Business Final Report

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Business Plan

Online Jewelry Shop

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Submitted To:-

Sir Waseem Abbas

Submitted By:-

Mumtaz Abdul Rehman

Mujahid Tanveer

Rashid Jabbar

Samreen Shaheed

Zeshan Ali

Assignment

Electronic Business

Subject: Starting a new online venture/business.

Business Nature: Online Jewelry.

Domain Name: www.smmrzjewl.com.pk

How to Start a Jewelry Business through internet:

For us, it all began with earrings. We have always loved earrings, and this love has turned into our dream career for example of our own successful handcrafted jewelry business. We make the Industry analysis, competitor analysis, marketing plan, operational plan and financial plan and the most important organizational plan.  Firstly we make our business website and analyze the competitors websites what’s they offer in the market and make the jewelry products for the customers but we make our handicraft jewelry on the order of the customers what they want and what they like the product most and what they like the design of jewelry for wearing.

For making the business plan two parts are more important

1. Easy part
2. Hard part

The easy part is assembling our basic business structure. We will need to choose our software platform, set up a credit card account, and develop a marketing plan, and figure out a few more nuts and bolts things.

The hard part is developing our e-business plan. That requires awareness and understanding of our business plan, what it means to do business online, and a creative strategy. We develop a sound business plan.

Our First Jewelry Business

One of the first things we learn that if we want to sell a lot of jewelry, we have to make what people want to buy, not just what we like to make. We need to 'focus' on the jewelry shop. This means the niche in the market which we target the customers that need this jewelry more focus on the ladies that like to wear the jewelry in daily routine and in special occasions. We focus that who will buy jewelry from our shop. It's quite likely that a fairly small number of regular customers that buy jewelry through internet because these persons don’t waste their time to go to the shop for buying the 'precious' jewelry.

We found that we could sell a lot more jewelry by offering other pieces of jewelry to match our earrings, so we diversify and began designing bracelets, necklaces, and pendants for the customer’s choice. We use Prepay, which is set up perfectly for small businesses and to accept credit cards. People will buy more if they can pay with plastic instead of shelling out the cash right then and there, and many customers don't have their checkbook with them anyway. So We are serious about making money from our handcrafted jewelry and some other latest designs for special customers that like jewelry, it's essential to accept credit cards in addition to cash and checks. But some payments made through cash and we prefer to the cash sales because many people want to purchase jewelry through cash payments.