The Jeweler’s Dilemma

Many jewelry store owners start out on the bench, doing repairs and eventually some modest special order work. Their “technician” mindset dominates their thinking and they gradually grow their store’s business based on how they started — with jewelry repairs.

But the problem with doing repairs yourself is that you get “married” to the bench and can’t get off it. This limits your ability to grow your store as a jewelry “sales” business. And the moment you get off the bench in order to grow your business, your revenue drops because you — the producer — are no longer producing.

Jewelers who are stuck on the bench mistakenly believe that they have a full-service store simply because they do repairs. If doing repairs is what you want to do the rest of your life, fine. You have a job, but you don’t really have a business. The business owns you. You don’t own the business. And as soon as you stop doing what you do best, your income goes away, and you have nothing left because you left your “job.”

Instead, consider building a jewelry “sales” business, where you can build enterprise value well beyond doing jewelry repairs. If you feel the need to continue to offer a repair service, have a local trade shop do them and make a fair percentage over what they charge you. This will give you more time to develop your jewelry business and to do what only you can do as the store owner.

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1) Leaders constantly improve and innovate as a result of being propelled by their own initiative…. [more]

Here are a few Business and Life Tips to think about:

Business Tips

• Deal with conflicts when they cross your path. They simply tend to worsen as time goes on. Work things out with dignity.
• Take time to think and plan for the future instead of dwelling on a lost opportunity. Look for new concepts that others miss.
• Ambition is great, as long as it’s directed in the right way. Keeping our ego in check is important because pride can ruin us.

Life Tips

• Want to change your little part of the world? Start by building a reputation that people can count on.
• Having trouble getting along with someone? Consider that you might be the problem, and do something about it.
• Regarding worry, ask yourself if worrying helps to solve the problem. It doesn’t. Only you do. So stop worrying and start doing.

Tags: Business, Business Tips, Crisis Management, Leadership Problems, Leadership Skills, People, Philosophy