There really isn’t a safe bet, when it comes to opening a small business, but if there was an industry that offered better odds of success, you could do worse than opening up a jewelry store.
With couples getting engaged frequently, the holidays and any number of other opportunities to pamper one’s lady with a shiny accessory, jewelers find themselves in a niche business with unusually high demand.
But even the most successful jewelry stores face financial obstacles and having the available operating cash to weather the storms that will come is the difference between success and failure.
Inevitably, your small business may face any number of the following potential hurdles:
- You may need a major renovation
- You may want to open a second location
- A competitor is infiltrating your community
- The economy could recede, which means luxury spending flails
- You may experience a robbery without proper insurance coverage
- Any/all of this may result in your inability to cover payroll adequately
Whatever problems come along, being able to address them without impeding your cash flow can prove to be a major challenge.