Independent jewellery shop

Local shoppers buying gifts, engagement and wedding rings, birthday and anniversary presents, and people needing repairs.

Profit on the items you sell, plus fees for repairs, batteries and engraving. Repairs and engraving also bring customers back through the door.

• Customer service and a warm, trustworthy manner
• Buying stock that sells in your area
• Basic bookkeeping and stock control

• Hallmarking rules for gold, silver, platinum and palladium items, check the current requirements with the Assay Office or Trading Standards
• Stock, theft and public liability insurance, and security requirements set by your insurer
• Anti-money laundering rules may apply if you accept large cash payments, check with HMRC
• Consumer rights on returns and faulty goods, and clear descriptions of materials and stones
• Heavy up-front stock cost and slow-moving items tie up cash

Startup costs are typically around £12,000 to £50,000, depending on your premises, fit-out and how much stock you buy. Stock is a heavy up-front cost, and slow-moving items can tie up cash, so plan your buying carefully.

Monthly revenue is typically estimated at around £4,000 to £16,000, depending on location, stock and the repair and engraving services you offer. These are revenue estimates, not profit, so allow for stock, rent and running costs.

Check current hallmarking requirements with the Assay Office or Trading Standards, and check with HMRC whether anti-money laundering rules apply if you accept large cash payments. Also check insurance and security needs, plus consumer rights on returns and faulty goods.