Running any retail business comes with its risks, and the jewelry industry is no different. With so much high-priced merchandise in one place, protecting your wares is an important component of running any jewelry store. Whether you're just starting out or have been in the business for decades, it never hurts to take a step back and consider the different kinds of scenarios that could put your financial wellbeing at risk. Here are four must-read ways to protect your jewelry store.
1. Invest in a great security system
Surveillance systems are vital in any retail business, and this is especially true in the world of jewelry. Keep in mind that security cameras play multiple roles in your business as you shop for the best option. After all, even the presence of a security camera may deter potential thefts, both by strangers and by your employees. Surveillance systems also may make employees work harder. Most importantly, newer IP cameras offer powerful motion-detected features and the ability to access your video feeds from a smartphone or computer when you're offsite. This can give business owners peace of mind that their store is in good hands 24/7.
2. Have a backup plan
One thing that you always want to have is a secondary plan. This is particularly true when you're dealing with high-value merchandise such as jewelry. Take, for example, the previous tip of investing in a great security system. While this is one step towards protecting your jewelry store, what would you do if your shop lost power for some reason? Whether it's because of a thunderstorm or a bad actor, having the power cut could completely ruin the efficacy of your surveillance cameras. This is why it's important that your business has a backup generator to help power essential aspects of your business. There are dozens of different types of diesel generators to choose from when looking at backups for your business. When looking at commercial generators, make sure to consider how many volts your business' essential needs require so that you find a good fit.
3. Hire employees you can trust
As was mentioned earlier, one benefit of a great security system is being able to deter possible robberies from thieves as well as your staff members. While nobody likes to think about the possibility that someone on your payroll would be tempted to steal from your register or display cases, the fact remains that, in the world of business, anything is possible. When it comes to the small sizes of rings, it could be very tempting for an employee to pocket one of your items for sale. This is why you need to run background checks during the hiring process. It's also a good idea to train your full team so that they can understand if they see something suspicious, they should alert you as soon as possible.
4. Protect against shifting trends
One final way to protect your business is to make sure that you're not blindsided by the changing times. This usually involves diversifying the sorts of pieces that you offer to potential customers. For example, some people may not want to purchase a traditional earth-mined diamond because of ethical or budgetary reasons. As a result, it's important to offer alternatives such as conflict-free rings and lab diamond rings.
Having lab diamond rings in your lineup of wares will help you appeal to a broader range of diamond customers, ultimately ensuring that you'll have continued business no matter how customer sentiment changes. Being able to offer resizing services is another way to keep your business relevant, since some couples inherit engagement rings from family members, but will still need adjustments made to them before walking down the aisle.
