Business Plan for Artificial Jewellery

This business plan discusses the idea of starting an artificial jewellery business, targeting females aged 22-45. It includes market research, competitor analysis, customer research, marketing strategies, and operational details. The plan aims to provide quality products at affordable prices and attract customers through online and offline channels.

Business Plan

Contents
1. Business Idea...............................................................................................................................3
2. You and Why you are starting.....................................................................................................3
3. Market research............................................................................................................................4
3.1 The big Picture.................................................................................................................4
3.2 Competitors......................................................................................................................5
4 Customer research.........................................................................................................................6
4.1 Test Trading......................................................................................................................6
4.2 Evidence of demand.........................................................................................................7
5 Marketing......................................................................................................................................7
5.1 Customer profile...............................................................................................................7
5.2 Route to market................................................................................................................9
5.3 Launch Marketing............................................................................................................9
6 Operations.....................................................................................................................................9
6.1 Premises............................................................................................................................9
6.2 Staff..................................................................................................................................9
6.3 Suppliers and third party................................................................................................10
6.4 Risks...............................................................................................................................10
6.6 Legal and regulatory.......................................................................................................11
7. Next steps.........................................................................................................................11
REFERENCES..............................................................................................................................12

1. Business Idea
In the present world people are very much attracted to ornaments and like wearing
different one on each occasion. Affording a real jewellery is not under the capacities of all and
only a part of total population can manage to maintain variety in real jewellery. The taken
business idea is of artificial jewellery which will be available in different patterns ranging from
stones to Kundan, imitation etc. it has great opportunities in the foreign market as here people do
not get such products and according to the current trend people at global level like wearing
ethnic items occasionally (Vos, 2010). The buyers will be given great option to choose from and
it will be easy to make the purchase. Apart from the offline store there will be an online buying
facility also from where potential buyers can simply surf the variety, compare the price and can
select the most worth option for themselves.
The targeted customer for the products would be females of age limit 22 – 45 years. This
is because they are the one who are active with trends and like experimenting different products.
The business would stand for delivering great quality which is worth of its value.
The philosophy is to treat every client worth and give weightage to what she desires for.
We believe that we should treat everyone with respect and honesty, provide everyone with the
best quality for their money and always do what is right for the client (Nestić and Stefanović,
2015).
(Figure 1: IMITATION JEWELLERY)

2. You and Why you are starting
I am an entrepreneur and recently completed my 2 year course in jewellery designing. My
father is in the same field but working as an employee at a big diamond store. I was inspired to
be in this sector by him only as he always knew that there is great scope of margins in it. he used
to discuss how trading in this products take place and ways through which expansion of same
business can be done using different platforms. He knew what is most demanded by the
customers and what is in trend. Therefore, I choose to start with the artificial products as it
demands comparatively less investment. During my designing course I learned different
software’s to design the ornaments and this will help me at initial stage to make unique items
which can attract customers. Hence with the together efforts of my theoretical and family
practical knowledge there are immense chances of achieving success.
3. Market research
3.1 The big Picture
The business will be operated in London as here people are much fashion conscious and
welcome the new concepts (Sarstedt and Mooi, 2014). The major business will be carried out
though online official site of the brand as this will help in reaching to maximum clients. One
store will be there where orders in bulk would be taken and grievances of the customers will be
met if any.

(Figure 2: Global Online Jewellery Market , 2019)
3.2 Competitors
Competitor 1
Name Lark & Berry
Type of competitor Direct competitor
What will you be
competing on
This company is known for doing excellent delivery on time with
quality products therefore I would compete with its supply chain and
would ensure that more prompt deliveries are made to the customers
using the official online site of the brand.
Strength of competitor The major strong feature of this brand is that it carries out its business
operations doing minim harm to the environment and hence has many
loyal customers.
Weakness of competitor Caters the need of only premium class customers.
Summary of how you
will compete with them
As the identified weak point of the brand is that it does not offer much
variety for the average or lower income group customers it could be
competed with different range of products that lies within the buying

capacity of all segment clients.
Competitor 2
Name Kimai
Type of competitor Direct competitors
What will you be
competing on
Wide variety of fine diamond jewellery items are delivered which are
produced without harming to the ecosystem. Also the purity of the
products is high.
Strength of competitor Manufacturing of product is not done through mining and hence water
is least polluted.
Weakness of competitor It only makes the fine designs which are light and cannot be wore
with the ethnics if customer want to carry heavy ornaments.
Summary of how you
will compete with them
By making both light and heavy jewellery more market share can be
covered.
Competitor 3
Name JEM Behold Jewellery Ltd
Type of competitor Replacement competitor
What will you be
competing on
The refer to brand specialises in gem stones. It could be competed
with the introduction of other similar items that are of low prices and
give same satisfaction.
Strength of competitor The major strength lies in fulfilling the corporate social
responsibilities.
Weakness of competitor The supply chain of the brand is weak as sometimes it takes much
time in delivering its products.
Summary of how you
will compete with them
The online portals will be kept active and it would be given emphasis
that the order is shipped in the promised time duration.
Competitor 4
Name Norrfolks
Type of competitor Indirect completion

