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Jewelry is a favorite way for consumers to celebrate special occasions and demonstrate their own sense of style. The affordability and collectability of fashion jewelry means that there is an ongoing desire for consumers to seek out new designs. A recent Huffington Post article indicated that online sales for jewelry have risen dramatically due to a growing consumer market of women and men aged 25 to 45, who tend to research and shop online via mobile devices. Getting started in the rewarding business of running a retail jewelry business can be very profitable, with the right financial support.

WHY IT TAKES MORE THAN JUST A DREAM TO BUILD A JEWELRY STORE

A jewelry store takes careful planning, a growing inventory of quality pieces, and plenty of working capital. The cost of precious gems and metals has risen significantly over the last few years. Leasing a retail location where you can display and sell your jewelry and maintaining an e-commerce website for online sales can get expensive. Whether you like to create your own jewelry designs, or you just plan to sell pieces from other jewelry artists, you may be looking for a merchant cash advance or other creative financing to support your business with a strong inventory.

According to research conducted by McKinsey, the jewelry industry continues to be one of the strongest and least risky small business ventures. Annual growth is expected to be around 5% to 6%, with annual revenues of $250 billion by the year 2020. Establishing a strong brand as a jewelry designer can be a good way to gain a foothold in this rising market. Choosing the right platform for marketing jewelry to your target customers is critical for success. All of this takes money, but you may not be able to obtain a small business loan from a traditional bank currently.

DON’T LET CREDIT CHALLENGES GET IN YOUR WAY OF HAVING A JEWELRY STORE

The recession was hard on many small business owners, who are still recovering from low retail sales that occurred up to 2010. If you had a jewelry store then, you may have been forced to liquidate much of your inventory to recoup losses, or pay your debts. You may be starting over and having trouble getting a small business loan because of late payments or a less than desirable business credit score.  Take heart in knowing you are not alone. There are other business owners experiencing this too, but there are also many more options available to finance any kind of business – including merchant cash advances and bad credit small business loans.

HOW CAN A MERCHANT CASH ADVANCE HELP YOUR JEWELRY STORE INVENTORY?

You may have heard about merchant cash advances from a colleague, but you may not know what they involve. Most businesses accept credit card payments today, via a merchant account. Because a jewelry business often sells high ticket items, credit card payments offer the most reasonable way for customers to purchase their favorite jewelry. A merchant cash advance works like a loan against your average daily sales. It is repaid at a set percentage of each day’s sales until the advance is paid back.

WHY ARE MERCHANT CASH ADVANCES GOOD FOR JEWELRY STORES?

This can be a good solution for anyone operating a retail jewelry business, for a number of reasons, including:

  • No need for a specific amount of jewelry in your inventory or risk of losing your inventory as collateral
  • Retail sales are very sporadic and often based on peak seasons (holidays, weddings) and special events (birthdays, anniversaries, etc.)
  • Repayment terms are less stressful to manage because they are based on daily sales numbers, not on a set dollar amount every month
  • The option to pay down a merchant cash advance without any early pay off penalties can help your business save money
  • There is a ready source of approved funding that can be accessed repeatedly in the future with a trusted lender
  • Merchant cash advances do not incur high fees or interest rates like many other types of financial products
  • In many cases, your merchant account history is used instead of your personal credit history, so no hard pulls that lower your scores

WHERE TO OBTAIN A MERCHANT CASH ADVANCE FOR A JEWELRY STORE

Small business loans for jewelry stores are readily available with respected financial firms like United Capital Source. In fact, there are different merchant cash advance programs available based on the volume of your business sales, the value of your transactions, and the frequency of credit card payments. You’ll also have the benefit of learning about wholesale merchant account services that are at much lower rates than many of the other common services out there.  UCS even has programs for women business owners. Our team of experts can match you to the right program, then present you with several options to decide from. It’s nice having choices!

IT’S EASY TO GET APPROVED FOR A MERCHANT CASH ADVANCE

The approval process for obtaining a merchant cash advance is relatively simple, with very little paperwork to complete. Once you receive your small business loan, you can start using it to increase your jewelry store inventory, improving your store or e-commerce website, and even hiring additional jewelry designers to boost profits. Repayment happens when you start processing credit card payments and making sales of your jewelry.

If you are not sure if a merchant cash advance is something you can be approved for, you may be pleasantly surprised at how much working capital you can obtain this way. United Capital Source’s programs are generous because we believe in small business owners, especially those that bring beauty into the world in the form of designer and fine jewelry. Get in touch with us to learn more and then you can decide.

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