Money

Chapter 8 - Branch Out Into Jewellery Parties or Fairs

Keeping all of your eggs in one basket is a sure fire way to collapse when things get difficult. It means that if one thing goes wrong, your business will fail. Where possible, you should attempt to diversify. If you have a shop or a market stall, you have all you need to branch out into other sales mediums to sell your jewellery or accessories.

You have the jewellery, the suppliers, the packaging, the staff (often only yourself), and you have access to a steady stream of potential customers. This means that you can open up new sales avenues such as selling at jewellery parties of Christmas or specialised fairs with little effort. If these parties and fairs happen to be local, you can trade on the back of your existing business name.

Yet jewellery retailers rarely do this. Shop owners are content to sit in their shops and watch sales dwindle, putting Sale signs in the window eleven months of the year and praying for a great Christmas, while Market Stall holders follow suit, hoping that things pick up soon but doing very little to make that happen.

Jewellery parties are a great way to supplement a jewellery retail business as they tend to happen in the evenings after your shop has closed. You could advertise them in your shop, or even in your shop window or on your market stall, and they tend to attract a whole different kind of customer - one that may never have visited you in your shop.

Fairs are ideal for market traders, as they are already familiar with selling outdoors or from stalls, and they also provide a new avenue for High Street shops to reach customers. Traditional Christmas fairs attract a lot of people and can be very lucrative for well positioned stalls. If you happen to be a well known business name in the town, landing one of those lucrative spots should not be difficult - chances are you're already on the local Chamber of Commerce, or know somebody who is.

You need to be trying knew things, spreading your wings. We've already talked about finding new suppliers, and this sort of branching out is a way to find new customers.

One last thing on this subject: if you think it's somehow beneath you to sell at parties or on the street at fairs after having your own shop for many years, then you deserve to fail.