Goldsmith workshop and small studio shop

Walk-in customers, engaged couples, gift buyers, and other shops that outsource repairs or manufacturing.

Repair and resizing fees, custom commissions, and sales of your own ready-made collection, with steady repair work covering the rent.

• Advanced metalworking and stone setting
• Design and sketching custom pieces
• Pricing metals, labour and retail margins
• Running a shop and serving customers

• Check zoning and any municipal business licence for retail premises, and what your lease allows (torches and fumes)
• Insurance should cover stock, customers' items in your care, theft and liability, so check what insurers require for security and a safe
• Gold prices move, so check how to price repairs and quotes to avoid losing money
• Check provincial rules on secondhand goods or precious metal dealing if you buy scrap or buy back jewellery
• Rent and the quiet winter months can strain cash flow, so plan for seasonal peaks around weddings and holidays
• Register for GST/HST once you pass the small supplier threshold, and check provincial sales tax rules

Estimates suggest startup costs are typically around $15,000 to $60,000, depending on premises, tools, stock, security and insurance. Lease terms and what insurers require for security and a safe can affect the total.

Monthly revenue is typically estimated at around $4,000 to $18,000, depending on repairs, commissions and retail sales. Gold prices move and winter months can be quiet, so plan around seasonal peaks like weddings and holidays.

Check zoning and any municipal business licence for retail premises, and whether your lease allows torches and fumes. Also check insurance for stock and customers' items, provincial rules on secondhand goods or precious metal dealing, and GST/HST and provincial sales tax.