways that you can use a business loan for your jewelry store, so that you can begin enhancing your company.

1. Improve Your 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. From sponsored social media posts to print advertisements, there are so many ways to attract customers to your jewelry store. Once you receive your loan, 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. You might be surprised at how much sales increase due to this decision!

3. Hire More Employees

With your 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 grow your staff.

4. Renovate Your Store

If your jewelry store is too small, features outdated interior decorations, or doesn’t reflect your company’s brand, it might be time for a makeover.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 store can be costly, which is why we recommend using your 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.

5. Open a New 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 perhaps allow you to get discovered by patrons that wouldn’t hear about your store otherwise. Of course, opening another business location can be expensive, and you’ll need to purchase more inventory, pay for rent and utility bills, and hire new employees to work at this store, just to name a few costs. With a loan, you can investments in your new store, which will later reflect in your increased sales.

Conclusion

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!

Fora Financial

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.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at marketing@forafinancial.com.
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