Neighborhood jewelry shop with repairs

Local shoppers buying gifts, engagement and anniversary pieces, plus people who need a treasured item repaired or resized.

Markup on jewelry and gift sales, plus fees for repairs, cleaning and engraving. Repairs often bring in repeat customers and add to sales.

• Friendly, trustworthy sales style
• Eye for product selection and pricing
• Basic bench skills, or a partnership with a local bench jeweler

• Sales tax registration with your state, plus a local business license from your city or county
• Insurance for stock, theft and liability; check what a jewelers block policy covers
• Federal Trade Commission rules on describing metals, gemstones and lab-grown stones; check you describe and mark items correctly
• If you plan to buy gold or secondhand pieces, check state and local precious metal dealer rules
• Holding high-value stock ties up cash, so start small and watch your inventory levels
• Commercial lease terms and security requirements

Estimates suggest startup costs typically around $30,000 to $120,000, depending on your lease, security needs and how much stock you hold. High-value stock ties up cash, so it may help to start small and watch inventory levels.

Estimates suggest monthly revenue typically around $8,000 to $40,000, depending on location, stock and how much repair and engraving work you take on. Revenue is before rent, stock, insurance and other costs.

Check sales tax registration with your state and a business license with your city or county. Also check Federal Trade Commission rules on describing metals and gemstones, precious metal dealer rules if you buy gold or secondhand, insurance and lease security terms.