What will you be
competing on
Common type of variety which will be served by both the brands can
be used to achieve the competitive advantage by offering more of
product variety options so that customer can make wise choice.
Strength of competitor Its designs are very much trendy and are comfortable.
Weakness of competitor Limited options
Summary of how you
will compete with them
With the jewellery items which has more ethnic touch can give a good
completion to this brand.
4 Customer research
4.1 Test Trading
In order to found out that weather the business is going to achieve its target results it is
crucial to understand its customers (Abbondante, 2010). They are the one on whom the overall
success of the business depends upon. In case of this business idea the sales of other stores and
trends observe in the artificial jewellery can be used to understand what opportunity does our
idea has. In order to validate the idea, the brand was introduced at jewellery festival where more
of soft copies were made available and those visiting the place were made familiar with them. It
was observed that how many visitors are showing their interest in the new and unique designs
and what are their expectations. Their feedbacks were taken and it was found that they are
looking the concept of ethnic design and showing their interest. Most of them have also booked
some items in advance which shows a positive response from the market. very few designs were
kept at the display and all of them were sold and revenue of £54440 was made which is a good
start. It shows when the brand will be launched in full it will be able to influence the sales and
will give a tough rivalry.
4.2 Evidence of demand
In the test trading it was found that people in London are interested in the artificial
jewellery products and if provided with quality and control price products then it can raise good
revenues in the long run. Keeping the trends and feedbacks of the customers that were gathered
during the test trading the future designs will be made accordingly. It was found that monthly the

monthly sales will be above average and therefore maintenance of the stock is fruitful so that no
potential sale is missed.
Through online every platforms 50 people were contacted every day and it was asked that
if provided with quality and control cost provided with given designs weather they would buy it.
on average 25% of those responded positively and said a piece would be bought by them in
every two months. And another 5% said they are going to make the purchase on special
occasions or festivals only. Negative response was given by the rest of 20%. On the basis of
same yearly sales calculations will be £200000
5 Marketing
5.1 Customer profile
Customer Profile 1
Coustomers Bloggers
Description of
Coustomers
They are the one who are involve in the one who promote the
products of different brands.
Why are they your
coustomers
They write about different products and promote them through
different social media platforms. In return of same they earn revenue.
Although they are not the regular buyers as they only use it so that
they can relate more to the products and services.
Channels you will use
to market to them
They will be hired on the basis of their popularity and a fix amount of
incentive will be given to them on every sale which is resulted from
the blogging.
Activites within channel
and related costs
In order to found out the best blogger of this field online research has
to be done and ratings need to be checked so that it can be identified
that through which source maximum customers can be influenced.
Customer Profile 2
Coustomer Females of age 22 – 45
Description of
coustomer
They are active on social sites
Why are they your They are the one who are most cautious about the fashion trends and

cosutomer like to try new and different products specifically in context of
jewellery.
Channels you will use
to market to them
Facebook, Instagram snap chat and other social media platforms.
Activites within channel
and related costs
With the help of online marketing department, the images and designs
will be made popular on net which will aid in attracting the potential
buyers.
Customer Profile 3
Coustomer General public
Description of
coustomer
Living in the local area
Why are they your
cosutomer
There are different occasions like weddings, festivals etc. on which
people buy such items for personal use or for the sake of gifting it to
the other person. Those who are living nearby the mall may prefer this
brand as they can come and shop in person.
Channels you will use
to market to them
Sales, discounts and promotion events
Activites within channel
and related costs
In order to attract the people from nearby areas use of promotion
events at mall can be done. It will increase the publicity and specially
when more people visit the place like during the wedding or festival
seasons overall sale can be improved.
5.2 Route to market
During the test marketing lots of orders were received and they are going to be the first
customer of the brand (Stuhler, 2015). It is because satisfying them is important as they can then
further help in boosting the total sale. In this case mouth marketing will be further done by the
customers which is one of the most effective route to market the products.
5.3 Launch Marketing
In order to make the customers aware that the brand is ready for making the sales use of a
launching event will be done. It would not be done on a very huge scale but shall be done on a

prime location. More of the media partners will be invited so that information can be further
spread in more geographical area using the various platforms. Apart from this effective use of
flyers will be done as it is an economic way of spreading the news. Total of 1,00,000 flyers will
be printed and distributed in the distinct areas specially those which are frequently visited by
young females. Discount of 10% would be offered to those who show the code given on the flyer
while making their purchase.
6 Operations
6.1 Premises
Although most of the business will be done online but to have the office of same along
with exclusive collection is important so that more customers can be attracted and brand loyalty
is maintained. In order to establish the brand image a small shop at Angle Centre will be taken
on rent. This location is chosen because it is widely visited by the target customers and is located
at the prime location (Lusch and Vargo, 2014). Those who are not coming with the purpose of
buying can also be attracted through proper displays.
6.2 Staff
Role/Job Hours per week/month Cost Month start
Sales person *2 45 hours/week £7K Month 1 for one sales
person and month 5 for
the second.
Manager Full time £20K Month 1
Marketing
executive
Full time £15K Month 1
6.3 Suppliers and third party
In order to manufacture the designs, it is important to get the raw material and for same the
suppliers of raw items will be most important. It is important that cost offered by all of them are
evaluated so that the one which is best suitable will be selected. apart from this small vendor of
who are dealing in the same business will also be communicated to get the finished product from
them as their products can be sold with own brand name and commission can be charged on each
item sold (Cooper, 2015). They will be another type of the suppliers and it would be ensured that
they do not compromise with eth quality as doing so will affect the brand name.

6.4 Risks
Risk factor Impact on business Mitigation and Outcome
Non availability of the
raw material at desired
rate
As there is lot of demand for the same
material suppliers has the option to
bargain the price. in case they charge
very high can lead to great loss of total
margins.
It is important to make bonds with at
least 5 suppliers which will be time
bound. This will help in marinating
the uniformity in the cost and will
minimise the risk of price fluctuations.
External competition There are many entrepreneurs who are
dealing in the same business and same
can create great danger for this brand
as any small mistake may affect the
brand image to a great extent and
overall sales decline noticeably if the
issue become popular.
While designing the products it would
be given care that it is competitive
enough and do not compromise on any
grounds with the other brand items.
6.6 Legal and regulatory
Relevant Law Evidence of compliance
provided
General product
safety
Certificate attached
Chemicals Certificate attached
7. Next steps
Need to do
Finding the right Ecommerce website developer
Signing the plan
Selecting a name for domain

Adding designs to online platform
Setting the payment options
Preview launch and testing

REFERENCES
Books and Journals
Vos, A.H., 2010. Service innovation: managing innovation from idea generation to innovative
offer (Master's thesis, University of Twente).
Nestić, S. and Stefanović, M., 2015. NEW SERVICE DEVELOPMENT METRIC IN MEDIUM
ORGANIZATIONS. Center for Quality.
Sarstedt, M. and Mooi, E., 2014. A concise guide to market research. The Process, Data, and, 12.
Abbondante, P., 2010. Trading volume and stock indices: A test of technical analysis. American
Journal of Economics and Business Administration. 2(3). p.287.
Stuhler, J., 2015. Quantum optics route to market. Nature Physics. 11(4). p.293.
Lusch, R.F. and Vargo, S.L., 2014. Service-dominant logic: Premises, perspectives, possibilities.
Cambridge University Press.
Cooper, F., 2015. Sintering and additive manufacturing: the new paradigm for the jewellery
manufacturer. Johnson Matthey Technology Review. 59(3). pp.233-242.

APPENDIX
Business set up plan in India (Banglore)
Setting up the business Currency in Rupees
Accountant's fees 15000
Solicitor's fees 16500
Business registration 18150
Domain name registration 19965
Insurance premiums 21961.5
Licences 24157.65
Workers compensation 26573.415
Starting operations
Advertising and promotion 12000
Raw materials and supplies 13200
Working capital 50000
Plant and equipment
Equipment 550000
Vehicles 350000
Telecommunications 560000
Computers and software 200000
Setting up the premises
Lease deposit and advance rent 25000
Fitout 15000
Utility bonds and connection 35000
Stationery and office supplies 18000
Start-up capital
Equity investment
Loans or overdrafts
Total 0

The results
Total set-up costs 1,970,508
Surplus funds 0
Borrowings required 1,970,508